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Boutiques Set to Capitalize on Del Monte ‘Slap’ at Wall Street

A Delaware judge’s public rebuke of Barclays Plc over conflicts of interest in the sale of Del Monte Foods Co. may become a calling card for boutique advisory firms such as Rothschild and Greenhill & Co.

Barclays, which represented the fruit-juice and pet-food company on its $5.3 billion sale to a KKR & Co.-led group, deceived its client by failing to disclose until late in the process plans to provide financing for the purchaser, Chancery Court Judge J. Travis Laster said in a Feb. 14 opinion. Del Monte would probably have hired another bank if it knew Barclays, the U.K.’s third-largest bank, planned to “double-dip” for fees by working for the buyers, he wrote.