Evercore is making a quiet bet on the defense industry. It is bringing in two senior bankers from Baird to build a stronger practice in aerospace and government services.
The two hires are Jean Stack and John Song. They are expected to join as senior managing directors in the Washington area, starting in a few months. The arrangement is not yet official and could still collapse.
The move is part of Evercore's broader effort to expand its work with financial sponsors and mid-market companies. Defense banking is heating up, and adding bankers with established relationships in the sector could help Evercore compete for more mandates in aerospace, government services, and related areas.
Both bankers have deep roots in defense work. At Baird, they co-led the investment-banking unit for defense, space, and government clients.
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Stack was a managing director there. She has spent her career helping companies make big strategic moves, from mergers to financing. Song also co-led the same unit. He has a specific focus on cyber and electronic warfare.
The two came to Baird from Houlihan Lokey in 2018. They have worked together on defense deals for years, and their combined experience covers both large-scale M&A and specialized areas like cybersecurity and electronic warfare. That mix is valuable for clients navigating the defense industry.
Evercore has been pushing to grow its work with financial sponsors and mid-market companies.
There is also talk that Evercore may open a new office in Virginia.
Colleagues of Stack and Song might follow them to Evercore.
A Virginia office would put Evercore closer to many defense and government-services clients in the Washington area. It would also give the firm a base for the aerospace and government advisory practice it is trying to build. Stack and Song have spent their careers advising companies in this sector, and their move would bring senior leadership to that effort.
But the deal is not done. The appointments are still pending, and they could fall through.
If the hires are completed, Evercore would gain two senior bankers with deep experience in defense M&A, cyber, and electronic warfare. If they fall through, the firm would need to look elsewhere to build out its aerospace and government services practice. Either way, the news shows that Evercore is focused on expanding in a sector where deal activity is picking up.
For investors, the key takeaway is that Evercore is positioning itself for more defense deal activity. The firm has been pushing to grow its work with financial sponsors and mid-market companies, and adding senior bankers in aerospace and government services would support that goal. If the hires fall through, Evercore would still need to find a way to build out this practice.
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