Promontory Point Capital to move to new office

The Milwaukee-based investment banking firm Promontory Point Capital will move to new offices in downtown Milwaukee on Oct. 1.

Promontory Point Capital, a Milwaukee-based investment banking firm, will move to new offices at 322 E. Michigan Ave. in downtown Milwaukee on Oct. 1.

The company has outgrown its current offices at 826 N. Plankinton Ave. in downtown Milwaukee, and will double its space when it moves to its new offices. The new 2,500-square-foot office will give Promontory Point room for additional analysts and interns, said Bill Penkwitz, Chris Riegg and Stephen Mayer, partners in the firm.

The firm’s business is also growing. Promontory Point closed five transactions in 2007, and closed another five during the first half of this year, Riegg said. Its transactions over the last 18 months have been an even mix of mergers and acquisitions and refinancing deals.

The firm concluded a financing assignment about two weeks ago and expects another to conclude at the end of the month, Mayer said. He declined to elaborate on the recently concluded assignment.

"Given the current economic conditions, we’re very active in refinancing," Riegg said. "Our clients are looking for alternative capital sourcing. We’ve been introducing some clients to the non-bank (financing) markets."

Promontory Point operates its capital division in Milwaukee, where it offers investment banking. Promontory Point Partners, the firm’s turnaround consulting and interim management division, is based in Chicago. The firm has three partners in Milwaukee and two in Chicago.

Mayer, who joined Promontory Point Capital two years ago from JP Morgan, has helped the firm offer more capital-related services to clients, Penkwitz said.

"Steve’s 20-plus year career in banking solutions has helped (clients) understand the marketplace and what they can do to succeed in today’s marketplace," he said.

Achieving positive results in today’s financial transactions like recapitalizations or finding extra credit liquidity for clients requires extra time and effort, Mayer said.

"You have to be more creative," he said. "We’re looking at both personal and corporate assets with each transaction now."

Promontory Point Capital’s new space will have enough room to grow for the next five years, the firm’s partners said. Aside from the 2,500 square feet the firm will occupy on Oct. 1, it will also have access to about 2,000 square feet of expansion space.

"We’ve validated in the last two years that our business model works," Penkwitz said. "We’ll see what the next step is – we’ve got to find the next Steve (Mayer)."

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