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Maxim Group Enhances PIPE Capabilities
Kreger and Renzo were both previously part of Midtown Partners, a PIPE-focused boutique.
July 7, 2008
Maxim Group has hired two professionals, Richard Kreger and Salvatore Renzo, who specialize in structuring private investments in public equity (PIPE) securities.
Kreger comes aboard as a senior managing director of investment banking. He will concentrate on attracting institutional investors from the technology, healthcare, homeland defense, consumer products and security sectors.
Prior to Maxim, he was a senior vice president in the investment banking department at Midtown Partners & Co., a boutique focused on PIPEs, from 2004 until earlier this year. Before Midtown, Kreger was part of H.C. Wainwright & Co.'s investment banking team.
"Rich will lead Maxim's efforts in building our PIPEs and registered direct banking practice and further demonstrates Maxim's commitment to broadening and deepening our origination and structuring capabilities," said Clifford Teller, Maxim's executive managing director and head of investment banking. "His extensive experience working with entrepreneurial companies seeking private investments in public companies makes him a valuable addition to our existing team."
Renzo joins as a senior vice president of investment banking. He was a vice president at Midtown from 2006 to 2007. Earlier in his career, Renzo was chief financial officer of healthcare services provider RRI Managed Services. He was also part of transitional management teams during the restructurings of St. Vincent Catholic Medical Centers, DCS Inc. and other healthcare providers.
At Maxim, Renzo will source and manage transactions for emerging-growth and middle-market companies.
"Sal has over 15 years of corporate finance and investment banking experience serving private and public companies, primarily in the healthcare, technology and homeland security sectors," said Teller. "His financial management experience serving as the CFO of emerging-growth companies clearly brings an added dimension to the capabilities of our investment banking department."
According to Sagient Research Systems, Maxim served as placement agent for three PIPEs worth $11.75 million during the first quarter of this year. Midtown placed four PIPEs worth $12.5 million in the same period.
Maxim and Midtown are both based in New York. Maxim has additional offices in Woodbury, N.Y., Red Bank, N.J., and Baltimore. Midtown has two branches in Florida (in Tampa and Boca Raton).
Last month, Maxim hired Karl Brenza as a director on its special purpose acquisition company (SPAC) team.
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