Ensis Partners, a newly formed independent financial advisory firm founded by Mark Buschmann and Richard Shinder, has launched in New York City, backed by institutional and high-net-worth investors. The firm is positioning itself as a specialist in complex debt restructurings and related strategic transactions for middle- and upper-middle-market companies.
The launch comes as borrowers and their sponsors navigate more intricate capital structures amid expectations of higher future default rates and continued growth in private credit financing. Ensis said it will target what it describes as a historically underserved segment of middle-market companies seeking comprehensive restructuring advice, including liability management and solutions that extend beyond traditional distressed sell-side M&A mandates.
The founders bring more than 60 years of restructuring experience and have advised on prominent restructurings over the past quarter century, including Enron, Delta Air Lines, Endo Pharmaceuticals, Arch Coal, Westinghouse Electric, Barneys New York, and Loehmann’s. Both were also instrumental in the growth of Blackstone’s Restructuring and Reorganization Group, with Buschmann later becoming a founding member of its successor advisory firm, PJT Partners.
Shinder most recently founded and led Theatine Partners, and previously held senior restructuring roles at Piper Jaffray and Perella Weinberg, as well as positions at Goldman Sachs, Avenue Capital, Merrill Lynch, Lehman Brothers, and Blackstone. He has written on economic and governance issues, including work published in The Wall Street Journal, and holds an MBA from The Wharton School at the University of Pennsylvania and an undergraduate degree from Gonzaga University.
Buschmann most recently was a partner in the Special Situations and Restructuring Group at PJT Partners and previously served as a senior managing director at Blackstone. He began his career at Citigroup and earned an MBA from the Kellogg School of Management at Northwestern University and an undergraduate degree from Dartmouth College.
Ensis said its mandate will focus on providing senior-led execution across a range of restructuring and special situations formats, including liability management exercises, special situations financings, Chapter 11 proceedings, and cross-border engagements, with the aim of designing capital solutions that work throughout the lifecycle of a restructuring.
KEY QUOTES
“We founded Ensis with the understanding that middle-market companies are facing far more complex financial situations than they have in the past, and consequently require more sophisticated restructuring expertise across a wide range of transaction formats – including LMEs, special situations financing, chapter 11 proceedings, and cross-border engagements, among others. I am excited to be reunited with Rich to form this new investor-backed, fully-built boutique, which fills this growing niche. We began our careers together at Blackstone, and look forward to building the next successful restructuring boutique based on our similar culture and approach to helping clients maximize value.”
Mark Buschmann
“With the support of our investors, we have built a platform which will offer a wide range of investment banking services, deep domain expertise, and sophisticated transaction execution, giving our middle market clients access to a premium debt and restructuring advisory product – inclusive of liability management – when such expertise and services are essential. Providing senior-level focus as well as capabilities and relevant experience beyond merely distressed sell-side M&A services will allow Ensis to design and execute capital solutions that work at all stages of a restructuring, allowing us to create significant value for these companies and their stakeholders.”
Richard Shinder
