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Howard Covington to join Wasserstein Perella from SBC Warburg.

NEW YORK--(BUSINESS WIRE)--Jan. 23, 1996--Wasserstein Perella announced today that Howard Covington, a director of SBC Warburg and a leading U.K. corporate financier, will be joining the firm in London as a Managing Director of Wasserstein Perella & Co., Limited.

Covington also will become a Managing Director of Wasserstein Perella Group. His responsibilities will include the further development of Wasserstein Perella's European corporate relationships, with particular focus on U.K. and capital goods companies, and executing corporate finance transactions in the U.K. market for Wasserstein Perella's U.K. and international clients.

Bruce Wasserstein, chairman and chief executive of Wasserstein Perella Group, said, "We are excited that Howard Covington is becoming a senior member of our firm. Our opportunities to work with him over the years have demonstrated to us that his outstanding reputation for helping clients achieve their strategic objectives is well deserved."

"Howard is a valuable addition to our significant ongoing commitment to the U.K. and Continental Europe," added Jeffrey A. Rosen, chairman of Wasserstein Perella International. "He complements our capabilities for cross-border and U.K. domestic transactions and adds to our international focus on general industrial companies."

Wasserstein Perella's European business is headquartered in London with offices in Paris and Frankfurt. In addition to the successful public takeover by Ricoh of Gestetner in 1995, Wasserstein Perella has acted in the U.K. on behalf of Philip Morris in the acquisition of Terry's of York from United Biscuits and of Air France in the sale of Meridien to Forte plc, and has advised such leading U.K. companies as SmithKline Beecham and WPP Group on their international strategic acquisitions and divestitures.

Covington's extensive M&A and corporate finance experience includes such recent transactions as the IPO of telecommunications infrastructure supplier Vero, Marley's financing and acquisition of U.S. outdoor furniture manufacturer Syroco, BTP's acquisition and financing of fine chemicals manufacturer MTM and subsequent equity issue, the reconstruction of the Vestey food trading and shipping group, the reconstruction of the Queens Moat hotel group, British engineering group GKN's successful hostile bid for the Westland helicopter group, the divestment of GKN's steel forging interests to British Steel, and McDonnell Douglas's divestment of its MDIS information group.

Prior to joining S.G. Warburg (the predecessor firm of SBC Warburg) in 1986, Covington, 42, worked for the Barclays Bank in South Africa and Ocean Inchcape, an offshore oil contractor. Covington graduated from Cambridge University with a first class honors degree in theoretical physics and a distinction in post graduate applied mathematics.

Wasserstein Perella Group Inc., is a leading international investment bank, with emphasis on advisory work, underwriting of equity and debt through its subsidiaries, merchant banking and other asset management services. Headquartered in New York, Wasserstein Perella has offices in Chicago, Los Angeles, London, Paris, Frankfurt, Tokyo and Osaka.

CONTACT: Clark & Weinstock Inc.

Gene Donati or Davis Weinstock, 212/953-2550
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Publication:Business Wire
Date:Jan 23, 1996
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