From Here To Obscurity: BP Browne’s Newest Job
August 24, 2007, 10:06 am
Posted by Dennis K. Berman
For a person terribly protective of his privacy, former BP boss John Browne has found a perfect new gig.
That’s Riverstone Holdings, a private-equity firm devoted entirely to energy investing. While Riverstone looms large in the energy space, it has somehow eluded much wider public attention. Perhaps there — where Browne will be managing partner of its Europe office — he can also find some peace and quiet.
Without the frenzy surrounding Blackstone or KKR, Riverstone has quietly built up one of the best energy businesses around. It’s biggest deal to date has been a role in the $13.5 billion buyout of Kinder Morgan in 2006. It has also purchased oil services firm Dresser Inc. and an array of oil and gas interests around the world. Riverstone was founded by top energy bankers from Goldman Sachs and JPMorgan in 2000, and soon after developed funds in tandem with the big buyout firm Carlyle Group.
But it is obscure. How obscure ? A Factiva check of one its founders — former Goldman Sachs banker David Leuschen — found just 41 articles. By comparison, Blackstone’s Stephen Schwarzman registered 2040 mentions and Carlyle boss David Rubenstein 911.
Private-equity recruits love to talk about the freedom and the riches of their world. But we can only see an uncomfortable acculturation period for Lord Browne. Running a London outpost of a little-known U.S. firm can only be disorienting for a man who once presided over a $200 billion colossus with outlets on every other street corner.
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1 comment:
I think this is a sensible choice, compared to writing memoirs and becoming a consultant.The reasons are :continuing the life style he is got used to, continuing active role in Industry he loves and continuing the personal pleasures without fear of scandals.
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