Barclays Names Derek McNulty as Global Co-Head of Chemicals in Strategic Team Expansion

Barclays Investment Bank has brought on three seasoned executives to strengthen its Industrials division, with Derek McNulty taking the Global Co-Head of Chemicals Investment Banking position. The New York-based moves also include Derek Davidson as Head of Americas Commercial, Residential and Industrials Services, and Jared Itkowitz elevated to Head of Americas Transportation and Logistics. All three report to Spyros Svoronos, Global Head of Industrials Investment Banking.

Derek McNulty Brings Nearly Three Decades of Chemicals Industry Expertise

Derek McNulty arrives at Barclays with close to 30 years of investment banking credentials focused on the chemicals sector. Most recently, he led North America Chemicals coverage at Citigroup beginning in July 2022. Before that, McNulty spent several years as a Managing Director at Jefferies starting in 2019. McNulty’s most significant tenure came during his 13-year stretch with Barclays from 2006 to 2019, where he built his reputation covering strategic and sponsor-backed chemical operations.

Throughout his career, McNulty has coordinated more than $75 billion in strategic mandates and capital transactions. His client portfolio includes major chemical manufacturers such as Dow, Eastman Chemical, LyondellBasell, Westlake, Element Solutions, Chemours, Air Products and Axalta. McNulty has also cultivated deep relationships with leading private equity sponsors including Carlyle, Blackstone, Bain Capital, HIG Capital, New Mountain Capital, Cerberus and American Securities. At Barclays, he will partner with Gabriel Gruber, who serves as Global Co-Head of Chemicals Investment Banking.

Davidson Transitions from Morgan Stanley with Diversified Services Background

Derek Davidson joins from Morgan Stanley, where he spent over a decade in investment banking roles. Most recently, he was a Managing Director based in New York, overseeing corporate coverage across commercial, residential and professional services sectors. During his 13-year tenure at Morgan Stanley beginning in 2010, Davidson also gained exposure to large-cap diversified industrials and building products.

Davidson’s transaction experience spans transformative M&A advisory, defensive strategies and capital raising for both corporate and financial sponsor clients. At Morgan Stanley, he worked on notable deals involving Rollins, Iron Mountain, Allied Universal, CBRE, ADP, Brightview, 3M, DMG, Hunter Douglas, Service Logic and BGIS. He has also collaborated extensively with top-tier sponsors such as Carlyle, Blackstone, Bain, KKR, HIG, New Mountain, Warburg Pincus, Roark and Leonard Green.

Itkowitz Leverages 15+ Years of Transportation and Logistics Sector Expertise

Jared Itkowitz represents continuity within the Barclays team, having spent over 15 years with the bank. His career began in Equity Linked & Hybrid Solutions across New York and Hong Kong offices. In 2014, Itkowitz transitioned to the Industrials Group, where he has spent the past decade advising transportation and automotive clients on strategic initiatives and capital raises.

Itkowitz’s deal experience includes high-profile transactions such as Rivian’s $12 billion IPO, EQT Infrastructure’s $6.4 billion leveraged buyout of First Student and First Transit with the subsequent sale of First Transit to Transdev, General Motors’ $10 billion accelerated share repurchase, and KAR Auction Services’ spin-off of IAA. These transactions highlight his prominence in the mobility and transportation sectors.

Barclays Industrials Platform Maintains Market Leadership

The appointments underscore Barclays’ commitment to its Industrials investment banking platform, which ranks sixth globally across all products on a year-to-date basis according to Dealogic data. The division also achieved the number five ranking in Industrials Leveraged Finance globally, advancing one position from the prior year.

Recent significant mandates showcase the platform’s capabilities: Barclays served as sole financial advisor to Koch Industries on its $3.6 billion cash acquisition of IFCO from OCI Global, acted as joint financial advisor and financing provider for TDR Capital and I Squared Capital’s take-private transaction of Applus, and coordinated as Joint Global Coordinator on LATAM Airlines Group’s $456 million IPO. Additionally, Barclays provided lead left arranger and joint structuring agent roles on JetBlue Airways’ $3.2 billion financing package.

“These leadership additions reflect our ongoing dedication to expanding the resources and expertise available to clients navigating complex industrial transactions,” Svoronos stated regarding the strategic hires.