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Wrong Sean McVity?

Sean S. McVity

Managing Partner

Garnet Capital Advisors , LLC

HQ Phone:  (914) 909-1000

Direct Phone: (787) ***-****direct phone

Email: s***@***.com

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Garnet Capital Advisors , LLC

500 Mamaroneck Avenue

Harrison, New York,10528

United States

Company Description

Garnet Capital Advisors, LLC, headquartered in New York City, is a leading financial advisor in the debt-sales market, providing loan-sale advisory services to banks and other creditors, and capital-raising and M&A services to leading debt purchasers. Garnet h... more

Find other employees at this company (37)

Background Information

Employment History

Managing Director

Keefe , Bruyette & Woods , Inc.


Affiliations

Electric Kites

Advisory Board Member


SourceMedia

Advisory Board Member


Meenan , McDevitt & Company

Managing Director and Head of the Firm's Structuring and Sales Group


Faulkner & Gray

Advisory Board Member


HeartCenterOnline Inc

Co-Founder


Education

A.B. cum laude

French

Princeton University


B.A.

Princeton University


M.B.A

Columbia Business School


M.B.A.

Columbia University


Web References(70 Total References)


Electric Kites

electrickites.com [cached]

Sean S. McVity
Sean S. McVity Sean McVity is the Managing Partner of Garnet Capital Advisors, LLC, a New York City-based investment bank specializing in bank asset sales and a range of private equity and other investment activities in the distressed-debt industry. A veteran of several start-ups himself, Sean has also devoted a considerable portion of his career to assisting start-up companies develop growth plans and secure expansion financing. Sean started his Wall Street career at First Boston in 1986, eventually moving to Citicorp in 1990 to work in bank-loan trading. He was a founding member of Meenan, McDevitt & Company, a New York-based bank-loan purchasing and brokerage firm, which was acquired by French bank Société Générale in 1998. In 1999, he left Société Générale to found the Heart Center Online, an online cardiovascular-medicine information and health-services company, which currently boasts over 700,000 visitors per month. In 2001, Sean returned to Wall Street to found the Loan Portfolio Sales Group at New York-based Keefe, Bruyette & Woods, Inc.  As head of the KBW Loan Portfolio Sales Group, Sean directed the group's practice managing M&A transactions and assisting companies in the distressed-debt industry to raise both equity and debt capital. At Garnet Capital, Sean manages the firm’s corporate development advisory group and directs Garnet’s Eastern European subsidiary, Garnet Polska, in addition to his work on client loan-portfolio sales. Sean received his A.B. cum laude in French from Princeton University and an M.B.A. from Columbia University.


Electric Kites

www.electrickites.com [cached]

Sean S. McVity
Sean S. McVity Sean McVity is the Managing Partner of Garnet Capital Advisors, LLC, a New York City-based investment bank specializing in bank asset sales and a range of private equity and other investment activities in the distressed-debt industry. A veteran of several start-ups himself, Sean has also devoted a considerable portion of his career to assisting start-up companies develop growth plans and secure expansion financing. Sean started his Wall Street career at First Boston in 1986, eventually moving to Citicorp in 1990 to work in bank-loan trading. He was a founding member of Meenan, McDevitt & Company, a New York-based bank-loan purchasing and brokerage firm, which was acquired by French bank Société Générale in 1998. In 1999, he left Société Générale to found the Heart Center Online, an online cardiovascular-medicine information and health-services company, which currently boasts over 700,000 visitors per month. In 2001, Sean returned to Wall Street to found the Loan Portfolio Sales Group at New York-based Keefe, Bruyette & Woods, Inc.  As head of the KBW Loan Portfolio Sales Group, Sean directed the group's practice managing M&A transactions and assisting companies in the distressed-debt industry to raise both equity and debt capital. At Garnet Capital, Sean manages the firm’s corporate development advisory group and directs Garnet’s Eastern European subsidiary, Garnet Polska, in addition to his work on client loan-portfolio sales. Sean received his A.B. cum laude in French from Princeton University and an M.B.A. from Columbia University.


Advisory Board | Financial Services Collections & Operational Risk Conference

www.collectionscreditrisk.com [cached]

Sean McVity
Sean McVity Managing Partner Garnet Capital Advisors, LLC


Crittenden Conferences - 2011 Speakers

www.crittendenrealestatefinance.com [cached]

Sean McVity -Garnet Capital Advisors


Brave New World of Debt Buying > Collection Advisor > March/April 2009

collectionadvisor.com [cached]

"In the last six to eight months what we're getting is credit card accounts that are getting 6 to 6.5 cents on the dollar, compared to 14 cents on the dollar a year ago," says Sean McVity, managing partner for Garnet Capital Advisors, NY.
Another industry expert, who spoke on the condition of anonymity, said the slide in pricing accelerated throughout 2008, with the decline picking up steam as the economic picture continued to worsen. More credit card debt continues to hit the market, but pricing is keeping pace with the drop in liquidity, he says. So spreads in profitability are remaining relatively consistent. McVity adds, "So there's no more appetite for credit card debt from potential purchases, keeping pricing low. "There's a lot more supply than demand," McVity says. Some economic forecasters, including Gary Stern, president of the Minneapolis Federal Reserve Bank, and Charles Plosser, president of the Philadelphia Fed, have started to predict a recovery in the second half of 2009; but McVity says, "There are no indicators to back up such a forecast. Despite the assurances from Stern and Plosser, there is plenty of available information for potential credit card debt buyers to determine the direction of the economy and the acceptable pricing level for a credit card issuer's portfolio, McVity says. "Those additional data points are not only helping buyers not overpay for portfolios, the information is also showing that the debt market and the economy as a whole are unlikely to bounce back for some time," according to McVity. "Buyers [of credit card portfolios] are bidding on the scenario that things will not be getting better in the economy anytime soon," McVity explains. Each reported job loss, such as the 2,300 announced by Macy's in early February, Microsoft's 5,000 a couple of weeks earlier and tens of thousands of others earlier in the year leads to more fallout in the financial markets, according to McVity. McVity concurs, pointing out that many of the items in the stimulus package were unlikely to generate jobs for at least six months - meaning it would be August before there would be any positive effects, and at least a couple of months after that before there was enough confidence to change any pricing of the credit card debt portfolios. The jobs and other reports continue to come out with worse projections than forecasted, McVity adds. "We need to make a major break with the past. Pricing has to be in line with the recoveries." The credit card sellers hate the low prices and would like to hold on to portfolios until pricing improves, a strategy they've used during past pricing softness, but in the current market, with survival more of [a] concern than better potential profitability down the line; the concern is more about staying in business, according to McVity. "Underneath it all, what [the issuers] need most is the best recovery [amount]; they're putting up sandbags in an attempt to stem the tide (of rising chargeoffs). Right now, it's all about living to fight another day," McVity says. "Trades continue to be done at that level," McVity says. "There's a growing acceptance that this is where the market is at right now." McVity adds that issuers now are starting negotiations with sellers at the level where transactions used to close.


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