MOVES-Brad Jacobs' QXO names Barclays banker as CFO

Reuters05-28

May 28 (Reuters) - Building products distribution company QXO has hired Barclays banker Ihsan Essaid as its chief financial officer, billionaire Brad Jacobs' investment firm Jacobs Private Equity II said on Tuesday.

Essaid, who has more than three decades of experience in investment banking, has worked with Barclays since 2021 and most recently served as the global head of mergers and acquisitions (M&A).

Prior to his stint at Barclays, Essaid served as the managing director of media and telecom M&A at Credit Suisse and a partner at Perella Weinberg Partners.

"Ihsan is a heavy hitter in the M&A world with an exceptional track record," Brad Jacobs said.

Jacobs, who founded trucking firm XPO , last year announced his intention to enter the building products distribution industry through a $1 billion investment in SilverSun Technologies from Jacobs Private Equity II and other co-investors, including Sequoia Heritage.

SilverSun, a software company, will be renamed as QXO once the investment is completed in 2024, with Jacobs becoming the new venture's chairman and CEO.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shreya Biswas)

((ArasuKannagi.Basil@thomsonreuters.com;))

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