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Looks like a sound plan C... possibly D.
Is this for a full time or an internship? For an internship, I think it looks interesting. For a full time, I think you should look somewhere else. Most of the MDs are coming from Wells Fargo after their boutique was bought in 2006, and I'm highly suspect of a firm that only has ~20 transactions in their name after operating for 4 years.
20 transactions in 4 years is only negative when you look at the structure and number of MDs and senior staff it has. In a vacuum, a conclusion is unable to be drawn.
I'd guess 1/2 of the MDs on that list are worthless and just collecting paychecks with one foot into retirement.
They were founded by the founding partners of Barrington Associates, which was a pretty well-known west coast boutique with offices in LA, San Francisco, Newport, and I think NYC possibly. Wells bought them in 2006 to be their exclusive MM arm, but the Wachovia acquisition offset the founders who then left to start Intrepid.
The bank has very strong practices in middle market consumer electronics and apparel; additionally, Steve Davis (one of their more prominent MDs) is starting a Beauty Care practice with a fair amount of success. Their three founders are extremely well-connected (Freedman just introduced Bernanke at a conference a couple of days ago) and active so deal flow is strong. As an analyst, you'll find yourself working similar, if not longer, hours than at a lot of bulge bracket banks because you'll be generally more involved in the deal process (go to pitches, MPs, client meetings, on-site due diligence). Modeling gets most intense toward the end of the deal process where you'll regularly have to create models depicting incentive scenarios for individual shareholders (as there will be fewer for private companies). Additionally, your team will have to deal with much more extreme situations of shareholder management than you would with public companies, where your primary decision makers are board members.
It doesn't have the same brand presence as most other banks because it has operated for four years and its senior bankers still double as management, so that is to be expected. And it specializes in the middle market, which is a less sexy and less precise science than public company M&A. A DCF, for example, is almost irrelevant for private companies because the re-levered average WACC for its comps will always inflate valuation for a sub $500mm company. Adding size/liquidity premiums at that point come down to discretion and don't really help rein in the valuation when average size premiums for micro caps are only ~3.5%.
Culture is extremely professional (almost uptight) and resembles how you'd imagine an 80s investment bank.
Seems like all the analysts went to great schools with pretty good credentials. For that alone I wouldn't immediately dismiss it.
Intrepid IB (Originally Posted: 11/11/2014)
How would you guys rate Intrepid IB (in Los Angeles)? Have you heard anything interesting/recent about that shop? Do they place well into PE? How is their culture? Let's focus on FT Analysts at that firm. Any insight would be appreciated. Thanks!
They recruit out of UCLA and Claremont McKenna for analyst positions and also try to recruit out of ivy league schools or at least try to. Pretty good, well known IB in the LA area. Heavily involved in ACG and are definitely growing. Definitely one of the better boutique banks out there. Not too sure about their culture and exit opps, probably typical of how other boutique exit opps are. I'd take a BB or Mid-Market IB over them.
Decent MM boutique. They have a good track record with sponsors and tend to see quite a few portfolio co. sales, so you will undoubtedly get some exposure to PE. That being said, you'd have a better shot going from HL.
Still, you should have an opportunity for lower MM PE shops.
Opinion on Roth Capital and Intrepid LLC? (Originally Posted: 09/09/2011)
Wanted to get an idea of Roth Capital and Intrepid--firm culture, status, work load, responsibilities, how they're seen in the community etc. I went through both websites pretty thoroughly--but just seeing if anyone had worked at either bank or could give a more senior judgement of where each bank stands relative to other IB's.
Note: Both LA offices
Background: UCLA Econ major 3.4--3.88 Cumulative Relevant internships at a small PE shop and PWM shop
Looking to get a school year internship at a boutique bank to leverage into a SA offer at a BB.
As always--thank you for the help.
The general impression I get is that their junior talent is not that impressive. One of the analysts went to Penn, but got his MBA at Emory and is somehow an analyst.
Whatever the case, it will still be a legitimate IBD internship with all the lame work that interns at all banks do. It should position you well for recruiting at more brand name banks.
roth capital is strong in china. their nyc office is focused on healthcare
bump
Does anyone have any up-to-date information on Intrepid? I'm considering joining full-time and would appreciate any information
Did you receive a superday? I had two phone interviews and am waiting to hear back
Bump anyone have information on the firm?
bump
bump to see if anyone has new information on the firm
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