Actually interviewed over the phone for a sophomore internship at Pacific but the guy told me maybe next year. I'm wondering who advised on this, or did their internal teams just do the banking work?
EDIT: I missed it first read, Keycorp advised themselves with Keybank CM
"I did it for me...I liked it...I was good at it. And I was really... I was alive."
I will give my two cents. First and foremost, I am always weary about banking acquisitions; they rarely work. On the flipside, I think this is a very interesting deal for both parties.
Huge move by Key to build out west coast banking practice and be a major player in the tech middle market. Frankly, it is a ballsy move, going very long on high growth tech, which many argue is a bubble. With the growth Pac Crest has seen over the last few years, I am sure they were not a cheap purchase either.
I think this should be solid for Pac Crest as Key's balance sheet will greatly benefit the firm. If they leverage the Key platform the way they should, they should be more competitive in winning larger M&A mandates .. staple financing at its finest. The tremendous growth Pac Crest has seen in the last few years is due to the hiring of several heavy hitter bankers. Wouldn't shock me if these guys bounce as soon as their guarantees expire, which frankly is all of the deal flow.
From my understanding (I have a close friend who spent some time there), there are some senior guys who have stuck around forever and don't really do shit. Smaller, employee owned banks attract rain makers by offering them the upside of equity and options. Well now that these option have been exercised, what will keep these guys at Pac Crest? Why not go to a small shop and hope for an exit all over again? Or if you want to be at a public company, go work somewhere that is going to pay you better than a KeyBanc. What I just outlined is why banking acquisitions almost always fall apart. Revenue is driven by the senior bankers. These senior bankers almost always jump ship after their guarantees / contracts expire.
Still, a very interesting deal and am curious to see how it all shakes out.
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cool... KeyBanc actually has a pretty solid research team. I've heard good things about PacCrest tech as well but that's not my jam.
Actually interviewed over the phone for a sophomore internship at Pacific but the guy told me maybe next year. I'm wondering who advised on this, or did their internal teams just do the banking work?
EDIT: I missed it first read, Keycorp advised themselves with Keybank CM
Strong buy for KeyBanc.
Pacific Crest is solid.
PC one of the best tech research teams out there
Bump - more thoughts please
They've been trying to build their Tech team for some time and this might've just solved their issues
I will give my two cents. First and foremost, I am always weary about banking acquisitions; they rarely work. On the flipside, I think this is a very interesting deal for both parties.
Huge move by Key to build out west coast banking practice and be a major player in the tech middle market. Frankly, it is a ballsy move, going very long on high growth tech, which many argue is a bubble. With the growth Pac Crest has seen over the last few years, I am sure they were not a cheap purchase either.
I think this should be solid for Pac Crest as Key's balance sheet will greatly benefit the firm. If they leverage the Key platform the way they should, they should be more competitive in winning larger M&A mandates .. staple financing at its finest. The tremendous growth Pac Crest has seen in the last few years is due to the hiring of several heavy hitter bankers. Wouldn't shock me if these guys bounce as soon as their guarantees expire, which frankly is all of the deal flow.
From my understanding (I have a close friend who spent some time there), there are some senior guys who have stuck around forever and don't really do shit. Smaller, employee owned banks attract rain makers by offering them the upside of equity and options. Well now that these option have been exercised, what will keep these guys at Pac Crest? Why not go to a small shop and hope for an exit all over again? Or if you want to be at a public company, go work somewhere that is going to pay you better than a KeyBanc. What I just outlined is why banking acquisitions almost always fall apart. Revenue is driven by the senior bankers. These senior bankers almost always jump ship after their guarantees / contracts expire.
Still, a very interesting deal and am curious to see how it all shakes out.
I'm interested if Pacific Crest will have to move to Cleveland? Cause I know that's where KeyBanc is located, or will they stay in NY/Boston/SanFran?
doubt they move
No reason for them to move at all. Maybe consolidate within existing KeyBanc locations in those cities if leases expire anytime soon.
Soluta similique dolorem quia culpa nobis animi incidunt. Quam harum amet est eos quidem. Dicta non numquam voluptatem voluptate voluptatem repellat consequatur. Placeat enim cum optio sint eum ipsam. Molestias aut consectetur asperiores hic voluptatem ex nobis.
Consectetur facere fugit modi vel in. Aperiam adipisci voluptates non et dignissimos excepturi at. Blanditiis quas quibusdam atque est dolorem modi cupiditate. Inventore dolore sunt saepe et corporis. Libero in doloribus et et qui. Quia nam sit qui magni ut temporibus laudantium. Et accusamus porro et non eius mollitia.
Ea odit officia dolor voluptate quia soluta. Facere optio ex exercitationem ut. Aut ut ut eaque ut. Vel quam modi dolor assumenda. Id aut corporis rerum quis soluta blanditiis sed.
Qui voluptas ut aliquam illo repudiandae. Dolorum repellat sunt nostrum et repellat. Non non autem deleniti et minima non aut. Mollitia voluptatem tempora quisquam est hic. Laborum sit corrupti voluptas non velit rerum qui.
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