Which sector does the most M&A? I dont mean from a banking POV, but a Trade Buyer perspective? Is it Healthcare / Industrials?
FWIW considering a move into Corp Dev and want to be in a company/vertical which actually does deals. My background is in SaaS M&A but the deals are mainly Private Equity selling to another Private Equity business, very little Trade activity. I expect other sectors are better from that POV.
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Structurally mining and O&G have to be up there. You're constantly replenishing / optimizing your portfolio, scaling across geographies and sometimes moving downstream. There are also funky financing and non-control structures.
Is banking good in these sectors?
It depends on what you're looking for. From an experience perspective yes. You'll do a lot of interesting advisory work beyond your traditional sell/buy sides so solid experience. Mining you cover a range of metals that don't always move together and assets across the development curve. Really interesting from a macro perspective.
Downsides are cyclicality, activity ebbs and flows especially if you're at a global and only cover the large / mega caps. You also don't really have as much exit optionality as other coverage.
Don't know enough about O&G to be informative. More of an outside in look.
I'd like to see the stats before piling in but I'd make a case for FIG - you're having a lot of bank consolidation within Europe and the big commercial banks trying to expand / pivot into the last remaining high-growth areas of Europe (CEE and Southern Europe). Away from bank mergers, expected rate cuts (though on hold) will cause NIM compression and banks are trying to diversify income streams so looking to acquire asset / wealth management businesses that are seeing strong strategic and US PE interest. Insurance broking (dull af in my mind) is also sparking a lot of big tickets from PE. Within the US, regional / state banks are becoming takeover targets, though a non-US buyer will probably have to play a premium; its more likely JPM / Wells etc hoover up a few more, European ownership of US banks never historically plays out well. A lot of this will be politically / regulatory dependent; the US is deregulating and reducing capital requirements, whereas the EU and particularly Switzerland is increasing requirements ahead of Basel 3.1.
Solid pick. Another structurally active sector.
Seconded, lot of consolidation especially more recently at stock-level purchases.
Healthcare / Biopharma will ALWAYS have M&A due to the nature of each drug’s lifecycle
Insurance brokerage, HVAC, and multisite healthcare
Not large deals, but volume of deals, 100% IT Services
Insurance brokerage is up there
Oil & Gas
Commodities on average
I'm in Europe - but consider utilities. Particularly for corp dev there are a lot of options to develop internally or purchase platforms or individual assets.
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