Why Does ABL Feel Less Competitive Than M&A — What Am I Missing?
I’ve spent time in lower middle market M&A, and one thing that stands out is how competitive that market is when it comes to winning mandates. 3-5 firms competing in bake offs, everyone is pitching the same approach, and it's very much a tombstone game.
Looking at ABL, it appears very different:
- Fewer true intermediaries
- More fragmented lender base
- Less formalized processes
On the surface, it feels like a more open market.
For those actually originating ABL deals how competitive is it?
- Winning the client?
- Getting lender terms done?
- Or is it just less competitive than it looks?
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