After reading the forums for a year or so now, I've seen a lot of discussion on breaking in, interviews, resume, etc but haven't seen too much information on industry groups. If anything, the industry stuff has been about groups in New York (FIG/Telecom) or Texas (O&G).
I'm really interested to hear more about investment banking groups in Washington, D.C. or in the Aerospace, Defense, and Government Services space. Who are the major players? What banks have strong groups? What banks even have groups in this space? What is the culture like at these groups? Any industry information/trends/etc. I haven't seen much on this space on here or other similar sites so wanted to ask around.
Any information would be awesome.
Most of the BB's house A&D internally as a silo in their industrials groups. Out of banks with DC branches, Houlihan and Jefferies are both fairly strong in the A&D space
There's also KippsDeSanto, which is a boutique bank focused on ADG. Founded by former Houlihan bankers and based in the DC metro area.
Any boutiques with strong A&D groups?
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Lazard has their group in D.C. They pretend to be strong in the area but who knows what that really means.
Is there anyone here who is in an A&D industry group or working in IBD in Washington DC?
I think a lot of the smaller banks are bigger players in the space - as mentioned before, I think Jefferies and Houlihan (especially HLHZ) are strong in this field because they have dedicated groups and DC offices. BB's usually group A&D into Industrials, so it's not as specialized.
Used to work in a DC ibank that focused on ADGS. I'm still focused on ADGS but not located in DC anymore. PM me if you want any specific info.
But the major players in DC are: Jefferies, Houlihan, KippsDeSanto
A lot of bulge brackets have MDs that focus on ADGS, but you won't be able to get siloed in ADGS as an analyst at a bulge bracket.
What is the deal flow expectation like within ADGS for the next few years? I am assuming defense and gov services will be pretty bad considering future cuts to the defense budget.
HLHZ and JEF pick up a lot of the bigger deals in the space. The middle market is covered by Bluestone Capital Partners, BB&T (not as strong since the partners left), and Kipps. Kipps outkicked their coverage for a year or two while BB&T was down but is reverting to the mean now.
You can get silo'd into A&D at CS after 1 year.
I'm guessing that it would nearly be impossible to go from industry (a finance rotational program) to somewhere like Jefferies, Houlihan, KippsDeSanto, even if you worked in their corporate development department? Even if you were able to build a strong network with other banks by working internally on M&A work in the DC area, they're aren't many analysts who are dedicated to just ADG.
Aerospace and Defense Bankers? (Originally Posted: 10/21/2015)
Why don't you ask some questions? Why on earth would someone want to shoot you a note and be like "yeah dude, I'm here, what can I help you with? Here's my personal mobile number and I'd love to be on call for all of your college student questions about banking".
Not trying to be a total knob but as a heads up if you want people to help you, you should make it as easy as possible for them to do so.
What should I do if I want to become the MD that IPOs SpaceX?
A&D banking in past life. Happy to discuss via PM.
Have a super day coming soon with a top-notch aerospace and defense group. Any helpful suggestions?
I have some specific questions I'd rather not ask in a public forum which is why I kept my first post pretty vague. If there are any A&D bankers out there with military experience, can you speak to how this helped you (if at all) build your client base and give you a valuable perspective in the industry? Thanks.
I thought I would revive this post. Groups/boutiques are prominent in DC here. I know there are several groups around that fall under the industrials vertical. There are a few boutiques with this focus in DC - Bluestone, KippsDeSanto etc.
Can anyone provide more details, especially on valuation and rankings around the Street?
Houlihan, Barclays, RBC, Evercore, and Lazard are strong in the A&D space for non-boutique firms, with Houlihan historically being a consistent leader in the space. I can't really speak to the boutique firms in D.C. Houlihan has A&D in Northern VA and LA, RBC out of NY, Barclays out of NY, and I believe Lazard A&D is predominantly LA.
Several of these firms also clump transportation with Aerospace, Defense, and Govt. Services.
Not in A&D directly, but close with several people in the space. Hope this helps.
Best Aerospace, Defense, and Government Groups? (Originally Posted: 04/10/2015)
This is one of the more niche coverage groups within industrials at most banks, but I was wondering who are the top groups in AD&G? I know Houlihan Lokey and Evercore have top bankers in these groups, but was wondering about any others. Any insight is greatly appreciated thanks!
Also interested in this. Are there specific banks which also deal with the smaller companies out there in the field? E.g. ones that have recently developed new tech / product and are a target for maybe the more medium players (as opposed to giants like BAE etc)
HL, HW, Moelis, Lazard, Jefferies, RBC, KeyBanc, Lincoln
Moneytrail, one of the hottest areas of A&D right now is UAVs. Most of the banks listed have solid coverage in the space with HL leading the pack for the time being
thank you for the helpful comment. thats exactly the kind of stuff im interested in. companies producing UAVs/ surveillance drones etc rather than tanks etc. any other players who are smaller in calibre perhaps?
Both those shops are great.
Thank you for all the insight @ thekoffeekid
There was just a thread bump on this.
http://www.wallstreetoasis.com/forums/2014-top-aerospace-and-defense-ib…
top aerospace and defense groups? (Originally Posted: 04/18/2010)
what are the top aerospace and defense groups?
Boutiques: Laz, Qtrdeck, HLHZ
All of the top bulge have good groups also (CS, etc)
well are the BBs better then the boutiques? I'm looking for a ranking kind of thing.
CS and WF seem to have great aero groups. I dug up this link from a past thread, its overall and not by year but can help. In my opinion for any industry group you want to go with a BB rather than a boutique unless you are looking at pure advisory/restructuring.
http://i44.tinypic.com/5esq6t.png
Can't really rely on a bank's pitchbook for specific league table information because they are usually manipulated in some form and the WF one doesn't even include sources to back up their ranking. I would suggest looking at Bloomberg or 1Q published results by Thomson Reuters (they might be already published and should include the breakdown by industry/sector).
MS had a top guy in that space in London.
does being in Aerodefense hurt exit opps for HFs? These companies aren't very cyclical
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