Saw a recent thread on this, but there was not too much info on it.
What are the best industrials group in 2020? In terms of deal flow and PE exits? I know culture for the most part in most industrials group isn't the best as a result of a few reasons (a lot of verticals --> a lot of deal flow, senior bankers, etc).
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Interested
Current industrials baker at a BB. GS is the best. JPM is probably second. Then there's a bunch of banks that are all right below (MS, CS, Citi, BAML, Barclays) which are pretty equivalent (in terms of league tables, in the past few years its GS / JPM, then its either been MS, CS, or BAML third). DB and UBS have solid industrials groups too. Really hard to have a "bad" industrials group since there are a ton of companies, lots of activity in the sector, and a lot of deals will have tons of banks on them. That being said, I know that JPM is good because of financing, CS / BAML / MS tend to be strong because of the sponsor activity in the sector and their strong LevFin / Sponsors practices etc.
Poster above hit it on the head, but, while the BBs dominate the traditional industrials space (broad definition), the best bankers in some of the more interesting verticals are usually at EBs. This is partly due to the fact that some of those verticals straddle two coverage groups, such as industrial technology. This can create tension at a BB in particular. If I recall correctly, Citi lost a team several years back because of that issue - the MDs couldn't freely pursue deals without stepping on toes and decided to leave.
Barclays P&U (top group) recently merged into their Industrials group. Still not top of the deal tables, but seem to have very consistent MF exits. If I was interested in Industrials, I'd take Barclays over a CS/BAML/Citi.
Did it? I understand that the people at the top cover both but I wasn't under the impression there was much overlap between them / working alongside at a junior level.
No overlap at all. The groups didn’t merge. They just have the same group head.
Anyone have any insight into industrials groups at MM banks?
Baird's best group is industrials. Have heard good things abt HW industrial group too
Really depends on the sub sector. Jef, HL, Blair, Baird, HW, Laz MM, are all pretty strong, but have specific niches.
Kind of a late reply, but care to elaborate further on what their respective specialties are? Particularly interested in HW, WB, Baird, and Laz MM.
Baird for sure, high quality deals and strong flow
Baird is probably best all around middle market group, but all MM will have strong Industrials groups.
Piper?
Same poster as the second comment. If I had to "rank" the industrials groups it would be GS, JPM, then a wash between CS / BAML / MS / Barc, maybe Citi a little lower (I know Citi was known for having a great GIG group but not sure its that good anymore, haven't really seen them on anything recently). CS and BAML industrials are a little more interesting than MS and Barc in that they have wider mandates -- I know that those two cover things like natural resources (separate at GS and Barc and covered by MS GPUG). MS in particular is pretty fragmented -- for example, they have a separate transportation group. Industrial tech is also covered by CS / BAML industrials, Barc it is shared coverage, not sure about the others. JPM does a ton of financing and less advisory (huge moneymaker) but have super high deal volume. League tables are kind of random but as mentioned above its GS, JPM, then a few banks generally trading around the 3rd spot (again, CS and BAML and MS were the last three to be in that third spot at year end). EB's aren't really a presence in industrials except A&D and industrial tech
GS and JPM clean up in the BB space -- it's basically all the same after that. There are a few industry heads at EB's that dominate some niche spaces. For exits, just stick with bank brand name
As aforementioned, I know GS and JPM really lead the space in deal flow. In terms of other groups, I know Citi used to be an extremely strong group, but am not sure if that is still the case. Barcap also has a great group that gets big mandates (Mobile Mini/Willscot, Danaher/GE Biopharma). Do not know much about BAML industrials group, but was told by a friend that it is a top 4 coverage group at BAML.
Yeah Barc is strong. I would probably put Barc / CS a little higher than BAML in the industrials space but that's hairsplitting. MS is tough to place since their transportation group is separate but Its still MS, so its going to have decent deal flow and exits regardless of the relative strength of their group
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