Business Services IB?
What's it like working in business services IB? Do you enjoy the work and modeling? What do you find the most interesting about this sector? The most challenging (if any) aspects?
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What is business services?
Super broad sector - depends on group but business services groups can range from tangible business services (environmental and gardening services, industrial services), to IT services, so it's important to do research on the groups you're interested in to see if they focus on certain sectors. Lots of MM M&A deal flow within the sector and sponsors love business services. Modeling is relatively standard, nothing niche. Companies themselves can be a bit boring (especially with HR, payroll, staffing services), but it's pretty cool to work with some tangible companies you see every day (lawn care companies, etc).
Why do sponsors like business services companies? Additionally, I'm about to start in a chemicals sector but our firm has a business services coverage group too. Any advice on how to move into that group for full time?
Biz Services companies are extremely attractive for PE firms because they mostly carry an ideal profile for LBOs. You are looking at high FCF conversion, low capex (hence depreciation), mostly stable EBITDA margins that could be growing depending on company. Business Services companies tend to be in the MM space where there are A LOT of deals in the sector.
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