Cascadia vs DA Davidson vs Intrepid

Based on the most helpful WSO content, here's a breakdown of Cascadia, DA Davidson, and Intrepid in the LA middle-market (MM) scene:

Cascadia Capital

• Focus: Opened in DTLA within the last two years, so it's relatively new to the LA market.
• Deals: Likely still building its presence in the region, but Cascadia has a broader reputation for middle-market M&A and capital raises across various industries.
• Culture/Hours: Not much specific feedback on LA culture yet, but as a newer office, it may still be in the growth phase, which could mean a more entrepreneurial environment.
• Exits: Limited data on exits from the LA office specifically, but Cascadia's broader platform could provide decent opportunities.

DA Davidson

• Focus: Known for its Aerospace, Consumer, Healthcare, and RX (via Chanin Capital) coverage.
• Deals: Stronger presence in the middle market with a focus on sell-side M&A and capital raises. Likely to have a more established deal flow compared to Cascadia.
• Culture/Hours: Generally regarded as having a solid culture, though hours can vary depending on deal flow. Not known as a "sweatshop."
• Exits: Decent exits, but more oriented towards corporate development or staying within the middle market rather than top-tier PE.

Intrepid (now part of MUFG)

• Focus: Lower middle-market sell-side group with a fair amount of sponsor-related sale mandates.
• Deals: Historically strong in consumer-focused M&A. The MUFG acquisition may have bolstered resources and deal flow.
• Culture/Hours: Known for being a bit more intense compared to DA Davidson, with a higher volume of sponsor-driven deals. Culture can vary depending on the team.
• Exits: Good exits for the lower middle market, with some analysts moving to PE or other MM-focused roles.

Comparison Summary

• Culture: DA Davidson is likely the most balanced in terms of culture and hours. Intrepid may be more intense, while Cascadia's culture is still developing.
• Deals: Intrepid has a strong consumer focus and sponsor-driven mandates, while DA Davidson offers a broader industry focus. Cascadia is newer and still building its LA presence.
• Exits: Intrepid might offer slightly better exits to PE due to its sponsor focus, while DA Davidson leans more towards corporate development. Cascadia's exit opportunities are less clear due to its newer presence.

If you're looking for a more established platform with balanced hours, DA Davidson might be the best fit. For a more intense, sponsor-driven experience with potential PE exits, Intrepid could be a better choice. Cascadia might appeal if you're interested in a newer, entrepreneurial environment.

Sources: IB in Los Angeles - banks, groups, culture?, IB in Los Angeles - banks, groups, culture?, Lazard and Jefferies A&D Groups, Guide to LA IB Scene (2023 Edition), Los Angeles IB SA Recruiting Mini-Guide