Distressed M&A question - How often do restructuring mandates lead to an M&A deal, whether that's a sale of the wholeco or the divestiture of a non-core business or asset?
May vary by firm, but in the case of company/debtor RX advisors, are those M&A deals handled by the RX teams, or handed off to M&A?
Any / all insights appreciated.
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Technically speaking a d4e is a sale
In my experience, a 363 sale is usually handled by the RX team, but it wouldn't be unheard of to bring in some other coverage teams.
Depends on the bank but generally speaking the processes themselves are handled by the RX team with the coverage team possibly providing senior support and industry insight where needed (i.e. outreach to potential buyers if coverage MDs have a relationship, market / industry sections of a deck, etc.).
Very helpful - thank you. (Same to other respondents).
Any estimate of how often a debtor/company mandate leads to some form of M&A / sellside process, not including d4e which, yeah, is technically a change in control, but very different? I'm not hanging my hat on this. But I wouldn't know if it's approximately 10% of the time or approximately 90% of the time. Probably somewhere in between but as of now, no idea where.
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