How complex is industrials m&a?

Hey there, currently in a TMT group, but spent my entire undergrad (up until my Junior summer) interning with an industrials / industrial services group, so take my $0.02 lightly. I think that industrials has the most intuitive, simple modeling of all the groups. The companies produce easy to visualize widget-type products and follow classic business models, more or less. I found the revenue builds to be much simpler than what I do for, let’s say, software companies, especially when we would often just roll forward historical averages. Sometimes, due to all the equipment, the accounting gets messy when dealing with leases, but it’s really not that bad. Also, you get to work with quite a bit of M&A (lots of consolidation) and Debt raises (not as much equity, not a ton of growth being pushed), which is a nice, comprehensive experience. Also, lots of Sponsor activity, so you’ll deal with a lot of LBOs too, but perhaps less so on the modeling front depending on how involved your LevFin team. All in all, very simple and intuitive modeling and well rounded experience.

In terms of existing resources, I don’t think you’ll need much help if you’re already in banking and have a basic modeling skill set. I would recommend you get familiar with the different verticals within industrials to get an idea of the different players and unique value drivers.