Two fairly large boutique/MM's merged. Capstone Partners (Boston) recently acquired Headwaters MB (Denver). Is this combined firm now a legit middle market player? Thoughts on this? How are each perceived?
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Dealflow123, pure crickets, that's where I come in. Any of these useful?
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Also interested in this, as they are currently hiring.
I assume they pay their analysts money and will at some point have them do investment banking work, so I'd say it's a slam dunk firm to work for.
Mediocre IMO. They have a reputation for running so/so processes and have a bunch of legacy MDs that don't want to work as hard these days. Deal count per MD is not where it should be. They have a few sub-verticals that they can be competitive in, but overall aren't a Tier 2 MM bank in my view.
Could you elaborate at all on "so so processes"? I saw how impressive the backgrounds of some of the MDs were and assumed that they must've had a somewhat good reputation, but I recognize that I know little to nothing about the MM space in general.
They tend to win hairier mandates and generate average multiples for their clients, as evidenced by some of the values I've seen and the small deals they execute. There are a few exceptions but some of them left the firm (e.g. Moon) in recent years.
I know the HW team better and directly heard that they run mediocre processes compared to other shops. My source worked for other notable MM firms, so he'd be a good evaluator of this.
If we're going up against them in a pitch, I'm not worried in the least. There are plenty of others to worry about.
could you give some examples of Tier 2 MMs?
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