Analyst 1 at a LMM / MM sell side shop (5 - 30 adj. EBITDA typically). I have only been on 1 bake off since starting, (6 months ago) which seems light. How often does your group pitch? Particularly interested in MM sell side (Blair / Baird / HL / Piper / HW).
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Based on the most helpful WSO content, the frequency of pitching and bake-offs can vary significantly depending on the group and firm. For MM sell-side shops like Blair, Baird, HL, Piper, and HW, here are some insights:
Harris Williams (HW): Known for a well-oiled sell-side M&A process, HW focuses heavily on sell-side mandates. While pitching is part of the process, their reputation suggests they are often directly recommended by sponsors or clients, which might reduce the need for frequent bake-offs.
William Blair and Baird: Both are leaders in the MM space, particularly in sectors like Industrials. They are highly reputable and likely engage in a fair number of pitches, but the exact frequency can depend on the group and market conditions.
Piper Sandler: Piper has been moving upstream recently, with strong performance in Healthcare, Consumer, and Industrials. Their growth and focus on specific sectors might lead to more pitching activity, especially as they compete for larger mandates.
Houlihan Lokey (HL): HL is a powerhouse in MM and restructuring, often competing for high-profile mandates. Their pitching frequency might be higher due to their broad service offerings and competitive positioning.
In general, the frequency of bake-offs and pitches can depend on the firm's market position, the strength of its relationships, and the specific group dynamics. If you've only been on one bake-off in six months, it might reflect your group's current deal flow or reliance on existing relationships rather than aggressive pitching.
Sources: Baird vs William Blair vs Piper Sandler vs Harris Williams, Week 3 of IBD Internship: The Pitch, Baird vs William Blair vs Piper Sandler vs Harris Williams, Week 3 of IBD Internship: The Pitch, Piper Sandler underrated?
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