Middle Market Banking - Current Deal Flow?
Was wondering how it's going at various MM banks and if that has had any impact on headcount recently.
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Houlihan Lokey reported Q1 2021 results today. Corporate Finance (MM M&A) revenues were down 34% compared to last year--overall firm revenue down to $211M from $250M, despite a bump in RX revenues. Total closed transactions in CF down from 61 over the same timespan FY2019 to 35 this year.
In the same call, they said that in the last month they've seen activity pick up and financial sponsors starting to increase interest dramatically, especially given the presumed Biden-admin tax changes.
It feels like every company under the sun wants to sell right now. Absolutely brutal out there
whoa fr? was under the impression that deal flow is pretty shit right now with some places pencils down
Mid March - mid May was extremely slow. We’ve got tons of inbounds from companies that are 2-4 years into PE ownership that either I) have an e-commerce component and saw record growth may-now or II) business has returned to normal and only off 2020 budget by 5%.
There’s still a hiring freeze, unsure what % of interns we’ll give return offers, and tough to see visibility into layoffs - but it’s the sweatiest it’s ever been
I don't really understand how there is such a wide gulf between firm approaches. Acknowledging some differences in coverage, how can Moelis/Citi be so assured about offers and a place like Blair hand out zero (associate level)?
Blair gave offers to all summer analysts and I know for a fact at least some associates. The lack of associate hires is more due to the firms commitment to A2A promotions, not anything to do with current deal flow
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