At WB: very group dependent. Some groups are firmly in the 200-500M range. The firms best groups (tech and healthcare) have a bigger range. I am in tech and don’t really see the $200M side of things at all, would say our range is more $500M-$2B with an average of like ~$750M.
Would imagine other MMs listed are probably generally in that $200-$500M range with top groups occasionally getting up to $1B
At HW: agree with the above, depends on the group. I can speak to my group only, but our median deal size was about $700m, average being higher due to a few outsized deals.
The MM name really is a poor classification and I think confuses undergrads especially some of the players that were branded MM decades ago, but have crept up over the last decade as valuations increased. Where it might have been true some of the MM’s were selling 200-400m businesses a decade ago, now businesses that would have been worth that back then are in the billion dollar range. The reality is EB’s and the top MM banks overlap pretty drastically and even BB’s at this point have pretty built out MM practices. Put another way, if you are trying to sell a $800m tech company, evercore, Goldman, Blair, Jefferies, and Raymond James all make sense and have likely sold similar businesses. Really the EB name is something used just on this forum, and EB and MM investment banks serve pretty identical functions barring some of the EB’s that have ex-BB MD’s who bring in $8B+ mandates, but that’s not the majority of MD’s or the majority of deals anywhere.
Your point about EB terminology rings so true to me. Was laughed at by an associate at PWP the other week because I defined the firm as an EB as opposed to an independent advisory firm hahaha
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At WB: very group dependent. Some groups are firmly in the 200-500M range. The firms best groups (tech and healthcare) have a bigger range. I am in tech and don’t really see the $200M side of things at all, would say our range is more $500M-$2B with an average of like ~$750M.
Would imagine other MMs listed are probably generally in that $200-$500M range with top groups occasionally getting up to $1B
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At HW: agree with the above, depends on the group. I can speak to my group only, but our median deal size was about $700m, average being higher due to a few outsized deals.
The MM name really is a poor classification and I think confuses undergrads especially some of the players that were branded MM decades ago, but have crept up over the last decade as valuations increased. Where it might have been true some of the MM’s were selling 200-400m businesses a decade ago, now businesses that would have been worth that back then are in the billion dollar range. The reality is EB’s and the top MM banks overlap pretty drastically and even BB’s at this point have pretty built out MM practices. Put another way, if you are trying to sell a $800m tech company, evercore, Goldman, Blair, Jefferies, and Raymond James all make sense and have likely sold similar businesses. Really the EB name is something used just on this forum, and EB and MM investment banks serve pretty identical functions barring some of the EB’s that have ex-BB MD’s who bring in $8B+ mandates, but that’s not the majority of MD’s or the majority of deals anywhere.
Your point about EB terminology rings so true to me. Was laughed at by an associate at PWP the other week because I defined the firm as an EB as opposed to an independent advisory firm hahaha
I have never heard anybody say "EB" outside of this site or people who browse this site
Middle market definition =
Wow I just worked hard on a post and all that pasted was above. Why is this app so bad? Not gonna re do but
MM definition = $50 million EBITDA.
Upper MM = $50-75.
Max leverage = 7.0x.
So u have
50x7 = 350. 75 x 7= $450
$350-$450 - for debt at least
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Voluptas minus quis nemo facilis qui rem. Qui a quasi eos tenetur illo tempora et. Rem sunt aperiam sapiente et omnis error. Voluptatem corporis voluptas aut alias. Voluptatem fugit velit soluta voluptate tempora ut laborum. Dolore aliquid nostrum sapiente rerum eos dicta molestiae et.
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