As per title, new AN1 staffed on a small M&A deal (sub-200mm EV) with multiple MDs (~ five in the same / adjacent verticals) that pop in and out.
I'm wondering if this is normal, especially for a smaller deal, to have this kind of MD coverage? Last summer, all of the deals I was on had only one, maximum two, MDs
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Based on the most helpful WSO content, having 3-4 MDs on a small M&A deal (sub-$200mm EV) is not typical but can happen depending on the circumstances. Here are some insights:
MD Involvement by Vertical or Expertise: If the deal spans multiple verticals or requires specialized expertise, it's possible to have multiple MDs involved. For example, one MD might focus on the client relationship, while others contribute sector-specific knowledge or execution expertise.
MDs Popping In and Out: It's not uncommon for MDs to "pop in and out" of deals, especially if they are not the primary MD driving the process. They might be involved in specific aspects like pitching, negotiations, or providing strategic input.
Smaller Deals Typically Have Fewer MDs: For smaller deals, it's more common to see one or two MDs leading the process. Having five MDs on a sub-$200mm deal might indicate internal dynamics, such as overlapping coverage responsibilities or a need to showcase multiple MDs to the client.
Efficiency Concerns: Too many MDs can sometimes lead to inefficiencies, as each may have different priorities or approaches. However, if managed well, their combined expertise can add value to the deal.
In summary, while it's not the norm for smaller deals to have this many MDs, it can occur due to specific deal requirements or internal team structures. If you're feeling overwhelmed or confused about the dynamics, it might be worth seeking clarification from your VP or senior team members.
Sources: The Work Always Gets Done, How to pick the right bank to run M&A sale process?, Career Bankers: Coverage vs M&A, Hallmarks of a Strong MD
Congrats on UBS!
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