PJT, Alvarez & Marsal, Evercore, Houlihan Lokey, FTI Consulting, AlixPartners, Berkeley Research Group, PWP, Moelis, Ankura, Province, CVP, Lazard, Ducera, M3, Portage Point, Teneo, Guggenheim, Huron
...tbh these guys get the vast majority of restructuring deals, rest are fighting for the scraps. Any thoughts are appreciated, I could always be wrong.
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I feel like this is pretty accurate, even in EU. Potentially missing Roths tho as they seem to win pretty niche / relationship driven ones?
Roths former RX co-head Parkhill moved to gugg
Yes, this generally very accurate for IB and consulting
Thoughts on GLC?
Would think they fall into the fighting for scraps category. Haven't seen them on much as of late
Appreciate it. I’ve seen solid credit exits on LinkedIn, but curious on the value prop of being a RX analyst at a shop that’s “fighting for scraps” vs. traditional M&A as a learning ground. Do you think the RX skillset itself makes it a strong learning ground regardless of the shop, or is shop quality more important?
This is going to be a very personal opinion, but I truly believe the shop matters in RX. Unlike M&A, the vast majority of worthwhile RX deals are going to go to the cluster at the top (A&M, PJT, Alix, FTI, HL, EVR), since trusting small shops with the literal future of your company is a risk most boards aren't willing to take. A very large part of the "RX Skillset" comes from working on these mandates, so strip that away, and you get a situation where in my opinion traditional M&A makes more sense. So, imo, shop quality in RX matters a lot more than in M&A.
What’s the difference between RX firms like PJT and Lazard vs RX consulting firms like Province and the rest
RX IB (PJT etc) works on negotiating debt and reshaping cap structures, RX Consulting (A&M etc) focuses on fixing the business from the inside, often taking control of it.
Will note that the above is debtor side RX consultants; creditor side acts as operational watchdogs for the lenders, aggressively scrutinizing the distressed company's cash flow models, collateral, and turnaround plans to maximize debt recovery
Consulting do proper Rx(CRO + Insolvency)you piss your pant for. Banks are glorified Levfin pro max relying on Lawyers
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