Thoughts on DBO Partners (now part of PSC) vs Code Advisors

Please share your knowledge of these two firms in terms of number of good deals, deal flow, culture and comps.

I am interested in Tech and software and would like to understand these two firms better. Thanks!

6 Comments
 

DBO not even a question. Massive buyside transactions as one of Thoma Bravo's repeat advisors (as of recent the Coupa Software buyout) and good, interesting M&A experience across semis and software. Good comp and good exits as the partners go to bat for you. Not sure how the Piper acquisition will affect their reputation (don't think it will have much of an effect). 

 
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DBO’s deal flow can be spotty (mix of super high quality seniors and not great seniors), but DBO still does very well for itself and deal experience is going to be better than Code Advisors overall (DBO has strong relationships with top tech sponsors, AMD, AECOM, etc). Exits historically have been good (they just sent a guy to TB). That being said, I’m not sure how DBO is being integrated post-acquisition. As long as they’re more of a standalone group to PSC SF they should be good (PSC Tech is not very good). Also, something to note is DBO’s traditionally been extremely sweaty and had considerable analyst attrition (common for analysts to lateral a year in or so). Not sure if culture’s changed post-acquisition, but DBO used to be a very lean place where you’ll get great reps but at the cost of brutal hours and no place to hide, for better or worse.

 

DBO's deal flow can be spotty (mix of super high quality seniors and not great seniors), but DBO still does very well for itself and deal experience is going to be better than Code Advisors overall (DBO has strong relationships with top tech sponsors, AMD, AECOM, etc). Exits historically have been good (they just sent a guy to TB). That being said, I'm not sure how DBO is being integrated post-acquisition. As long as they're more of a standalone group to PSC SF they should be good (PSC Tech is not very good). Also, something to note is DBO's traditionally been extremely sweaty and had considerable analyst attrition (common for analysts to lateral a year in or so). Not sure if culture's changed post-acquisition, but DBO used to be a very lean place where you'll get great reps but at the cost of brutal hours and no place to hide, for better or worse.

Thank you! Have you heard of CODE Advisors before? They have worked on a few high profile deals so I am curious.

 

DBO's deal flow can be spotty (mix of super high quality seniors and not great seniors), but DBO still does very well for itself and deal experience is going to be better than Code Advisors overall (DBO has strong relationships with top tech sponsors, AMD, AECOM, etc). Exits historically have been good (they just sent a guy to TB). That being said, I'm not sure how DBO is being integrated post-acquisition. As long as they're more of a standalone group to PSC SF they should be good (PSC Tech is not very good). Also, something to note is DBO's traditionally been extremely sweaty and had considerable analyst attrition (common for analysts to lateral a year in or so). Not sure if culture's changed post-acquisition, but DBO used to be a very lean place where you'll get great reps but at the cost of brutal hours and no place to hide, for better or worse.

Thank you! Any thoughts on CODE?

 

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