Upcoming firms to replace/become EBs?
Want to hear opinions are on the upcoming boutiques. We all know the 6-7 EBs (laz,evr,cvp, pjt, etc.) and perhaps some of the more specialty boutiques (Qatalyst, Lion Tree, Allen & Co.) but wanted to hear what people think are the next EB shops? Throughout the past couple years the only shop that has really fallen from its top is Greenhill.
Couple I have in mind are Dyal Co, Robey Warshaw, Ardea Partners (albeit seems to have had cuts recently). Understand that these shops are ~20 employees so they have a long way to go to even be seen in the same likes as the current EBs.
Seems that there are places could become bigger (Lion Tree, Allen & Co., M.Klein) but haven't been able to get to the EBs level whether its by choice or not.
I recently saw a thread about Incentrum Group where the founders are very prestigious but idk if they can grow to size of EBs. They seem to be operating more low key like M Klein.
Have they closed any deals yet? CapIQ doesn't seem to have anything
Looks like they own a satellite company and made a minority investment in a healthcare tech company per this harvard employer link when i searched: https://employers.ocs.fas.harvard.edu/files/ocsemployers/files/lars_and…
Not sure about any advisory deals as they dont have tombstones and didnt see news articles
I think the big distinction between what people colloquially refer to as EBs vs actually just 'elite' boutiques is that EBs are investment banking platforms that are diversified industrially (and sometimes even by products). Other firms you've mentioned with maybe5mds are just prestigious boutiques.
The reason why Lion Tree, Allen & Co., and M.Klein and the likes haven't reached an 'EB' level is because that's simply not their goal. Contrast this to Guggenheim which brough over Alan Schwartz for the specific purpose of building out a diversified investment banking platform (acquiring MDs in various industries and product segments). Until these firms make it an explicit goal to grow into a diversified m&a platform I don't think they will be replacing any EBs anytime soon.
I'm keeping an eye on Ardea
Would echo Ardea, they are absolutely crushing it and have hired some real heavy hitters recently.
I'm just waiting for the troll RBC post.
It wouldn't be relevant because RBC isn't an EB, it's a top tier BB.
Someone will try to make the case. Then it will be our job to determine if they are trolling or srs.
Wow even the respectable users hopping on the RBC train. +1 on your journey to Human. Godspeed.
Don’t think Robey warshaw has the ambition of being an EB. They just want to be a small shop running lean and taking some big fees here and there.
I see something with Ardea though. Seems quite specialized in FIG and Industrials. The same way CTV is in HC/C&R.
Foros?
I've seen the name D'Angelin & Co come up a bit in EU and US ranking with very low deal volume but high deal value (things like 2-4 deals a year totaling $15-20B). Anyone heard of them?
funded by ex partner at Ondra, they worked on some large-cap deals for PSA, Natixis (BPCE), Puma’s spin off of Kering, etc. I interviewed there and honestly I was impressed by their credentials considering their lean team. It is a real one-man shop though.
is jefferies ever going to be an EB
Think Jefferies is trying to be a BB than an EB if anything
Their CEO needs to get on instagram for starters, very cringe
tobin & co
Think some of the above comments nailed it. Those smaller shops founded by heavy hitter MDs don't want to grow to become EBs. The seniors are older and are going to take in massive fees just by whale hunting, hitting 1/2 mega-mergers per year (See Dyal in 2019 finishing 19th in M&A league tables with a deal count of 2)
ducera, easily
Unless a bank splits up, the current EBs will probably remain the only EBs. Don't see firms like William Blair / Baird / Houlihan M&A becoming EBs. Maybe Rothschild could go on a hiring spree and become an EB again? They certainly have the brand name
Agreed, the only possibility is really Roths beefing up their operations and trying to get to where they used to be. Otherwise, the rest of the top MM players have no desire to play in the mega-merger size space
Agreed. Maybe HL M&A becomes an EB? Not sure, they have too many regional offices and take on too many random mandates
what distinguishes Blair from an EB they do mostly $billion deals. genuinely curious and same for jefferies
blair does not do much above a billion, and when they do, it's 99% of the time not a lead role.
jefferies is a full service bank and does plenty of deals above a billion. but, they're not trying to become an EB, more of a full service BB platform that just lacks commercial banking
Does anyone have insight on Foros?
See them mentioned here or there, but very confused by their profile. They don't seem to be sector-focused at all like Raine (media) or Ducera (rx), but heard the 1st year base is like $100,000 and they seem to have done quite a few sizeable deals. Linkedin also shows former analysts exiting to KKR, Apax, Point72, etc....how?
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