Advice - M&A Pitch Deck

Investment Analyst in Investment Banking - Mergers and Acquisitions

I want to know from a M&A banker perspective - I assume bankers are always pitching ideas to acquirers all the time and same to companies that might be interesting for others to look at.

But how exactly are the pitch books made? Do bankers walk in with a pitch deck full of companies that could be acquired, the strategic or financial rationale behind them, M&A scenarios / models? What exactly is included in the pitch book?

Comments (5)

Sep 10, 2019

Depends on what the meeting is about with the client. During a bake-off, your firm as well as 2-4 other investment banks compete to win an advisory role with the client. The client basically goes out and asks for a few investment banks to pitch their qualifications ("quals") and why they think they think they should be hired. They may include a few financial scenarios related to whatever the client needs advice on.

Other types of pitchbooks happen when your MDs have regular meetings with management teams. Here the MD comes up with a few M&A scenarios / strategic alternatives to have a conversation with the client. This is essentially free work until you get hired. Analysts put together a 10-30 page deck on whatever the MD wants to present. Could be about industry trends, M&A scenarios, merger accretion, comps, market perceptions about the company, changes to the competitive landscape, etc.

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  • Investment Analyst in Investment Banking - Mergers and Acquisitions
Sep 10, 2019

That's really useful. Thank you

I want to take a step back and ask if coverage groups maintain different pitchbooks? because they do everything from ECM, Debt financing to M&A

How would a coverage group structure their pitchbook for a private company?

Sep 10, 2019

Each of those groups work together to create a pitchbook. A coverage group may have pages that they need the M&A or ECM groups to do, then they combine them all into a single presentation.

Thanks banks that don't have separate coverage / M&A groups do it all within the same group (i.e. all the boutiques).

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  • Investment Analyst in Investment Banking - Mergers and Acquisitions
Sep 10, 2019

Interesting, that explains why boutiques are such sweat shops.

Sep 10, 2019
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