BMO Sponsor Finance ?
Any details on the team? I know that it’s separate from the Financial sponsors group and leveraged finance. do they just deal with smaller transactions where lev fin doesn’t get involved?
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This team provides bank loans to the portfolio companies of middle market financial sponsors. It is housed within the commercial bank. Where a capital markets solution is required (eg TLB or HY) it will be done by levfin/financial sponsors team.
I know they also provide financing for smaller deals less than 50m in Ebitda. Is there good exit ops ?
Would think most people would continue on in some capacity within commercial banking, but you would probably see occasional exits to corporate banking or levfin and even more rarely to MM PE.
isn’t TLB a bank loan? how is it different?
yep it is
To be honest, it's probably the best group to be in the Commercial Bank, including their mid-market investment-bank, just because you are dealing with sophisticated clients (including good funds like Bain or Abry) and you do a decent amount of analytical work because it's an on balance sheet leveraged-loan. Investment Banking is still better in terms of exits and significantly better in terms of comp because it is tied to the capital markets side of the bank.
do you know what Comp is like on the team?
If you're talking about Canada, first year associate is around 90-100k base and 20-30k bonus but this was from a while back. I'm using the comp figures from the same group in another bank as a comparison so might be a little off here. Not sure what the US equivalent would be, but it would have to be higher I imagine.
I think the analysts get same base as the commercial banking analysts but with significantly higher bonuses. From my understanding, all-in comp is more in line with Corporate banking than Commercial banking.
I’ll also add that people do move from that team to Corporate Banking. It’s a well respected group inside & outside the bank and I wouldn’t consider it “commercial banking” despite where they sit in the bank’s org structure. Part of that organizational structure is due to funding rates in the commercial bank being more favorable. FWIW, the group actually used to be in I&CB many years ago (when it started).
Good group. They look at EBITDA opportunities. Primary product is a unitranche. They have relationships with direct lending arms of MM PE firms to speak for half of the unitrance. Rarely do they do the Unitrance on their own. Some deals fall through the cracks if the lending partner is out. They will also look at >$35mm EBITDA opportunities should a Sponsor request a unitranche view alongside a broadly syndicated financing solution.
Group sits in Chicago and NY. Teams are broken up by industry sector. Juniors have left for IB, a lending arm of a PE firm (usually at one of the partner lenders), and LMM PE per Linkedin.
I don't have insight into what entry level comp would look like unfortunately.
How does this group differ from the Lev Fin team?
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