I have a couple random deal questions:
1) On average, how many deals at a time are people typically working on?
2) How many deals would one expect to close each year?
3) In a sell-side M&A deal, who is typically initiating the outreach and distributing teasers/NDAs and CIMs? Do MDs or VPs call prospective buyers, are analysts emailing people? What is the process?
4) What type of equity capital raising deals do MM firms do for private companies?
Thanks in advance for your help!
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The answers depend on the type of firm you work for (i.e. - Size, sector, location).
I work for a small MM boutique bank.
1) ~6 2) 4-6 3) Team effort. MD, VP, Associates and Analysts call the prospective buyers / lenders. Typically, the MDs get the "best" buyers/lenders. I always call, then follow up with an email to schedule a call. Never just blindly email the teaser or NDA. Having a conversation about the transaction is much more beneficial. 4) Majority recaps, growth equity, sometimes minority. Debt capital is much cheaper if you don't want to give up equity.
This is fairly consistent with my experience in BB M&A. The answer to the 3rd question is going to be highly dependent on the deal VP's confidence in your abilities as an Analyst. If they don't think you can handle the interaction or they're a control freak, you will have zero exposure here.
Excellent, this is really helpful, many thanks!
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