Hi there,
Could anyone explain how PE cases work at a high level, and/or point to resources explaining as much?
I learned recently that valuations (key to many PE case interviews) are actually the responsibility of the IB. I know PE cases are a fast and relatively well-defined sprint. I'm curious what are the different work streams and how is the work typically divided? Does this differ for buy vs. sell side?
Thanks!
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"PE" work is pretty broad, but I'm happy to give a high-level overview. Generally, the "PE" practice area means you're serving PE as a client (obviously), and work happens across the entire deal spectrum.
So starting pre-deal, most of the work are in DDs. Strategy shops generally focus on the commercial and operational piece and sometimes tech. HR, legal, and financial are more the sweet spot for Big 4s. Some other pre-deal strategy projects include portfolio strategy and M&A screens (although this is more for corporate clients).
Not too much work happens in the actual deal, but sometimes we're brought in to help with deal sizing or synergy sizing
Post-deal portfolio acceleration is really where consultants generate value imo. There's a ton of portco optimization work ranging from top-line pricing, sales force effectiveness, growth strategy etc to bottom-line procurement optimization cases.
Obviously this isn't supposed to be MECE but just a high-level overview of most of the PE cases done. IMO, they're one of the more polarizing case types. You learn a ton and pick up a ton of functional knowledge, but you're basically put through the grinder (since timelines and expectations are so high) and it's all very transactional (obviously since you're working with a GP and not the actual business owner)
This is super helpful, thank you. Just to clarify - the post-deal portfolio acceleration, is that done on spec before the deal is even made? In other words, is the PE deal contingent on the consulting firm being able to identify growth levers and develop a 5-10 year plan (e.g.)?
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