IB in Greater Washington DC

Plenty has changed in the DC metro IB scene since the last major discussion thread about it here, so I wanted to compile newer info about some groups in the area to provide a snapshot of the landscape as of March 2020 for anyone interested.

I find this market to be pretty interesting-- big enough to support some competition, but small enough to follow broadly. IB here is certainly a small world and I find it neat to follow the major players as they move from firm to firm.

Please comment with your thoughts/corrections and additional info for the groups I list and the groups I miss. I'm sure I've forgotten some major groups and included some outdated or just wrong information, but hopefully this is more good than bad.

DC area groups/firms to know, in no particular order:

Baird

Real Estate (Tysons) -
About five directors including Real Estate IB group head. This team was formed when Baird brought over FBR's Head of RE IB and a couple other senior guys who've stuck around since then. My understanding is they'll work on equity and M&A opportunities in office/industrial/healthcare RE. I think the Group Head was brought in with an initial focus on lodging deals, but not sure if they're still active in that space. This Tysons office was actually opened in 2004 by a father/son team that specialized in REIT IB until leaving in 2011 and landing at BMO later that year.

Technology & Services: Government Services (Tysons) -
A leading government services sector coverage team that's been hot. Would love to hear more perspectives on this group. Jump-started in 2018 when Baird brought over Group Co-Heads from the Houlihan Lokey Government Services & Defense Technology practice in Mclean. The pair had a good run and spent something like 35 years collectively at HL; one of them was a founding member of HL's ADG group in the mid '90s. Somewhat of a surprise departure from HL to Baird that they said was in large part about finding the right culture (https://www.bizjournals.com/washington/news/2018/…). Buy-side advisor for Leidos' $1.65B acquisition of Dynetics in December 2019. Sell-side advisor for Incentive Technology Group $255MM sale to ICF in January 2020. Sell side advisor to AASKI sale in March 2020.

Houlihan Lokey

Industrials: Aerospace, Defense, & Government Services (Tysons) -
Good ADG group with about 30 bankers split across DC, London, and LA (huge for this industry focus). Responded to loss of Song/Stack by acquiring Bluestone Capital Partners (ADG boutique) at the end of 2017 which included John Allen (interesting background bouncing around the area: co-owner of Windsor Group prior to its 2005 acquisition by BB&T, President of Quarterdeck Investment Partners until Jefferies bought into it in 2001), who left after a short time to focus on Bluestone Investment Partners, a ADG private equity firm he co-founded. HL Government Technology and Services practice completed/announced 9 transactions in 2019 at ~$1.4B deal value.

KippsDeSanto (acquired by Capital One September 2019)

Growth-oriented A/D, Government Services and Tech Boutique (Tysons) -
Boutique exclusively focused on ADG founded in 2007 by a bunch of guys that jumped from HL ADG, up to about 30 bankers now. Will be interesting to see how Capital One tries to grow them. Will continue to operate under KippsDeSanto name in a separate office from CapOne campus 10 minutes down the road. Tendency to work with younger/smaller, tech-focused ADG clients. Used to have a reputation for being a little sweaty, but I'm not sure if that's still accurate.

Raymond James

Diversified Industrials: Defense & Government Services (Reston) -
Established in 2015 by last remaining bankers of shrinking ADG team at BB&T Capital Markets Windsor Group, which had once been the leader in Gov Services M&A until mid 2000s, until BB&T acquisition and decision to focus on commercial lending following the financial crisis drove top dealmakers out over time. The fragmentation of Windsor Group led to creation of Bluestone and allowed HL to step up. Now focus on C4ISR and Government IT markets at RJ. Sell-side advisor to PIXIA in January 2020 $250MM sale to Cubic. Group head, who was also longtime group head at Windsor, left in 2018 to head SunTrust Robinson Humphrey ADG group, which I've heard next to nothing about. Smaller office with no more than 8 or 9 bankers.

Jefferies

Industrials: Aviation, Aerospace & Defense (DC) -
Jefferies' ADG coverage is split between New York, DC, and Charlotte I believe, with about 20 bankers altogether, so the DC office is pretty small. Not sure how much direction they take from NY HQ. Dropped the Quarterdeck name a while ago. Don't know much more about them except for that they used to be pretty hot-- please comment with more info if you've got any. Jefferies was the sole sell-side advisor for Dynetics in their big sale to Leidos, but I'm not sure whether it was the DC office taking the lead on that. I believe the ADG M&A group head sits in the Charlotte office (joined in 2018 from WF).

Stifel

Diversified Industries: Aerospace, Defense, and Government Services (Bethesda) -
Brought in a couple of new managing directors in 2019 who had been working together for a long time, including a new group head after the old one, who had founded Stifel's ADG group in '95, left to go to Outcome Capital (curious about the rationale behind this move and how it affects deal flow for Stifel). The two new MDs have solid ADG resumes and are coming from Teneo / Twelve Rolling Capital, with a history together at Jefferies Quarterdeck and Lazard's ADG group. Please share your outlook on the group and any insight into their dealflow.

Outcome Capital

Growth-oriented Life Sciences and Technology Boutique (Reston) -
Small offices in Reston, New York, and Boston. Interesting for its different industry focus, but trying to build out their ADG presence now. Been around since the late '90s so they must be doing something right.

Clearsight Advisors

Growth-oriented Business Services and Technology Merchant Bank (Tysons) -
Business Services, Data and Technology focused merchant bank founded in 2011 by some former Business Services coverage guys at HLHZ, which has since grown to about 30 employees. Opened a small Dallas office in 2015 which I don't know anything about, not sure whether it's a real office or a glorified home office for an MD that wanted to move down there. Heard they were opening an office in Nashville in 2018 as well but couldn't find much about it. Press release indicates that their first half of 2019 was their best ever, with 10 transactions closed and "record-high revenue"; based on the tombstones I could find, things seemed to cool down for the second half of 2019. Seems like a pretty fun place from the outside. All the junior people are Penn/UVA/W&M and former student-athletes. They make a big deal about internal promotions. Would love to learn more about this firm. Curious what kind of comp they're pulling down.

The McLean Group

Strategic advisory for a variety of industries but led by ADG (McLean) -
Has ADG, consumer & digital media, franchising, healthcare, specialty online retail, technology and telecommunications, and water practices. Noticed they advise on quite a few gym franchise M&A deals. Been around since 1997 and grown into one of the biggest IBs HQ'd in this area. They have a bunch of tiny offices in places like Charlotte, Cincinnati, a couple in Texas, other small cities. Founder and Chairman Emeritus wrote a few books and lives in Cabo now, so +1 for that.

Aronson Capital Partners

ADG M&A and financial advisory (Rockville) -
Been around for a while (since 1999), but haven't seen a whole lot of IB activity from them in 2019. I think the IB team is really lean, so they can do well with only a few decent sized deals per year. The Aronson LLC parent company does a lot of Assurance/Tax and Consulting work and I'm not sure how heavily IB is prioritized internally.

District Capital Partners

Focus on M&A for buyout and growth equity investor clients (Downtown DC) -
Emphasizes long-term relationships and outsourced corporate dev work, mostly with technology companies; e.g. they've been working with Diligent Corporation (secure corporate governance / compliance via the cloud) around here for a while: DCP did some advisory and transaction support for Diligent when Insight Venture Partners bought them for $624MM although Jefferies ran the sell-side process. DCP did the same thing for Diligent when Clearlake made minority investment in them in 2018-- MS was lead advisor on that deal. DCP was sell-side advisor for a Clearlake portco electronic medical SaaS deal sometime in 2019. Founded in 2013 by education software Corp Dev / former Salomon Smith Barney software banker who worked on some pretty big deals back in the day. They have about 20 bankers and some of the senior people have decent resumes. All of the junior people are lateral hires (anyone know whether they bother with any campus recruiting or intern programs?). It's not that old of a firm so I'm curious about their approach to internal promotions and the exit opps of their junior people given the work they do with PE clients.

Harris Williams

Aerospace, Defense & Government Services (Downtown DC)
Couple of senior bankers in the ADG group that's split between DC and Richmond. DC office was opened in 2016. Advised PAE (backed by Platinum Equity) in big merger with Gores Holdings III. Advised an aviation company on majority recap Q1 2020. Seems like all the directors in HW's ADG group are ex-military (HW in general seems to like recruiting veterans).

Other groups of note

  • Rothschild (DC) - Metals and mining. Fairly small office. Wish I knew more but I don't.
  • DC Advisory (DC) - Chairman is based in DC. Opened a bigger office in DC in 2018 consolidating previous offices in Baltimore, Tysons, and Reston. Practices here include Technology & Software, Education, Environment/Health/Safety, Infrastructure Software, ADG, Enterprise SaaS, Transportation,
  • Evergreen Advisors (Mclean, VA and Columbia, MD) - 30+ person firm that does a lot of corporate advisory work (strategic shareholder initiatives, operational advice, etc.)
  • FOCUS Investment Banking (Tysons, VA) - ADG, manufacturing, auto, supply chain, telecom industries; HQ'd in DC area with offices in Atlanta and LA as well
  • Seale & Associates (Arlington, VA) - Does some interesting cross-border work especially in Latin America. Has a presence in Miami, Mexico City, and Monterrey.
  • Olsen Palmer (DC) - FIG M&A. Actually has really impressive deal volume, mostly around $30-40MM transaction value. Had one deal in December 2019 valued at $78.7MM. 13 tombstones on their website for 2019. Not bad for such a small team.
  • Taylor Companies (DC) - Historically a family company that keeps a low profile, advertises confidentiality in divestiture process, specializes in acquisitions of off-market targets
  • Ziegler (Bethesda, MD) - Healthcare corporate finance. Did some merchant banking work too I believe.
  • Greenberg Advisors (Rockville, MD) - Business Process Management and Healthcare IT sector focus.
  • Capstone Headwaters (DC?) - Has at least a couple of directors in DC. The one that I'd heard of focused on middle market insurance company advisory.
  • BroadOak Capital Partners (Bethesda) - Advisors and investors with a life sciences focus. Real small group split between Maryland and SF and will do a few deals a year.
  • England & Company (Bethesda) - Office has a Healthcare guy, and a couple energy/infrastructure industrial tech guys. Small firm with a few people in NYC and a CEO in Houston as well.

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Comments (69)

Mar 29, 2020 - 3:52pm

B. Riley FBR

IB, Brokerage, Equity Research (Arlington) -

ECM (Firm Brokerage EVP and Head of Capital Markets sits in this office), Industrials (A/D), and Tech. Sell side advisor for an electrical and controls engineering firm in Michigan in January.

FBR & Co. was founded in 1989 and was a big player doing a lot of capital raising work in this area for a while. I think they still sort of specialize in small cap IPO deals. Friedman, the F in FBR, got popped for insider trading in 2006 related to a private offering. They got hit hard during the subprime mortgage crisis and started spinning off businesses. The IB arm called FBR Capital Markets was sold off and the parent became the mortgage-related REIT called Arlington Asset Investment Corp. which is still around today and, funnily, based in Mclean. FBR was sold to B. Riley Financial in 2017 for $160MM and the combined B. Riley FBR Investment banking and institutional brokerage business is split mainly between Arlington and B. Riley's LA office.

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Mar 29, 2020 - 5:30pm

Oops, just edited to add them, let me know if it seems off or if you have extra insight. Definitely meant to include them in original post, not sure how I missed that.

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Apr 6, 2020 - 10:29am

I have a friend who made it to a final round with District Capital last year, coming out of a larger shop in NY, and he did not get an offer. His feedback was it came across as a sweatshop and a paycut, and unless he had dire reason to be in the DC area, he would look elsewhere.

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  • Analyst 2 in IB - Gen
Sep 17, 2020 - 11:29am

Responding to question in original post, they do hire both interns and FT people. I hear they're focusing more on the intern to FT pipeline 

  • Prospect in IB-M&A
Mar 29, 2020 - 4:30pm

Thank you very much for posting this. I've been interested in what investment banking is like in the DC/Northern Virginia area, and this post definitely provided some valuable insights.

I was curious if anyone had any information on what compensation is like at Baird/HL/RJ type of banks in the area, specifically in the analyst/associate levels?

Mar 29, 2020 - 5:21pm

HL pays street.

Baird is a bit unique, they pay 80k base to analysts and 175k base to associates from day 1. Bonus range increases YoY, naturally.

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Mar 30, 2020 - 1:15pm

Lazard (Shut down 2013)

Aerospace & Defense Group (DC) -

Group was launched back in 2008 when Lazard brought in the Co-Presidents of Jefferies Quarterdeck. One went to Lazard's LA office, where he still leads their A/D group today. The other one opened Lazard's DC office, which shut down in 2013 when federal budget cuts drove average deal size down, then founded and sold his own ADG boutique, and in May 2019 joined Stifel's Bethesda office to lead their ADG group. Lazard Capital Markets also closed their ADG equity research satellite office in Tysons at the end of 2012, a couple of those guys opened a small ADG M&A advisory shop before ending up in corp dev roles eventually.

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Mar 30, 2020 - 4:50pm

CapOne said they wanted to expand their M&A advisory offerings for its current commercial banking clients when they brought in a BofA M&A MD (former M&A head @ JMP and Cowen previously) to start working on their approach to M&A in NYC summer 2018. Believe they'd done some capital markets work in the energy and real estate sectors under Capital One Securities, Inc. previously, but limited if any M&A.

Although they're still perhaps more widely known for their retail business, they've been pivoting towards capital markets for a few years now (sold home loan portfolio, asset management, retail brokerage).

KippsDeSanto cofounder mentioned expanding into healthcare and other industries in comments about CapOne acquisition, which I could see happening since C1 does a lot of commercial banking work with healthcare companies (bought $9B health care financing unit from GE in 2015). Hard to say what will happen beyond that and whether they'll use the KippsDeSanto name for all their IB work (i.e. open up Kipps offices in NYC, Texas) or keep it local. Not sure what CapOne's attitude is towards having their IB arm independently branded and operated like that.

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Mar 30, 2020 - 6:04pm

Additionally they have a really strong Healthcare Lev Fin group and few other industry specific lev fin groups so i'm sure that'll help with synergies for both firms.

  • Intern in IB-M&A
Mar 30, 2020 - 6:17pm

Ad someone who lives in the greater DC area and has interviewed at a few of these places over the years I can add some insight.

Kipps is a great bank. Long hours, sure, but great people and strong deal flow. Bonus points for Capital One acquisition.

Outcome Capital gave me REALLY weird vibes. Only people I saw were old and were wearing very flashy clothes. Everyone was nice but very quirky. seemed to have alright deal flow.

I know a guy from high school who interned at the McLean Group and seemed to like it and is doing well for himself at a BB. Not much other info.

Olsen Palmer is a strong fig bank. Possibly the hardest interviews I've been through, actually. Good deals.

Compass Point - not a lot of info but they seem to be successful. Mainly capital markets for REITs. They seem to be really smart and adaptive.

  • Intern in IB-M&A
Mar 30, 2020 - 6:22pm

Forgot England & Co. Don't know much but their deals but their DC office is very small - around 5 people I think.

Mar 31, 2020 - 4:44pm

Moelis & Company

FIG Advisory / Lobbying and Policy (DC) -

Office opened February 2015 by Eric Cantor (Moelis Vice Chairman and BoD, US House Majority Leader 2010-2014). Press release at the time referenced growth in private capital, entrepreneurial activity, high tech / biotech, defense, housing/lodging sectors in the DC area; Ken Moelis described DC market as underserved by IB. In 2017, office added a FIG MD with background as US Treasury CIO, FIG director at Citi and UBS. Not sure if they really do any deals or just focus on legislative/policy advisory work; very few if any junior bankers in this office, but they have some business research analysts in town.

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Apr 2, 2020 - 5:09pm

BMO Capital Markets

Real Estate (Bethesda) -

Office opened in 2011 with a mid-cap REIT equity new issue focus by father/son team that opened Baird RE office in Tysons back in 2004. The father went to BMO's Chicago office for a bit and ended up in a Vice Chairman role. Junior led the DC office and was US Group Head of Real Estate CIB when he left BMO in 2016. Third guy that was with them at Baird and BMO from 2004-2016 took over and is still there. Had a director who focused on lodging & hospitality sector leave in 2019. Not sure what trajectory the DC office is on but I believe BMO had been looking to move upmarket towards larger-cap REITs and was adding people in Chicago.

Renaissance Strategic Advisors

ADG/Commercial Aviation/Tech Consulting and M&A Services (Arlington) -

M&A planning and corporate development advisory + lots of due diligence for strategics and private equity clients since 2008. Buyer due diligence for January 2019 SAIC purchase of Engility for $2.5B. Seller due diligence for Airbus defense electronics unit sale to KKR for $1.24B back in 2017. Lots of repeat work with ACP and HIG. Offices in Arlington and London.

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  • Works at CorpFinance
Apr 2, 2020 - 10:11pm

As someone who worked at a few of the banks listed above and basically interviewed with a good number as well, this is a pretty comprehensive list. I remember when recruiting for SA and FT in the DMV region having a pretty comprehensive list and this just brings back a ton of memories...

Kudos for the thread. The last one on here about that region was from years ago and had not been updated for years...

Apr 3, 2020 - 12:19am

Thoughts on the DC Advisory office? Seems like it is a sweat shop from previous posts.

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Apr 3, 2020 - 7:02pm

Stephens Inc.

Middle Market Aerospace & Defense (Penn Quarter DC) -

Small office with an MD / A&D practice head since 2016 (former EMEA region head of A&D for Moelis, was at JPM, US Navy Commander) and a VP that had been with FBR and HL ADG prior. Advised on the sale of a military/survival gear business in 2019.

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Apr 5, 2020 - 5:50pm

Height Capital Markets

Research / S&T / IB (Downtown DC)

Financial and policy analysis for heavily-regulated industries like financial services, oil & gas, healthcare, infrastructure, pharma. Firm founded in 2008 by a couple of S&T/policy analysis guys from FBR. Investment Banking and Advisory group added in 2014. Investment banking practice focuses on energy (up/mid/downstream and renewables) and is almost entirely based in their Houston office which was launched late 2019, however there are a couple of bankers in the DC office.

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  • Anonymous Monkey
  • Rank: Chimp
Apr 6, 2020 - 1:12pm

There's a brand new player in town called FON (I've seen them called FON Financial Services and FON Advisors simultaneously). Based on their job descriptions (they call their junior staff Corporate Finance Analysts / Associates), I thought it'd be a bunch of ex-HL guys, but it's not.

Some former financial regulation guys, intelligence officers, and of course a few bankers.

https://fonadvisors.com/who-we-are/

  • Business School in IB - Gen
May 6, 2020 - 2:36pm

Do prominent ADG bankers have security clearances? I imagine that some of the M&A in this space has clear national security implications.

  • Analyst 2 in IB - Gen
Sep 17, 2020 - 11:33am

Pretty boring compared to NYC, but it's also a bit cheaper (not by much tho) and has a lot of free things to do like the smithsonians and such.  Food scene can be pretty great, decent group of 1 Star Michelins and a couple 2 stars-also a bunch of other really great restaurants. I think it def would be a cool city to either go to college in or grow old in but maybe not the best for an analyst/associate in their 20s

Oct 7, 2020 - 3:58pm

Pretty boring compared to NYC, but it's also a bit cheaper (not by much tho) and has a lot of free things to do like the smithsonians and such.  Food scene can be pretty great, decent group of 1 Star Michelins and a couple 2 stars-also a bunch of other really great restaurants. I think it def would be a cool city to either go to college in or grow old in but maybe not the best for an analyst/associate in their 20s

You should get out more there. It has plenty of young people and is quite active most nights (Dupont, Adams Morgan, Georgetown, Arlington, etc.). I much preferred it to NY as it is cleaner and has more outdoor things to offer. The weather is also better, except for those humid summer days. 

Biggest issue is anyone working for or with the government is typically 8-5 and punch out, so while they are at happy hours, junior bankers are slaving away.

Dec 15, 2020 - 12:38am

Though I'm not the biggest proponent of DC, this is probably the worst and least accurate take I've seen on it in awhile.

Quant (ˈkwänt) n: An expert, someone who knows more and more about less and less until they know everything about nothing.

  • 1
Oct 7, 2020 - 3:37pm

Bumping this thread 6 months later to invite any updates about how different banking groups in the area are doing + are there any new entrants (or exits) worth discussing?

In other news, interesting to see Amentum (spin-off from AECOM backed by LG, which owned PAE so is pretty familiar with the MSS space) buy DynCorp from Cerberus (who'd held it for 10yrs). Terms not disclosed but takes the combined entity to $6B+ revenue. I'm reading that RBC was buyside advisor while Citi and MS ran sellside. Also reading that these talks go back as far as last fall.  

Any thoughts on the timeline for COVID-related pent up demand breaking free going forward here?

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Feb 27, 2021 - 1:33pm

News from late 2020 into early 2021:

Baird still towards the front of the pack with the $212.8M sale of Buffalo Group to Jacobs November 2020 and the $215M sale of 1901 Group to Leidos closing January 2021.

Kipps seeing good volume as well with $125M sale of Zenetex to Vectrus and $310M sale of POC to Mercury Systems. Apparently has a decent rapport with Enlightenment Capital and the IntelliBridge platform which brought them more business in the Alethix sale.

RJ sold two companies to Carlyle so that they could be merged together.

Veritas Capital has been going extra nuts in the gov IT / services space lately-- they've been buying and merging stuff into their Peraton portco which they bought in 2017 from Harris for $690M-- Veritas paid $3.4B for Northrop's federal IT and mission support business in December 2020, and just bought Perspecta for $7.1B. Outside of Peraton, Veritas also recently bought Cubic Corp for $2.8B and part of DXC Technologies for $5.0B back in March of 2020. These kind of deals are too big for any of the banking teams in the DC area though. Places like Goldman and Stone Key tend to run these kinds of bigger sales.

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Mar 9, 2021 - 5:52am

Kipps sounds alright on the hours and not so sweaty now. 2am nights for analysts and midnight for associates Monday to Thursday. They are up to around 40 bankers now and have more ADG MDs than any other bank at this point.

This list needs JP Morgan added, which has a Tysons VA office. The IB team is small, but they are regional IB, which serves middle market companies from $500M to $2Bn in size. It's the middle market group of JP Morgan. They advised on the PAE deal. I hear that 3rd year associates are working to 2am - 3am commonly. It seems they are having nice success, but the juniors have significant workloads. The associate hours at this JPM location sound comparable to analyst hours elsewhere. 

  • Analyst 1 in IB-M&A
May 27, 2021 - 9:01pm

BigFourTAS

Kipps sounds alright on the hours and not so sweaty now. 2am nights for analysts and midnight for associates Monday to Thursday. They are up to around 40 bankers now and have more ADG MDs than any other bank at this point.

This list needs JP Morgan added, which has a Tysons VA office. The IB team is small, but they are regional IB, which serves middle market companies from $500M to $2Bn in size. It's the middle market group of JP Morgan. They advised on the PAE deal. I hear that 3rd year associates are working to 2am - 3am commonly. It seems they are having nice success, but the juniors have significant workloads. The associate hours at this JPM location sound comparable to analyst hours elsewhere. 

Kipps works analysts until 2am on an average night and ISN'T sweaty? Sounds worse than what I know of other groups.

Jun 16, 2021 - 1:11am

BigFourTAS

Kipps sounds alright on the hours and not so sweaty now. 2am nights for analysts and midnight for associates Monday to Thursday. They are up to around 40 bankers now and have more ADG MDs than any other bank at this point.

This list needs JP Morgan added, which has a Tysons VA office. The IB team is small, but they are regional IB, which serves middle market companies from $500M to $2Bn in size. It's the middle market group of JP Morgan. They advised on the PAE deal. I hear that 3rd year associates are working to 2am - 3am commonly. It seems they are having nice success, but the juniors have significant workloads. The associate hours at this JPM location sound comparable to analyst hours elsewhere. 

- expand -

Kipps works analysts until 2am on an average night and ISN'T sweaty? Sounds worse than what I know of other groups.

Baird associates are working to 3am every weeknight right now (per a Baird associate). Per a JPM analyst I know, there's a 3rd year associate over there that's going to 3am every night. I'd say as of right now, Kipps associate hours being a direct comparison are not bad. Kipps pay is above street now as a result of the Capital One deal.

The big insight I have here is that Kipps is really crushing it. JPM recently took a member from the Kipps team and the directors at JPM speak highly of them. My quoted hours are also from the lens of ADG practices to keep things apples to apples. From what I understand, other teams like Baird RE who does follow-on equity offerings, hours in other verticals are lower, but the pay is similarly a little less. 

  • Analyst 1 in IB-M&A
May 27, 2021 - 2:31pm

Hovde Group is out in Tysons. They solely do FIG but have good deal activity in the $50-$250mm M&A range. Stephens has apparently got an ADG group now in DC but I'm not sure how long they've been there. The smaller banks range in quality from institutional quality with good work-life balances to small little sell-side M&A deal shops without a lot of structure.

  • Associate 1 in Consulting
May 28, 2021 - 5:57pm

Yeah pretty rarely-- they were a sellside advisor for Bullhorn along with Lazard when Stone Point took a majority stake in them last September. DCP had previously done a good amount of buyside advisory work for Bullhorn and separately for Insight Partners (Insight was an investor in Bullhorn).

  • Associate 1 in Consulting
May 28, 2021 - 5:29pm

There's a short blurb posted above about that Stephens group. They were sell-side advisor to ATA in October 2020 sale to Bluehalo (ACP portco)-- terms not disclosed but I'd read that ATA had $70mm 2019 revenue. They had another smaller deal in December 2020 as well. 

  • Associate 1 in Consulting
May 28, 2021 - 5:45pm

Also wanted to bump the thread to ask about your thoughts and experiences regarding some of the ADG-focused consulting practices in the area including:

I.e.: which firms are good/busy, what it's like working there, what trajectory the firms are on (similar discussion to what we've got going for the IB groups)

Mostly interested in discussing smaller specialist groups like these as opposed to the obvious larger names like BAH, Deloitte, PWC/Guidehouse, Accenture, etc. which are active in the space but probably already more adequately covered elsewhere.

  • Associate 1 in Consulting
Jun 14, 2021 - 8:37pm

Saw that Raymond James advised on the $1.4B sale of Veterans Evaluation Services ("privately-held contractor of outsourced Compensation and Pension Medical Disability Examinations contracting with the U.S. Department of Veterans Affairs") to MAXIMUS announced May 2021, however, I believe it was actually the Nashville-based healthcare team at RJ that led the deal, not the Reston DGS office. Correct me if I'm wrong or if anyone knows what role the DC area team played in it.

The Reston RJ team did advise on BlackHorse Solution's $203mm sale to Parsons announced last week though. Baird advised Parsons.

Jun 16, 2021 - 1:16am

For what it's worth. In my opinion, the reputable players in town at this time are Baird, JPM, HL, Kipps, and RJ. The rest are holes in the wall that do maybe 2 deals per year with a ton of diligence work as their true service - they then market themselves as "investment banks" to unsuspecting recruits. 

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