Entering my 2nd year at a super-regional lower market boutique bank (sell-side M&A - I've worked on deals from $20mm up to $100mm) and looking to lateral to a larger bank. Will banks look down upon only lower market exposure? I've gotten great experience with a lean deal team but want the classic larger bank, larger deals, more resources, better comp.
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What geography do you work in?
They won't look down on it, but the size of deal you are on definitely matters.
If you are working on $5M EBITDA companies and the bank you want to go to works on $20M+, it would be a disadvantage against someone who has worked on $10M+ EBITDA transactions.
You could overcome the disadvantage by explaining how working on $5M will help you work on $20M or how the process was geared towards much larger companies even though they were small.
Frankly I find it hard to believe there would be any meaningful difference between a sell-side process involving a $5M EBITDA company vs. a $10M EBITDA. And regardless those are both lower middle market and within the ranges OP mentioned.
If you were going to go from $5M/$10M EBITDA deals to $100M EBITDA deals that would be a different story.
This ^
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