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Comments (16)

Sep 29, 2010 - 12:14pm

Pitch book is for "pitching" an idea to the prospective client ("We (the bankers) think you should buy this company/sell this division/issue this bond")
An OM is "offering" the transaction to the target/investor ("We (the client from above) think you should sell us your company/buy this division/invest in these bonds, and here are our terms").

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
Sep 29, 2010 - 12:15pm

would anyone be willing to share with me an actual pitchbook? doesn't matter if it's years old. I just want to get a general framework or outline of what goes into one.

Oct 31, 2010 - 5:20pm
New Yorker:
would anyone be willing to share with me an actual pitchbook? doesn't matter if it's years old. I just want to get a general framework or outline of what goes into one.

one of my old lectures shared one with us (not hard or soft copy just through powerpoint), your best bet is meeting with someone in person. but it's not as exciting as you may think.

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Sep 29, 2010 - 12:24pm

yeah...

But in a pitchbook, you have firm's qual, industry overview, comps, dcf, sometimes a/d model or LBO modelto illustrate how much the company is worth. However, your potential client doesn't even care what you put in there anyways...

a CIM is around 50-100 pages depending on your timeline and you send this after people looked at the teaser ( condensed version of CIM, usually 1-2 pages) and signed the NDA.

Sep 30, 2010 - 12:48pm
PA:
hey can I staff a future banker to do some pitchbooks for me? I'll teach you and show you
let me know.
seriously

Only if I can list your bank on my resume. Go ask your MD and tell me what he thinks of the idea!

"If you can count your money, you don't have a billion dollars." - J. Paul Getty
Sep 30, 2010 - 10:13am

From my limited internship experience at a boutique M&A shop, the teaser is the 1-2 page document outlining the business proposition, the broad industry, and some general overview facts about the target company usually somewhat vague, no names or anything like that but does include position in the market, industry, how long it's been around etc. This goes around to all the potential investors that the firm thinks are appropriate, then only the ones that respond positively to the proposition are sent the next piece of the puzzle.

The Information Memorandum (as ppl at my last firm in Europe called it, assuming it's the same as OM) is a 30-50 page thing that includes: country and market summary, market potential for growth, detailed company info, its market share, competitor analysis, dcf, business model, management etc. This one goes out to those fin/strategic investors that have expressed genuine interest and have signed some sort of NDA, bc details of the deal shouldn't become public unless all parties involved including the target company think they should.

Sep 30, 2010 - 10:26am

I'm interning at a boutique M&A shop also and my understanding is that the pitchbook is pitching the bank itself to a potential client. aka "let us be the ones to sell your company." I'm looking through a few now and 90% of the powerpoint focuses on the bank, it's key executives, list of previous transactions with tombstones, key strengths, etc.

Now I'm assuming the definition of a pitchbook might differ slightly from a bulge bracket to a boutique because when you have a name like GS/JPM/Barcap you wouldn't have to "sell yourself" as much as a smaller boutique with 30-40 employees. Is that a fair statement??

Sep 30, 2010 - 12:45pm

no, you are still selling yourself. Every bank is trying to get that 1 b m&a deal and you need to tell the client why he should choose you. The CEO of the company doesn't care if you are gs or a boutique nobody has ever heard of as long as you are good (of course, having the gs name means you had done the major transaction in the space some way or other, which is a major selling point). Kinda shocking after being immersed into this bs prestige talk huh...

Oct 2, 2010 - 8:53pm

OM is a very specific thing and is a more formal. Pitch Book is just a presentation for banks to try to win new business

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