Does anybody know anything useful about the Deals Strategy group within Strategy&? I recently posted asking about S&, but realize I need to refine and ask about the Deals Strategy group in particular. A partner I am amicable with within DS told me some remarkable, unexpected, and intriguing news about the group, so I wanted to hear if anybody here had heard anything about the DS group as well.
Thanks.
Well? What did the partner tell you? Sounds like you're the one with the inside scoop.
Deals is one of the smallest groups within PwC as far as I know. Deals got integrated into S&, it came from PwC not Booz. If I'm not mistaken (and I could be), they work on contracts for companies. The example that I was given was that they advice clients like local governments on contracts with outside parties. They are not deals as in the investment banking/private equity sense. That's all I know about deals. Sorry if it does not help much.
That info is not entirely correct. At present, the Deals Strategy team at S& is primarily focused on private equity clients, and their main service offering is commercial/strategic due diligence. The group also does other types of work for PE and corporate M&A strategy. It is relatively small (think 50ish, but growing quickly). It is a mix of legacy Booz, legacy PwC, and new hires. The US deals strategy team is relatively new (less than 2 years). An (imperfect) analogy would be the private equity group at Parthenon-EY.
It's mostly PE clients with few corporate clients. CDD (same as strategic in most minds I talked too) is the brunt of the work. They look at it as the last bastion of true strategy, since folks at MBB are now concerned w/ implementation while at Deals they just send the implementation work over to the bean counters at PwC. The goal is 50 now, 75 by the summer, and 150 by next summer (in terms of office size).
Great comparison to P-EY, because there are a few P-EY members. The US Deals team is new, and one of the newer ones int'l. They are aggressively growing it though. S& is to PwC as Deals is to S&. It's the tip of the spear, of the tip of the spear, so to speak.
I could talk to you about this group if you want to PM me.
@ccvv intern I believe that is correct. I am joining Deals Strategy in the Fall as an undergrad hire. My understanding is that it is mostly PE/Corporate mostly doing DD and M&A Work. Was told this was the fastest growing group in S&/PwC - started operating fully as a unit last April, had 35 in November and are looking to double by next summer.
Very interesting. Which countries currently have branches of the deal team?
Not sure about different countries. I know the US team is based in NY, SF, and Chicago (with most of the team in NY). I don't know much about the UK team. My impression is that the deals strategy teams are largely based on where the clients are: for example, if your clients are private equity funds, the team is going to be based near the PE fund but look at their deals globally, etc. Hence, the choice of NY, SF, Chicago in the US.
Yes, the very neat thing about the group (one of the things a Director mentioned) was EM which is being built as we speak with the potential for PwC/S& to leverage the global scale to engage in work in EMs like BRICS etc.
What other type of M&A work do they do? Integration/separation?
I'm certain it's not PMI type of work. But again, my understanding is that most of the work in this group is for private equity at present, and the idea is to do some "deal strategy" work for corporate clients as a smaller % of the business down the road.
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