I'm curious to gain some insight from the PE Investment professionals on here how bankers have added value when hired to advise on the buyside. My understanding was that advisory roles on the buyside for PE shops were usually nominal and a "reward" for also providing favorable financing. If not, it was a "finders fee" role for bringing the deal to them or arranging some special angle i.e. bringing a deal partner, etc. (the only way boutiques would ever get these roles as they don't offer financing).
This was prompted by both Evercore and Valence advising Carlyle on its EUR $10.1 billion recent acquisition of Akzo Nobel's Specialty Chemical business with Government of Singapore Investment Corporation. Now, obviously I don't know what kind of fee they received but, it was likely substantial. This was a broad auction process where Carlyle is an obvious addition to the buyers list. Carlyle has experience in chemicals having bought Axalta out of Dupont in 2012. GIC was more than likely a Carlyle LP as opposed to a relationship facilitated by a banker. I can't figure out what value these guys would have added to justify their roles.
For those of you on the buyside, when you do use advisors when buying a business, what role do they actually play?