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Investment Banking Pitchbook: Real World Examples (PDFs)

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Below are several examples of real investment banking pitchbooks, from various investment banks.

Pitchbook example Description
Goldman Sachs Pitchbook I This is a typical sell-side pitchbook – Goldman is pitching to Airvana to become their sell-side advisor so the focus is on why Airvana should go with Goldman and some high level analysis of how the market views Airvana in case they do pursue a sale.
Goldman Sachs Pitchbook II Goldman, as they often do, won Airvana’s business (the company now gets a code name “Atlas”).  This deck is a Goldman presentation to Atlas’ (i.e. Airvana’s) Special Committee during the process. Since Goldman is now the advisor, they have much more detailed company projections and better understand Airvana’s situation. This deck thus include a detailed valuation analysis and an analysis of several strategic alternatives: Not selling, selling, or recapitalizing the business (a few weeks later Airvana got sold).
Deutsche Bank Pitchbook DB is pitching to AmTrust to become their sell-side advisor.
Citigroup Restructuring Pitchbook  This is a “Process Update” deck for the potential restructuring of Tribune Publishing.  The deal co advised by Citigroup and Merril Lynch.  Tribune was ultimately sold to Sam Zell.
Perella Pitchbook Perella is the sell-side advisor to retailer Rue21 and is evaluating a $1b buyout proposal by private equity firm Apax Partners. Complete LBO and valuation analysis included. The deal ultimately took place.
BMO Pitchbook (Scroll to p.75-126 of the document) This is BMO deck containing a comprehensive valuation analysis to support a proposed Go-Private deal for Patheon.

Note: In case you’re wondering, Pitchbooks like these are generally not available to the public.  These investment banking pitchbooks are the rare examples of pitchbooks that have been filed with the SEC and have thus made it into the public domain.

Qatalyst Pitchbook: We separated this one out because the context of this pitchbook is actually controversial –  Oracle made it available to the world claiming they received the deck when Qatalyst, acting as Autonomy’s advisor, pitch Autonomy to Oracle.  Qatalyst and Autonomy, however, dispute this claim, with Qatalyst saying they were acting not as Autonomy’s advisor but rather pitching ideas to Oracle to win a buy side mandate. With that, here’s the deck:

autonomy pitchbook

The nature of the feud is interesting as it sheds light on how investment banking pitches are presented to clients, so I recommend everyone read the dealbreaker article below.

Frank Quattrone

Frank Quattrone

Frank Quattrone Probably Didn’t Want Everyone To See This Particular Pitchbook

People who have real jobs are sometimes surprised to learn how much of investment banking consists of hopeless pitching. Your team puts together a forty-page slide deck with sixty pages of appendices, proofreads it repeatedly, updates numbers every day for two weeks, and prints a dozen glossy spiral-bound copies. Then you lug them halfway across the continent, slog through the first five pages with an increasingly bored potential client, are politely rebuffed, and then cleverly ask “hey do you want any extra copies of the presentation for your colleagues?” so you don’t have to carry them back on the plane. Glamorous work. Full article

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November 10, 2018 10:25 am

Great article! For those interested in pitchbook examples, there’s this gallery as well: tinyurl.com/talkpts


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