Wall Street Prep

Investment Banking Pitch Book

Guide to Understanding Investment Banking Pitch Books

Learn Online Now

Investment Banking Pitch Book Examples

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

Pitch Book Example Description
Goldman Sachs Pitch Book 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 Pitch Book 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 Pitch Book Deutsche Bank is pitching to AmTrust to become their sell-side advisor.
Citigroup Restructuring Deck  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 Pitch Book 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 Fairness Opinion Pitch (Scroll to p.75-126 of the document) Here is the 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 rare examples of pitchbooks that have been filed with the SEC and have thus made it into the public domain.

Qatalyst Pitch Book on Autonomy  [PDF]

We separated the following pitchbook out since the context of this document is actually controversial.

Oracle made it available to the world claiming they received the deck when Qatalyst, acting as Autonomy’s advisor, pitched 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.

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.”

Source: Dealbreaker

Step-by-Step Online Course

Everything You Need To Master Financial Modeling

Enroll in The Premium Package: Learn Financial Statement Modeling, DCF, M&A, LBO and Comps. The same training program used at top investment banks.

Enroll Today
Comments
guest
1 Comment
most voted
newest oldest
Inline Feedbacks
View all comments
Guest
Guest
November 10, 2018 10:25 am

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

X

The Wall Street Prep Quicklesson Series

7 Free Financial Modeling Lessons

Get instant access to video lessons taught by experienced investment bankers. Learn financial statement modeling, DCF, M&A, LBO, Comps and Excel shortcuts.