For M&A / deals, which consulting firm is the best? And why?

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I’m currently at Deloitte and formally EY. Personally, I think this is way too broad of a question to answer with a simple list of firms...

M&A could include CDD work, in which case the “best” is absolutely not any Big 4 (personally the deals I’ve worked on I have felt Bain was the strongest I worked alongside for CDD, but I’m sure lots of people will disagree, McK is also super strong obviously). It’s probably a MBB but there’s plenty of others who are also very strong and may be more specialized and effective in certain situations/industries (for example, LEK is VERY strong for CDD on sell sides, particularly in HC).

However, if you want an end to end provider, it’s likely a Big 4. For example, PWC can have Strategy& do CDD, then via a combination of people in more specialized parts of S&’s PE/VC practice, and PWC MC’s DDV teams (FDD/ODD), can provide end to end pre-sign services, plus sign to close integration. Likewise, EY TAS is very strong on the FDD side, and EY-Parthenon (S&O) can provide solid CDD work via the legacy Parthenon practice (particularly strong for tech/software, higher ed, HC), then leverage the PE/VC practice in legacy OTS (the “O” in S&O) to do ODD/ITDD/HRDD work, as well as other verticals within legacy OTS for sign to close/post merger integration/carve-out work. Deloitte has a similar structure, and all those firms also have PE/VC (or similarly named) groups who can provide additional post-merger optimization services (cost optimization, etc) for PE portfolio clients afterwards. Also not leaving out KPMG on purpose, just don’t know as much about their structure.

That still doesn’t tell the whole story though. Firms like Alvarez & Marsal (and maybe Alix Partners? - not as sure how they are structured) can provide specialized TD work for distressed M&A. There’s a whole range of heavily industry-focused firms which who provide specialized services to particular industries (particularly in the middle market). For IT M&A, Deloitte Consulting’s tech practice and Accenture are pretty much universally considered the top dogs for the most part.

In short, it’s going to depend on the size/industry of the transaction, the specific services required, management/banker/PE preferences, who the acquirer actually is (PE, industry acquirer, etc), the nature of the markets (distressed acquisition?), and a million other things I haven’t listed.

Just go with MBB if you get an offer

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Thank you for sharing all the details~ very insightful

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Best for CF: PwC (not that much difference between B4 firms though)
Best for CDD: Bain, EYP, LEK, S&
Best for FDD: EY
Best for general advisory: MBB

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CF = corporate finance
CDD = commercial due diligence

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General Transactions: KPMG
Life Sciences: IQVIA
Data and PMI focused Tx: Deloitte

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Depends
Most transactions I’ve been on, McKinsey was central
Bain is strong in this space as is EY OTS

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Alvarez & Marsal and AlixPartners are both very strong in this space.

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Prob's deloitte

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