What's good with Gordon Dyal & Co?
I feel this is the least talked about and debatably most low-key up and coming EB. They are like an old school 20 man shop cranking out massive multiple billion dollar transactions. A few deals I have found after scoring the web include:
Advised Bristol-Myers Squibb on its acquisition of MyoKardia for $13.1bn
Advised Amgen on its acquisition of Otezla for $13.4bn
Advised Bristol-Myers Squibb on its acquisition of Celgene for ~$90bn
...needless to say there is no doubt the firm is gaining a reputation as a leading advisor for complex transactions. I imagine the firm's lean size and focus on high-touch personalized service have been a key part of its success. From the perspective of a junior banker - there is likely no way to break in as an intern and very few chances (if any) to find a lateral opportunity if you aren't personally connected. That being said for those who are able to find there way over there, I have no doubt the experience and exposure is unrivaled compared to any other EB or BB and the comp tops anything we'd consider "top bucket".
Curious to hear others thoughts and insights. Is GD&C well-positioned to continue making waves?
Congrats on Dyal!
Deal size is big, but deal volume is extremely low. They've only done one deal since 2021.
pretty sure they did a ~$25 billion deal like 4 months ago, it was a healthcare m&a but not sure
Had an offer to interview there after a recruiter reached out. Learnt more and god bless the juniors because they work more than Elliot analysts
If they're whale hunters, which is what it sounds like, I can imagine their Analysts having to pitch week after week only to get traction on 1 or 2 deals a year. Not a good sitch for those that value sanity. Would rather a steady stream of $75 - $250M M&A deals that don't require pitching than have to do a new bullshit pitch every other weak and only having like 1 out of every 50 go somewhere, even if they're billion dollar deals. The latter was my experience in IB and it was awful on both a work-life balance and general learning level.
Pal of mine who's interning there next summer (pretty reliable/credible/reputable dude) says he doesn't think it's much pitching work.
Your pal hasn't even started his internship. How is that reliable at all.
I would much rather work at a shop that pitch a bunch and can actually be advisors to an industry rather than draft CIMS all day
Dyal recruiting team putting in the wso work
Thanks HR
Interviewed there as a lateral analyst hire years ago. Wouldn’t say you need personal connections to get an interview - this process was run by a headhunter. I just remember the analysts saying they grinded a lot and the seniors mentioning that they work hard. I think they also pay way above street.
Pay is ridiculous - last I heard (I interviewed there in 2021) they paid ~$340K to AN1 or AN2 (I forget). Also supportive of PE recruiting if you want to.
What was your interview process like if you don't mind sharing? I also had HHs reach out about them and considering jumping into the process.
That can’t be right
Insane
What was the recruiting process like?
What company was the HH by any chance? Attempting to lateral to an EB
Look into Ducera or Moelis LA office. Awesome deal flow with sane hours.
lol resentful of the shade since i am recruiting for dyal, but still curious. they do an accounts-based system like Centerview so probably get a work from that but how the f do they have those insane hours with like 5 deals a year? also on another point they have done 1 deal this year and are in the top 20. so definitely interesting mix
Gordon Dyal was co-chair of IB at GS before leaving and is a killer. That being said, they absolutely whale hunt and their size allows them to only need to complete 1-2 mega deals a year in order to thrive and pay themselves well. They're not exactly a growth-focused firm looking to move up in size/scale.
Not sure I'd go as far as calling their exposure unrivaled to other EBs exactly as teams are likely staffed similarly, just with less volume given their deal flow. I have hear from a 3rd connection who works there that the work can be more tedious often times as they don't have all the resources of a larger firm re a graphics / formatting team and the deal team has to do literally everything no matter how menial. He also corroborated that it is an absolute grind and they do pretty intensive "general advisory" type of work for the Boards of their clients when they're not doing a deal given the closeness Gordon has with them, similar to what CVP does for accounts that aren't transacting at a given period of time.
What do you think their end goal is here?
Had a family friend work there. Absolute grind doesn't begin to describe it. Think I heard something like 8AM~2AM hours regularly. Pay has got to be absolute top of street though, can't imagine other banks paying more than them. Look through past Dyal forums and they will corroborate.
bump, anyone know what their comp is and updated exits?
Incredibly strong network with U of Toronto Rotman undergrads. If I remember correctly 5 of their analyst/associates are from there. They typically poach them from BB offices in Canada
Pay is very much above market
Pay is quite literally the top of street and I imagine the seniors are making a fuckton.
Boy, do you work for it though. Like all things in finance, if the pay is astronomical there’s a reason…
How should one evaluate such an opportunity at the associate level?
1 A&A team does all the work that a typical industry + m&a teams would do + no India / graphics support teams or structuring specialist to ping on weird issues. And working on large-cap deals means heavy on numbers so you better be confident you can crank, for own sake
Does the VP play down a lot?
Bump
Crush mega healthcare and chems. They did two massive deals end of 23.
Probably have the highest fees / head on the street.
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