What is a Pitch Book?
A Pitch Book, or “pitch deck”, is a marketing document presented by investment banks to existing and potential clients to sell their advisory services.
Pitch Book: Definition and Role in Investment Banking
In investment banking, pitch books function as marketing presentations meant to convince an existing client or potential client
to hire their firm for advising on the matter at hand.
For example, the pitch book could be used in a “bake-off” among various competing firms for the same client to provide M&A advisory services to a client interested in acquiring a competitor, or a private company seeking to raise capital in the public markets via an initial public offering (IPO).
The standard sections of a pitchbook in investment banking consist of a situational overview and the background of the firm, specifically the notable members of the group and any relevant deal experience that pertains the client, i.e. the purpose of these slides is to make the case that the firm is the most qualified to take on the client.
Beyond the background of the firm, the transaction merits are also discussed with the high-level analysis supporting their key findings, which sets the foundation on how the client would be advised if chosen (i.e. the estimated valuation of the client, list of potential buyers or sellers, commentary on the firm’s recommended strategy, risks and mitigating factors, etc.).
Learn More → Investment Banking Guide
Pitch Book: Real Investment Banking Examples
Below are several examples of real investment banking pitch books, from various investment banks.
In case you’re wondering, pitch books like these are generally not available to the public. These investment banking pitch books are rare examples of pitch books that have been filed with the SEC and have thus made it into the public domain.
| Pitch Book Example | Description |
|---|---|
| Goldman Sachs Pitchbook I | This is a typical sell-side pitch book – 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 | 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 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 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. |
