Investment Banking Analyst - Commercial & Industrial Real Estate Services (CIRS)

Investment Banking Analyst — Commercial & Industrial Real Estate Services (CIRS)

• About the Group
• Blitzer, Clancy & Company in an award-winning, independent M&A and strategic advisory built on deep sector expertise for founders and investors navigating the transactions, opportunities, and strategic decisions that shape enduring businesses.

Our CIRS team is one of the firm's flagship practice groups. We advise founders, family- and closely-held businesses, private equity sponsors, and global strategics on sell-side and buy-side M&A, recapitalizations, and strategic alternatives across the built environment — the operators, service providers, and technology platforms that design, build, maintain, and manage commercial and industrial facilities.

Sub-sectors we cover:

• Facility & Workplace Operations: integrated facilities management, janitorial and environmental services, workplace experience, security services, and other outsourced building operations
• Engineering & Capital Projects: MEP, HVAC and mechanical services, engineering and technical services, workplace strategy, design-build, and project and development management
• Industrial & Manufacturing Services: industrial maintenance, technical field services, specialty trades, and services supporting complex manufacturing environments
• Aviation & Airport Services: airport and terminal operations, ground handling, passenger services, aviation facility services, and related technology
• Healthcare & Critical Environments: healthcare EVS, controlled environments, cleanroom and GMP-regulated facility services, and other services supporting life sciences and mission-critical facilities
• Education & Campus Operations: facilities management, building operations, campus services, and other outsourced services supporting higher education and institutional environments
• Commercial Property Operations: property and facilities management, CRE brokerage and advisory, building maintenance, exterior and landscape services, parking operations, and property technology
• Energy & Building Optimization: energy management, building optimization, energy services, sustainability solutions, smart-building technologies, and building decarbonization
• Position Overview
• We are seeking an Investment Banking Analyst to join the Commercial & Industrial Real Estate Services Group in Washington, DC. Analysts in this group are core members of a senior-led deal team and have direct exposure to clients, counterparties, and firm leadership from day one. You will build the financial analyses, marketing materials, and diligence work streams that drive live transactions, and you will own your work product end to end.

This is a services-sector seat, not a real estate finance seat. The analytical work centers on operating businesses — contract economics, labor models, site-level profitability, retention, and buy-and-build strategy — rather than on property-level underwriting or REIT coverage. Because our teams are lean, high-performing Analysts benefit from exposure to workflows typically reserved for more senior professionals at larger institutions.

Key Responsibilities:

• Financial Analysis & Valuation
• Build and maintain three-statement operating models, LBO models, buy-and-build/roll-up models, DCF valuations, and accretion-dilution analyses
• Prepare comparable company and precedent transaction analyses using the facilities services, building services, and CRE services universe; maintain the group's comps and transaction databases
• Analyze contract-level revenue and margin: fixed-fee vs. cost-plus vs. management-fee structures, pass-through labor economics, scope changes, escalators, and renewal terms
• Build site- and customer-level P&L bridges; analyze customer concentration, contract retention and churn, win/loss and pipeline data, and organic vs. acquired growth
• Model labor economics — wage inflation, minimum wage and prevailing wage exposure, union and CBA considerations, turnover, self-perform vs. subcontracted mix, and headcount productivity
• Support quality of earnings and adjusted EBITDA build-ups, including normalization of one-time items, pro forma acquisition adjustments, and run-rate contract wins and losses

• Transaction Execution
• Draft confidential information memoranda, management presentations, teasers, and lender and investor materials
• Support sell-side and buy-side processes end to end: buyer and target universe development across strategics and sponsors, outreach tracking, IOI/LOI analysis, bid comparison, and negotiation support
• Manage virtual data rooms, coordinate diligence request lists, and interface with legal, accounting, tax, insurance, and commercial diligence advisors
• Prepare management for diligence sessions on contract portfolios, labor and compliance matters, and customer references
• Track workstreams, timelines, and deliverables; maintain deal calendars and status reporting for clients and internal stakeholders

• Sector Coverage & Business Development
• Maintain living coverage of the commercial and industrial real estate services landscape: strategic acquirers, sponsor-backed platforms, active buy-and-build programs, and emerging independents
• Track M&A activity, valuation multiples, and capital flows across facilities services, specialty trades, and CRE technology; produce internal market updates
• Prepare pitch books, market landscape studies, and strategic alternatives analyses for prospective clients
• Support origination through target screening, thesis development, and outreach materials
• Client Interaction
• Participate in client and counterparty calls and site visits; prepare agendas, briefing materials, and follow-up summaries
• Communicate analysis clearly and accurately to senior bankers and, over time, directly to clients

Qualifications

• Required
• Bachelor's degree with a strong academic record, preferably in Finance, Accounting, Economics, Real Estate, Engineering, or a related quantitative discipline
• 1–3 years of relevant experience; investment banking, transaction advisory, corporate development, private equity experience strongly preferred
• Demonstrated proficiency in financial modeling, valuation methodology, and accounting fundamentals
• Advanced Microsoft Excel and PowerPoint skills; ability to produce accurate, presentation-quality work product under tight deadlines
• Exceptional written and verbal communication skills, including the ability to synthesize complex analysis into clear conclusions
• Meticulous attention to detail, strong organizational skills, and the ability to manage multiple live workstreams simultaneously
• Sound professional judgment and the discretion required to handle highly confidential client information

Preferred

• Prior exposure to facilities services, building services, business services, industrial services, engineering and construction, or another labor-intensive, contract-based services vertical
• Understanding of the outsourced services model: contract structures, route density, self-perform economics, and multi-site operating leverage
• Experience with roll-up or buy-and-build M&A programs, including add-on modeling and pro forma synergy analysis
• Familiarity with CapIQ, PitchBook, Grata, FactSet, Bloomberg, or comparable research and data platforms
• Experience working in a virtual data room environment (Datasite, Intralinks, or similar)

• What We Look For
• We hire for ownership. The Analysts who thrive in this group are intellectually curious about how service businesses actually run, rigorous about accuracy, comfortable operating with limited direction, and able to keep their composure when a process gets difficult. Our clients are frequently founders and operators who have spent decades building their businesses; we expect our Analysts to bring judgment and commercial intuition to that relationship, not just execution.

• What We Offer
• Deep specialization in one of the most active consolidation markets in business services, with the deal flow to build genuine sector expertise early
• Direct, sustained exposure to senior bankers, clients, and decision-makers on live transactions
• Cross-border experience across North America, Europe, and Asia Pacific, and adjacency to the firm's life sciences, industrial automation, and aerospace and defense practices
• A meritocratic environment where responsibility is allocated based on demonstrated capability, not tenure
• Competitive base salary plus discretionary performance-based bonus
• Comprehensive benefits including medical, dental, and vision coverage, 401(k), and paid time off

Blitzer, Clancy & Company is an equal opportunity employer. We are committed to providing equal employment opportunities to all applicants and employees without regard to race, color, religion, sex, pregnancy, national origin, age, disability, genetic information, veteran status, sexual orientation, gender identity or expression, marital status, family responsibilities, personal appearance, political affiliation, or any other characteristic protected by applicable federal, state, or District of Columbia law. We believe diverse backgrounds, experiences, and perspectives strengthen our firm and our ability to advise clients. Employment decisions at Blitzer, Clancy & Company are based on qualifications, merit, performance, and the needs of the firm.