'Don't burn bridges' is the key takeaway.
"Don't burn bridges" might be the top takeaway from yesterday's news that The Raine Group has acquired Code Advisors, the tech and media M&A adviser whose repeat clients have included Spotify, Twitter and Vox Media.Code is the first acquisition in Raine's 14-year history, and reflects the New York-based firm's desire to deepen its Silicon Valley footprint, particularly in software.
Smith did just that, and last year began a series of Embarcadero walk-and-talks with Raine partner John Salter. Raine then invited Smith to a firm offsite, after which the merger was effectively sealed. "This was really masterminded by Fred years ago," Smith says. "If there was a deal cube here, he'd get it.""We really don't have much overlap," says Salter, who explains that each firm tends to focus on a small number of core clients.
The merger also will help Raine's booming sports business leverage Code's software industry expertise."Things didn't work out with Fred at Code, but that doesn't mean there had to be bad blood," says Smith, who'll become a San Francisco-based partner with Raine. "Deals are all about relationships."
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