For mid-size companies, only if they would be frequently involved in M&A activities (prospects and/or acquisitions), having at least one dedicated person would correct. This person could dedicate time to prospect searches and being the main contact person for banks and equity firms regarding M&A activities.
For big-size companies, frequently involved in M&A activities, most probably a full dedicated team would make absolute sense to act quickly and methodically once opportunities would come-up.
