Average Deal Sizes By BB/EB/MM/Boutique and Geography?
Looking for data points and anecdotes on this, I'll chime in with my own estimates first for 2023/2024 (all figures converted to USD)
US BB - $2.5bn
US EB - $1.5bn
US MM - $400MM
US Regional Boutique - $150MM
UK BB - $2bn
UK EB - $1bn
UK MM - $300MM
EU BB - $1bn
EU EB - $400MM
EU MM - $300MM
Canada Big 5 - $500MM
Canada BB/EB - $750MM
Canada MM - $100MM
Australia BB/EB - $500MM
Australia MM - $150MM
Japan BB - $1bn
Japan EB - $600MM
Japan MM - $200MM
Feel free to chime in with any correction to my estimates, but I think directionally they're right based off FactSet league tables for 2023 and 2024 YTD.
Obviously within sub-tiers there might be a big difference, for example CVP/Q/Allen/PJT might average closer to $5bn+ while Moelis/LAZ averages closer to sub-$1bn. Same for GS/MS who might average closer to $3-4bn while DB/UBS average closer to $1.5bn.
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You lumped continental EU together, but I can assure you theres a significant difference between France or Germany, and other countries with a significant amount of SMEs such as Spain.
Here in Spain MM banks (e.g.: DC Advisory, Alantra, etc.) regularly sell 50M€ EV assets.
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