Healthcare Services Investment Banks Rankings

Question

What are the best Healthcare Services Middle Market Investment Banks (excluding biotech)?

Rank the firms: William Blair, Houlihan Lokey, Wells Fargo, Raymond James, TripleTree, Harris Williams, Suntrust, Stifel, Baird, Lincoln International.

I think it goes tier in order of names:
1: HL, WB, HW, TripleTree (pure play), Cain Brothers (pure play)
2: Lincoln International, Wells Fargo, Raymond James, Baird, BMO, SunTrust, Stifel

Bullet-Tooth Tony · Accepted Answer

Tier 1: Jefferies, WB, Cain, HW, Piper, HL

Tier 2: TT, Baird, Lincoln, Cowen, BMO, Lazard MM, Ray Jay

Boutiques: Coker, Brentwood (few I am forgetting)

FWIW, there is a ton of shuffling going on in MM HC. Cain just lost a couple key services MDs, TT is trying to really grow its services segment, but is known more for HCIT and has a mixed reputation, BMO lost some guys.

BirdoInBoston · Answer

As a former Cain Brothers client, I'd recommend them. Their tone has changed a bit since the KeyBank acquisition, but they still know how to find and source deals.

If looking for DCM, Cain does well...but Ponder & Co. seems to service all of the large Health Systems. Wells also has a strong team in Philly on the healthcare side.

For boutiques, CapstoneHeadwaters led a couple of sell-side deals in the area recently that garnered eye-popping returns (aka stupid multiples I wouldn't even pay when drunk).

Have heard good things about Ziegler but have never worked with them directly.

Bullet-Tooth Tony · Answer

"IBplz78"
Can you please explain your thoughts on their poor M&A processes?

TT is overloaded with industry experts, not proven M&A bankers. That probably helps in terms of positioning, selling to strategics, etc., but not running tight processes that maximize value and terms.

BankerC159 · Answer

I work in CD for a Healthcare Services company.

For "Middle Market Banks" I see the following : TT, HL, WB, HW, Cain, Lincoln, DCF and Ziegler.

I've never seen anything from WF, actually wasn't even aware they were active in the Healthcare Services space.

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Healthcare Services Investment Banks Rankings

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