I'm trying to establish a better understanding of the best mid-market players for M&A, and would love help building out / refining the list below (US focused). I understand that specific groups at different firms could be viewed more or less favorably, but want to approach this as more of a generalization of M&A capabilities. Best is clearly subjective, but thinking about it as a sort of aggregation of many of the factors people look for (comp, deal flow, exits, 'prestige', current momentum, etc.). Also, there are obviously tons of great firms out there that do M&A in the middle market, but the goal is to focus on the top true middle market firms and their M&A advisory capabilities (I intentionally did not include WF for example). Tell me who else is important to add and where they should go:
Tier 1: Jefferies
Tier 2: William Blair, Houlihan Lokey, Harris Williams, Baird, Piper Sandler
Tier 3: Solomon, Raymond James, Stifel
Tier 4: Cantor Fitzgerald, TD Cowen, Lincoln, Macquarie, Oppenheimer
Tier 5: Truist, Brown Gibbons Lang, Stephens
bump+ for M&A specifically I'd bump stuff like opco, cantor, and stifel down feel like I see them on small ECM a lot more than m&a. Could add firms like Canaccord, Capstone, DC advisory etc for m&a specifically.
not in the field yet so someone w more experience would have a far better opinion**
KeyBanc?
I think this list is more typical MM firms not so much so regional firms
No one screams middle market more then HL
RBC Tier 2
I would argue that lincoln is above or in line with most of the tier 3 shops as of this year. Lots of recent momentum in their industrials and services practices, and they are now developing a restructuring group, pulling a greenhill MD.
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