Axial is excited to release our 2024 Lower Middle Market Investment Banking League Tables.

To assemble this list, we reviewed the deal-making activities of 400+ investment banks and advisory firms that met the qualifications to be considered for league tables last year.

Last year resulted in a record-breaking year for deal volume on Axial, with 10,735 deals coming to market in 2024— a 7.8% increase from 2023 and the highest annual total on record. The increase happened largely in the second half of the year, with both Q3 and Q4 resulting in 26% and 15% higher deal flow than the same periods in 2023, respectively. And while overall pursuit rates dipped below Axial’s typical average (~8%), those deals above $3M in EBITDA maintained above-average rates, over 9.7%.

Axial’s league table ranking methodology (detailed methodology available in the footnotes) is primarily driven by four factors:

• Client quality (based on pursuits per deal and total recommended buyers)
• Buyside targeting (pursuit rate per deal)
• M&A process effectiveness (ability to progress buyers from initial pursuit to NDA to CIM)
• Deal outcome (IOI, LOI, and closure rates)

Congratulations to these investment banks and M&A advisory firms for their dealmaking achievements in 2024!

Top 25 Investment Banks

Rank	Firm	HQ
1	Peakstone Group	IL
2	Founder M&A	TX
3	Ad Astra Equity Advisors	KS
4	Hill View Partners	RI
5	FOCUS Investment Banking	VA
6	Vertess Healthcare Advisors, LLC	TX
7	Meritage Partners, Inc.	CA
8	Solganick & Co.	CA
9	TREP Advisors	FL
10	Protegrity Advisors	NY
11	Cornhusker Capital	NE
12	Vesticor Advisors	MI
13	Madison Street Capital	TX
14	ACT Capital Advisors	WA
15	Venture North Group	AK
16	SDR Ventures	CO
17	Premara Group	UT
18	American HealthCare Capital	CA
19	New Direction Partners	PA
20	Sun Mergers & Acquisitions	NJ
21	Vercor	GA
22	Confederation M&A	PE
23	The Bloom Organization, LLC	FL
24	True North M&A	MN
25	Corum Group	WA

Honorable Mentions

Client Quality

Firm	HQ
MidCap Advisors	NY
Bridgepoint Investment Banking	NE
Vertex Holdings, LLC	FL
Fortis Capital Management Group	FL
Now Capital Partners	NY

Process Effectiveness

Firm	HQ
Eisen Fox & Company	WI
SGCM Advisors	NY
Plethora Businesses	CA
Cornerstone Business Services, Inc.	WI
Oberon Securities, LLC	NY

Buyer Targeting

Industry Specialists 

– 1 closed deal on Axial | – 2 or more closed deals on Axial (all-time)

About the Top 25

“The Peakstone Group is an investment bank that specializes in mergers and acquisitions advisory and capital raising for middle market clients. Our team is comprised of senior investment banking professionals and operating executives, all of whom have decades of experience and have executed hundreds of transactions totaling billions of dollars.”

Visit Peakstone Group’s Profile

“At Founder M&A, we are a dynamic advisory firm specializing in sell-side transactions across diverse industry sectors, with decades of transactional expertise that has enabled our seasoned team to successfully orchestrate numerous deals in the lower-middle and middle markets. We pride ourselves on being more than just advisors—we are dedicated partners committed to maximizing value for business owners seeking exits or recapitalizations. Our approach is grounded in a proven formula for success, carefully tailored to guide business owners and leaders through the complexities of the transaction journey. With a focus on facilitating deals for businesses with annual revenues ranging from $5 million to $250 million, Founder M&A ensures smooth transitions and optimal outcomes for all parties involved.”

Visit Founder M&A’s Profile

“AAE is a boutique merger and acquisition advisory firm located in the Kansas City area. We offer M&A advisory services as sell-side advisors. We guide business owners through strategic planning, marketing, and closing of a deal to transition their company. Ad Astra has successfully closed a combined transaction value of $500 million.

Our team works with owners across the nation, of varying sizes, across several industries, with each owner having unique goals. We are well equipped to understand a business owner’s wants and needs . . . converting those goals into our unique deal process which becomes our roadmap to their ideal outcome.”

Visit Ad Astra Equity’s Profile

“Hill View Partners, Founded in 2016 by Arthur Petropoulos and headquartered in Providence, Rhode Island, provides Mergers & Acquisitions and Capital Advisory services to privately held family, entrepreneur, and small investment group owned companies generating $1 Million to $10 Million in EBITDA (or Pre-Tax Cash Flow).

​Hill View Partners brings the tenure and wisdom of $1 Billion+ of transaction experience to support and work alongside businesses and owners. We understand and appreciate the complexities of our clients’ enterprises, and we unwaveringly espouse to our motto of doing good work for good people.”

Visit Hill View Partners’ Profile

“With more than three decades of experience, FOCUS Investment Banking is a trusted name in M&A advisory services with a nationwide footprint and a global reach. Headquartered in the Washington, DC metro area, FOCUS also has corporate offices in Atlanta and the Los Angeles metro area. Its team of 35+ senior bankers is supported by more than a dozen analysts, senior advisors, and support staff. Each FOCUS banker maintains a core practice in one of the 12 industry verticals comprising the firm’s current areas of specialization, keeping FOCUS abreast of developments in today’s rapidly changing market environments.”

Visit FOCUS Investment Banking’s Profile

“VERTESS is a healthcare-focused Mergers + Acquisitions (M+A) advisory firm that helps owners increase their company’s financial value and negotiate the best price when they decide to sell their company or grow through acquisition. Our expertise spans diverse healthcare and human service verticals, ranging from behavioral health and intellectual/developmental disabilities to DME, pharmacies, home care/hospice, urgent care, dental practices, life sciences, and other specialized services and products. Each VERTESS Managing Director has had executive experience in either launching or managing and ultimately successfully exiting a healthcare company.”

Visit Vertess Healthcare Advisors’ Profile

“Meritage Partners (“Meritage”) is a multifaceted advisory firm specializing in mergers and acquisitions, capital advisory, and strategic exit planning, with a focus on the low to mid-markets. Our exceptional team boasts a wide range of expertise from entrepreneurs, investment banking, corporate finance, private equity, law, and accounting, collectively amassing over 130 years of experience. With deep-rooted backgrounds in private equity, encompassing roles as investors and trusted advisors, we have actively contributed to transactions exceeding $2 billion in enterprise value.”

Visit Meritage Partners’ Profile

“Founded in 2009, Solganick & Co. is a data-driven investment bank and M&A advisory firm focused exclusively on software, healthcare IT, and tech-enabled services companies. Offices are located in Austin, Dallas, Los Angeles, and San Francisco. Our deal team has completed over $20 billion in M&A transactions to date.”

Visit Solganick & Co.’s Profile

“TREP Advisors is an advisory firm focused on succession solutions for business owners. At TREP Advisors, we know you want to be an owner who understands the future options for your business. To do that, you need a succession plan that fulfills your desires and addresses all the issues of estate planning and taxes. The problem is you are so busy running the company that it makes you feel confused about addressing the issues of a succession plan.

We believe every owner is truly unique and that your succession plan is the single most important business decision you will make to achieve the freedom you deserve. We understand the struggles and opportunities you face every day because we have walked in your shoes, which is why we have been able to help owners like yourself sustain control over their business while liquidating equity in their business for financial security.”

Visit TREP Advisors’ Profile

“Protegrity Advisors is a leading regional M&A advisory firm serving multiple business sectors in the lower middle market ($5 million to $100 million in revenue). Our deal team members have all completed business divestitures, acquisitions, and finance transactions as CEOs, General Counsel, and senior business executives. We employ a lean business model that makes our fee structure significantly more competitive than traditional M&A advisory firms. Currently, our clients are primarily located in New York City, New Jersey, Connecticut, and on Long Island; however, our access to private equity, corporate and strategic buyers, as well as acquisition opportunities, extends across the United States and internationally.”

Visit Protegrity Advisors‘ Profile

“Cornhusker Capital was launched in November 2010 with the idea of providing superior and value-based services to lower middle market companies. Cornhusker Capital provides superior and imaginative financial services, including mergers & acquisitions, buy-side and sell-side advisory services, free valuation analysis, and corporate financial re-engineering. Cornhusker Capital is a leading middle market advisory firm. We are seasoned corporate finance executives with significant Fortune 500 experience.”

Visit Cornhusker Capital’s Profile

“Vesticor Advisors was founded on the principle that owner-operated companies in the lower middle market are unique and require specialized attention and advice when considering strategic investment and exit opportunities.

Vesticor Advisors provides M&A and capital raising advisory services exclusively to founder and owner-operated companies. We support clients with the expertise needed to build their business through growth acquisitions, optimize value in an exit or sale, transition ownership to family or management, divest non-core assets, or raise capital. After founding, building and exiting our own businesses, the partners at Vesticor came together under a shared vision: to build an M&A firm that helps other business owners achieve their dreams of growth, expansion, legacy and financial independence.”

Visit Vesticor Advisors’ Profile

“Madison Street Capital is an international investment banking firm dedicated to the highest standards of integrity and professionalism – provides corporate financial advisory services, mergers and acquisitions expertise, valuation services, and financial opinions to publicly and privately held businesses through our offices in North America, Asia, and Africa. Our professionals draw on specialized expertise in partnering with middle-market firms in all industry verticals and niche markets to achieve an optimal outcome through a variety of transactions. Madison Street Capital’s professionals precisely analyze each client’s needs to determine the best match between buyers and sellers, arrange cost-effective financing, and produce capitalization structures that maximize each client’s potential. Madison Street Capital is a trusted partner and industry-leading provider of financial advisory services, M&A assistance, and business valuations.”

Visit Madison Street Capital’s Profile

“ACT Capital Advisors has been helping owners sell their businesses since 1986. Through hundreds of transactions, we’ve developed a strategic process that’s highly effective in closing deals. Unlike other M&A companies that hand you off to various specialists throughout the stages of a sale, you’ll work with one team at ACT, a group of hand-selected individuals familiar with your industry. They’ll be with you from start to finish, working toward your goals and looking out for your best interests.”

Visit ACT Capital Advisors’ Profile

“Venture North is firm based in Anchorage, Alaska that provides a full suite of services to our buy-side, sell-side and capital finding clients.  We have successfully managed and handled engagements in a wide variety of industries and are recognized as a leader in assisting in the sale, or purchase of businesses. We do business throughout the US, but we have unmatched expertise in the Alaska market. Due to Alaska’s very low level of VC and PE activity, the returns tend to be higher and deal quality better than in other, more competitive markets.”

Visit Venture North’s Profile

“SDR Ventures is a Denver-based investment banking firm serving private business owners in the lower middle market, including companies with values up to $300 million. The SDR Ventures approach of THINKING LIKE OWNERS helps businesses maximize their value. Whether owners are looking to sell a business, buy a business or raise debt or equity, SDR is committed to helping them succeed.”

Visit SDR Ventures’ Profile

“Our mission is to help business owners maximize their outcome during a liquidity event.  As operators with a combined 25+ years of experience running all sizes of businesses, we are uniquely positioned to help business owners with sales and financial operations early in the process all the way through to the closing of a transaction. We utilize technology and specialized services to implement the best solutions for our clients.

Our primary focus is on lower middle market transactions in the high tech and eCommerce space. Our team of advisors has experience running the types of companies we represent. This means we understand the nuances associated with trying to acquire or sell a business. We have experience running large teams in Fortune 100 organizations and early stage startups with less than 10 employees.”

Visit Premara Group’s Profile

“American Healthcare Capital is a 33 year old, full service, nationwide mergers & acquisitions advisory firm. With over $1 Billion in active Sell-Side and Buy-Side engagements, we cover the entire spectrum of the healthcare industry including but not limited to Home Health, Hospice, Private Duty, Behavioral Health, IDD, DME, Medical Staffing, Long Term Care and all types of Pharmacy. With an emphasis on healthcare transactions, we understand the need for a unique approach to the healthcare services sector. Since we’re always in the market, we pride ourselves on our intimate, real time knowledge of the marketplace. Since our network of buyers is larger than any other middle-market advisory firm, we know who’s buying for a premium, who is selling for a discount, and what deals can get financing. We also own Healthcare Receivable Lenders, which provides competitive, non-recourse accounts receivable financing in conjunction with Union Bank, as well as real estate loans for healthcare facilities. Our full scope of services include: 1. Sell Side Engagements 2. Buy Side Engagements 3. Accounts Receivable Lending 4. Real Estate Loans for Healthcare Facilities”

Visit American Healthcare Capital’s Profile

“New Direction Partners provides advisory services in investment banking, valuation, financial advisory and management consulting. Our partners have unparalleled experience, with involvement in over 200 sales and mergers since 1979. We specialize in providing services to the printing, packaging and allied graphic arts industries with an emphasis on mergers and acquisitions.”

Visit New Direction Partners’ Profile

“Sun Mergers & Acquisitions is a full-service professional business intermediary firm specializing in all aspects of the confidential sale, merger, acquisition, and valuation of privately held mid-market companies with a primary focus on handling the sale of entrepreneurial and family-held companies. Sun M&A brings extensive, broad based expertise, yielding the greatest probability of a successful sale with a maximum net after-tax yield.”

Visit Sun Mergers & Acquisitions’ Profile

“VERCOR, a leading middle market mergers and acquisitions firm, serves business owners who are interested in selling all or part of their company or who are seeking a private equity recapitalization. Our team manages the entire process – business valuation, assessing the market value of a company, pre-sale planning, marketing, negotiations, and closing the best possible deal. VERCOR brings national and international resources to the job of selling a business in the mid-size market. VERCOR merger and acquisitions consultants provide worldwide resources usually available only to companies with revenues in excess of $100,000,000. VERCOR Investment Banking Serves Business Owners Who Are Interested In: Selling all or part of their business, Private equity recapitalization, Management Buyouts”

Visit Vercor’s Profile

“Confederation M&A is a trusted full-service M&A firm made up of highly experienced Advisors situated in Eastern Canada with offices in Charlottetown, Fredericton, Moncton, Halifax, and Ottawa. Our service offerings include sell-side advisory services, buy-side advisory services, management buyouts and buy-ins, and part or whole divestitures.

Being a proud member of the Cornerstone International Alliance, Confederation M&A is a globally connected firm. The trusted team has facilitated successful transactions both nationally and internationally. Confederation M&A specializes in the low-middle market M&A space, representing businesses with Revenue between $2M to $100M and EBITDA of $500K to $10M.”

Visit Confederation M&A’s Profile

“A leading investment bank specializing in healthcare mergers and acquisitions. With closed transactions representing more than $10 Billion in market capitalization, our leadership team of professionals has developed unmatched relationships with healthcare providers and industry professionals. We understand that healthcare, more than any other industry, requires a deep understanding of the strategic value of both buyer and seller.”

Visit The Bloom Organization’s Profile

“True North Mergers & Acquisitions, headquartered in Minneapolis, is a national sell-side and buy-side advisory firm spun out of Sunbelt Business Advisors in September 2021. TNMA’s senior professionals have built, operated, and sold successful companies, allowing the firm to perform transactions across all industry sectors. When you choose TNMA, you’re not just hiring another investment banker; you’re gaining passionate advocates for your business who have been in your shoes before. TNMA’s dedication goes beyond the transaction to help founders and family business owners leave a legacy they can be proud of and free to start the next chapter of their lives.”

Visit True North M&A’s Profile

“Corum Group Ltd. is the global leader in merger and acquisition services, specializing in serving software and information technology companies worldwide.

For 37 years, Corum has created the standard for success. With offices across the globe, Corum has completed over 500 transactions with over $20 billion in wealth created. Corum is also the leading industry educator with its popular conferences and publishes the most widely distributed software M&A research.”

Visit Corum Group’s Profile

League Table Methodology

Unlike traditional league table structures that have remained the same for years, where firms are assessed against deal activity and deal dollar volume, Axial league tables surface data on investment banks that reveal their client quality, ability to manage a sell-side process, and down funnel effectiveness for their client.

The investment banks at the top of the Axial League Table are leaders across the following categories:

• Client Quality: Buyside demand for engagements represented by the advisor.
• Buyside Targeting: The advisor’s ability to balance selectivity, accuracy, and breadth when identifying potential buyers.
• Process Effectiveness: The advisor’s ability to generate positive outcomes for their client. 
• Overall Deal Relevance: The number of buyside mandates (financial and strategic) that align with the advisor’s engagements.
• Signed NDAs: The number of buyers that indicated interest through a signed NDA in each of the advisor’s engagements.
• Shared CIMs: The number of buyers that received confidential information post NDA, measured by the number of CIMs shared.
• IOIs Received: The number of IOIs the advisor received from Axial buyers.
• LOIs Received: The number of LOIs the advisor received from Axial buyers.
• Executed LOIs: The number of deals the advisor successfully managed to take under LOI either with an Axial buyer or that were marked under LOI on the Axial platform.
• Closed Deals: The number of deals the advisor closed involving an Axial buyer or that were marked as closed on the Axial platform.
• Buyer Referrals: Feedback we received from buyers regarding how the advisor manages their processes.

Together, the top 25 investment banks are those who work with the most in-demand clients, balance breadth, selectivity, and accuracy in the buyers they engage, and generate the largest number of positive outcomes for their clients.

Axial is the trusted deal platform serving the lower middle market ($2.5-$250M TEV).

Over 3,500 advisory firms and 3,000 corporate and financial buyers have joined Axial to efficiently connect with relevant capital partners, source actionable deals, and build new relationships.

Visit the Member Closed Deals page to see selected transactions that have been sourced and closed via Axial.

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