Building an Effective Teaser: Insights From Axial Investors
In lower middle market M&A, the teaser is often the first introduction a potential buyer has to a company. This…
The Middle Market Review Insights on the Middle Market.
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Axial is excited to release our Q3 2024 Lower Middle Market Investment Banking League Tables.
To assemble this list, we reviewed the deal-making activities of 370 investment banks and advisory firms that met the qualifications to be considered for league tables last quarter.
From this data, we can see that overall deal activity has made a comeback. Between Q2 and Q3, the number of deals marketed on the Axial platform increased by 498 deals (versus a decline of ~300 deals in the same time period last year), and deal activity increased more than 30% over Q3 2023. However, while the number of deals coming to market has increased, the number of total buy-side pursuits has remained relatively flat, resulting in a decrease in average pursuit rates. While the average pursuit rate was north of 7.4% in Q2 of this year, that number dropped to 5.9% when looking at the same industries this quarter.
Axial’s league table ranking methodology (detailed methodology available in the footnotes) is driven largely 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 each of these investment banks and M&A advisory firms for their dealmaking achievements in Q3!
Research Investment Bankers to Help Sell Your Business
Top 25 Investment Banks
| Rank | Firm | HQ |
|---|---|---|
| 1 | Venture North Group | AK |
| 2 | Corum Group | WA |
| 3 | Hill View Partners | RI |
| 4 | Ardent Advisory Group  |
AZ |
| 5 | Cornhusker Capital  |
NE |
| 6 | Woodbridge International | CT |
| 7 | Madison Street Capital |
TX |
| 8 | MidCap Advisors |
NY |
| 9 | TREP Advisors | FL |
| 10 | Peakstone Group |
IL |
| 11 | Meritage Partners, Inc. |
CA |
| 12 | Cross Keys Capital | FL |
| 13 | BMI Mergers & Acquisitions |
PA |
| 14 | American Business Intermediaries |
TX |
| 15 | Protegrity Advisors | NY |
| 16 | Gilbert & Pardue Transaction Advisors | TX |
| 17 | Janas Associates | CA |
| 18 | Eight Quarter Advisors | CO |
| 19 | Evangeline Securities |
LA |
| 20 | Now Capital Partners | CA |
| 21 | Plethora Businesses | CA |
| 22 | Embarc Advisors | CA |
| 23 | JTW Advisors | FL |
| 24 | Fortunet | IL |
| 25 | Liberty Ridge Advisors | WA |
Honorable Mentions
Client Quality
| Firm | HQ |
|---|---|
| Telegraph Hill Advisors | CA |
| Saleh & Company | CAN |
| Blue River | MI |
| STS Capital Partners | CAN |
| Thunder | NY |
Process Effectiveness
| Firm | HQ |
|---|---|
| Gratia Equity Partners |
TX |
| Founder M&A | TX |
| Kratos Capital |
TX |
| Vertess Healthcare Advisors |
TX |
| Vesticor Advisors | MI |
Buyer Targeting
| Firm | HQ |
|---|---|
| NorthStar Mergers & Acquisitions | TX |
| Landmark Capital | CA |
| Sun Mergers & Acquisitions | NJ |
| Valuepath | CAN |
| Players Capital Group | NC |
Industry Specialists
| Firm | HQ |
|---|---|
| Media Advisory Partners | NY |
| M&A Healthcare Advisors | CA |
| Green Industry Advisors | TX |
| Revenue Rocket Consulting Group | MN |
| American HealthCare Capital | CA |
– 1 closed deal on Axial | – 2 or more closed deals on Axial
About the Top 25
“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.”
“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.”
“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
“Ardent Advisory Group is a privately-held, independent investment bank that provides strategic advice and execution on mergers and acquisitions. Our team’s diverse background as advisors, industry executives, and investors provides a unique and broad understanding of the industry’s financial, regulatory, and competitive landscape.
We have deep sector-specific relationships and experience, making Ardent Advisory Group a trusted advisor of choice. Ardent Advisory Group believes in one hundred percent alignment with client success.”
Visit Ardent Advisory Group’s 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
“Woodbridge International has been closing lower-middle-market M&A deals for 30 years. We closed 32 deals in 2022 in various industries, including manufacturing, distribution, e-commerce, logistics, consulting and healthcare; generating $619 million in liquidity for our clients.
We do ground-breaking, confidential global client marketing. We create powerful marketing videos showcasing our client’s companies. We have an innovative 150-day timeline-driven auction that establishes a closing date upfront, and all clients attend a 2-day virtual, Management Meeting Training Program. We are a technology-driven, fully virtual firm.
That’s why Woodbridge International is well-positioned to dominate the highly fragmented, underserved lower middle market.”
Visit Woodbridge International’s 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 clients’ 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
“MidCap Advisors, a middle market investment bank headquartered in New York, specializing in mergers and acquisitions, corporate finance, capital raises, ownership transition planning, business valuations, and negotiation support services for companies generating $5 million to $250 million in revenues. A business owner’s definition of success is multi-faceted. For some, it is selling a business for maximum value. For others, it is effecting a smooth ownership transition to key employees or family members. And for others, the question has not been fully answered yet.
That’s why our experienced and knowledgeable advisors created and adopted a 360 degree approach to help business owners identify and accomplish all of their goals. MidCap Advisors also represents corporations, private equity firms and investors who are seeking to grow through acquisition. We can help formulate acquisition strategies, identify prospective acquisition targets, initiate contact, assist in negotiating terms of an acquisition, and help obtain acquisition financing when necessary.”
Visit MidCap Advisors’ 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. In order 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 with 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.”
“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
“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.”
“Cross Keys Capital has offices in Fort Lauderdale, Florida, and Chicago, Illinois. With a team of more than 20 professionals, we provide our clients with a full suite of investment banking advisory services including sell-side and buy-side M&A, recapitalizations, restructurings, and capital raising. At the onset, we perform comprehensive diligence and analyses on our clients to identify key deal factors, including the quality of the management team, the stability and track record of the business, the strength and testing of the company’s financial profile, and its competitive positioning.”
Visit Cross Keys Capital’s Profile
“For over thirty years, our professionals have successfully engaged in the practice of buying, selling, and managing the business acquisition process. We have completed multi-million-dollar deals in many industries and successfully integrated businesses post-merger. Whether your business is worth $3 million or $100 million, this experience is put to work to achieve your desired result. Mr. Kerchner, Mr. Clark, Mr. Fay, Ms. Marlowe, and Mr. Tortora hold securities licenses Series 79 and 63.”
Visit BMI Merger’s and Acquisition’s Profile
“Private Equity and Public Company buyers are professionals with years of experience and have many transactions under their belt. To achieve maximum value, owners of a privately held company must match the experience, diligently prepare, and anticipate the details of a negotiation.
The professionals at American Business Intermediaries are unmatched in the Central & South Texas Market for industry experience. At ABI, we start every review of a prospective sale engagement from a buyer’s perspective. We uncover every element of value and every element of risk and prepare appropriately by anticipating the facets of negotiation.”
Visit American Business Intermediaries’ 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
“Gilbert & Pardue Business Advisors (GaP) is a boutique Houston-based business advisory firm serving lower middle market and middle market business owners from coast to coast through representation for Mergers & Acquisitions (M&A) and through business value-growth services such as Fractional CFO, Advisory Board, Executive Coaching, and Consulting.
Matt Gilbert and Bret Pardue established GaP to provide owners of businesses generally enjoying annual revenue of $5-$80 million with the quality of M&A representation and value-enhancement services previously only available to upper middle and large businesses. GaP brings highly-experienced executives, sophisticated financial and marketing products, proven-effective processes, and fully-integrated expertise to every engagement. No other M&A firm serving the lower middle and middle market provides the quality of representation and transactional expertise that we do.”
Visit Gilbert & Pardue Transaction Advisors‘ Profile
“Trusted M&A advisors with more than 20 years of experience helping Middle Market business owners navigate and negotiate the constantly changing M&A markets across all industries.”
Visit Janas Associates‘ Profile
“Eight Quarter Advisors (EQA) provides transaction representation to successful and scalable companies that appeal to the institutional buyer markets, but often do not fit the client profile of traditional middle market investment banks. The firm was founded to provide a level of knowledge, experience, and transaction sophistication that is rarely accessible to a market that needs it the most.”
Visit Eight Quarter Advisors’ Profile
“Evangeline Securities provides investment banking services to lower middle market companies across a broad spectrum of industries. With offices in Lafayette and New Orleans, LA, the firm offers corporate finance, securities placement, M&A and restructuring expertise. Evangeline professionals bring their collective decades of experience to each assignment, having raised institutional capital and performed advisory services for deal sizes ranging from $20 million to over $200 million.
Evangeline Securities was formed by a group of top tier Wall Street professionals with the singular goal of providing the highest level of capital and advisory services. We guarantee senior level attention, a tireless work ethic and a creative, entrepreneurial approach to every transaction with the ultimate goal of building a long-term, successful relationship with our clients.”
Visit Evangeline Securities’ Profile
“Now Capital Partners is a full-service investment bank specializing in capital raise, M&A, and long-term capital planning. The Now Capital team consists of experienced and knowledgeable finance professionals who have an extensive track record of success in lower- and middle-market capital raise and M&A transactions.”
Visit Now Capital Partners’ Profile
“Plethora Businesses is a leading M&A firm specializing in business sales, mergers, acquisitions and valuations for privately owned businesses.
We uphold the highest standards in confidentiality. Remaining confidential ensures that your relationships with employees, buyers, investors, and vendors remain intact. We develop a confidential business review of your company specifically tailored for qualified buyers. We have a network of thousands of highly qualified potential buyers, including high net worth individuals, corporate buyers, investment groups, private equity groups, and strategic buyers. We work to align your business with the buyer uniquely positioned to carry on the legacy you have created. We negotiate deal terms to ensure that you receive the value earned and deserved for your business. And because of our experience, we foresee potential roadblocks to a successful transaction, allowing us to proactively plan and avoid transaction issues and delays.”
Visit Plethora Businesses’ Profile
“We are disruptive M&A Advisory firm founded by ex-Goldman Sachs, ex-McKinsey M&A professional. Goal is to bring Goldman, McKinsey level services to the middle market. We doubled in size in 2023, one of the worst M&A markets in the recent decade.
Leveraging our M&A expertise, we have been successful in a broad range of sectors including business services, IT services, healthcare, industrial, software / hardware, consumer retail etc. We have even been successful in situations where traditional investment banks were not able to successfully close a transaction.”
Visit Embarc Advisors’ Profile
“JTW Advisors LLC is an Investment Bank focused exclusively on the Homebuilding, Building Products, and Home Services Industry. The JTW Process is a disciplined, proven process that we customize to each client’s business and objectives. We perform a rigorous analysis of the company’s operations, culture, people, assets, and financials in order to unlock latent value so we can best position the company to achieve its maximum valuation potential. Our process is designed to maximize confidentiality, ethics, and credibility while taking advantage of our vast network of key industry professionals.”
“Founded in 2018, Fortunet is a leading investment banking firm specializing in Mergers and acquisitions (M&A) transactions for premium E-commerce businesses & Amazon businesses.
Fortunet represents Amazon businesses, DTC brands, e-commerce SaaS, and service providers such as agencies, all with a singular focus: maximizing outcomes for the client, with an unwavering commitment to the success of each and every deal.”
“Liberty Ridge is the most difficult and treacherous trek on the Pacific Northwest’s iconic Mt. Rainier. As founders, with deep roots in the Pacific Northwest, we consider Liberty Ridge the perfect metaphor to represent the challenging yet rewarding endeavors that a merger or acquisition can be for business owners.
The final summit, for any private business owner, is to achieve hard earned liquidity and successfully exit the business on one’s own terms. Even the most experienced climbers understand that it’s a team effort and would never dare to summit Liberty Ridge without the aid of an experienced, results-focused guide. Likewise, we believe that when the stakes are high and the potential rewards are grand, no business owner, regardless of how experienced or savvy, should attempt the difficult and challenging journey of exiting their business without partnering with experienced advisors.”
Visit Liberty Ridge Advisors’ 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: How many buyside mandates (financial and strategic) align with the advisor’s engagements.
- Signed NDAs: How many buyers indicated interest in each of the advisor’s engagements, measured by the number of signed NDAs.
- Shared CIMs: How many buyers received confidential information post NDA, measured by the number of CIMs shared.
- IOIs Received: How many IOIs did the advisor receive from Axial Buyers.
- LOIs Received: How many LOIs did the advisor receive from Axial Buyers.
- Executed LOIs: How many 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: How many deals has the advisor closed where they involved an Axial buyer or that were marked as closed on the Axial platform.
- Buyer Referrals: Feedback we received from buyers regarding the manner in which 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.
Learn More About Joining Axial
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