Global M&A
Mid-Market
Advisory Full Year
2023
LSEG Deals Intelligence
CORPORATE#
-13%
▼
10%
▲
13,294
369,543.6
12,959
▼
-25%
14,513
325,166.9
14,945
-34%
01/01/2023 - 12/31/2023
01/01/2022 - 12/31/2022
YoY %
Chg. ($)
55,043
1,086,411.6
57,560
72
1,309.6
85
-33%
163
5,099.1
190
-55%
19%
Mid-Market Mergers & Acquisitions Review
Full Year 2023 | Financial Advisors
Global Deals Intelligence
Global Scorecard: Announced Mid-Market M&A by Target Nation (Up To US$500mil)
▼
40%
▲
▼
-2%
▼
1,840
53,604.1
2,045
▼
▼
▲
810
19,346.5
913
24,893.2
4,762
171,556.2
4,335
3,809
-20%
▼
-12%
▼
854
16,494.6
612
-39%
1,565
32,992.2
1,786
-24%
-19%
▼
-10%
▼
2,252
46,169.5
2,293
-26%
-18%
2,008
-28%
▼
3%
▲
1,714
30,085.8
2,434
-38%
2,078
Global Mid-Market M&A (up to US$500mil) - Deal Size Composition (US$bil)
Global Mid-Market Cross-Border M&A (up to US$500mil)
4%
▲
-2%
▼
-30%
United Kingdom
-35%
▼
-18%
▼
1,497
18,748.8
1,402
-43%
▼
7%
▲
1,237
19,785.7
1,504
3%
▲
France
Germany
-11%
3,742
36,079.2
-17%
▼
11%
▲
1,641
37,571.8
1,988
▼
-30%
▼
43,254.9
▲
▼
-10%
▼
▼
-17%
▼
▲
▼
-16%
▼
17,666
249,666.6
19,758
44
4%
▼
3,635
64,122.5
4,308
-33%
-18%
244
5,533.3
271
311
9,793.6
279
YoY %
Chg. (#)
▼
18,700
393,550.4
19,046
Americas
▼
-3%
▼
-4%
▼
-28%
▼
-11%
▼
2,725
31,550.2
2,458
11%
1%
▲
-30%
Target Region / Nation
Value ($mil)
# of Deals
Value ($mil)
# of Deals
▲
-15%
▼
-21%
2,280.1
1,555.3
1,174.6
United States of America
Canada
Brazil
Chile
Mexico
Argentina
Peru
815,658.3
273,905.8
216,019.8
31,769.5
13,881.8
52
1,124.8
▼
-2%
▼
▼
▼
-14%
▼
100
3,160.2
132
18%
34,015.1
26,538.8
10,142.8
MID-MARKET M&A FALLS 25% TO 10-YEAR LOW
Global mid-market M&A deals valued up to US$500 million (including undisclosed value deals),
reached US$815.7 billion during full year 2023, a decrease of 25% compared to year-ago levels and
the slowest full year month period for mid-market M&A since 2013. Mid-market transactions during
the fourth quarter decreased 13% compared to the third quarter of 2023. By number of deals,
55,043 deals were announced during full year 2023, a 4% decrease compared to a year ago and a
three-year low.
PRIVATE EQUITY-BACKED M&A FALLS 34%; CROSS-BORDER M&A DOWN 27%
Private equity-backed mid-market M&A deals totaled US$209.3 billion during full year 2023, a
decrease of 34% compared to year ago levels and the slowest full year period for private equity-
backed mid-market M&A since 2019. By deal value, the Technology, Healthcare and Financials
sectors accounted for 57% of private equity deal making during full year 2023, down from 60% a
year ago. Cross-border mid-market M&A activity totaled US$271.3 billion during full year 2023, a
27% decrease compared to 2022 levels and a 10-year low.
TECHNOLOGY, INDUSTRIALS AND FINANCIALS LEAD MID-MARKET SECTOR MIX
The value of mid-market M&A in the Technology sector accounted for an industry-leading 18% of
overall deal making, or $144.8 billion, down 34% compared to year ago levels. Industrials and
Financials M&A transactions accounted for 13% and 11% of deal activity, respectively. Mid-market
M&A in the Real Estate, Technology and Financials sectors lead the year’s declining sectors with an
average decrease of 39% compared to full year 2022.
India
Australia
Singapore
Japan
25,287.4
175,085.4
303,687.3
37,692.4
8,144.2
4,541.5
42,886.9
18,631.4
17,986.4
12,781.5
10,670.2
148,827.8
Spain
Italy
Asia-Pacific
China
South Korea
Worldwide
Africa/Middle East/Central Asia
Israel
United Arab Emirates
Europe
2,507.0
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2018 2019 2020 2021 2022 2023
US$200 - 500 mil US$100 - 200 mil US$50 - 100 mil US$0 - 50 mil Total # of Deals
0
1,000
2,000
3,000
4,000
5,000
6,000
$0
$20
$40
$60
$80
$100
$120
$140
$160
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2018 2019 2020 2021 2022 2023
Cross-Border (US$ Bil) Number of Deals
CORPORATE#
-10
-5
2
4
7
336
9
10
223
8
-139
9
1
14
161
16
15
167
214
190
13
20*
183
169
Financial Advisor
PricewaterhouseCoopers
KPMG
Deloitte
K3 Capital Group
Houlihan Lokey
Rothschild & Co
Value
US$mil
16,671.9
6,160.7
7,097.5
60.5
13,081.8
15,989.5
-119
9
-34
12
11
185
Ernst & Young LLP
Oaklins
Lazard
BDO
JP Morgan
Lincoln International
23*
29*
124
23*
23
124
324
424
3
3
361
2
Global & Americas Rankings
Full Year 2023 | Mid-Market M&A | Financial Advisors
12
225
7
4
292
6
5
5
6
334
-189
-212
-122
-5
YoY Chg
# of Deals
-67
-90
Worldwide Mid-Market (MM1)
Global Mid-Market M&A - Regional Composition (US$bil)
1
1
675
YoY Change ($)
-25%
Rank
2023
Rank
2022
# of
Deals
-32
-51
-17
-9
-2,517
Canadian Involvement Mid-Market (MM22)
YoY Change ($)
-14%
Financial Advisor
Rank
2023
Rank
2022
Global Mid-Market M&A - Target Macro Industry Composition (US$bil)
19
9
150
18
16
21
24*
133
11
17
10
8
24
-31
30
-26
-37
-38
-90
7,391.3
Generational Equity
2
3
119
-19
46
-23
741.1
TD Securities Inc
2*
13
36
19
4,279.2
PricewaterhouseCoopers
2*
2
650.0
-40
3,688.8
Clearwater International
Industry Total
# of
Deals
20
20*
149
151
15
24*
168
Financial Advisor
Rank
2023
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
Houlihan Lokey
1
678.3
255.5
815,658.3
1
178
-7
55,043
22
19
132
23*
18
124
Piper Sandler & Co
3
2
108
Jefferies LLC
4
4
100
Benchmark International
8*
15
73
Stifel/KBW
12
9
68
Canaccord Genuity Grp Inc
16
16
United States Target Mid-Market (MM2)
YoY Change ($)
-34%
YoY Chg
# of Deals
Value
US$mil
KPMG
1
1
*Indicates a Tie
Baker Tilly International
Jefferies LLC
Benchmark International
Goldman Sachs & Co
IMAP
UBS
Grant Thornton
Morgan Stanley
Piper Sandler & Co
ICBC
Generational Equity
6,329.7
1,327.3
14,962.7
1,274.7
18,703.4
3,398.1
587.0
13,162.9
53.9
17,378.0
1,169.6
12,730.0
2,419.1
14,988.4
5,151.0
4,454.3
4,139.0
Daiwa Securities Group Inc
14
13
17
-22
7,018.8
Raymond James Financial Inc
5
6*
86
-15
3,023.2
Lincoln International
6
5
85
-33
2,215.3
William Blair & Co
7
8
82
-14
1,928.1
5
27.2
JP Morgan
8*
11
73
-7
5,635.7
Goldman Sachs & Co
10
6*
72
-29
5,225.6
Robert W Baird & Co Inc
11
12
70
-6
1,456.0
-19
2,554.3
Evercore Partners
13
10
63
-19
5,415.4
Lazard
14
13
60
-12
4,631.6
Moelis & Co
15
14
56
-14
3,715.0
50
-11
795.0
Stout
17
17*
46
-14
19.2
Oaklins
18
27*
41
2
235.4
BofA Securities Inc
19
17*
40
-20
3,880.0
Morgan Stanley
20
19
39
-20
2,537.0
KeyBanc Capital Markets Inc
21
25
38
-8
903.0
Harris Williams & Co
22*
21*
36
-16
0.0
22*
21*
36
-16
2,208.2
IMAP
24
31
34
-3
258.8
Industry Total
14,512
-434
216,000.0
36
-6
814.8
CIBC World Markets Inc
2*
6
36
12
4,199.6
BMO Capital Markets
5*
11*
35
15
3,896.9
National Bank of Canada Fin'l
5*
9*
35
14
3,108.7
RBC Capital Markets
7
3
30
-3
3,639.1
UBS
Ernst & Young LLP
8
4
28
-4
581.8
Stifel/KBW
9
11*
23
3
1,293.6
Scotiabank
10
9*
22
1
2,374.3
Raymond James Financial Inc
11
31*
20
13
1,076.8
Canaccord Genuity Grp Inc
12
7
18
-5
1,754.4
Evercore Partners
13
16*
16
4
1,607.5
IMAP
14*
47*
14
9
217.8
Jefferies LLC
14*
31*
14
7
1,036.6
BDO
16*
15
12
-1
21.4
Piper Sandler & Co
16*
47*
12
7
1,254.8
UBS
16*
41*
12
6
783.7
JP Morgan
16*
16*
12
0
1,702.8
Haywood Securities Ltd.
20*
27*
11
3
499.1
Morgan Stanley
20*
14
11
-3
1,159.9
Industry Total
3,743
105
53,855.1
Evans & Evans Inc
22*
24*
10
1
249.0
Oaklins
22*
19*
10
-1
210.6
Goldman Sachs & Co
22*
31*
10
3
1,522.0
Latin America Involvement Mid-Market (MM17)
YoY Change ($)
-23%
Financial Advisor
Rank
2023
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
Banco BTG Pactual SA
1
2
61
-8
3,675.6
Banco Bradesco SA
2
1
47
-29
1,922.1
Santander Corp & Invest Bkg
3
4
41
4
2,318.3
UBS
4
5
29
-5
1,546.1
Itau Unibanco
5
3
28
-12
1,629.8
XP Investimentos
6
7*
24
6
786.8
Rothschild & Co
7*
6
20
-3
1,263.8
BR Partners
7*
7*
20
2
322.9
JP Morgan
9
14*
18
7
969.4
BBVA
10*
18*
12
4
1,173.5
Oaklins
10*
12*
12
-1
20.0
Vinci Partners
12
9*
11
-5
1.6
Banco Safra SA
13
36*
10
7
796.2
BNP Paribas SA
14*
26*
9
3
517.0
Morgan Stanley
14*
26*
9
3
838.2
Clairfield International
14*
21*
9
2
28.7
Deloitte
14*
12*
9
-4
286.5
-5
349.1
Citi
18*
18*
7
-1
516.0
Lazard
18*
9*
7
-9
1,085.5
PricewaterhouseCoopers
20*
11
6
-8
46.4
0.0
Industry Total
1,525
-189
29,428.3
IMAP
20*
16*
6
-4
70.9
Goldman Sachs & Co
20*
14*
6
-5
240.6
Evercore Partners
23
16*
5
$144.4
18%
$102.6
12%
$91.6
11%
$89.2
11%
$83.1
10%
$71.2
9%
$233.6
29%
High Technology
Industrials
Financials
Energy and Power
Healthcare
Real Estate
Other
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2019 2020 2021 2022 2023
Asia-Pacific (ex Central Asia) Americas
Europe Japan
Africa/Middle East/Central Asia
CORPORATE#
-25
5,828.0
CITIC
Hochinma Involvement Mid-Market (MM13)
Financial Advisor
Rank
2022
7
7
4
5
6
China International Capital Co
4
57
777.0
43*
10
-3
2,350.9
Nomura
6
80
-2
7,587.5
Yamada Consulting Group Co Ltd
16
55
32
600.7
Daiwa Securities Group Inc
9
0
2,003.8
KPMG
5
82
-4
1,844.5
5,224
364
164,580.5
21*
12
5
1,293.5
8*
AGS Group
14*
28
4
420.3
Tanabe Consulting Co Ltd
27
12
0.0
17
Morgan Stanley
Maxa Capital Ltd
6
4
365.0
19*
Altus Capital Ltd
17*
9
0
898.0
Orient Securities Co Ltd
28*
21*
6
-1
21*
22*
19*
21*
21
19*
13
14
15
9
10
11*
14*
23
6
Somerley
15
13*
14
13*
12*
12
3,175.2
17
-4
1,052.3
-29
29
7
11*
12*
11
11
10
10
9
9
8
8
8
19*
236.7
Haitong Securities Co Ltd
Goldman Sachs & Co
Maxa Capital Ltd
38*
13
4
1,336.5
Mitsubishi UFJ Morgan Stanley Securities
14*
14
-10
Gram Capital
12*
Plutus Group
4,083.9
8
30
1,255.1
KPMG
19*
JP Morgan
54*
Industry Total
4,739
17
57,298.5
Industry Total
19*
Rank
2023
YoY Change ($)
-26%
-20%
3
1
2
1
2
3
66.3
Singapore Involvement Mid-Market (MM14)
Financial Advisor
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
Deloitte
3
16
5
529.3
PricewaterhouseCoopers
1
11
-11
505.7
Morgan Stanley
19*
10
6
Financial Advisor
5*
8
0
1,424.2
Divest Merge Acquire
9*
5
Goldman Sachs & Co
9*
9
3
1,518.6
Moelis & Co
13*
19
7
1,673.6
15
1
3.7
3*
5
4
JP Morgan
5
4
6
-2
50.9
Rothschild & Co
13*
7*
7
United Overseas Bank Ltd
19*
7
3
985.0
Ernst & Young LLP
5
13
-12
303.8
12
0
333.9
6
6
KPMG
5*
Grant Thornton
34*
9*
8*
Ernst & Young LLP
2
6
-7
528.8
Barclays
27*
11
5
1,301.7
11
7
16.7
7*
8*
Rothschild & Co
9*
5
-1
549.7
BDO
7
9*
8*
UBS
4
5
-5
477.2
Clairfield International
18*
11
3
39.9
11
-5
39.6
9*
8*
Baker Tilly International
36*
5
3
5.4
Lazard
8
11*
Moelis & Co
24*
5
2
367.8
KPMG
3
10
-20
29.4
10
-5
497.0
9*
12*
BNP Paribas SA
13*
12*
ICBC
4
4
16*
Morgan Stanley
9*
9
-5
1,369.5
11*
BofA Securities Inc
34*
10
6
1,258.7
China International Capital Co
5*
5
11*
389.0
-4
19*
4
0
1,209.7
Goldman Sachs & Co
6
16*
54*
4
3
102.5
Allier Capital
17
9
0
102.3
9
-8
874.1
Oaklins
13*
15*
13*
15*
Jefferies LLC
670.0
-7
0.0
RBC Capital Markets
16
16*
Deutsche Bank
-
3
3
0.0
Jarden & Co
15
8
-3
429.5
8
-2
493.5
16*
Credit Agricole CIB
-
3
3
18*
18*
18*
18*
Citi
25*
RHT Capital Pte Ltd
54*
3
2
92.4
Canaccord Genuity Grp Inc
27*
8
2
560.4
8
1
657.1
16*
18*
18*
Highbury Partnership Pty Ltd
34*
7
3
138.9
BofA Securities Inc
5*
3
-5
Deloitte
11*
7
-6
834.5
18*
22*
W Capital Markets Pte Ltd
9*
3
-3
Industry Total
1,481
248
30,261.6
Industry Total
2,172
-205
37,417.4
*Indicates a Tie
73.5
238.8
Xandar Capital Pte Ltd
36*
3
1
335.0
18*
22*
18*
18*
13*
12*
13*
15*
Sumitomo Mitsui Finl Grp Inc
54*
4
3
215.0
Malayan Banking Bhd
-
4
4
675.5
24*
4
1
238.8
17*
25
-1
463.2
16*
BDO
31*
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
PricewaterhouseCoopers
1
39
-5
453.5
Industry Total
8,752
Hong Kong Involvement Mid-Market (MM12)
YoY Change ($)
-19%
Financial Advisor
Rank
2023
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
Australia/New Zealand
Involvement Mid-Market (MM11)
YoY Change ($)
Rank
2023
318
224,487.1
9
6
6
5
5
4
Avendus Capital Pvt Ltd
7
22
-20
1,529.3
4
3
3
2
2
1
Asia-Pacific Rankings
Full Year 2023 | Mid-Market M&A | Financial Advisors
YoY Change ($)
-16%
Rank
2023
YoY Change ($)
8%
# of
Deals
YoY Chg
# of Deals
Value
US$mil
ICBC
1
124
-51
4,139.0
China Construction Bank
3
64
-38
2,645.4
Ernst & Young LLP
2
59
-48
2,135.0
Rank
2023
1
2
3
6
56
-18
7,192.1
PricewaterhouseCoopers
5
49
-31
1,542.1
Baker Tilly International
27*
39
27
160.2
Bestar Sec Invest Consulting
65*
26
22
597.1
M&A Capital Partners Co Ltd
49*
96
93
67.4
PricewaterhouseCoopers
4
88
UBS
16*
14*
16
-1
1,872.3
21
-13
264.3
Huatai Securities Co Ltd
24*
21
8
1,484.6
Deloitte
8
19
-21
385.4
Rothschild & Co
35*
18
8
817.7
Japan Involvement Mid-Market (MM15)
Financial Advisor
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
Deloitte
1
127
-1
3,012.7
Sumitomo Mitsui Finl Grp Inc
2
106
-8
4,345.9
Mizuho Financial Group
3
97
-7
4,400.1
1
49
4
4,192.8
Houlihan Lokey
8
37
-19
2,021.7
Maxus Corporate Advisory Inc
11
34
7
77.0
Ernst & Young LLP
10
30
1
779.0
Chinese Involvement Mid-Market (MM20)
Financial Advisor
Rank
2023
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
ICBC
1
124
-51
4,139.0
China Construction Bank
2
62
-40
2,533.7
YoY Change ($)
-13%
China International Capital Co
3
57
-25
5,828.0
CITIC
4
56
-17
7,192.1
Baker Tilly International
54*
33
31
0.0
Bestar Sec Invest Consulting
35*
26
22
597.1
Huatai Securities Co Ltd
8*
21
8
1,484.6
PricewaterhouseCoopers
17*
20
11
885.2
China Securities Co Ltd
12*
15
3
1,793.4
Gram Capital
5
14
-4
1,021.5
7
9
4
635.4
Bank of China Ltd
-
8
8
582.4
15
19*
24*
16
5
474.5
Aozora Bank Ltd
18
25
6
46.5
Rainbow Capital (HK) Ltd
14
7
-4
325.5
KPMG
7
1
68.6
16*
17*
16*
16
17*
7
-2
86.8
JP Morgan
22*
14
0
2,026.1
Tokyo Financial Advisers
13
25
0
155.7
Houlihan Lokey
17*
6
-3
564.1
19*
16*
Duff & Phelps,A Kroll Business
19*
17*
China Securities Co Ltd
27*
15
3
1,793.4
Frontier Management Inc
12
18
54*
6
4
888.0
United Overseas Bank Ltd
52*
13
7
607.9
Univis Group
19*
17
2
37.4
Deloitte
15*
6
-4
77.0
RBSA Valuation Advisors LLP
10
14
-14
493.1
BofA Securities Inc
39*
19*
20
20
15
2,346.0
Citi
6
3
531.3
Shenwan Hongyuan Securities Co
83*
6
5
493.9
Somerley
24*
12
-1
2,374.4
NEC Capital Solutions Ltd
25*
14
4
95.6
Opus Capital Ltd
22*
23
656.7
Macquarie Group
2
25
-8
2,518.3
UBS
4
20
-6
2,745.4
CITIC
17*
10
5
2,227.6
Gram Capital
17*
10
5
738.4
Goldman Sachs & Co
7*
9
1
1,004.0
Rainbow Capital (HK) Ltd
5*
8
-1
201.0
3*
PricewaterhouseCoopers
17*
9
4
1*
1*
Huatai Securities Co Ltd
6*
58*
7
6
538.0
Somerley
6*
7*
7
-1
1,894.4
Morgan Stanley
8*
1
6
-10
1,067.5
Altus Capital Ltd
8*
3
6
-6
797.1
UBS
8*
17*
6
1
107.6
11*
14*
5
-1
44.1
Rothschild & Co
11*
-
5
5
85.0
Deloitte
9*
5
-2
4.5
Octal Capital Ltd
17*
5
0
172.1
KPMG
Kingston Corporate Finance Ltd
17*
4
-1
48.8
China Securities Co Ltd
-
4
4
704.2
Oaklins
27*
4
1
40.1
Jun Hui International Finance
-
4
4
38.9
Industry Total
1,097
-64
34,896.6
CORPORATE#
EMEA Rankings
Full Year 2023 | Mid-Market M&A | Financial Advisors
European Involvement Mid-Market (MM3)
YoY Change ($)
-30%
United Kingdom Involvement Mid-Market (MM4)
YoY Change ($)
-37%
French Involvement Mid-Market (MM5)
YoY Change ($)
-38%
Financial Advisor
Rank
2023
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
Financial Advisor
Rank
2023
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
Financial Advisor
Rank
2023
Rank
2022
# of
Deals
YoY Chg
# of Deals
PricewaterhouseCoopers
1
1
407
-127
7,705.0
K3 Capital Group
1
1
336
-5
60.5
Rothschild & Co
1
1
127
-31
2
4
336
-5
60.5
Grant Thornton
2
2
98
-87
1,062.8
Lazard
2
8
67
21
Value
US$mil
4,153.9
3,664.7
Rothschild & Co
4
4
85
-36
4,252.6
Natixis
4*
5
49
-5
3,025.6
Rothschild & Co
3
3
282
-66
13,427.0
PricewaterhouseCoopers
3
3
95
-32
1,955.8
BNP Paribas SA
3
4
54
-1
3,147.4
K3 Capital Group
68
-15
2,111.1
Credit Agricole CIB
6
7
46
-2
854.7
Deloitte
5
5
237
-90
3,655.8
Benchmark International
5
10
70
9
14.8
Edmond de Rothschild Hldg SA
4*
29
49
33
484.2
KPMG
4
2
280
-183
8
6
35
-17
525.3
BDO
7
6
179
-100
450.0
KPMG
7
5
57
-49
227.2
PricewaterhouseCoopers
7
3
38
-18
1,171.2
Ernst & Young LLP
6
7
183
-50
2,651.9
Houlihan Lokey
6
6
194.2
Oaklins
9
10
156
2
648.5
Lazard
9
14
48
1
3,415.3
KPMG
9
2
34
-25
327.6
Lazard
8
12
161
23
10,084.9
Ernst & Young LLP
8
7
50
-28
624.2
Cambon Partners
Grant Thornton
10
8
139
-88
2,313.7
Clearwater International
10
13
45
-3
35.0
Oaklins
10
9
31
-12
Houlihan Lokey
11
9
136
-32
3,868.7
Deloitte
11
8*
44
-20
1,002.3
Societe Generale
11
14*
29
0
12
13
129
-6
118.4
BDO
12*
8*
40
-24
159.6
Clearwater International
12
11
28
-4
10.9
1,001.6
573.7
Oaklins
14
18
37
-1
301.9
Clairfield International
14
22*
25
4
39.2
Clearwater International
13
14
122
-11
255.5
JP Morgan
12*
26
40
15
3,558.7
Lincoln International
13
16*
27
1
174.9
Baker Tilly International
34
-5
645.7
Houlihan Lokey
16
20*
21
-1
154.0
BNP Paribas SA
15
15
105
-5
7,232.4
RSM Corporate Fin LLP
15
11
35
-23
24.5
Deloitte
15
10
24
-17
456.3
IMAP
14
11
111
-34
17*
24
19
-1
539.0
JP Morgan
17
20
98
8
8,254.8
Jefferies LLC
16*
15
34
-7
3,352.8
BDO
17*
12
19
-12
15.0
Lincoln International
16
18
101
6
1,653.0
Lincoln International
16*
16*
7.5
Benchmark International
19
28
88
22
42.7
Baker Tilly International
19
12
30
-20
73.3
Capitalmind Investec
17*
25*
19
0
49.7
Clairfield International
18
16
94
-9
361.8
Daiwa Securities Group Inc
18
16*
33
-6
561.3
Mazars SA
Goldman Sachs & Co
20
25
75
7
8,410.7
Goldman Sachs & Co
20
32*
28
7
4,009.3
Ernst & Young LLP
20*
13
18
-12
Daiwa Securities Group Inc
21
23
73
3
1,073.0
Alantra Partners SA
21
19*
27
-4
139.2
JP Morgan
20*
25*
18
-1
22
31
71
10
7,454.0
Citi
22*
52*
23
12
1,406.3
Adviso Partners SAS
22
27*
17
0
17.8
1,242.4
147.4
Hottinguer Corporate Finance
23*
82*
15
12
55.1
Jefferies LLC
23
21
69
-7
5,163.5
Canaccord Genuity Grp Inc
22*
23*
23
-3
1,406.3
IMAP
23*
16*
15
-11
270.3
Morgan Stanley
33,977.0
German Involvement Mid-Market (MM6)
YoY Change ($)
-25%
-34%
Spanish Involvement Mid-Market (MM8)
YoY Change ($)
-33%
31.2
Translink Corporate Finance
23*
22*
15
-6
80.6
Translink Corporate Finance
24
19
65
-26
# of
Deals
YoY Chg
# of Deals
Value
US$mil
Financial Advisor
Rank
2023
Rank
2022
# of
Deals
YoY Chg
# of Deals
Industry Total
20,329
-2,380
228,083.3
Industry Total
5,655
-1,070
73,188.5
Industry Total
2,890
-878
2
1
106
-35
Value
US$mil
Ernst & Young LLP
1
3*
45
1
797.5
KPMG
1
1
80
-50
1,532.3
PricewaterhouseCoopers
1
2
114
-26
2,730.3
Financial Advisor
Rank
2023
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
Financial Advisor
Rank
2023
Rank
2022
1,753.2
KPMG
3*
1
40
-18
707.7
Mediobanca
3
4
41
1
2,381.0
KPMG
3
3
64
7
745.8
Rothschild & Co
2
6*
41
2
2,365.9
Deloitte
2
2
59
-1
877.0
Deloitte
PricewaterhouseCoopers
3*
2
40
-11
831.1
PricewaterhouseCoopers
4
3
38
-7
272.8
Ernst & Young LLP
4
5
25
-10
BDO
5
3*
35
-9
64.6
Rothschild & Co
5
6
33
-1
2,349.7
You Are Capital SL
5
6
21
-6
6
6*
34
-5
452.8
Vitale&Co-IMAP
6
5
30
-9
519.6
Norgestion
6*
9
18
-1
0.0
0.0
440.2
Lazard
7*
7
25
3
2,121.1
Santander Corp & Invest Bkg
8
10
15
-1
145.6
8.8
Carlsquare GmbH
7
14*
32
15
53.5
Ernst & Young LLP
7*
12*
25
9
369.5
BDO
6*
4
18
-22
Deloitte
20
2
1,077.9
Rothschild & Co
10*
7
9
-15
1,480.0
IMAP
9
10
26
-1
91.0
JP Morgan
9
16
22
10
1,375.2
Arcano Corporate SL
9
8
14
-7
29.8
Houlihan Lokey
8
5
31
-12
10*
16*
9
0
1,247.4
Sonntag Corporate Finance GmbH
10*
11
25
1
0.0
UniCredit
11
20*
19
9
1,175.8
Baker Tilly International
10*
11
9
-3
0.0
Grant Thornton
10*
8
25
-8
1,109.2
BNP Paribas SA
10
9*
321.6
WAYES
13
17*
22
7
0.0
Equita SIM SpA
12*
14
18
3
543.8
BBVA
13*
20*
8
0
810.1
Lincoln International
12
12
24
2
317.9
Banca Akros SpA/Oaklins Italy
12*
12*
18
2
471.7
Lazard
-2
Centuros GmbH
14
9
20
-8
1.8
Clairfield International
12*
17*
18
7
0.0
AZ Capital
13*
14*
8
-2
17
3
1,023.6
Ethica Group
16
20*
15
5
18.6
BNP Paribas SA
16*
25*
7
1
463.3
52.0
Baker Tilly International
15
35*
19
10
4.5
Prometeia SpA
15
29*
17
11
117.0
Livingstone Partners
13*
14*
8
18
83*
12
11
0.0
Clearwater International
16*
16*
7
-2
955.0
Oaklins
16*
17*
17
2
0.0
Globalscope
17
40*
14
9
71.3
Daiwa Securities Group Inc
16*
22*
7
0
37.9
Lazard
16*
20*
793.0
Translink Corporate Finance
19*
12*
6
-5
0.0
Concentro Management AG
19
27*
15
4
0.0
Citi
19*
17*
11
0
491.6
CaixaBank SA
19*
34*
6
2
438.7
Saxenhammer & Co Corporate
18
52*
16
10
0.0
Minerva Corporate Finance Srl
5
0
0.0
Morgan Stanley
20*
39*
14
6
1,431.4
Kon SpA
19*
11
11
-6
0.0
Houlihan Lokey
21*
16*
5
-4
0.0
BNP Paribas SA
20*
14*
14
-3
1,599.3
IMI - Intesa Sanpaolo
19*
8
11
-10
117.5
CVM Capital Value Mgmt GmbH
20*
52*
14
8
0.0
Clearwater International
22*
17*
10
-1
110.7
Jefferies LLC
21*
59*
5
4
416.8
Clearwater International
20*
17*
14
-1
10.9
Houlihan Lokey
22*
9*
10
-8
0.0
Alantra Partners SA
Translink Corporate Finance
24*
14*
13
-4
0.0
Pirola Corporate Fin Spa
22*
26*
10
3
53.7
JP Morgan
21*
16*
5
-4
YoY Change ($)
Italian Involvement Mid-Market (MM7)
Industry Total
3,029
-64
29,842.1
Industry Total
1,836
103
16,866.9
Industry Total
1,582
-296
19,004.3
*Indicates a Tie
323.8
Atares GmbH
24*
23*
13
1
0.0
BofA Securities Inc
22*
45*
10
6
462.8
21*
30*
CORPORATE#
© 2024 LSEG Data & Analytics. All rights reserved.
YoY Change ($)
-8%
Benelux Involvement Mid-Market (MM10)
Eastern Europe Involvement Mid-Market (MM16)
Financial Advisor
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
Baker Tilly International
8*
Rank
2023
Rank
2023
Rank
2023
Financial Advisor
EMEA Rankings
Full Year 2023 | Mid-Market M&A | Financial Advisors
YoY Change ($)
-17%
YoY Change ($)
-19%
Nordic Involvement Mid-Market (MM9)
Financial Advisor
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
PricewaterhouseCoopers
1
87
-39
1,721.7
60
18
0.0
1
Clairfield International
4
13
-11
0.3
Citi
20*
8
8
7*
7
7
7*
Translink Corporate Finance
10*
25
0
0.0
KPMG
3
6
6
6
24
-39
735.2
IMAP
8*
23
-7
0.0
Ernst & Young LLP
13*
13*
14*
13*
13*
11*
Houlihan Lokey
13*
17
-5
531.9
SEB
12
12
12
11*
11
11
11*
Danske Bank
15
19
-1
1,287.1
8*
JP Morgan
16
-8
1,327.1
JP Morgan
19*
16
2
1,456.6
Lincoln International
18*
16*
16
14*
21
4
209.0
15
13*
14*
Clairfield International
12
23
-7
0.0
16*
17
Deloitte
7
15
-19
262.4
Nordea
27*
14
4
1,432.2
19
5
19*
18*
Clairfield International
8*
12
-18
48.5
18
18
18*
*Indicates a Tie
14
8
0.0
Industry Total
Industry Total
2,974
-382
36,059.7
Daiwa Securities Group Inc
1
Rothschild & Co
16*
20
3
1,346.7
10
9
5
1
67.0
4
BDO
2
31
-59
51.2
Oaklins
10*
26
22
-30
334.7
639.4
IMAP
6*
28
-20
211.8
10
9
Clearwater International
5
34
-7
12.8
Carnegie Investment Bank AB
6
32
-3
1,899.1
3
2
Cooperatieve Rabobank UA
6*
38
-10
682.6
5
BDO
4
39
-15
30.0
PricewaterhouseCoopers
3
1,779.9
21*
14
KPMG
3
35
-23
0.0
Lazard
14
31
5
2,715.2
Ernst & Young LLP
10
29
4
2,082.8
CFI
16
16
-6
1.7
Clearwater International
22*
14
1
53.5
-12
1
56
-5
1,823.2
Rothschild & Co
2
52
-8
3,770.5
Oaklins
11
47
14
4.5
3
2
4
41*
26
-16
465.3
Houlihan Lokey
15
24
-1
1,105.4
BNP Paribas SA
17
23
2
1,530.2
ING
13
23
-5
567.0
Deloitte
Rank
2022
# of
Deals
YoY Chg
# of Deals
Value
US$mil
PricewaterhouseCoopers
2
36
-5
915.4
Ernst & Young LLP
12*
35
28
584.6
IMAP
3
29
-2
0.6
3
2
1
1
20
-28
275.9
Rothschild & Co
5
20
-2
803.7
Oaklins
7
18
2
153.7
Baker Tilly International
6
13
-7
40.2
4*
4*
KPMG
12
9
708.6
BNP Paribas SA
12*
10
3
726.3
BDO
8*
8
-2
0.0
Goldman Sachs & Co
20*
8
5
144.5
10
9
Lazard
Mergers & Acquisitions Criteria
19*
10*
8
0
1,217.7
Globalscope
8*
7
-3
0.0
Deloitte
10*
7
-1
0.0
UniCredit
12*
7
0
402.3
Industry Total
2,407
-503
33,193.4
Morgan Stanley
21
2,870
-90
22,617.2
Lazard
15*
6
0
209.2
AS LHV Bank
-
5
5
52.9
Superia
20*
5
2
52.9
Capitalmind Investec
-
4
4
2.0
17
20
Announced league tables include all deals that were announced between January 1, 2023 and December 31, 2023 and of which LSEG Data & Analytics was made aware. All current data
and previous year's data is as of 6:00 pm EST on January 08, 2024.
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time
of announcement of terms.
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of
the transaction or Refinitiv has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction
agreed to or, in the absence of an agreement, the value of the highest offer.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any involvement
league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and
unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
While LSEG Data & Analytics has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither LSEG
Data & Analytics nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it
endorse any views or opinions of any third party content provider. LSEG Data & Analytics disclaims all warranties, express or implied, as to the accuracy or completeness of any of the
content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a
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financial instruments, investments or products, including the buying or selling of securities. LSEG Data & Analytics has not undertaken any liability or obligation relating to the purchase or
sale of securities for or by any person in connection with this document.
If you would like to participate in the
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about our full league table criteria
please contact:
AMERICAS
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Tel: +63 917 843 7035
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Tel: +48 585014649
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