Last Updated: July 31, 2024
Between Q2 2022 and Q3 2024, our research team conducted a study of the most successful middle market investment banks using investor-sourced criteria. The result is this report, which ranks the top middle market investment banks as of 2024.
For the purposes of this report, we define middle market as institutions that primarily work with companies with an annual revenue of $10M-$1B.
Methodology
Our team started with a dataset of ~80 investment banks currently operating within the U.S. After eliminating 31 entries on the basis of size (too small or large), inactivity, or marketplace reputation, we examined the remaining banks according to three criteria:
- Total Annual Deals (50%): An approximation of how many deals the investment bank closed between Q2 2022 and Q3 2024 based on publicly available data. Total annual deals is weighted more heavily since a higher # of deals closed indicates the institution’s ability to close deals in a variety of industries amidst a challenging economic environment.
- Leadership Experience Score (35%): A numerical rating (1.0-5.0) of the company leadership’s experience at well-reputed financial institutions.
- Notable Rankings & Awards (25%): Accolades bestowed upon the investment bank by notable industry publications within the last calendar year.
Of the ~45 remaining candidates in our sample, 30 were eliminated on the grounds that they either a) did not close any recorded deals within the last year, b) held a leadership experience score below 3.5, or c) did not receive any awards from within the last calendar year. The remaining list was then trimmed to the top 8 scoring banks, receiving over an 80% on our algorithm.
Results
The following table contains the highest-ranking 8 middle market investment banks along with the relevant data from our study. Below it, we provide more information about each bank.
The Top Middle Market Investment Banks, Ranked
| # | Name | Client EBITDA Range | Total Annual Deals (2022 – 2023) | Leadership Experience Score | Notable Rankings & Awards | Specialty |
| 1 | Sica | Fletcher | $1-30M | 45-75 | 5.0 | #1 in S&P Global Market Intelligence League Tables | Professional Services, Finance, Fintech, and Manufacturing |
| 2 | Perella Weinberg Partners | $10-40M | 45-55 | 4.5 | Top Financial Advisory for Financial Services Deals in Merger Markets Middle Eastern M&A Awards | Consumer Energy, Tech, and Healthcare |
| 3 | Stifel Institutional | $10-50M | 90+ | 4.0 | Investment Bank of the Year 2022 in the M&A Atlas Awards | Real Estate, Retail, and Gaming & Leisure |
| 4 | Jeffries | $5-30M | 15-25 | 4.5 | ECM Bank of the Year in the UK & Ireland | Media, Energy, and Industrials |
| 5 | RBC Capital Markets | $10-50M | 20-25 | 4.0 | 2022 Deal of the Year in The Banker’s Awards | International Investment Banking for Communications, Media & Entertainment, and Mining & Metals |
| 6 | Two Roads Advisors | $5-15M | 10-20 | 4.0 | #10 in Axial’s Top 50 Lower Middle Market Consumer investors & M&A Advisors | E-commerce consumer goods and Amazon brands |
| 7 | The Hatteras Group | $500k-1M | 5-10 | 4.0 | #12 in Top 25 Lower Middle Market Investment Banks (Q3 2022) | Buy Side Advisory for the industrial sector |
| 8 | Focus Investment Banking | $5-15M | 10-20 | 3.5 | N/A | Agricultural Products, Apparel, Brewers & Distillers, and Household Appliances |
Sica | Fletcher
Since 2014, Sica | Fletcher has held the #1 position in the S&P Global Market Intelligence League Tables. They are a boutique firm, however, their annual deal volume is ~15x larger than other firms their size. Since they are not large enough to have junior executives, this deal volume indicates that the firm’s principals are involved in every deal they close.
Sica | Fletcher’s existing deal history indicates experience throughout the middle market with a noted preference for clients within the financial, home services, and manufacturing sectors, however smaller professional services firms and consumer companies will also find experienced partners within Sica | Fletcher.
- Client EBITDA Range: $1-30M
- Total Annual Deals (2022): 60-80
- Leadership Experience Score: 5.0
- Notable Rankings & Awards: #1 in S&P Global Market Intelligence League Tables
- Specialty: Professional Services, Finance, Fintech, and Manufacturing
- Contact: Sica | Fletcher Website
Perella Weinberg
Perella Weinberg Partners offers investment banking services as a part of a larger array of services, including growth capital, shareholder engagement, and liability management. According to their website, they specialize in financial and structuring advice, including everything from balance sheet recapitalization to distressed mergers and acquisitions. In addition, they assist public companies with shareholder related ballots and annual proxy matters.
Historically, Perella Weinberg Partners has focused on the consumer sector, but their experience extends to a wide range of consumer companies.
- Client EBITDA Range: $10-40M
- Total Annual Deals (2022): 45-55
- Leadership Experience Score: 4.5
- Notable Rankings & Awards: Top Financial Advisory for Financial Services Deals in Merger Markets Middle Eastern M&A Awards
- Specialty: Consumer Energy, Tech, and Healthcare
- Contact: Perella Weinberg Website
Stifel Institutional
Stifel Institutional is a full service investment bank intended to handle every step of capital raising and sale on behalf of their clients. This includes niche services such as debt and equity capital markets, financial sponsors, M&A, and restructuring. They also offer fund placement, GP advisory, and UK corporate broking.
Stifel Insitutional’s relative size would indicate a preference for working with clients on the upper end of the middle market. Companies seeking unique investment banking options or companies without an in-house specialist would also benefit from the breadth of their services.
- Client EBITDA Range: $10-50M
- Total Annual Deals (2022): 90+
- Leadership Experience Score: 4.0
- Notable Rankings & Awards: Investment Bank of the Year 2022 in the M&A Atlas Awards
- Specialty: Real Estate, Retail, and Gaming & Leisure
- Contact: Stifel Website
Jeffries
Jeffries is a full service investment bank which also offers services for equities, fixed income, asset management, and wealth management. Their investment bank department provides clients with access to debt advisory and restructuring services in addition to debt/equity/private capital markets as well as IPO options for companies in need of help navigating regulatory hurdles when going public.
Jeffries explicitly seeks out companies within consumer, retail, and energy sectors. Their website also promotes a team of international professionals, making them a good option for companies seeking cross-border services.
- Client EBITDA Range: $5-30M
- Total Annual Deals (2022): 15-25
- Leadership Experience Score: 4.5
- Notable Rankings & Awards: ECM Bank of the Year in the UK & Ireland
- Specialty: Media, Energy, and Industrials
- Contact: Jeffries Website
RBC Capital Markets
RBC Capital Markets is a global investment bank specializing in leveraged finance and corporate banking. They also offer M&A services and teams for equity/debt capital markets, allowing clients to structure and execute equity derivatives, raise capital, or refinance existing options through their specialists.
RBC specializes in international partnerships with companies seeking to grow or sell their company, often utilizing either equity or leverage to maximize payout.
- Client EBITDA Range: $10-50M
- Total Annual Deals (2022): 20-25
- Leadership Experience Score: 4.0
- Notable Rankings & Awards: 2022 Deal of the Year in The Banker’s Awards
- Specialty: International Investment Banking for Communications, Media & Entertainment, and Mining & Metals
- Contact: RBC Capital Markets Website
Two Roads Advisors
Two Roads Advisors is an investment banking firm that specializes in private placement to procure development capital for their clients. Their “outsourced CFO” options, in which they provide finance professionals to restructure client companies from within, distinguish the breadth of their services. Additionally, they provide a range of services, including sell side and buy side mergers and acquisitions, restructuring, and strategic delivery.
According to their website, Two Roads Advisors has a history of working with smaller companies ranging between $5-15 million in EBITDA, however, their existing infrastructure would likely lend itself to family enterprises seeking investment banking options.
- Client EBITDA Range: $5-15M
- Total Annual Deals (2022): 10-20
- Leadership Experience Score: 4.0
- Notable Rankings & Awards: #10 in Axial’s Top 50 Lower Middle Market Consumer investors & M&A Advisors
- Specialty: E-commerce consumer goods and Amazon brands
- Contact: Two Roads Advisors Website
The Hatteras Group
The Hatteras Group is a specialized investment bank targeting small industrial companies looking to acquire and absorb businesses for long-term growth. Their services are centered on growth capital, enabling prospective buyers to expand their businesses over time before closing.
The Hatteras Group’s portfolio indicates a preference for HVAC, trucking, and manufacturing companies, however, companies with smaller-scale operations and infrastructure and reduced EBITDA may also find them a suitable match.
- Client EBITDA Range: $500k-1M
- Total Annual Deals (2022): 5-10
- Leadership Experience Score: 4.0
- Notable Rankings & Awards: #12 in Top 25 Lower Middle Market Investment Banks (Q3 2022)
- Specialty: Buy Side Advisory for the industrial sector
- Contact: The Hatteras Group
Focus Investment Banking
Focus Investment Banking focuses on two main areas: sale preparation and capital raising. They utilize both which allows sellers to grow their company over time until they are ready to sell.
Companies working in specialized deal types like recapitalizations, acquisition financing, or leveraged buyouts could benefit from Focus Investment Banking’s services.
- Client EBITDA Range: $5-15M
- Total Annual Deals (2022): 10-20
- Leadership Experience Score: 3.5
- Notable Rankings & Awards: N/A
- Specialty: Agricultural Products, Apparel, Brewers & Distillers, and Household Appliances
- Contact: Focus Investment Banking
- Middle Market Investment Banks: Complete Guide (DealRoom)
- Middle Market Investment Banks (Corporate Financial Institute)
- List of Middle Market Investment Banks (10x EBITDA)
- Financial Ratios to Analyze Investment Banks (Investopedia)
- Five Criteria for Selecting an Investment Banker (NAVIX Consultants)
- 7 things to consider when choosing an investment banker (The Business Journals)
- The Role of Investment Bankers in M&A (Journal of Financial Economics)
- Investment Bank Reputation and the Price and Quality of Underwriting Services (Journal of Finance)
- Do You Really Know How to Pick a Bank (Hein Online)
