12
MID-MARKET M&A REVIEW FINANCIAL ADVISORS Full Year 2016 REUTERS / Murad Sezer
MID-MARKET M&A REVIEW FINANCIAL ADVISORS Full Year 2016
REUTERS / Murad Sezer
* Source: Thomson Reuters/Freeman Consulting
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
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-41
5,645.5
48.0
186
12
55373.3
35
-46.3 ▼3,113.8 - -20.0 ▼
117.9 22
96.8
▲
1296
▼
18 17146.6
3233*42*51*58*
898
Generational EquityWilliam Blair & CoDC AdvisoryRobert W Baird & Co IncGCA Corp
42.2
13,260.3Change (%)
Advisor 2016
Imputed Fees (US$m) †
34Fees Rank
Rank Value per Advisor (US$m)
Rank Value Rank Value2016
343.9
41.6
524.336
3 -22.924.1
-17
21PricewaterhouseCoopers 2313
11
40
7
22
Lazard-1.6
1
# of
55.4
-14.6133 ▼▼
19,457.511 169
13
-
▲-40.1
Rank
66.97 5
MM1 - Undisclosed Values & Values up to US$500m
# of Deals per Advisor
Rank
260 -99
1Financial Advisor
KPMGDeals
6
-40.7432 22.2
Rank
8 ▲
Rothschild & Co 3 4
BDO
-26
Jefferies LLC▲
Nomura 17* 17 129 -14
▼
▼
43*4546
45
29
-20.3 ▼Daiwa Securities Group Inc
20-
▼
1 8,200.7▲-1987
86
6
116▼
▲
13
6
101
▼
Jan 1 - Dec 31
Exp (%)
** FeeChange in
38.339
1 -14126.622,130.1
744 ▲
383
2015
68.98
-7 ▼237
431.8109.0
▼
▼7,505.326
2016
US$m
7,599.6
216
-69▼
▼
11,049.2 13218
4
444.7
22.3
44.451.927.5247.1
25.0
14,468.2
JP Morgan 9*
127▲
▼
14
14.599.999.7
90.1
25
74.4# of Deals
2
9* 24
Houlihan Lokey
-30.0
10,521.3 157
▼9
8 8
▲
-
26.8
5 10Ernst & Young LLP 4 3
2
1,221.4
▲
IMAPOaklins (FKA M&A Intl Inc)
-82
13
▼
6291913
1874,147.3
▲
45*
32
90
-8.4
76.1
3,027.6 -
100.0229.2
-
89
84
▲
▲38
86
16▼
37
0
▼
-
47*
5,302.4
581.5
83.176.7
86.244.4
50.0
39.3
48.0
10106
▲
112.3 46.5
7,868.3
37.4
62
18
▼
-5,800.1 2325
▲
▲
▲
▲
Barclays 22
▼
▼
12.9
247.235*
36.8-16.121.4
1
1,261.3▲14
▲
114.9
85.1
▲30
7,943.4▼
-27.0-32.8
474*
-45 ▼ 19,277.4 4
Full Year 2016 │ Mid-Market M&A Up To US$500m │ Financial Advisors
Worldwide Mid-Market Rankings (MM1)
-37
40
- -32.0 ▼4,387.6 - 4.4▲
69.0
91.1
100.0
14,244.0
100.0
7.2
Grant Thornton 38
▼
44
278.7
13,134.6
14 ▲
▲10
12122.5
4,486.7 -▼-441
2124
110.1
231.6
-59.7289.3
▼
9.1▼-37
23
3
15
Deloitte
-12.9
-43.6
▼
*tie
-12
3,392.4
46
Piper Jaffray Cos
KBS Corporate Sales LtdClearwater International
▼42
▲
67
2,374.3 - -0.3 ▼
95.9▲
-77
56.423.6 81 100.0
118.9 20 81.3
108
157* 36.6
▼
2486
35.4
10,985.5
Source: Thomson Reuters/Freeman Consulting
1,225.1
Worldwide Estimated Mid-Market Investment Banking Fees by Quarter*
23.8
100.0
-
525.5
▲
28*101
96
11,275.228*
34 27
31
931,575.8
43* 70.697.5
883.8
66
8
5670
https://www.thomsonone.com
144.0
28.8 72
88.156.6
49 92.7
39 65.7
29.5
45*14
47.0
6047*
100.0
28*▼
25.8
19
4
25
4,906.1 -
145
-4
114
-
▲
71
-2
78
67 2 ▲
63
-
▼
230.2▲ 12,077.2
60.8
85.2142
▼
-26
155
▲
273.512
289.3
-81 - -53.2120.4-12 ▼ 521.1 -18.9
▼▼
303.7
▲
60 ▲
91.6 -
-22 -
-1.2
-13 ▼62 462
-27 ▼64
25.3
195.415.342.6
59
25.553
51.3
193.9
▲0.7100
1211
14.820
50
944
32 ▲
17*
Citi 15
23 ▼-8.8 30
26 ▲28*
8,922.9 17▲
Sumitomo Mitsui Finl Grp Inc
27Baker Tilly International
27
26 -7
▲
Credit Suisse
Clairfield International-52.6
110
16UBS
-6.5
6
BNP Paribas SA 24
19Moelis & Co
Raymond James Financial Inc 30
111
-25.3
0.5
130 ▲-37
Industrial & Comm Bank China
Bank of America Merrill Lynch
33.6100.0
190.519
20
Lincoln International
89,871.2
2,262.7▼112
▲ 1131
▼
9
▼
100.074.8
-21
25,086.7 1
▼-21.1▲Mizuho Financial Group
11,260.1
16 12
15
▼ 1,571.1
212.25
70.629
▼▲
6,222.8▼ 13,283.3
186 20
20 -4.7
-12-16
6
21 25 118
▼
Morgan Stanley
739.9
-
8Evercore Partners
Goldman Sachs & Co
▼ 15,388.71614
39*
1,081.874 ▲-
119.2
Globalscope
Industry Total 45,486
32
41
CFI
▼
-
-
RSM Corporate Fin LLP
Duff & PhelpsMacquarie Group
Global M&A 3983
33*16
▼-53.838.5
6.5-
35*
33
35*
RBC Capital Markets
47*47*49
Deutsche BankStifel/KBW
1835* 22
Jan 1 - Dec 31Worldwide Mid-Market M&A up to US$500m by Target Nation Region
65.057.180.3
100.086.581.335.449.9
55.134.8
23.613.7
$0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 $600 $650 $700 $750 $800 $850 $900 $950
2010
2011
2012
2013
2014
2015
2016
Rank Value (US$b)
Africa/Middle East Americas Asia-Pacific Europe Japan
0%
10%
20%
30%
40%
50%
60%
70%
$0
$1
$2
$3
$4
$5
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2010 2011 2012 2013 2014 2015 2016
Perc
enta
ge o
f Tot
al F
ees
Inve
stm
ent B
anki
ng F
ees
(US
$b)
Mid-Market I.B. Fees ($500mil or less) % of Total Fees
2
Full Year 2016 │ Mid-Market M&A Up To US$500m │ Financial Advisors
Latin America Involvement Mid-Market Rankings (MM17)
*tie
Source: Thomson Reuters/Freeman Consulting ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
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MAGMA Brasil Consultoria Ltda 32* 33* 3 0 - 32.4 50 - - 1.6 18 100.0
Cypress Associates 32* - 3 3 ▲ 31.1 - - - 1.0 18 100.0APOYO Consultoria SAC 32* - 3 3 ▲ 24.8 - - - 1.2 18 100.0Banco do Brasil SA 32* - 3 3 ▲ 343.0 20 - - 1.5 18 38.5
Evercore Partners 32* 19 3 -5 ▼ 490.0 15 69.3 ▲ 5.1 18 68.0Ernst & Young LLP 32* 53* 3 2 ▲ 183.0 - 66.2 ▲ .6 18 100.0Nomura 32* 33* 3 0 - 128.0 - -43.4 ▼ .9 18 16.4
Artica Participacoes e Assesso 24* 42* 4 2 ▲ 20.0 - - - 1.3 18 100.0Oaklins (FKA M&A Intl Inc) 24* 25* 4 0 - 32.6 - 552.0 ▲ 1.9 18 100.0Mediobanca 32* - 3 3 ▲ 118.1 - - - 1.4 18 15.6
0.0
Bank of America Merrill Lynch
Alpax Inc4.0 18 25.0
▲
▼
-22* 4 -1 ▼
1.1 18 100.0
4 0 -4
24* 33* 4 1 ▲CFI 24* 25* 4 0 - 60 -97.6 ▼
7.0 18 100.09.9 18 100.0
N+1 24* 10* 4 -10 ▼Moelis & Co
130.0 31 -58.3 ▼0.0 65* - -7.8
19*
7
-10 12
▲
Rothschild & Co
▲
-1
2
▼-5
-11
25*
6* 2,191.6
▼
KPMG
-84.3
Citi
UBS
5BR Partners
10*
9 -14 -1.3
-97.1
9
▲
17*
16
99.7
▼
7
15*
12*
7
15*
▼
13
7.3
Banco Bradesco SA
-60.21,047.3
6 7
3
12
Financial Advisor
Itau Unibanco
20
Banco BTG Pactual SA
▼400.615* 73.3
Rank Rank
20.1
0Credit Suisse
11
6
25
14
14
-71.3
10 ▼ 11
121
8▼
-19
Goldman Sachs & Co751.0
-1 ▲Arab Banking Corporation 2
53*BNP Paribas SA
-6.7
PricewaterhouseCoopers
0
-69.2
224.9-66.1
4
21.9
▲1,525.8
▲
4
▲
▼
▲
# of Deals
54.4
15*52.0
▼JP Morgan
2015
217*
16
Greenhill & Co, LLC
7
-11
▲
6*
14
10*
6
21
-▼
255.1
100.0
27,523.8 -9.9
▲43
▼19*
9
34.4
-5
19
-
15* 23.0
Global M&A
572.0
6
24
7
6
▲ 5.8
▲ 5.9-
-1
5.5
22*
24*
▲
▼
13.4
▲
https://www.thomsonone.com
50.3
18 100.02.0 18 100.0
-
-42.0
22*
14*
▼
0.0 65* - -25*
-
7.3
38
9
▼
Industry Total 1,210 -141
0
28.6
Imputed Fees (US$m) †
58.21,197.2
Fees
18.2
Latin America Mid-Market M&A up to US$500m by Rank Value Range
5
▼ 3.5
37
39.6
15.5
100.0
7
22* 19-11
17
-35.625
0
3,698.4
4
Exp. (%)
** Fee
39.2Rank
8.1▼
1
10* 1,540.4
10*
19*
# of Deals per Advisor
33
12
44.8
230.0 9
Rank Value per Advisor (US$m)
-19.9-18
5.2
▼
Lazard
1
-2 ▼9
0Santander 1
1014.7
.6
-
Clairfield International
10*
-
322
8
24
735.1
10.9
9
35*
-68.3
100.9
MM17 - Undisclosed Values & Values up to US$500m
Rank Value2016 Rank Value# of
6.8
9
21,944.0
US$m
32.9
61
864.116448.6
1
43
BBVA 8
▼
1,027.2
1
2016
Jan 1 - Dec 31
▼
15.28
1,635.9
13
4
▼
-24* 25*
3
42.240.2
Change (%)
- -
Advisor
9.9
30.44.0
2.0
44.7
100.01.5
15*
0.0 65* -
17.0
12*
8▼
4.4 50*5
▼
7
1,178.5
71.7
▼
13
▼
21
54.3
Deals
2
IMAP 2
Rank
456.5
94.2
57.8
-37.4
▼
Change in
-
24*
6
5
Deutsche Bank
51.895.3
Morgan Stanley
05 3
4.2
0
14*42*
2016
52.5
100.014.624.9
5
3.8
395.09
-
125.7
Latin America Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31
Credit Agricole CIB
-
50
100
150
200
250
300
350
400
450
500
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals
21.8%
17.8%
13.2%
10.8%
10.0%
8.4%
5.7%
4.4%
3.8% Materials
Energy and Power
Financials
Consumer Staples
Industrials
Real Estate
Consumer Products and Services
Media and Entertainment
Retail
Healthcare
Telecommunications
High Technology
4
Full Year 2016 │ Mid-Market M&A Up To US$500m │ Financial Advisors
European Involvement Mid-Market Rankings (MM3)
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
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SEB 49 79* 30 16 ▲ 2,833.4 2,604.2 24 - - 28.5 48 58.0
▲ 27.915
9,727.7
293.157.9
▲22
-31.5
31*
41
31*
4,762.620.7
34.4
12
▼
434.6
-2
4546*46*
59.6 53.5 - 60.6 ▲3,710.6 3,329.8 17 12.7
▼
17,584
31*
38
59
▼
▲
11.8
50 3,090.2
24.2
14
16.7
58
4505.9
▲
# of Deals per Advisor
# of Change in
Rank
206-50.6
-37
Goldman Sachs & Co
27
# of Deals
Imputed Fees (US$m) †
Fees
1 321 27.4
Grant Thornton
US$m
6
11
Bank of America Merrill Lynch
▲
Rank
Houlihan Lokey
18
4
4
123
681,081.8
14
87.225*100.0
6.4
-
58
▼
18
7,136.5
-
26.7
99.5
63
25*
-32.7
985.0
▲58.4
20162016
Financial Advisor
87.217
-84
654.8
433.38,421.9
26442.25,151.0
2016
Jefferies LLC
47.6
-
-4,301.2
Rank Value
11
-51.3
871.0
385.1
176.0
7
-
15,818.2
10,717.4
▼
1,739.4
4,938.9 4,421.3 ▲1,390.3
53* 32 5 ▲▲
22*
1120*
59
19
15 22
▼
-7
13
-
19.8
29 25*
17,493.17,860.8
Source: Thomson Reuters/Freeman Consulting
38
43 33 -2
30.120.6
77.155
https://www.thomsonone.com
-2.7
7
28
3,888.8
2,780.1
50
▲
-9
22*
26*
24*
100.1
845.34,286.6
▼
11*
38.6
5,051.2
5,890.95,674.3
-256
▼823.3
▲
▲
705.6
▲10-8 5
▲5,564.024
24.935.5 39 100.0
50* 100.013.2
18.5
57,868.617
23.1
7
26.6
59
KPMG
-80 ▼
109▼
89
7.2
---
34.5
-
87
10
1031*
▼ 77.0
▲
▼83.4
40.2
3,683.0 3,311.1
57
50*
9
112.9
99.7
IMAP
JP Morgan
4▲
Lazard
Morgan Stanley
▼
-
▼
-23.3 32.6
441.4100.0
UBS
▼
100.0
▼
9
Barclays
5316
24*
28
967.1
5,417.3
546.2
75.3
20*
92.7
229*
216.7
34.1
78.7
100.0
3
2-
▼
8
86
▼
Rabobank NV
Livingstone Partners
PricewaterhouseCoopers
100.0
▲
2*
10106
6
430.7
7.0
23
393.8
17
44.1
Rothschild & Co
213.4
14.9
187 15
14.6
-68.3
Clearwater International 17 23▼
-
Clairfield International
7 -31
41.2
RSM Corporate Fin LLP12
21
3,976.8
2,341.1
100.0
11*
2,468.2
77.6
-53.0
100.0
2,231.0
100.0
BDO
37.436.638.5
8
50Ernst & Young LLP
6
38
42
37
20
74
5
8
5
13
21
Baker Tilly International
16
▲
-1
▼
42.2
5331.8
62
Rank
KBS Corporate Sales Ltd
▲41.2
-29.1 ▼
Euro mil
8,720.0
25.6
▼
Lincoln International
79* 77
86.6
▼
2015
MM3 - Undisclosed Values & Values up to US$500m
95.0
3
76.0
100.0
▲
1,104.8
731.7▲
98
▲
▲
Oaklins (FKA M&A Intl Inc) 9
Rank Value per Advisor
Rank Value
▲111
BNP Paribas SA
1,237.5▲
▲
23.0-18
▼
-14
4638*
▼
85
481.7
19DC Advisory-21.5-32.0
29
4
▲4
-20
-
360.110
-30.5
51
20*
15
▼
▲
61 113.9-19.6
13
234.4
▼
▼906.9
-15.350
13
-12.0
-31.0
94.7
26*
-12
37.510
28
42.8 24
▲
36*31▲
31*3350
127.4
30
Evercore PartnersCBRE Holding SAS
Translink Corporate Finance
34
29
▼
35
40
31*
2,128.6
William Blair & Co
42
43
▲
54.9
Globalscope
61
-1
26.7UniCredit
18.5
6
▼
18 ▲ 22.2
38.1
473.9
31*
52
6,099.0
100.0
73.7
4,668.5
18
214.6
30.7
▼-
44
-14 ▼
7
-27
44.4
2,351.7
256,660.5
-
232,313.3▼
36▲
60.1 16
▼
▼4,299.7
4 ▲ -7.5 ▼1,289.3
138.3 441.6
2
31*38*
40
57.3
42
50.7
298.7
100.0100.0
-
94.6
100.0
1,928.3
▲946.0 -
91.8100.0
44
193.5
1,266.4
37.1
120.0
▼-
▲
100.048
-263
*tie
67
83.7108.9
40 4 ▲
▼7,658.2
Advisor
1
-72.5
▼
107.1
▲ 111.7
30
1,225.1 1,101.4-
36.8
3
▲6,491.5
Change (%)
▲4,672.2
▲
Jan 1 - Dec 31
86
16.4100.0
22.2
▲
Citi
▲
▲
▲
12
39.82
2,130.34916.6
3436
14 24.2
▲
3,200.9 2,917.5 20 134.9 ▲
14.2
▼
72
56.9
34
53* 31
100.0
92.7
100.0
2
▲
6
40
5,961.6
30
▲
-48.6
▼
39.1
Deutsche Bank
Natixis
Mazars SA
782.7
20.4
Deloitte 6 -27164
14
Jan 1 - Dec 31
4,406.928
71
5,969.0
485.3
80.6
289.3 258.7
-
16
34
European Mid-Market M&A up to US$500m by Target Industry
98.7
32.3
1
80
18.8
** Fee
Deals
44
▲
36
41 58*
5
Benchmark International
Jones Lang LaSalle Inc
Kon SpA
HSBC Holdings PLC 46* ▲103.1
-78.3
129.1
6,308.69
-23 13
57
-
54
-67.4
5,431.921.1
European Mid-Market M&A up to US$500m by Rank Value Range
58
27
264
9
8
-47.1
1333.143* - ▲
123.2
56*
43*
331.5 63*65*
Rank Exp. (%)
▲
3
2*
1,155.4 45
14CFI
39
▲
Industry Total
N+1
Global M&A
20*
Credit Agricole CIB
Credit Suisse
68 32 13
3
36*
▼
BCMS Corporate Ltd
-
1,000
2,000
3,000
4,000
5,000
6,000
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals
18.0%
13.3%
12.2%
9.7%
8.6%
7.3%
7.3%
6.0%
5.6%
4.9%
4.8% 2.3%
Real Estate
Financials
Industrials
Energy and Power
High Technology
Consumer Products and Services
Materials
Healthcare
Media and Entertainment
Consumer Staples
Retail
Telecommunications
5
Full Year 2016 │ Mid-Market M&A Up To US$500m │ Financial Advisors
French Involvement Mid-Market Rankings (MM5)
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
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94*▼11.5
100.0100.0107.7 95.9
56.6-
12-
14.2
- 61.6 ▲
-
2▲
587.7 529.4 18 185.6-13.12,918.33,258.6
74.4
214.1 195.2
16.04.6
-
29.2
-
100.0100.0
▲3
85.3
58.5
1.7
▲
Rank
10.4
34*
14*
4
-88.1 85.0
69.6104.4
-20
9
20*
-312
Change in
1,669.9
MM5 - Undisclosed Values & Values up to US$500m
Rank
-11
1
6*8
23.2
US$m
110
Credit Agricole CIB
6
2
335.1
1,379.116
IMAP
1,025.421*
15*-80.0
▲19
▲
152.0
-19
Deals
1310
Imputed Fees (US$m) †
Oaklins (FKA M&A Intl Inc)
56.3
1,500.3
Financial Advisor
# of Deals per Advisor
▲ 44.5 40.0 - -
-21.2
3-47.4
-30.3
485.4
1,540.7
1,012.4
0.0
▼
306.0
28.7
12*
6
Rank # of Deals
72
84.612.9
946.0
16
▲
10
-12
53
▼
18*18*
39.3
90.2
216.0
3,660.3
9.1
17
-▲
PricewaterhouseCoopers
23* 1
212.9
4*
▼
6*
10
25*
8 ▲
4
9
2
21*
22
5
10.7
2,890.5 2,601.3
4
BNP Paribas SA
19
-
▲
11.3
18.0279.6
30.0 ▼18.4
-31.0
67
▲
3,278
- -
105*
100.0
3.0
11
87.4 ▲
68.2 2917
0.0
90.5▼
5.0
-247
▲ 383.4 17.6
25
24.2▼
▼-
Barclays
1,373.9
- - 45-78.9
15
Industry Total
▲
▲
46
*tie
Global M&A
9.9
338.6▲
81.3
100.0
▼36,419.7
5 ▲ 2.2 2.0 - - - 3.5 56* 100.0Raphael Financial Advisory SAS 30* 51* 9 3
100.0
23*15
100.0
- - 4.3
100.0
7
238.1
21*
https://www.thomsonone.com
Financiere Cambon
▼ 86.716.4
100.0
-88.4
66.2
56* 100.0
52.8
100.071.9
26.5
-
-
14
42*
0
Societe Generale
Clairfield International
6
25 -27.8
French Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31
811
0.0
▼
-6 ▼ 661.9
▼
100.0
-
15
▼
3.5100.0
1,252.7
96.333
Exp. (%)Change (%)
2015
3
20162016 Rank Value
4
3▲ 4.0
Jan 1 - Dec 31
14*
14
306.6
-4
▼
25
72.6
▼31
Rank Value2016
20*
4,058.9Fees
440.4
15*
▼
▼
484*
-15.3
-27.4
1
22.1
▲
-62.0
12
** FeeAdvisor
French Mid-Market M&A up to US$500m by Rank Value Range
Rothschild & Co
7
▲
▲
Linkers
▼
20
▼
14.4 13.3
22 ▲▼
16
20
14.3
75.5
-
-75.7
55
▼
10
-6
-
25.9
11 -10
13*
5
1
-15.8821*
-21
7
7.8
26* 15*
12.4
26*
22
845.3
22
2
94.2
▼ 4.6
▼
▼
46
28
▼
21
362826
9
1,119.525
51*
32,970.7 -15.0▼
▼▼
1
46
2
12*
1,404.4
-
▲
11
Rank Value per Advisor
▼594.4
0.010.1
100.0
15
17*
1
-24
1028* -3
603
15 167.2
17
62.1
- - - 4.5 51 100.0- 100.0
- - - 1.7 94* 100.0
8.9
# of
20
-21.7
Euro mil
17
28* 10- 5.1
34*
352.8
28.5
4.2 50
9
11
53
-10.6
▼
45.7
-
6
Rank
Source: Thomson Reuters/Freeman Consulting
936.134.0
Banque Degroof Petercam SA
4
20
-5
19
6
▲KPMG
18
88*
Lincoln International
JP Morgan
Ernst & Young LLP
DC Advisory
Natixis
LazardDeloitte
Clearwater International23*
BDO
Pax Corporate FinanceGoldman Sachs & CoEdmond de Rothschild Hldg SA
▲
22Jones Lang LaSalle Inc
42*
UBS
Bryan Garnier & Co
37*
Aurignac Finance 30* 51* 9 3 ▲ 0.0 0.0AP Management 30* 42* 9 2 ▲ 16.0 15.0
Clipperton Finance SARL 35* 30* 8 -3 ▼ 35.7 32.6
Bank of America Merrill Lynch 35*
CBRE Holding SAS 30* 37* 9 1 ▲ 472.5 431.3 23 - - 5.3 44 100.0Mazars SA 30* 72* 9
- 4.8 47* 100.0Houlihan Lokey 35* 62* 8 3 ▲ 1,028.4 916.1 8 - - 15.5 15 100.0
Grant Thornton 35* 34* 8 -1 ▼ 45.0 39.7 - - - 1.3 117* 100.0Capitalmind 35* 25* 8 -5 ▼ 112.1 100.0 - - - 4.4 52 100.0
8 1 ▲ 698.7 629.3 12* - - 6.3 37 8.7Nomura 40* 51* 7 1 ▲ 629.1 558.1 16 - - 5.6 43 96.6Credit Suisse 40* 18 7 -11 ▼ 803.9 718.1 11 - - 28.3 8 54.5Invest Securities 40* 51* 7 1 ▲ 85.6 76.0 - - - 1.8 89* 100.0Mazars Corporate Finance SARL 40* 113* 7 5 ▲ 0.0 0.0 - - - 3.5 56* 100.0Canaccord Genuity 40* 37* 7 -1 ▼ 0.0 0.0 174* - - 6.9 35* 100.0CM-CIC Conseil SAS 40* 62* 7 2 ▲ 0.0 0.0 - - - 3.5 56* 100.0
-
100
200
300
400
500
600
700
800
900
1,000
$0
$2
$4
$6
$8
$10
$12
$14
# of
Dea
ls
Ran
k Va
lue
(US$
b)
US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals
21.4%
15.4%
10.8%
9.6%
8.9%
8.2%
5.7%
5.6%
4.6%
4.1%
3.8% Real Estate
High Technology
Industrials
Financials
Energy and Power
Consumer Products and Services
Retail
Healthcare
Telecommunications
Media and Entertainment
Consumer Staples
Materials
7
Full Year 2016 │ Mid-Market M&A Up To US$500m │ Financial Advisors
German Involvement Mid-Market Rankings (MM6)
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
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8 54.4 ▲242.0 221.1 26 -42.0 ▼
1.0 88* 13.311.5 17 100.07.1 27 43.615.7 9 18.61.0 88* 100.02.3 60* 100.03.0 47* 100.02.8 52* 100.011.1 18 34.25.8 33* 100.05.5 38* 100.016.0 8 100.0
CBRE Holding SAS 44* 35* 5 -1 ▼Jefferies LLC 44* 63* 5 2 ▲
58.8 53.1 - - -200.1 177.1 31 -8.4 ▼
1,342.7 1,216.6 3 - -454.5 415.0 16 -60.1 ▼
0.0 0.0 - - -16.7 15.1 - - -0.0 0.0 - - -43.9 39.4 70 -2.4 ▼
236.7 210.0 27 -53.7 ▼957.0 867.1 7 165.0 ▲918.3 820.5
GCA Corp 37* 91* 6 5 ▲Falkensteg GmbH 37* - 6 6 ▲Roedl & Partner 37* - 6 6 ▲Berenberg Bank 44* 91* 5 4 ▲Barclays 44* 30* 5 -2 ▼Nomura 44* 63* 5 2 ▲
Industrial & Comm Bank China 37* - 6 6 ▲N+1 37* 21* 6 -4 ▼Credit Agricole CIB 37* 91* 6 5 ▲Citi 37* 24* 6 -3 ▼
Livingstone Partners 32* 24* 7 -2 ▼ 36.5 34.0 - 69.8 ▲ 2.9 51 100.0Bank of America Merrill Lynch 32* 30* 7 0 - 120.1 110.6 42* -74.7 ▼ 5.5 38* 9.1Allert & Co GmbH 32* 63* 7 4 ▲ 0.0 0.0 - - - 3.0 47* 100.0
24*
- -77.1
16.9
5.70.0
---
100.018.0 7 98.9
1,305.3
588.6 13 - -
29* 14* 8 -5 ▼
7
8
▼
13
3
▲
15*
11
4*
50* 1014-8
-1
39
92.9
4* ▲
40*
1,043.7
▼
10 16
24* 11
13*
3
15*
196.0
12.1
13* 6*
-9
- -0.0 0.0 - - -
665.6
▼
12.1
2016
-
40*
0 -
ACXIT Capital Partners
2.7
▲
15.1
-▲
16.0
▲▲
59.7
86.2
18.1
17.5
▼
--13
▼
▼4
10 ▲
921*101.9
23
47.317*
Network Corporate Finance 32* 40* 7 2 ▲ 45.6 40.5
2016
100.0
91.9100.0
Rank Value per Advisor
MM6 - Undisclosed Values & Values up to US$500m
11
BDO1,897.9
https://www.thomsonone.com
55.82,376Industry Total 792.5
▼
30 ▲
1
8*
▲
55.3
18.3
5.0
205.1
17.9
108.9
▲William Blair & Co 24* 35* 9 3 ▲
63* 9 6 1,185.4 4 148.5 ▲90.0 81.3 51 -69.9 ▼
909.4
30,696.5
25*8.57.7
8 8 ▲Houlihan Lokey 32* 50* 7 3 ▲
6 206.3
10
61.7 55.0
100.0
21
-
14.0▲89.0
2
-
-
▲
▼
123.0
18
8.0180.0
▼
0.0
100.0
7.0
2.1 64* 52.52.5 56*
▲
6
0.0
13
29* 21* 8 -2 ▼29* -
836.3 9 8.2 ▲0.0 0.0 -
6
11
▲
4
32
Raymond James Financial IncLazard
100.0
21.9
100.0
▲
24*Credit Suisse
PricewaterhouseCoopersBaker Tilly International
Globalscope
KPMGRothschild & CoErnst & Young LLPFinancial Advisor
9
100.0
goetzpartners Corp Finance
67.7
▼
IEG-Investment Banking
Altium Capital LimitedClearwater International
Deloitte
Global M&A
100.074.2
24*-49.7
Rank
1Rank
6*
Oaklins (FKA M&A Intl Inc)▲
Exp. (%)Fees
-41.293.1
10100.0
12*
1410.0123.8
14*
15
693.6-
▼4
83.0
--
136.2
84.3
** Fee
8*
10
-45.3
2,070.4
4,145.142 3,715.1
Rank Value
10.1
▲
15
-
1275.8282.5 25 54*
21US$m
18
Rank Deals
12*
55
29
11
14*
Concentro Management AG
21IMAP
2
11*
▼
▼
628.2 30.0
294.3
285
100.0100.0
-61.6
71.3
Change in
-
-5.9
16.5
▲
12.5 11.9
2
100.0
-
▲965.5
17.9
▲
▼
5
-6100.0
-78.2
5
German Mid-Market M&A up to US$500m by Target Industry
30.7
▲
5.7
-
40-34.02.0
28*
-
111.7
7.7
- 445.3 397.00-
6
17 20.4
14494.2
-9-
100.0
100.0
44
5.984
66*
100.0
- - - 2.5 56* 100.0
Jan 1 - Dec 31
▼
8
223.0 ▼
-
36.0
▼
868.0
100.0
19*
19* 17*
3.4
40.5
5.9
1093.3
-
-
36*
213
12
100.0
0.719* 30*
2324* 9*
42.8▲
2
1 ▲
0.0
100.0
252.6
-
2016
-91.4
Source: Thomson Reuters/Freeman Consulting
126.246
▲JP Morgan
Lincoln International
Commerzbank AG
Deutsche Bank
19
20*
20*
19*
1,115.5Goldman Sachs & Co
6
33*12
11
▲
Advisor
Imputed Fees (US$m) †
Change (%)
29
1
100.025*
53.1
Rank
-70.6 7.0
Jan 1 - Dec 31
11*
15*
Clairfield International
▲
27
24
Rank Value# of
4.4
6
Centuros GmbHUniCreditBNP Paribas SA
DC Advisory
550.0
12.5
10.0
30*
4-91.9
29
12
240*
9*
17*
-1
14*
33,940.9
36*
-24
38.2
1
Euro mil
5.8
▼
9
▼
-12
▲-0.0
28*
13.1
4131*
31*
97.6
325.7
# of Deals per Advisor
2015
2
6
German Mid-Market M&A up to US$500m by Rank Value Range
-0.0
# of Deals
*tie
11
-
100
200
300
400
500
600
700
800
$0
$2
$4
$6
$8
$10
$12
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals
28.2%
19.8%
8.9%
7.7%
7.3%
7.1%
5.8%
4.5%
4.0% 3.3%
Real Estate
Industrials
High Technology
Materials
Healthcare
Financials
Energy and Power
Consumer Products and Services
Media and Entertainment
Retail
Consumer Staples
Telecommunications
8
Full Year 2016 │ Mid-Market M&A Up To US$500m │ Financial Advisors
Italian Involvement Mid-Market Rankings (MM7)
*tie
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
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4.9 26 100.00.8 77* 100.00.5 83* 100.01.2 55* 100.01.0 58* 100.08.7 14 14.81.5 47* 100.0
- 3 3 ▲Duff & Phelps 36* 61* 3 2 ▲Goldman Sachs & Co 36* 28* 3 -2 ▼CP Advisors Srl 36* - 3 3 ▲
55.0 49.9 - - -16.1 14.1 - - -9.5 8.5 - - -7.9 7.0 - - -0.0 0.0 - - -
639.4 573.6 16 57.5 ▲0.0 0.0 - - -
1,207
100.0Ambromobiliare SpA 36* 61* 3 2 ▲ 7.9 7.0 - - - 1.1 57 100.0
▼ 37.5 33.6 - - - 1.0 58* 100.0Jefferies LLC 36* 36* 3 0 -New Deal Advisors SpA 36* 61* 3 2 ▲Valore e Capitale Srl 36* - 3 3 ▲North East Consulting 36*
Credit Suisse 36* 42* 3 1 ▲ 522.6 466.7 18 259.7 ▲
Translink Corporate Finance 36* 28* 3 -2
Advisor
5
83.3
-47.2-6
7*
JP Morgan
4▲
-3
310.2
6
1.5
23.5
1.0 58* 2.6Philippe Villin Conseil 36* - 3 3 ▲ 698.7 629.3 15 - - 2.4 39* 100.0IMAP 36* 13*
MM7 - Undisclosed Values & Values up to US$500m
▲1,789.5 1,633.6
507.1
1,675.6
▼
42*
▲
39.0
16
27
10
19*
-
▲1
3 -7 ▼ 0.0 0.0 89* - -
25*
20
299.617*49.1 82.5
29* 23* 4 -2 ▼29*
22
0.0 0.0 -
-86.629* 19*
-8437.9
▼
823*
17.8
12*
1,467.3
42* 308.9
▲
156
71,328.8
2.4
Exp. (%)
Jan 1 - Dec 31
4.1
22.1
34.6654.5
2 -
25346.0
20*
100.0-6
817.7
▼
15*
52.516
835.9562.8
10
US$m
# of
9*
2,229.7
▲
49
▼ 509.2
▲
13
11
▲
20
10
21,448.7
-75.1
942.9
2.3 41*
19*
5
9
1092.1
13.7▲
-
10
11
-
▼
-
23*
47*
100.0
60.7
-
-32.5223.9 ▲
32*
37 100.0-
20*20*
17*▲
Global M&A
7.0
19.5▲
Lincoln InternationalDC Advisory 100.0
100.0- -
9.1 12* 64.5
29*
▲1122.6
4177.0
1.5Deutsche Bank
14
23,736.7
-
429*
-10.5
3.2
35.37734.8
42*
-4 ▲57.0
13 ▲▲
▲
9.6
4
-▲
13-
▼
Rank
24.4
9*
10.6
1,539.2 1,389.7
127.4
1,869.6
.8
3
7▲
-3
1.0
63.2
6
230.0
2016
RankFees
Imputed Fees (US$m) †
79.0
Rank Value
17*
10Financial Advisor
2016
2.9
100.0
https://www.thomsonone.com
160.0
575.0
27.9
36* 23* 3
7.5
72.5
Arche Srl
2,848.9
Change in
984-40.9
7*0
11
8
▲
▲
12
21
24.2▼
Rank
▲
278.8
276.88
4*
▲
▲
25
6
51
23*▲
25.0
100.0
66.9
2
35
▲1
1608.8
6.2
▼
14*
14
3
15*
48
Jan 1 - Dec 31
▲
Italian Mid-Market M&A up to US$500m by Target Industry
61*
- 4
100.0
-
2.0
74.5
2016Rank Value
32*
57.3
Mediobanca
Lazard
Rothschild & Co
2,029.9-
2,099.6 1,905.1
Rank
3
98.2
17*
5
▼
100.0
1.4
0 -
356.5
100.0
33*
870.3
3,102.1
1302.9
100.06 1
506.8
9
28
-
77*2 104.5
-627
17*
959.9 ▲
-
▼
216.4
-
5
4 -
Altium Capital Limited
▲
244.929*
3.3 2945.4
Source: Thomson Reuters/Freeman Consulting
4
Italian Mid-Market M&A up to US$500m by Rank Value Range
Ernst & Young LLPIMAP- Vitale & Co
Ethica Corporate Finance SpA
61* -
770.3
Credit Agricole CIB 8.6
Clairfield International
7 6 ▲23*
1525*
-20.7
6.2
52.3
32
- -90.7 ▼6.5
42* 4
-3
5 325*
9
0 -
-
100.0
44*
0 -2 ▲
4*
1
196.7
▲
47*
73.5
1136.9
-39*
451.8
-
17*
51.7
0.0 0.0
19 -15.9
-1
▲
13*
▼
-4 ▼
9
28*
1.415.9 - -
252.8
-
75.1
1717
100.0
-42*
8▲
728.1
8
Industry Total
17.7
▲
38
42.0
9*7.6
3.1
14*
17*
Equita SIM SpA
Deloitte
3
41.7
685.6
29*
1Euro mil
▲
36*
36*
11*
58*
100.036
11*118.3
-
-77.030*12
Leonardo & Co
PricewaterhouseCoopersVitale & Co SpA
87.6
-27
-
849.6
▲
KPMG
Morgan Stanley
2.7▲
20.42 68.5
▲
4
845.6929.0
17
10
1
100.0
▲
65.1
433,116.2
35.8
▼-
50*-
- - -
-
22.7
▲
66
6
36* 3
# of Deals Change (%)
14.3
▼199.3
▲
75.1
** Fee
30.8
-86.5
31.2
2015
2
Deals
320.9
328.1299.3
▼
178.8 -
3.0-1
13.0
25.2 ▲
▼6
329.844.6
5
16.0
2.6
442.6
▼ 9.1
22
23*
-
14*
2
4
▼
8
142,808.0
11.1
Rank Value per Advisor# of Deals per Advisor
38
5
120.0
12
NomuraFOR Advisory Srl
Natixis
Bain & CoHoulihan LokeyOaklins (FKA M&A Intl Inc)
Bank of America Merrill Lynch
Citi
Fineurop SpA
Banca IMI (Intesa Sanpaolo)
Kon SpAUniCredit
UBS
N+1CFI
283.4
-
50
100
150
200
250
300
350
400
$0
$1
$2
$3
$4
$5
$6
$7
$8
# of
Dea
ls
Ran
k Va
lue
(US$
b)
US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals
22.4%
16.8%
11.9% 9.7%
7.9%
6.7%
6.3%
5.5%
5.2%
3.3% 2.2%
2.1% Financials
Real Estate
Energy and Power
Industrials
Materials
Media and Entertainment
Healthcare
High Technology
Consumer Staples
Consumer Products and Services
Telecommunications
Retail
9
Full Year 2016 │ Mid-Market M&A Up To US$500m │ Financial Advisors
Nordic Involvement Mid-Market Rankings (MM9)
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
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Valentum Partners AB 33* 67* 4 2 ▲ 0 0 - - - 3.5 43 100.0Robert W Baird & Co Inc 33* 48* 4 1 ▲ 880.2 792.7 11 1157.4 ▲ 7.3 24 100.0
Advium Corporate Finance 33* 48* 4 1 ▲ 318.0 283.5 - 19775.0 ▲ 5.1 32* 100.0Alpha Corporate Finance 33* 48* 4 1 ▲ 12.2 10.8 - - - 1.7 64* 100.0Moelis & Co 33* 39* 4 0 - 416.0 378.8 25 38.5 ▲ 3.7 40 27.0
FIH Partners AS 33* 27* 4 -3 ▼ 0 0 113* - - 4.9 35 100.0
Deals
19.4 7 48.0
1,195.6 1,067.8 7 264.5 ▲
18.4
102.2 - 288.2
01.6
45.0
57 18.1
32.821*67* 7
-
23.9
16
5 ▲
100.01,365.4
▲
▼
1 ▲ 267.3 237.7 - 319.6 ▲ 2.7 50 100.0
79.9
1,731.113-
33.8
21*
37.5
▲
21*
-5
-26
Advisor
▲
1,794.1
-94.2
Exp. (%)
13*
17*▲
2,097.1
-2
14
▼
▲ 112.2
1
MM9 - Undisclosed Values & Values up to US$500m
▼
# of Deals per Advisor
23*16*
Pangea Property Partners AB
Deloitte
Globalscope
13*
DNB ASA
13*
8
37
71.7 - 768.5 ▲638.1 585.2 19 22.5
11 1 ▲
12
7 1 ▲6 1 ▲
870.3 9 28.8
6
# of Deals
# of
▲
2,233
17*
58* 100.09.7 15 48.02.4 56
1
▲0 - -
27* 88* 5
960.1
▼
3 ▲ 788.0
▲117.2 109.8 - - -674.4 600.3 17
5 0 -
-10.1
-25.1 ▼631.8Bank of America Merrill Lynch 27* 39* 5 1 ▲
32,619.5
Arctic Securities ASA 27* 39*
3.1
▼
5
323.9
712.3 ▲
30*
▲
13
21*
29.4 ▲
4 ▲27* 16* 5 -5 ▼27* 35*
Nordic Mid-Market M&A up to US$500m by Target Industry
Rank
2016 Rank Value
Mid-Capital 25* 21*
23*25*
▲641.3 578.3 18
67*1.5 - -93.7 ▼
30*35* 2.5 54*
Barclays 27*
Goldman Sachs & CoGlobal M&A 58.1
Industry Total
2.1
100.08.9 19 44.51.5 67* 100.02.3
12
212 63.8
5.5111,888.8 4
6 -2 ▼5 3 ▲
315.5
Swedbank 33* 48* 4
▲ 8 55.1
https://www.thomsonone.com
7.4Rothschild & CoABG Sundal Collier
656.5
-1.0 0.9
134.6▼
120.7▼
2 4
5 1 ▲
100.0
918.3
2
18Oaklins (FKA M&A Intl Inc)
6
117.5
3.8 39
Nordea
9*
0▼
11* 9
6
Rank
56.4100.0
100.0
29
13.6 11
20.817*
13* 15
▲
6.3▼
22*
64*
-
100.012 6
-
** FeeChange in
15
Jan 1 - Dec 31
-
28
7
22*
93.0
84.1
27
22.7
32
9.2
Euro mil
27 21.8
1,244.9
1
2016
147.6
▼ 16.7
43
16*
219.7-9 723.7
100.026
2016
▼
41.3
121.6
▲
100.0100.0
16
-61.05
710.5
-16.211*6.4110.8
▼
39
7.4
192.6
94.7
19
Imputed Fees (US$m) †
960.2
Rank
Nordic Mid-Market M&A up to US$500m by Rank Value Range
4786.7
▲1,822.7
685.1
Rank
▲-6▲
9.0
1,644.4
100.0
8 521.8
189*
43
-
2,604.2
▲
Change (%) Fees
Rank Value
▼615
14
14*
37
130.3
16*▲
192266.4
90.3
17.8133.34.0
1815
2
832.3
4*
5
325.98
10
2,833.4
▲
558.1 20
▲
Source: Thomson Reuters/Freeman Consulting
Jan 1 - Dec 31
Rank Value per Advisor
9
-2-1
3
44
11* 16*
-53.2
▼
100.0
72.4
143.3
90.03 1,873.3 ▲
30*
735.6
▲
▲76.4
6
30- - 3.435* 7 ▲ 58.1 53.2
10 10
716.335,989.6
-3▲ 292.0
1 ▲
9.2
204.4
60.4
4 ▲
15-37.9
2
46*
16
11* 1,999.664
72.4
17*
14
-3
134.7
1.7
37*
26.7
1,020.7 8
26
10.0
306.6- -
339.7
82.8 76.1 -83.2
US$m
98.6 ▲
▲
121,135.8
44.0
100.0
Livingstone Partners
HDR PartnersCitiGP Bullhound Ltd
JP MorganJefferies LLC
Clairfield International
SEB
Handelsbanken Capital Markets
Translink Corporate Finance
Danske Bank
CarnegieIMAP
Ernst & Young LLPKPMG
PricewaterhouseCoopers
*tie
-
Clearwater International
2015
Financial Advisor
BDO
-
100
200
300
400
500
600
700
$0
$2
$4
$6
$8
$10
$12
$14
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals
26.0%
16.4%
8.6% 7.8%
7.5%
6.8%
5.8%
5.6%
4.7%
4.3%
3.8% 2.7% Real Estate
Industrials
Materials
Energy and Power
High Technology
Financials
Media and Entertainment
Consumer Products and Services
Healthcare
Telecommunications
Consumer Staples
Retail
11
Full Year 2016 │ Mid-Market M&A Up To US$500m │ Financial Advisors
Benelux Involvement Mid-Market Rankings (MM10)
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
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Clearwater International 40* 72* 4 2 ▲ 169.9 150.0 - - - 2.0 68* 100.0Duff & Phelps 40* 59* 4 1 ▲ 0 0 - - - 0.2 179* 100.0Robert W Baird & Co Inc 40* 59* 4 1 ▲ 270.0 241.3 - -30.1 ▼ 5.4 36 100.0
Clairfield International 40* 26* 4 -6 ▼ 0 0 - - - 3.0 53* 100.0Jefferies LLC 40* 36* 4 -3 ▼ 39.1 34.9 - -89.1 ▼ 8.6 23 35.0HSBC Holdings PLC 40* 99* 4 3 ▲ 359.5 330.0 - - - 6.0 31* 24.1
goetzpartners Corp Finance 40* 99* 4 3 ▲ 176.1 162.1 - - - 0.5 117* 100.0Global M&A 40* 30* 4 -5 ▼ 84.6 78.0 - - - 2.6 60 100.0Leonardo & Co 40* 30* 4 -5 ▼ 507.0 452.8 17 584.2 ▲ 1.4 83* 33.3
UniCredit 38* 33* 5 -3 ▼ 138.6 132.0 61 -90.2 ▼ 6.0 31* 100.0William Blair & Co 38* 36* 5 -2 ▼ 113.8 100.0 67 -74.1 ▼ 11.7 17 100.0Mizuho Financial Group 40* 99* 4 3 ▲ 9.1 8.6 - -96.8 ▼ 0.6 111* 11.3
Cushman & Wakefield Inc 33* 50* 6 2 ▲ 127.1 114.8 66 -86.7 ▼ 3.8 47* 100.0Citi 33* 17* 6 -8 ▼ 1,196.0 1,094.8 7 -31.6 ▼ 12.6 16 34.9CBRE Holding SAS 33* 50* 6 2 ▲ 232.1 208.1 - -1.8 ▼ 8.5 24 100.0
92.6
18-
▼ 1,700.9
31* 21* 7 -5 ▼31* 17* 7 -7 ▼
6 16.4
22* 33* 10
19*
25* 100.0
192.71,453.8
- - 5.0
15
33* 15* 6
- -
4.9
100.0
205.5 182.0
37*
▲13.8
24*
190.9
129* 36*
6520.1 ▼
-
-36.11,119.1
12
22*
202,090.8
0▲
-3
2016
419.6
11.1
100.0
22.5
19
57.1
▲ 25.7
33* 43* 6 0 -
394.2 362.0 24* -68.9 ▼95.8 90.3 - -73.7 ▼
1,117.4 1,002.4 9 -48.3 ▼
100.0
-15
22
82.82,440.3
55.8
3.8
▲1,525.9
39
6
-3 ▼
26*
▲
-
11 49.2
▼
29
100.0
50.4 45.1 - - -
10.02.523.5
▼
-
4.5
1,863.9
20.348.0 - 284.3
-1
-36.9
▼
9 -2
28-
-10 ▼
▲
▲
781.8
-1 3▲
▲
1,030.1▲
41*7
-
▼
61*
464.8 419.3
1
2,045.3
▲86
20
-
2043*
4.522
Imputed Fees (US$m) †
21*
▲
MM10 - Undisclosed Values & Values up to US$500m
Rank
Rank Value
3.0 53* 3.0
-
-3.735,070.9
26* 9
47*
21-▲
84.5
US$m
Rank Value
Fees
41*
54.8
201.6 37.7
46.9
▲
Nielen Schuman BV
-
16
-
0
CapitalmindHoulihan LokeyBarclaysBaker Tilly International
Oaklins (FKA M&A Intl Inc)Bank of America Merrill Lynch
8.8
16.2
45.4
345.2▲
3
3.4
560.3
-
19.9
85.3
51.8
72.1 -
-12
43.6
2
▼47.7
583.3
100.0-
46.0
▲ 82.9
14
212
▼246.2
0
86.5
-4
26471.1
34267.6
2016
9*
-2
384.4
▲0
22.5
9.9
40.5
8
40
2
36*
12*4*
10
13
89.0
-58.91
40
2016
13*
22*
100.0
20.5
87*
▲
6.6
Rank
5.741.3
12.9
28
101
** Fee
9.7
▼8
91.0
1,002.22
11
15.1
11
Rank Value per Advisor
52
28.8
-6
Source: Thomson Reuters/Freeman Consulting
*tie
40.8
▼
957.3
9*29* 17*
▲22.5
156.0 53 -83.8
https://www.thomsonone.com
-63.6
-
Jan 1 - Dec 31
100.0
Advisor
100.0
▲
# of Deals per Advisor
6* 31*84.8
33*
-
▼
100.0
3*
▲
53.1
15*
10
22.7
43*
18
# of 2015
16*
100.0
12.7
Deals
6*
16*8
10.44* 47
41*
123
266
16*0
6.5
15
21
▼ -121*
-
-88.1
-
--
585.5
10▼
-96.9
11
66.0
▲
12
6.3
-77.3
4.5
290.3
510.2 16 ▼
572.8
1112 6
Benelux Mid-Market M&A up to US$500m by Target Industry
Exp. (%)
22.9
Rank
26
25*
25* 26*
Industry Total ▼31,854.3
Rank
14
-
18.5
0
40
12*
24
9
14
# of Deals Euro mil
1,985
19*
80101
7*
20.8
527.7
26
3
▼
▼
0
14
8
20
190.7
▲ 53.8
38.0
Banque Degroof Petercam SA
7*
13*
22
1,826.8 1,685.1
53 19
Change in
▼1
-40 36.9
▲
3*
2*35
9
10
-56.3
7.7
19.613
Jan 1 - Dec 31
2*
63.9
10
25* ▼
100.0
11.7
100.0
100.0
-
-22.5
5
705.0
30*
Benelux Mid-Market M&A up to US$500m by Rank Value Range
14
▲
30
2,688.9
-
▲
174.5
-
562.9 513.9 15 -36.4 ▼
48.7
10
8
▼
2 ▲
Change (%)
1,902.8
21* 9
1,614.2 6
403*
NIBC NVJones Lang LaSalle Inc
Evercore PartnersJP MorganDC AdvisoryGlobalscope
UBSRBSGoldman Sachs & CoLincoln InternationalDeutsche Bank
INGIMAPDeloitteBNP Paribas SAPricewaterhouseCoopersLazardBDOErnst & Young LLPKPMGRabobank NVRothschild & CoFinancial Advisor
CFI
121,110.6
Quore Capital
170.0
Credit SuisseMorgan Stanley
-
100
200
300
400
500
600
$0
$2
$4
$6
$8
$10
$12
$14
$16
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals
14.7%
13.5%
11.6%
9.0% 9.0%
8.8%
8.1%
7.9%
6.9%
4.6%
4.1% Real Estate
Financials
Energy and Power
Materials
Consumer Products and Services
Industrials
Consumer Staples
Retail
High Technology
Media and Entertainment
Healthcare
Telecommunications
12
Full Year 2016 │ Mid-Market M&A Up To US$500m │ Financial Advisors
Eastern Europe Involvement Mid-Market Rankings (MM16)
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
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CFI 28* 10 3 -10 ▼ 29.6 26.9 - -62.3 ▼ 1.6 42* 100.0
100.0Savills PLC 28* 44* 3 1 ▲ 510.4 453.0 6 112.0 ▲ 2.9 29* 100.0Superia 28* 28* 3 -1 ▼ 0 0 - - - 1.5 44* 100.0Societe Generale 28* 23* 3 -2 ▼ 366.4 332.5 12 -3.6 ▼ 10.7 7 100.0
Imputed Fees (US$m) †
Rank
Rank Value per Advisor
100.0
63.8
100.0
▼
Euro mil
▲
-
190.7
158.1
3 2 ▲ 14.9 13.6 - - - 0.53
0
▲-5
PricewaterhouseCoopers
3
-
Change (%)
-6.8
5
44*
-11
72.9
▼
143.0
17
495.6
- -
25,036.4
393.08
8*
22*
8
41.44
5
15*
17*
301.5
5
22* 44* 4 2 ▲ 18.3
7.2
17*
3
▼81411*
-3
28* 68* 66*28* 35* 0 -
▲1074.7
100.0
100.0
100.0
-64.65.9
41
4
9
28*
-
-
42.5
6.3
6*11*
58.5 51.9
17▼
Industry Total
▼▼ 90.2
-537.2
▼-6 25
Clairfield International 16.3 - -72.6 ▼ 1.7 39* 100.0Jones Lang LaSalle Inc 22* 23* 4 -1 ▼ 91.2 80.0 -Erste Group 100.0UBS
4.1
-8
4-
100.021.4
68*
11*
2.3
# of Deals
6*
440.7
41.2
▼
5*
47.7
Exp. (%)
28.8
11.0
17*-
-16.1
100.028.4
1
29
-
# of Deals per Advisor
1,103.4 993.9
3
1Rank
-710
18
▼
3 76.9
3
237.5▲
273.5
▼9
50.0
17*
3.670.4
Jan 1 - Dec 31
-11▲
1.4
353.1340.3
Rank
1,173.46
-56.5 ▼
-2
481,044.8
374.4
▲6*8*
** Fee
92.9
100.086.5
▲
▼
18
BDO
JP Morgan
Rothschild & Co
2
8
-5
28* 312.825*
17* 0
2
4
Morgan Stanley
19▼
3,544
12
4
▼ 7.2
20*
10.5
6 ▼
▼
22*
37.6
-3
352.6
10.1
2016
153.8
-5-21
2533
11
17*
▲
1
62.4
-
▼19
▲
11*
46.2
1,602.6394.4
-
Deals
-
484.2
7
287.8 264.2
-84.5
1411
Houlihan Lokey
IMAP
20.0
Fees
12
15*7
23*
▼-
4
2016
46
4
Eastern European Mid-Market M&A up to US$500m by Rank Value Range
382.0
-
▲
Advisor
10.3 847
1213
320.8
5*-35.6
3.5
22*
Rank Value
3
https://www.thomsonone.com
EE Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31
22,675.1
614
▲ ▲
94.0
Baker Tilly International 0
0 0 73* - - 8.9 10
54.1 ▲ 2.9 29* 100.0
15*
13*6
-221
.7
11.0-77.0
Source: Thomson Reuters/Freeman Consulting
241.5
Goldman Sachs & Co
22
100.039*170.0
▼
268.5
35*
7
▲-4
-90.1
4.0 100.0
1.3
2011*
5*
21
8
▼
11.6
136
0
▼
▼100.0
▲10
416.6
100.021
11*
231.1 -38.6
65.6
Barclays
▼-84.5
Rank ValueChange in
215.94
100.0
14.7
5.2▼2
2016
4
# of
243.8▲
US$m
- 1.7
67.0
▲-4.4
134.314
Rank
121.816
▼20
▼
-34*
4 ▲
100.0
▲
-86.4
0
8.54
11*
▼
7
-
9
21
4
-85.7
24
1,162.1 65.4206.2
100.0
-3
13*
8.1
4.9223.6
1,290.421
Deloitte
UniCredit
22*
28*
9
▲
Financial Advisor
11,771.3165*
2015
MM16 - Undisclosed Values & Values up to US$500m
*tie
GlobalscopeBank of America Merrill Lynch
Industrial & Comm Bank China
CitiKBC Group NVCushman & Wakefield IncLazard
Oaklins (FKA M&A Intl Inc)VTB Capital
Deutsche BankErnst & Young LLP
KPMG
BNP Paribas SA
-
200
400
600
800
1,000
1,200
$0
$2
$4
$6
$8
$10
$12
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals
19.2%
16.9%
13.2% 10.9%
8.2%
8.0%
7.8%
5.0%
4.2%
2.9% 2.2%
Energy and Power
Financials
Real Estate
Retail
Industrials
Consumer Staples
Materials
Media and Entertainment
Consumer Products and Services
High Technology
Telecommunications
Healthcare
13
Full Year 2016 │ Mid-Market M&A Up To US$500m │ Financial Advisors
Australia/New Zealand Involvement Mid-Market Rankings (MM11)
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables
30* 10* 3 -8 ▼ 121.7 45 -56.6 ▼ 1.2 50* 100.0
30* 58* 3 2 ▲ 400.0 - - - 6.3 18 43.2DC Advisory 30* 58* 3 2 ▲ 129.7 - - - 0.5 74* 100.0
30* 58* 3 2 ▲ 83.0 53* -7.3 ▼ 0.3 88* 100.0
- - 9.9 13 100.030* 7* 3 -9 ▼ 334.0 31 -87.6 ▼ 19.4 8 59.1
▲15 100.0
2016
495.0
3
17
Haywood Securities Ltd. 30* - 3 3 ▲ 25.8 - - - 0.6 70* 100.0
1
Imputed Fees (US$m) †
Fees
723
30.2
▲6.834.3
13
72.0
69.2
6
23
▲
6
1
304.3 32 -45.7 ▼984.6
20.8
US$m
Advisor
24*24*24*
28*
Rank
▼
677.1
24Change (%)# of Deals
-8
-3 ▲
70* 100.03.7
55.7
-29.72
4
26
Deals
75.1▲
5.0 22.4
2.8
28*▲
12.8
4.4
27.0
25.1
-328*
-
1,029.9
7* 15
-
86.3
24.0
5.6 20 40.910.7 12 100.00.6
50.6
282.4
6
▼
14.8
30.3
1,903.4
▼
3*
35
7
1.8
218.7543.4
4 3
64.79
435*
2
20482.2
22*
▲
47.2
▼
10*
3
28*
16* -1
▲
4.8
651.0-1
16*21*
16*
112.6
2.8
▲37
15
2016
5
2.6
389.0
3.0
726.4
▲519*
4
100.0
-11.1
100.0
7.9
346.1
▲
▲
9*10
16*14*
11
▼
Deutsche Bank
4.2
13.2
5 14
24* 19* 4 -2 ▼58*
1
29.6
100.0
25 100.0
2.2
5
59
▼
- - -
▲21
-98.3
514.5
2016 Rank Value
Jan 1 - Dec 31
Credit Suisse
11
Goldman Sachs & Co
41.153.8
Miles Advisory PartnersMorgan Stanley
Grant Samuel
Greenstone PartnersTreadstone Partners Pty LtdBank of America Merrill Lynch
Peel Hunt LLP
Houlihan LokeyInvestecGresham PartnersClairfield InternationalDeloitteRothschild & CoLazard
Ernst & Young LLPUBSCiti
KPMGPricewaterhouseCoopersMacquarie Group
Industrial & Comm Bank China
Allier Capital
5
100.0
24*
50.61
▼ 632.2-
▲9
▲▼
2,989.6
996.0
251748.3▲ ▲
1
14
Evercore Partners 30* 22* 3 -2 ▼ 1,075.0 6
▼
119 ▼
Change in
6
-7
57.6
▲
29.7
11
0 -
*tie
Source: Thomson Reuters/Freeman Consulting
3*
1
114
44.8
11▼ 84.6
▼
86.7
9*
689.5
19.6
4
# of Deals per Advisor
▲
289.019.5
▲
2
Industry Total
Jan 1 - Dec 31
8.8
44,204.11,843 630.7
100.0
53.3
▼7.2
# of
8
1713
3
2015
Australia/New Zealand Mid-Market M&A up to US$500m by Rank Value Range
79.3
10*-71.2
7
100.0
https://www.thomsonone.com
** Fee
Exp. (%)
6
9*
15
-
-76.0
12
▼28*
45*
Rank
Rank Value per Advisor (US$m)
12*
16*▼
Aus/New Zealand Mid-Mkt M&A up to US$500m by Target Industry
0.7
126.5
4
▼
23
▲
12*
44*
5
1,292.1
▼
543.8
1214
3282.5
▲
100.0
16*2716
2.8
7.7
▼▼
16
-5
35* 8-5
5
9
▲6
-1
1,734.5-10
-42.5▲
-58
7
58*
-46.5 14.4
Pitcher PartnersGreenhill & Co, LLCNomura
JP MorganFort Street AdvisersRBC Capital Markets
21*-17.8
4.2
376.6-18.2▲
-- 14
68*
- 4 4 ▲19* 4 -2 ▼
9
0 -5.7
878.7 10 53.9 ▲
8284.3
24* 28* 0
▲6
22*21*21*
3
-▲
▼
▼▲
232*
30
86.9
1.6
642*
17
22*
7*22* 12.1
19.7
16*
▲
-5.8
5,341.8Rank Rank
Rank Value
BDO
Moelis & Co
MM11 - Undisclosed Values & Values up to US$500m
Financial Advisor
15
▲
480.3
456.0
-
100
200
300
400
500
600
700
$0
$2
$4
$6
$8
$10
$12
$14
$16
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals
18.3%
14.7%
13.5%
8.6%
8.2%
8.1%
7.4%
6.1%
4.5%
4.4%
3.6% 2.6% Real Estate
Materials
Industrials
Consumer Products and Services
Energy and Power
Consumer Staples
Financials
Media and Entertainment
High Technology
Retail
Healthcare
Telecommunications
16
Full Year 2016 | Mid-Market M&A Up to US$500m | Financial Advisors
Indian Involvement Mid-Market Rankings (MM21)
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables
JP Morgan 29* 15* 2 -4 ▼
5.0 -70.1 ▼342.7 - -353.2 162.2 ▲13.8 - -81.9 - -7.8 - -
180.0 -73.3 ▼
0 76* -- - -- - -
0.5 42* 100.00.5 42* 100.00.6 40* 100.02.8 21 22.0
-2220---
29
Business Development Asia LLC 29* 58* 2 1 ▲Macquarie Group 29* 39* 2 0 -Axis Capital Holdings Ltd 29* 25* 2 -2 ▼BCMS Corporate Ltd 29* 58* 2 1 ▲Arpwood Capital 29* - 2 2 ▲Oaklins (FKA M&A Intl Inc) 29* 58* 2 1 ▲
Ambit Corporate Finance 29* 15* 2 -4 ▼ 0 - - 0.1 70* 100.0
GP Bullhound Ltd 29* 58* 2 1 ▲ 66.0 - - 0.5 42* 100.0
Credit Suisse 29* 21* 2 -3 ▼ 518.0 -60.1 ▼ 4.7 14 42.0Corporate Finance Associates 29* 58* 2 1 ▲ 0 - - 0.3 61* 100.0Signal Hill Capital Group LLC 29* 39* 2 0 - 33.8 69.0 ▲ 0.3 61* 100.0
65*12--
RBC Capital Markets 29* - 2 2 ▲ 0 - - 4.0 15 100.0Nomura 29* 58* 2 1 ▲ 142.3 - - 1.0 32* 100.0UBS 29* 58* 2 1 ▲ 884.5 1505.3 ▲ 6.4 8 100.0
--7
Jefferies LLC 23* 15* 3 -3 ▼ 0 65* - - 8.2 5 100.0Industrial & Comm Bank China 29* 39* 2 0 - 0 - - 2.0 24 100.0Mizuho Financial Group 29* - 2 2 ▲ 0 - - 0.4 57* 100.0
65*-
GCA Corp 23* 30* 3 0 - 26.5 - - 0.4 57* 100.0
1,298.2 3 92.0 ▲ 1.9 25
-2 ▼
▲ 2.3 22 100.0
5
39* 7 5 ▲15* 39* 5 3 ▲ 642.3 11 114.9
25* 7
▲ 0.7
--
-
6* 15* 2 ▲ 693.4 3.0JM Financial Group 8 10 -5.0 ▼
Advisor 2016 ** Fee
1,162.9 5
0.7 36* 100.0
20.4
42.9
▲350.0 21 55.6 ▲
3
7.1 ▲861.1
--
*tie
Source: Thomson Reuters/Freeman Consulting
23*23*23*
Rank Deals # of Deals US$m Rank
2016 Rank Value
-3.0-
14 113.2 ▲
-58*58*
3 ▲▲
2 ▲
84
▼58*
0.4 57*
Change (%) Fees Rank Exp. (%)
57.5 ▲ 2.1 23 51.210 -3 ▼
8
100.0
63.1
Indian Mid-Market M&A up to US$500m by Target Industry23* 4 3 -11 ▼ 130.6 7.6 ▲ 1.7 28* 100.0
-
-3 ▼5* 4 -9 ▼
30* 4 1 ▲
137.3 - 159.5
-83.5 ▼469.0
1 87.90.8 35 100.0
4 3 ▲12*
0.2 64*
20.0
1.8 26*
6* 12* 8 1 ▲ 1,008.2 4 36.6
5
https://www.thomsonone.com
1,302 1 ▲ 24,064.9 -8.2 ▼ 217.3
- 4 4 ▲ - - - - - -
-
-20-
-100.0
Industry Total
IDBI Bank LtdBank of America Merrill LynchGreenstone Energy Partners
33
-449.6 17
Jan 1 - Dec 31 Translink Corporate Finance
36*
▼ 421.9 19 -53.0 ▼
287.5
6* 7 8 -3 ▼ 466.8 15 -28.9 ▼ 1.7 28* 17.5
50
-0 - -
43.7 -2
-1 ▼
3 ▲ 59.7 40 -67.7 ▼ 1.8 26*
1,222.9
12*
9*
▲ 8.0 6 100.0100.0
32.2 ▲Citi 15* 12*36.8
15*18*18*18*18*18*
15* 5 -1
2.5
3.8 16 100.011.6
Acquisory Consulting LLPState Bank of Indiao3 Capital Advisors Pvt LtdMorgan StanleyGreenhill & Co, LLCClairfield International
Moelis & CoGlobalscope
798.2 9 286.7
100.0
Standard Chartered PLC
12* 3 7 -12 -72.9 ▼ 3.5 19 100.0▼ 273.9 25
4
6* 9* 8 -1 ▼ 1,340.2 2 37.0 ▲ 9.7 3 100.0
6.1 19.2
12*
6* 39* 8 6 ▲ 451.9 16 554.0 ▲ 0.5 42* 100.06* 9*
1 1 44 -4 ▼ 1,835.1 1 -28.9 ▼ 10.9 2 87.92 2 19 -4 ▼
8
9 -1
2016 2015
24
45.8 ▲ 9.36
▲
# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) †
- 301.0 ▲ 1.1
Change in Rank Value
MM21 - Undisclosed Values & Values up to US$500m Jan 1 - Dec 31 Indian Mid-Market M&A up to US$500m by Rank Value Range
34 5* 269.1
Rank
# of
31 91.79* 12 3
Avendus Capital Pvt LtdAxis Bank LtdGoldman Sachs & CoDeloitteYes Bank LtdRothschild & Co
ICICI Bank LtdPricewaterhouseCoopersKotak Mahindra Bank LtdKPMGErnst & Young LLPFinancial Advisor
-
50
100
150
200
250
300
350
400
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals
17.6%
14.7%
13.6%
11.8%
9.6%
8.1%
8.0%
4.1%
3.9%
3.2% 2.7% 2.7% Financials
Materials
Healthcare
Industrials
High Technology
Energy and Power
Consumer Products and Services
Media and Entertainment
Retail
Real Estate
Consumer Staples
Telecommunications
20
