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SMALL CAP M&A REVIEW FINANCIAL ADVISORS First Half 2017
REUTERS / Thomas White
Source: Thomson Reuters
*tieSource: Thomson Reuters
54.5
13.6
104.3 40-
-65
-19
152.1 22
120.3
35.40
6271.0
Rank Value
10
23.4
-1.3
-
Rank
Rank Value
-51.0
100.0
▼
9.2
31.8
134.4
74
147.811.0
8.8
6.6
-25
-
24
337.7253.0
77.2
14
Worldwide Small-Cap Rankings (MM1a)
Jan 1 - Jun 30
-852
--34.2
64
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
-
▼-47.0
-0.5
-75.5
Jefferies LLCAlantra Partners SA
30Grant Thornton
34*
3737
31*33
Daiwa Securities Group Inc
Industrial & Comm Bank China 22Citi
29*
BNP Paribas SA
Global M&A
3327*
1
30
3923*23*
Rank
4
-6
44*
-1032
Deals
19*
14 1015*
43
# of DealsRankFinancial Advisor
20162017 2016Change in ** Fee
Worldwide Small Cap M&A up to US$50m by Target Nation Region
2016# of
-10
MM1a - Undisclosed Values & Values up to US$50m
4313
Rothschild & Co 3 5
Rank Value per Advisor (US$m)
▼
18103
▼
Clairfield International0Generational Equity
IMAP 5
11*
Raymond James Financial Inc
Oaklins (FKA M&A Intl Inc)13
Morgan Stanley 11*
39
-
27
14
50*15*15* 21
4118
▼1 ▲
4346
▼-26-8
27*31*11
▲33
-19.8▼
-38.8
▼-26.041
▲▼▼
43.3
192.9-75.4
4,552.5
19
▼▼
0
38.9
44.80.0
▼
▼
15
345.80
-
▼
-▼
84.0157.3
First Half 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Change (%)
Stifel/KBW
Credit Suisse
Duff & Phelps
-9
390
16
37
-
▼
18*
-
45.0
▲
▼
19*
▲
-11
▼
2-3021*
21*
-14
-17
-11
14.52.25.7
32
31130.1
▼17
29
▲
-
-1-10 104*
19.9
24.9
5▼79.6
17-36.2
0.0 -
-
-
-
11
148.1
-
77.3
11.656.7
98.5
57.9
37.1
20*-
-
0.0-
-81.2 44.0
-86.2
9.7
-100.0
37.6
82
-
31.8
1.4
65
12.9
-
▼
10▼
20*▼
-2.8
78
https://www.thomsonone.com
SunTrust Banks
▼▼-
26
15.037.4
2322
38
Moelis & Co
27*
-
1320.00▲
85.3
Evercore Partners
41*
Piper Jaffray Cos
34*
18*39*
34*
40
42*
Gram Capital
31*
218.7-11
27
▼-17
▼▼▼
62*
74*
41*
Barclays 34*
23*
74*
41*
45*38
151*Industry Total
56*
-12
-3Robert W Baird & Co Inc
20
BCMS Corporate Ltd 4420
BDOCapitalmind
45*
45*45*
4
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
45*
-87
20 14
▼17.5
20
-69.6
25.4
40
▲
58.7
▲ -
▼
77,856.8
34.5
▲-17
131.0▼
▼
▼
162.227
25
-22
-16
8
226.0
▼
2221
-723
-7
GCA Corp22
24
ING
39*
34*
UBS
Kaede Group
29*
90*
23* 30
2829
Nomura 31*RSM Corporate Fin LLPGlobalscope
15* 3126*
3123*
26*KBS Corporate Sales Ltd 23* 26
▼26*
-
32Clearwater InternationalBaker Tilly International
-8
-34.8
▲
53.0-
3391.3▼
-7.2
▲
- ▼26
49.8
▼ 16162.5
▲ 8▼
83.9
34
0.4179
33.8
3.8-44.1
34.1
120
▼
17 48
315612.1
▲▲
448.6 ▲ 23.8
-46.1▲
JP Morgan
35.1 16-59.3
813
-0.1
Lincoln International
-Lazard 10
Goldman Sachs & Co 49 12 ▲
12 66
31*18* 49
5
-15 4 8.1346.7▼ ▲
12
22
-53.9
9240.7Mizuho Financial Group 9 9 67
8 8 68Houlihan Lokey
KPMG
101
6
6
7
4
15*Sumitomo Mitsui Finl Grp Inc
1
Deloitte 92
2
70
7
2PricewaterhouseCoopers
Ernst & Young LLP7
1
13
161.3
268.4137.1
▲
123 1
22
-32.5-89
3 72
▼
-47.5▼▼
85-39
Exp (%)
159*24▼
▼510.3 ▲2
-77.6
94.8411
▼
-2.5
72.637.2
▼
227.5▼
▲-49.1
▼
108.7
74.6▼-52.4
▲-68.3
37.0-18.5
-6.5▲
▼
▼
▼
▼
▼25.9
-
-31.8
-76.643.6
-
▼
25.8▲
▼68.2
40.758.6
▼
▼
20
20,208
6
-
100.012.749.3
87.8
64.819.9
18.054
27.644.3
68*
25
22.4▼
261*
6.087*183*
27*
24.5 33
23.3
100.0100.0
42.129.9
100.0
3027.4 35.1
75.9100.0
Worldwide Estimated Small Cap Investment Banking Fees by Quarter*
63.4 6
48
3635
9.2
33.5
18.5
77.429.1
51.9
97.172.1
95.6
52
25.2
66.1
44.7
93.1
55.0
6.36.3
7.6
11.07
142.4
48.8
5.6
15.9
100.0
29.4Fees
11.0
43.8
Advisor
2108.130.393.9
13.4
3
Rank
1427
▼
15.4 39.7
US$m
540.40
Imputed Fees (US$m) †
# of Deals per Advisor
4 ▲
-23 ▼
79.10
-11-11
4 73.6
-
-62-4
184.8169.4
27.1
29
7.9
28.9
26.218
$0 $10 $20 $30 $40 $50 $60 $70 $80
2012
2013
2014
2015
2016
2017
Rank Value (US$b)
Africa/Middle East Americas Asia-Pacific Europe Japan
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
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
2011 2012 2013 2014 2015 2016 2017
Per
cent
age
of T
otal
Fee
s
Inve
stm
ent B
anki
ng F
ees
(US
$b)
% of Total Fees Small Cap I.B. Fees ($50mil or
2
*tie
Cormark Securities Inc
Clairfield International 14*
▲RGS Partners 14* - 2 2- -
BR Partners 14*-
16* 2 0.0HSBC Holdings PLC 14* 0.2
0.00.0
- 2 2 ▲
50.0
0.5-23
26*
9.9-
-1 ▼25
0.0 26*
33.339.2
Exp (%)
100.0
▼
-
▲
3.0
- - -
48.8
80.02.0
2.0
-
1.7
-2.02.0
- 24 100.0
21 62.1
0.7
0.0
--
-
-
-
-
1,912.8
64.5
100.0100.0
2.0 9*
33
▲
0.1
18.2-
100.0
9*
1.3
▼
- 11.6
3.2
Fees
9*
-
26*
-
-
-
-
-
-9*
6*
-
-
-
0.1-57.321
-
6*
-
48.7
9*
9*
2.040.8
45*
9*
26.52
-
1*
26*0.0
-
135.1
37*
- 2.0
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
https://www.thomsonone.com
100.0
1.8
Latin American Small-Cap M&A up to US$50m by Target Industry
100.0
UBS 14* 16*
Quarton International 14*27*
14*
Industry Total
2
-29
2 22 0
2 -1
2
2
5*2-3
-
-1▲▼
▼- 2
▲
5*4
-1
214*
3
5*
4*
3Deals
14*33*
9*
-
# of Deals
14*
Rank
9*
2
9*Banco do Brasil SAArtica Participacoes e Assesso
KPMG
14*
-
9*-
Jan 1 - Jun 30
-Banco Bradesco SA
Lazard5.7
Banco BTG Pactual SA
9.95.4
1
100.0
8
6*
526.4
Financial Advisor
2016
# of Deals per Advisor
Latin America Involvement Small-Cap Rankings (MM17a)
Rank Value per Advisor (US$m)
9*3-
# of 2017
▲
0.0
-2
4
1*26*
-1
▲2
20
56.4
4
9*
4*
26*
15.4
PricewaterhouseCoopers 16*Credit Suisse
9*
3*26*
14.1
▼
** FeeAdvisorRank Value
0.0
▲0.0
56.4
33
9*
0.050.0
-50.0
6.5
3
1
Imputed Fees (US$m) †
IMAPMorgan Stanley
Santander
-
2.8
▼
BNP Paribas SA
4*
100.0
22
-
13.8
1
-6.8 30.52
9*
INFUPA SA
Banco Fator SABanco Votorantim
16*
14*
6*
45*
Rank
2.0
3.06.0
--24
-2.0▼
-
-
-
Change (%)
4
-
First Half 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
27.4
Rank
25
Source: Thomson Reuters
▲ Jan 1 - Jun 30
-66.7
0.0
Rank
12*26*
0.0
-4
▲
▼
4*
3*
▲
-
Change in
▼44*
▲
0
1
1*
2*
9*
1* 91
4Rothschild & Co
0
Itau Unibanco 9
16*
BBVA 3
▼
-1 ▼-7
▼ -2 ▲National Bank of Canada Fin'l
21.5
31
2*5
9*
421.5
Latin American Small-Cap M&A up to US$50m by Rank Value Range
▼-71.3
2017
US$m
12*
2017Rank Value
MM17a - Undisclosed Values & Values up to US$50m
9.5
1.1
--
--
26*3
14* - -26.52Bank of America Merrill Lynch 14* 16* 2 -1 -
-
24.4
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
▼538
22*0.0 26* - -
1.5-
22.5%
14.9%
14.2% 11.3%
8.9%
7.7%
6.0%
6.0%
4.1% 2.6%
Materials
Energy and Power
Financials
Industrials
Consumer Staples
Consumer Products and Services
Real Estate
High Technology
Healthcare
Telecommunications
Retail
-
50
100
150
200
250
300
350
400
450
500
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
5
*tie
Industry Total
0.0
51.5
14.2
47.8
107.3 96.6
17.2
37.1
-9.7 ▼
223.2
-47.3
10934.5
0.012.8
--
-
Exp (%)
Imputed Fees (US$m) †
4
21.2
69.7
34
Advisor
4413.6
87.4
6.2
75.997.1
94.874.8
100.0
https://www.thomsonone.com
0.0
66.770.7
0.0
16,092.8
0.0
7.4-
100.7
44.016.2
43.5 40.3-
44.7
0.0
30
32.5
40.9
-
-
47.2
-
12.4
79.726.6
100.088*
18
31.8
57.033
100.0
3.5
20.8
18.6
-
0.0
517
88.9
100.0
41.3
39.6
63.4
116*
100.0100.0
100.0
-12 50.8
18
0.0
10
Raymond James Financial Inc
15.1
71.2
30.4
41*
▲
23
- -
29*
28
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
-70.9
29.0
56.7
-1419
30.2
31.1
100.0
8.5--
4.3
100.0
99*
17.3
96.4100.0
57
24
23
37*37*
97.6
132
8
12
6
16
100.0
27
53*
54.0
21
20
4.5
31
100.0
11
19
84*100.0
39*
13.4
68*
92.3
53.6
25.318.3
32
47.9
100.0
9.5
3647
23.3
14
▼
7.0
8.0.9
17,423.8
-37.0
130.4
▼7,413
10
178*
▲
16.1▼
-75.7
17.9
28
100.0
-
1,980.0
35
8.0
▲
314
9.0▲
13.6
22
41*
25*
29.1
71*
-49.4
▲
▼
-87.7
-77.1
56.7
15
▼▲
-
-19.8
0.02480.0
--8.0
32.5
▼
-8
▲
13
12
▲
10
10
▼
-
-89.1
▼0.0
40
10
3.7
0.0
▼
-
136.1
358.0
▼
-
▼
▼
▼
-▲
▲
38.07.8 59.1
Rank Value
29*
** Fee2017
21.5
-
-47.9
-39.3
51.319.4 ▼
Euro mil
2
▼21.030.5
7.4
3.0
▼72.17
9.8
US$m
▼1922
304.6
-56.6
▼
Change (%)Rank
Rank Value2017
-
-
-11.2
-
-184.9
-1.3▲
43.3
-55.4
1103.7
▼
-
▼
69.10.0
27
91.0
0.0
-
▼127.6
4
▼
-
80*
-▲
-
46.7
-2.4
-
Global M&A
BNP Paribas SA
Rabobank NV
Goldman Sachs & Co
-49.5
90*
46*46*46*
12
▼
12
13
Baker Tilly International
Benchmark International
6
32*UniCredit
Livingstone Partners
16.6
13
-67.4
▼
-
▼
-1213 ▼
18.5
18.1
7
75.0
-2 -24
▼-50.6
Jones Lang LaSalle Inc
Roedl & Partner
Capitalmind
Societe GeneraleMazars SA
Alantra Partners SA
Credit Agricole CIB
Kon SpA
ING
28*BCMS Corporate LtdCredit Suisse
28*
26*
21*
26*
21*
40*
DC Advisory
32*
40*
Fineurop SpA 46*
Natixis
▼
▲- 21.2
9.0-
6.214.0
16.010.5-91.0
▼
4.50.04.0
▼ 0.0
50.0 - -
-11
▼
77.4
151.2
-
4-
-162.234.3
-3
-11 ▼
▲
▼
12
-4-8
▼▼
15.4
13-81
-13
-9 26.9
4.1
▼
133*8.0
14
-5
16
▼
-
15
50.9
47.8
0.014
▼2.8-
109.4
21.4
▲
▲
-
46*
39*Deutsche Bank
49*40*
46*
52*
19.5
2.25
BDO 35*
32*
324*
21*
35*
UBS
Houlihan Lokey
2630*
3331
24*35*
28*
36*
21*
7
42*21*
18 -12
17
17
-128*
20
25
20
19*
19*46*
-16
26
▲
0
-10
-17
28
▼
6
16
83.933-18
79.0
76.2
11.0
▼▼
28.2- -10.0▼14 ▼-44.1 28.877.6
102.8▼
23.229.9
▼ ▲15
110.4 22.582.3
217.1334.6
▲
44.0
162.4 149.0
35
368.8
▼
18
19*15*
28*
19
-0.0
0
40*Liberum Capital
813
872.9
35*
2065.4▲
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
Arkios Italy SpA
Citi-
Duff & Phelps
5.9
19.0-
12.0
13.1
3.4
14.516.1
-
-
▼▼
4.5
73.7
▲▼
▼
0.0
148.14.2
▼533
47.6
▼ 23.3
-31.671.067.5
77.1
-62.2
-53.9
▼
# of Change in
67-37-16
Jan 1 - Jun 30
European Involvement Small-Cap Rankings (MM3a)
12 -1229
▼Deals
52
▼
-2510*
2715*
13
15 -610
1
36.23*
1KPMGRothschild & Co
▼
1
-10
283.8-87.5-32.5
36
Rank
# of Deals per Advisor
RSM Corporate Fin LLP
Clairfield International
Clearwater International
89
-388
-34
Lazard
IMAP56
12
4
6
Financial Advisor Rank
KBS Corporate Sales Ltd 32
Deloitte
Oaklins (FKA M&A Intl Inc)
2
Ernst & Young LLP7
3*
2017 2016
# of Deals
JP Morgan 19*
▼▲
Globalscope
42* 20
2123
-830* 21
10*45
70
MM3a - Undisclosed Values & Values up to US$50m
5
Morgan Stanley
PricewaterhouseCoopers
91426
Lincoln International
Grant Thornton
38
11 14
▼-81
72
70
87
39.2
-5
▼
8
-8
1736*
13 ▼-8
▲
30*
1212
34*90*
16
17
16
14
-6
-1 ▼
-3
-108
Source: Thomson Reuters
Jan 1 - Jun 30
European Small-Cap M&A up to US$50m by Rank Value Range
Fees
-83.3
86.1
21*-3
Rank
European Small-Cap M&A up to US$50m by Target Industry
First Half 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
0.0-15 0.0-
183* -CFIfinnCap Ltd 44*
▼
720
3
1 30.0102.1
Rank Value per Advisor
44* 23 11
-
1160* 2
35*
14.1%
13.5%
12.7%
9.6% 8.9%
7.5%
7.2%
7.1%
6.9%
5.7%
5.3% High Technology
Real Estate
Industrials
Consumer Products and Services
Financials
Media and Entertainment
Healthcare
Materials
Energy and Power
Consumer Staples
Retail
Telecommunications
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
$0
$2
$4
$6
$8
$10
$12
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
6
*tieSource: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
▼36*
5.83.2
▲
668.9 34.1
100.01.4
100.034.9
4.0 28* 100.02.20.4 192*
0.8
▼ 7.3
-
▼40*
▲
40*
-19.4
-0.06.0 40* -88.4
▼
-
100.05.7 23
40*
32* 53.8-40*40*
40*▼ 0.0
0.0
- -
-87.5Cairn Financial Advisers LtdEvercore PartnersSmith & Williamson GroupCushman & Wakefield IncLivingstone PartnersClairfield International
54*
4 325*
4
5 1
-34
Jefferies LLC
109*
-240*
4 -4-7
40*
40*
45*
45*
29*
5
440*
-3
▲▼
117.7
36*
0.0
81.6
-31.0
6,083.5
211*
46
0.1 211*
0.1
344.7
-
17.9
86.8
40.1
0.034.7
3.2
20.5
38.9
0.0
29*
4,828.3
27.2
-14.2
29*36*
40*
61.1
7.0
13.2
165*10.5
16
-
-
-13.2
▼36*
71.9
64.1
97.4
89.3
8.9
17
2.7
96.0
58.8 25.0
0.0
40.0
100.05.2
197*
61*
10.9
24*24*
0.0
60
13
30.4100.0
62.597.1
4336.3
220*9* 84.5
100.0
45.2
2.1-
2.6
-
-
▲
6.9
-
-
0.3
190.7108.1
-
-▲
39.8
-
▼
1.81.9
8.1 75.5
22*
29* 1
5.5
9
7
9
6
32*
0.0
72.5
5.5
30.0
29*
36*
▼
▲
68.0
4
0.0
8
6
-4
100.0
48*▲
73*38.9
--
2.0
▲ 1.0
-
0.7
7.6
711.5
18*
0.9
11
33159
8.0
9.3
9*
8.5
30.6
18*
100.0
UK Involvement Small-Cap Rankings (MM4a)
Imputed Fees (US$m) †
100.0
Exp (%)
6.9
14*
42
100.0
8.7
45
8
87.9
4.7
87.52.194.5
** Fee
▲
3.4
10.9
2.5
17*
5
45*
36*25*
20*
40*
5
Alantra Partners SA 29*
36*
29*
109*
54*
45*
Morgan Stanley109*
Investec25*
26*
Canaccord Genuity
29*
https://www.thomsonone.com
36*
1 ▲Global M&A
54*
BNP Paribas SA
Nomura
Cenkos Securities PLC 2526*Numis
29*WH Ireland Ltd
Sentio Partners LLP
Houlihan Lokey
Shore Capital Group
Goldman Sachs & Co
25*
54*
29*
▲-2
7
-11
Citi
JP Morgan 17*
22*Lincoln InternationalCatalyst Corporate Finance 40*
32*2120*
100.0
100.0
66*
▲
34.89.9
-26.2-15.5
1.5
41-
594.0
1-39.3
▼
▼
-
4
5
2017
29.1
▼
-
▼
▼
First Half 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Rank Value
110.4
UK Small-Cap M&A up to US$50m by Rank Value Range
36.11*
-32.84
354.0
52.0
Duff & Phelps
Oaklins (FKA M&A Intl Inc)
IMAP
Rothschild & CoKBS Corporate Sales Ltd
-68.7
▲1*
RankRank
-68.2
-19.8
-
-
2.4
▼
1*
148.128
-▼113.5
-
▼79.0
115.9
20*
2016
7
4
1*6
5
3
DeloitteClearwater International
14
11
7
12*
RSM Corporate Fin LLP
4
1*
PricewaterhouseCoopersKPMG
6
Grant Thornton
Mazars SA12*12*
Deals
Benchmark International
Baker Tilly International
21
8
Financial Advisor
9 6
12*
10*10*13
10* 9*
14*12
-2
14*
12
-3-8
1413
Liberum Capital
LazardErnst & Young LLP
17*
8
9*BCMS Corporate Ltd14*
20*
-
BDO 17* 1*finnCap Ltd
Rank Value
Jan 1 - Jun 30
2017
Rank
Industry Total 1,948
32*
9
6
0.0
1
26*
16
51*
71
26
2
2017
2.3
29
28.232
-11
Change in
GBP m Change (%)
# of Deals per Advisor Rank Value per Advisor
-
64.0
0.037.1
148.6
21
38.70.0
49.4
0.0
8
0.0
Fees
39.9
▼
8.5Rank
MM4a - Undisclosed Values & Values up to US$50m
11.0
# of
▼
32 -8▲
# of Deals
23.3
Advisor
17
90.03
49.4▲1 62.3
-8
0.0
89.3
-1214
-2
15
▼▼
325
▲▲▼
918
-1267
9
13.7
10*
49.3
8.0
22*
17*38.9
▲
-45.8-
--
10* - -
4.5
0.00.016.0
▼
▲
16.70.0
57.5
3.6
14.0 612
4
17*
43.50.0
51.5
14*
10*
▲
17*
15.01.3
14*
22.3
34.5
2.8
-89.1
11.4
-
17*41.1
13
▼
-
▼-14*
-
▲2
▼
-29
▼
-7
▼
▼
▼12
1111
10
8
12
-5
311
▲
55.5
▲-5
17*
22*
64* 11
▼
2▲
22*22*25
6.3
4
3
0.0 0.0▲ 28.7 22.7
56.3
18.4
▲▲163.3
26*29*
43.7 14.7
-
▲
0.0
58.0 47.115.0
29* 144.1
26*
▲
▼
0.0
26*
▼
▲
75.0
0.029*
2.6
▼
▲
-2▲
26
▲1
6
4
0
3
▼
▲
6
▼
-7
44
473 97.1
UK Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30
6
-26
0.0
▲
29* -
US$m
72.9
10.5
54*
0.0
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
12.8%
12.7%
11.3%
10.8%
10.3%
10.0%
8.4%
7.8%
6.5%
6.2% 2.6% High Technology
Real Estate
Consumer Products and Services
Industrials
Healthcare
Media and Entertainment
Financials
Energy and Power
Materials
Retail
Consumer Staples
Telecommunications
-
200
400
600
800
1,000
1,200
$0
$1
$1
$2
$2
$3
$3
$4
$4
$5
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
7
*tieSource: Thomson Reuters
38* 104*
-15.7 ▼
▼8*
▲▼
Adviso Partners SAS
-90.2
▲
2
-1
3
11*
0
17*
0.0▲
▼
▲
Global M&A 28*
37.1
17.2
2.7
0.0
▲
Houlihan Lokey
5.6▲
2017
26.0
-
4
-
First Half 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
16
5.0
4.0
12
▼
-1
-2
0.0
0.0
-
1
1
▼
11.1
41.9
0.0
0.0
10.4
18.5
41.9
0.0
0.0
4104*
8*
13*11*
16.2
Euro mil
34.5
12
7
34.9
100.0
3.2
100.0
100.0
23.3
4.5
100.0
24.4
Rank Value 2017 ** Fee
7*
100.0
50.8
69.0
51.4
Advisor
9
3
Jan 1 - Jun 30
59.8
46.9
2
92.0
100.0
79.7
96.334.4
100.0
30.44
1.6
27.2
Rank
Imputed Fees (US$m) †
59*5
100.0
100.0
17
Exp (%)
20
14
100.0
41.3
42*
100.0
KPMG
13*Financiere Cambon 7
13*MBA Capital SARLBanque Degroof Petercam SA
Lincoln International
11*
11*
Lazard
15*8
DC Advisory
Oaklins (FKA M&A Intl Inc)
Credit Agricole CIB 11*Clairfield International 8
6
17* 7
11
53*
118
1
13*
Rothschild & CoFinancial Advisor
BNP Paribas SA
MM5a - Undisclosed Values & Values up to US$50m
# of Deals per Advisor
21*
21*
0.04
French Small-Cap M&A up to US$50m by Rank Value Range
17* 17*
21*21*
32
-5
Pax Corporate Finance
Bryan Garnier & Co
17*
15*
21*Clearwater International 17*
UBS
17*
24*
4
17*17*
-16
5
-27
104*
0
▼-1
▼
-▲
-8
-6
0
-3
17*
▼
27.7
66
US$m
0.0 0.0
6*
0.0
9.5
19.9
100.0
1-
43*
4.4
-1
-▲
26*
5.1
▼
Change in
Rank
2016
7
5
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
8*
21
Rank
2
▲
23.8Deloitte
7
2* 213*
-12Natixis
Ernst & Young LLP
4
Societe Generale6*6*
5
IMAP
8*
Linkers33*
0.0
1,243
Clipperton Finance SARLAccuracy SASTranslink Corporate Finance
▼
59*
2017
▲
# of Deals
-1
39
0
-4-61
# of
Deals
▼-12▼13
16
▼
-11
11 -110
▲
▲▲
▲
▼
▼
0.0
5.2
47.4
6.5
6.5
1.0
Fees
6
14.3
0.0137.6
Rank
-
Rank Value
60*
French Involvement Small-Cap Rankings (MM5a)
Change (%)
18.3
17.2
2
-37.0
4.0
-87.714.267.872.1
21*
25
-
▼
-
-▼
-
30.2
21*
2475.012.8
12▼
-
-66.7 ▼
-11.2
-
1631.3
--0.0-
60*
-8.7
-
-
-
29.0
-2.5
-
-
-
-
0.0
1317
-
-
-50.9 ▼
-
▲
-
13
16
100.0
22*
4.46.0-4.5
-32.8 ▼
- 5.7
▼-
10*7*
-83.1
-
21
4.0
8.0
22*3.7
8.07.0
49.2
46*11
▼
0.0
0.0
4 3
Industry Total
Rank Value per Advisor
18* 100.0
100.0
4469*
15
100.0
1.12.4
12
66*
-
-18* 100.0-22*
100.031
100.0
70.0
100.0
3.3
4.028
French Small-Cap M&A up to US$50m by Target Industry
497.5
6.3
41
Jan 1 - Jun 30
https://www.thomsonone.com
38*
-5
0.0
-
-
33
-15
Goldman Sachs & Co
5
-
59*
Messier & Associes
47.20.0
2,311.9
46.8AP Management
2* 6
1
▼
28*
2,499.3
5.6
10*
50.0
-6*
1
46.8
-74.9
▲
17.018.1
-477
▼
20.021.2
2
0.7
36
-5
-
--
--
-
38* 104* 3 2 ▲
▼
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
0.0
-
-
-
-
▼
3
5.0
2.2
0.0
▼
159.2
5.5
9.02.3
ING
16.2
52.10.0
173.7
3
5
Eurohold SL 28* - 4
21* 26*33*21*
Capitalmind5
428* 43* 4
4104*28*
28* -
4
-0.0
280.6
-0.03
4
4
-3
25.5134*- -
-
Grant Thornton
27.4
CBRE Holding SAS 38* 43* 3 0 -
54.4
Canaccord Genuity 38* 43* 3 0 -Citi 38* 104* 3DDA & Co LLC 38* 104* 3 2
Morgan Stanley
▲Fineurop SpA 38* 104* 3 2 ▲
▲
38* 33* 3 -1 ▼PricewaterhouseCoopers 28* 11* 4 -7 ▼
Drake Star Partners 4 4 ▲Invest Corporate Finance SAS 28* - 4 4 ▲
28*
28* -
2 ▲Vulcain SAS 38* 59* 3 1 ▲CFI
Edmond de Rothschild Hldg SA 38* 9 3 -10 ▼
- -0.0 0.0 - - -
51.4
0.0 0.0 - - -0.0 0.0 - - -0.0 0.0 - - -0.0 0.0 - - -0.0 0.0 - - -
12.3 11.0 - - -17.4 16.4 19* -60.2 ▼0.0 0.0 - - -0.0 0.0 - - -
12.9 12.2 - 3125.0 ▲0.0 0.0 60* - -
2.52.5
3.0
3.0
3.0
38* 100.00.9 131 64.33.6 29 8.2
33* 100.03.0 33* 100.04.0 22* 16.5
33* 36.12.1 45 100.00.4 152* 100.0
33* 100.02.3 42* 100.03.5 30 100.0
21.9%
18.0%
9.7% 9.4%
9.3%
9.2%
7.8%
6.8%
3.5% 2.2% 2.2% High Technology
Consumer Products and Services
Industrials
Healthcare
Retail
Media and Entertainment
Consumer Staples
Real Estate
Financials
Energy and Power
Materials
-
100
200
300
400
500
600
700
800
900
1,000
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
8
*tieSource: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
- -0.0 0.0 25* - - -
32* 30.30.0 0.0 25* - - - - -0.0 0.0 25* - - 2.0
48* 100.026.5 25.0 12 - - 0.7 71* 100.00.0 0.0 25* - - 1.0
32* 100.00.0 0.0 25* - - 2.0 32* 100.00.0 0.0 25* - - 2.0
- -0.0 0.0 25* - - 2.0 32* 60.60.0 0.0 25* - - -
31 20.40.0 0.0 25* - - 1.0 48* 100.0
46.7 44.0 3* 134.7 ▲ 2.1
13 11.80.0 0.0 25* - - 1.5 42* 100.00.0 0.0 25* - - 4.50.0 0.0 25* - - 1.00.0 0.0 25* - - 3.3
Duff & Phelps 18* 61* 4 3 ▲ 0.0
▼
-
Rank Value
20 6.448* 100.0
Industry Total 991
18* 19* 4 -1JP Morgan
-151 23.8-20.0
Deutsche Bank 29* 26* 3 -1 ▼-9 ▼-2
25* - - 0.7410.0
Change (%)
Concentro Management AG 29* 9 3Network Corporate Finance 29* 19* 3VR Corporate Finance GmbH 29* 61* 3 2 ▲
▼
15.3
-GCA Corp
▼
70.7
HSBC Holdings PLC 29* 61* 329* 3
7.5
▲Societe Generale 29*
# of Deals
66.70.0
0.0
0.0
-0.0-
1.3
▼
13.6
1,817.9 1,680.3
1.50.0
9
7
-
23
0.0
-
- 3
4
-
100.0
2017Advisor
1
German Involvement Small-Cap Rankings (MM6a)
94.8
2.2
65.2
Rank
100.0
14*
100.0
100.0100.0
100.042*
66.7
16*
26*
241.9
4.0
36.1
100.0
Imputed Fees (US$m) †
100.012.8
100.0
100.0100.0
100.0
12.4
12
100.0
14*
-
Fees
5.8
▼
▲0.0
▲4
2 2 ▲
3
▲
▼
418*
Global M&A ▼Cushman & Wakefield Inc
4-2
Jan 1 - Jun 30
24
German Small-Cap M&A up to US$50m by Rank Value Range
2.2
2017
100.0
100.0
2.2
▲
ACXIT Capital Partners
6
2Alantra Partners SA
Raymond James Financial IncStifel/KBW 18*
18* 42*
Rank Value per Advisor
3.5 19
48*66.6
26*
4.2
6.0
1.0
18*
0.0
Livingstone Partners
18*
Deals
6
7*
8
3
0.0
11
7
Capitalmind
10*
Lincoln International
8
Clearwater International
Ernst & Young LLP
-4▲
0.0
4*
14*
3
6
0.0
242*
5
0.0
First Half 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Jones Lang LaSalle Inc
0.0
25*
-3
9
11*
4
4
216*
3 5*
# of
Financial Advisor
1 0.012
42*
10 ▼▼
-4 11.0
US$m
KPMG
GlobalscopePricewaterhouseCoopers
IMAPRothschild & Co
MM6a - Undisclosed Values & Values up to US$50m
10* 4
7*
Rank
Roedl & Partner
7*2
Rank
Deloitte 4*
6
-11
6
5
71
6
1
6
-20
-27
2
61*1
14*
-6
7.0
▼
0.0 0.0
▼▲
Rank Value
0.0
--
8.0
6.5
9*▲
19.0
0.0
▲
▲
31.2▲▲
1.1
▲
7*
7*
5.0
4.2
11
Goldman Sachs & Co 29* 61* 3 2 ▲
Rank
-73.4
-
25*
-
18*
25*
▼
-
-
▼-
25*
25*
25*
-93.4
▲
-
-
-25*
-78.2
16*
-
-
--▼
17
237.4
0.019*
6
-32*
8.019*
33.6 -0.0▲
UniCredit 10*
10* 10
32*0.0
1.2
32*25*
Oaklins (FKA M&A Intl Inc)
Houlihan Lokey
Quarton International
0 -
10*10*
26*
https://www.thomsonone.com
-
44.0
-
-
46.7
-
3*
0.00.0
25*25*
2
-
-25*
25* -
-
-
--
2.2
--
16*
-
25*
20
25*
16
0.0
▼
▼
Euro mil
German Small-Cap M&A up to US$50m by Target Industry
4.6
2.8
Exp (%)
10
8.111.0
44*
26*
25
100.04.0 16*
3
100.0
4.0
8*
100.02.5
Jan 1 - Jun 30
7
** Fee
4
26*
71* 25.0
-
-
2017
-71.6
2016
# of Deals per Advisor
25*
-
▼
10.1
0.0
0.0
▼
Wells Fargo & Co 37*
▲
0.0
30.0
0.0
0.0
0.0
0.0
33.4
Change in
▼-12
0.048.6
-2
-
-
0.0
7.9
218*
46.018* 14* 4 -2
IMAP M&A Consultants AG 18* 61* 4 3 ▲
19* 4 -1 ▼Daiwa Securities Group Inc 18* - 4 4Clairfield International
25* - -0.0 0.00.0
25* 2.0 32* 100.01.0 48* 100.0
2 ▲-
goetzpartners Corp Finance 37* 32* 2 -1Barclays 37* - 2
▲
13
▼61* 2 137*
IEG-Investment Banking 37* 11* 2 -6
▲ 2.2
UBS
GP Bullhound Ltd 37* 42* 2 0 -Macquarie Group 37* 42* 2 0 -BCMS Corporate Ltd 37* 61* 2 1 ▲
26* 3.8
CBRE Holding SAS 37* 61* 2 1 ▲CFI 37* 42* 2 0 -
1 -
Mazars SA 37* 42* 2 0 -
- 1.3 44*
Ludwig & Co GmbH 37* 61* 2 1 ▲
4.20.0 25*
CorestarPartners GmbH 37* - 2 2 ▲
- -
Commerzbank AG 37* 14* 2 -4 ▼
3.0 21* 100.03.5 3.3 22 -92.3 ▼ 0.1 96* 100.00.0 0.0 25* - - 3.0 21* 100.00.0 0.0 25* - - - - -0.0 0.0 25* - - 0.4 88 100.00.0 0.0 25* - - 6.8 5 66.7
28.6%
19.0%
17.7%
7.1%
5.6%
4.6%
4.4%
4.1%
3.4% 2.9% 2.6% Real Estate
High Technology
Industrials
Materials
Financials
Energy and Power
Healthcare
Media and Entertainment
Consumer Staples
Consumer Products and Services
Retail
-
100
200
300
400
500
600
700
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
# of
Dea
ls
Ran
k Va
lue
(US$
b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
9
*tieSource: Thomson Reuters
Industry Total
0.0
0
1
71.4
▲
-
15.80.0
19
21.60
5.4
--
100.017* 100.0
100.0
100.0100.07*
5.9
2.3
11.0
24.5
-
-
-
25
17*
0.0
31.8
-
▲
319* ▲
2
0.0-0.0
0.0
Societe Generale
5
3
30.5
▼2
3 0.0-25*
-
25*20.0
-
-
-
49*
31.5
16
1.2
2.0
-
6 -
1
0.0
-
8*
25*
25*
25*
32.4
-48.2
15
0.0
▲
MM7a - Undisclosed Values & Values up to US$50m
1Banca IMI (Intesa Sanpaolo)
-2
5
8*
37*
18*
2
3-8
2016 2017
UniCredit
3
3.4
Change in
Rank
-14
0.0
1
▼-26-3
▲
▲2-3
5
▲
0.0
▲
70.9
▼
14.5
5
8
▲▲
▼
6
1
7
Deloitte
Oaklins (FKA M&A Intl Inc)
Mediobanca
Spada Partners
16*Leonardo & Co
Deutsche Bank 19*
PricewaterhouseCoopers
19*19*
UBS
16*
Banco Fator SA
12*Clairfield International
IMAP
4
9
12*Credit Suisse 12*
BNP Paribas SA
Morgan Stanley
12*
5
10
12*
24*
8*
4*
4*
12*
3
3
Deals
19
16*
8*
99 4
100.012.0 2
Imputed Fees (US$m) †
Rank Value 2017
100.052*26
100.0
Exp (%)
100.0
71.4
13*17*
13*
22.381.4
28.3
71.4
100.0100.0
100.0
59.3
2.0
-
Rank Value per Advisor
3.01.10.0
34.0
598
3*
13*
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
1
16.3
3*
11
7*
- 100.032.7
7.06
2.0
20
10
1
2
138*11
-
KPMGFinancial Advisor
▼# of Deals
1
# of Deals per Advisor
▲
1.3
25* -
4.0
17*
123.2
7.0
30.0
-
38.9
32.60.0
7
0.0
-
1103.7
0.0
4
▲
32.5
-
25*
0.0
▼
▲
8
4
4*
-
12*18*
37*
18*
27*18*
32.5
-45.877.6
▲ 0.0
-
# of
43
8*
DVRCapital SpA
2017
Rank
11
Rothschild & CoFineurop SpA
2
Ernst & Young LLP
5*5*
LazardArkios Italy SpA
5*
Kon SpA
24*
IEG-Investment Banking24*
Unione di Banche Italiane Scpa 24*
19*
- Jan 1 - Jun 30Italian Small-Cap M&A up to US$50m by Target Industry
46.2
6.0 5 69.0
25* -
--
-
- 2.0
24
-
https://www.thomsonone.com
-- -
182.0
-
0.0
3
25*
▼
▲
0.0
▲
25*
-2
-
22
10
40.9
0.0
4
▼
1
▲
25*
-1
- 2
- 2 218* 2
Goldman Sachs & Co 24*
37
JP Morgan 24* 27*
-
** FeeAdvisor
0.6
-3.0
-
25*
First Half 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Italian Involvement Small-Cap Rankings (MM7a)
Fees
Rank Value
Italian Small-Cap M&A up to US$50m by Rank Value Range
134
0.0
US$m
▲ 5.60.0
0.0-87.3
-
▲
-
1.6
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
Rank
1.6-
19.0
4.0
▼
▼ 22*
22*
3.6
4.1
0.8
10
-
-
-
-
7*
440.325*
30.525* -0.0
-26.1 ▼
▲0.0 0.0
-
8*
-
30.5
25.0
34.5-1
▲
-
-70.0
Rank
Jan 1 - Jun 30
25*-
1
Euro mil Change (%)
7.9 21
4*
-
13*
3.0
0.0
8.4
0.0
0.0
22.3 20.3
35.3
▲ 0.0
-
1,772.9 1,627.1
2
29.8 ▲2 0 - 28.0 12 - -
19.7%
15.1%
12.2%
8.9%
8.7%
8.5%
7.4%
6.9%
6.0%
4.3% 2.3% Financials
Industrials
High Technology
Retail
Materials
Consumer Staples
Energy and Power
Real Estate
Media and Entertainment
Consumer Products and Services
Healthcare
-
50
100
150
200
250
300
350
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
10
*tie
Source: Thomson Reuters
1
-
-20
0.0
0.0
127.8
38.1
0.0
41.4
0.0
0.0▲
0.0
0.0
4.5
▲
# of Deals per Advisor
27.957.3
44.4
-
1.0
-
0.0
34.9
9.50.0
3.7
0.0
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
0.014.9
10.7
0.0 0.0
0.0
118.8
-
0.0
20.1
-0.0
2
0.025.0 15
2.0
61*5
28▲ -
19
▼
28*
180.9
-
Imputed Fees (US$m) †
3.0
1.0
13
-
-
71*
5.0
30*
2.0
1.0
60
14*
1.1
0.6
100.0
30*-
100.0
19*
100.0
90.03
100.0
14.6
100.0
100.0
71.47.1
100.0
100.0100.0
11.6
71.0
Exp (%)
-
100.0
17.7
▼
-
-
▼
-
-83.6-
▼-59.4
-
5*71*
19*
▼
--
273.5
-
-47.9
4
4170.3
- -
0.9
10*
21*
46.4 ▼96.2
Financial Advisor
16*
-
IMAPDanske Bank
8.8-5 0.0
Rank Value
25
First Half 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Fees
100.012
2017
41.5
-
-
-
-61.2
-
-
-
-
-
1.5
2
38.4
970.0
34.0
2
-
▼80.0
29
2 21
1 18.9
242*
26.6
-721*
42*42*
26*
Change in
▼
2PricewaterhouseCoopers
5*
▲
-
# of Deals
1▲
US$m
1
172
# of
15.30.0
Advisor2016
2.210.2
37.5
-
1.7
3.1
145*
Rothschild & Co10* 04
▼
5*
Rank Deals
5* 21* 4
3
16* 8
3
Euro mil
Rank Value per Advisor
3
▼
-5 ▼
-
▲
2
22.3
▲
▼
▲▲
2
10.7▲ 23.8
0.0
21*
PNC Financial Services Group2
2
26*
3Newsec Corporate Finance AB
8*1
Translink Corporate Finance
Jones Lang LaSalle Inc
Cushman & Wakefield Inc
Pangea Property Partners AB
-
DNB ASA
26*26*
2
--▲
0
4.01
-
26*26*
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
26*
▲
SwedbankAdvium Corporate Finance
Citi 29*
24*
BCMS Corporate Ltd
26*
Industry Total
Credit Agricole CIB
▲
0.00.0
53.1 219.4
MM9a - Undisclosed Values & Values up to US$50m
Rank
32*16
2017
8
18.2
14.3 21*26.2
0.0
31
332*
▲
0.0
20
50.00.0
▼
3.5
4 ▼
14.24▲1
12.4
15.3
2
21*
26*
11.1▲
5 ▲
0.0
3-8
--
-
-30*
- -
10.0
2.0
3.0
Grant Thornton21*
100.0
-12.8
100.07.6
4.1
14.0
70
38.7
10*
0.4
6.0
14*
3.0
100.08
12.0
6100.0
3.3
1.3
-
31.1-32*
1.0 30*
26*
41.7
- -
▲
2
▼
▲0.0
14-8
2
1
-88.6
▼
26*
42*-
3
-13.7
4
-
48.1
100.0
-
41.7
19*
2.8
2.5
9
2.5
-
Change (%)
-
154.1-16.7
-
Nordic Involvement Small-Cap Rankings (MM9a)
Capitalmind
▲
▼
1
-
-
26*
4
▲-6
Globalscope
2
Catella ABRaymond James Financial Inc
42*Baker Tilly International
5
41.3
1 ▲
9
▼
0.0
▲
0
▲
2017
32*
Rank Value
0.0
Nordic Small-Cap M&A up to US$50m by Rank Value Range
40.1 7
Jan 1 - Jun 30
Rank
▼
Clearwater InternationalErnst & Young LLP 8* 3*
85* 14*7
Handelsbanken Capital Markets 8* 14* 0
KPMG 78*7
Livingstone Partners 12* 19*12*
1-18* 7
6SEB
Carnegie 12* 10* -36
Mid-Capital 14* 21* 5
ABG Sundal CollierDeloitte
5
FIH Partners AS
14* 42*
24*
19*14*8*
4Oaklins (FKA M&A Intl Inc)Morgan Stanley
18*Credit Suisse
21* 42*
-
18* 7
18*
2
2
42*329*
-
-
2
12*
999
https://www.thomsonone.com
-27.4
100.0
** Fee
Rank
-3.4
Nordic Small-Cap M&A up to US$50m by Target Industry
-
-14*
-
-
16▲
- Jan 1 - Jun 30
-
25
-
11
32*
32*
0.3-▼
-
-29.0
0.3
-
--
-32*
--
-
-
-
7
0.0 32*
2.2
-9.3
28*
-
1
-
10*
8*
16*-
-1
▲
2
0.0
Clairfield International
- 2 2
-82 -3.5 ▼
0.0
JP Morgan 26* 24* 2 -1 ▼ 0.0 0.0
26*
▼32* -
2,481.0 2,293.8
22.8%
16.2%
14.7%
9.1%
7.5%
5.6%
5.4%
4.7%
4.4%
4.4% 3.0%
2.2% Real Estate
High Technology
Industrials
Financials
Consumer Products and Services
Healthcare
Materials
Media and Entertainment
Telecommunications
Energy and Power
Consumer Staples
Retail
-
100
200
300
400
500
600
700
800
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
12
*tieSource: Thomson Reuters
32* 100.00.0 0.0 14* - - 0.7
4* 41.00.0 0.0 14* - - 0.7 32* 6.50.0 0.0 14* - - 8.0
- -0.0 0.0 14* - - 1.8 17 100.09.9 9.2 10 - - -
20 100.00.0 0.0 14* - - 1.0 21* 100.0
39.6 34.6 1 - - 1.1
- -0.0 0.0 14* - - - - -0.0 0.0 14* - - -
-0.0 0.0 14* - - 1.0 21* 100.0
- - -0.2 0.2 13 - - 0.0 48
-0.0 0.0 14* - - - - -
12.3 -
Bain & Co 14* 29* 1 0
0.0 0.0 14* -
UBS 14* 29* 1 0 -Lazard 14* 29* 1 0 -Societe Generale 14* - 1 1 ▲Equity Advisors Sp zoo sk 14* - 1 1 ▲VGD Corporate Finance sro 14* - 1 1 ▲Azimutus Associates Sp zoo 14* 29* 1 0 -Grubisic i Partneri doo 14* - 1 1 ▲Daiwa Securities Group Inc 14* - 1 1 ▲ACXIT Capital Partners 14* - 1 1 ▲RSM International Ltd 14* - 1 1 ▲GCA Corp 14* - 1 1 ▲UAB Summa Advisers 14* - 1 1 ▲SPARK Advisory Partners Ltd 14* - 1 1 ▲ - -
6
▲
7.6
▼
-
0.0
--
0.3
3.3
-97.4 ▼12
2017
Imputed Fees (US$m) †
-
Rank
▼-
Change (%)
-
64.5-
-42.6
-
Rank Value per Advisor
28.014*
0.6
2017
1
6.4
100.0
11
43*37.5
31.4
16.7
100.041.7
21*
13*
35*
14.0
100.0
100.0100.0100.0
35*
47
23.3
Exp (%)
100.0
60.0
8*41*
12
3
First Half 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
-
100.0
40.0
58.5
0.0
1
0.1
1
2
14*
5*
3
13.4
▼3
PricewaterhouseCoopersKPMGVTB Capital
Taiga Capital
7*
1
IMAP4
11*
Wielkopolski Bank Kredytowy11*
5*5*
Ernst & Young LLP7*JP Morgan
11*
7*
Globalscope
3Rothschild & Co
Deloitte
5
2
Clairfield International
Houlihan Lokey
KBC Group NV
7*
CFI
-
2
22
29*
14*-14*
7*
1
3
▲
10*9
2
-11
3
▲
▲
▲11
▼
-5 ▼
54
11.3
0.0
4▼▲
3
-3
US$m
0.0
Rank Value
▲ 0.01.7
0.0▼▼
▼
4
14*
7*7.4
0.00.0
10.4
0.00.0
0.010.0
14.5
0.0
0.0
0.010.4
10.9
0.0
11.30.0
2017 2016
0.0▼
▼
13*
13.8
# of
2
1
6
29*
31
-29
-10
13*
-28
13*RankFinancial Advisor Rank
Change in
911
-2
-6
▲1
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
-
-
-
0.2
2.0
4.0
14*
▼
-
-
-
-
-
-
14*
-
14*
Jan 1 - Jun 30
0.6
2.0
1.0
7.0
0.47*
-
-13*
464.0
9
Advisor
Fees
-80.7 6.0
Danske Bank
▲
18.5
1,765.3
14*
-38.7
0.0-
- -
-
1,907.5
13*
1
-1
▲
1
11
▼14*
# of Deals per Advisor
14*
-1BNP Paribas SA 14*
0.0 0.0
14*
14*
0.0
13.8
0.00.0
https://www.thomsonone.com
-
Eastern Europe Involvement Small-Cap Rankings (MM16a)
Rank Value
1.8
8*
-
0.0
30.1
MM16a - Undisclosed Values & Values up to US$50m
13*32*
** Fee
7
Euro mil
-19.914*
Jan 1 - Jun 30
▼
Eastern European Small-Cap M&A up to US$50m by Target Industry
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
14*
1
Xenon Capital Partners 14* -1-14*Singhi Advisors Ltd
BCMS Corporate Ltd 14* -
▲1
▼14* - 1 1
1 -2
Deals
-1Global M&A 14* 10*
▲
▼13*PRAGMA Corporate Finance 14*
Concentro Management AG
-
11
-0.0
0.0 0.0
- -
0.0 14* -
3 -
-0.0
17.4
-
-
-
Rank
9.0
12.3
2.2
-
Eastern European Small-Cap M&A up to US$50m by Rank Value Range
# of Deals
0.0 14*
0.0
14*
0.014*
21*Norgestion 14* - 1 1 ▲Standard Bank Group Ltd 14* 29* 1 0 -
0.0-
Bank Polska Kasa Opieki SA 14* - 1 1 ▲
100.0
- -0.0 14* - -
-
-
21*
0.7
100.00.5 37* 100.0
100.01.0 21* 100.01.0
100.0
1.0
- --
21*
1.0
-1.0 21* 100.0
183.7 33.1Industry Total ▼-
5* -
1,369 -616
19.3%
12.9%
11.5%
9.9%
9.7%
8.4%
8.0%
6.0%
5.5%
5.3% 2.1%
Industrials
Consumer Products and Services
Consumer Staples
Materials
High Technology
Retail
Energy and Power
Real Estate
Financials
Media and Entertainment
Healthcare
Telecommunications
-
200
400
600
800
1,000
1,200
1,400
1,600
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
14
*tie
Source: Thomson Reuters
100.0
1221 -79.6
26.7 10*
▲ 100.0- -7.8 ▼0.6
- -
100.0527*
Clairfield International 12*
22
12* 27*1.5
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
27* ▲-3
2
26.7
First Half 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
-
100.0
1-
4*
1-
2
0.5
4.4
3
12.035.2
1.0
2.0131.2
1.6
34.6
▲2
Credit Suisse
12* ▲2
▼1
-
2Allier Capital
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
CIMB Group Holdings Bhd
0.0
RSM Corporate Fin LLP
27*
1
Miles Advisory Partners
2*
Grant Samuel
012*
-
-4BDOUBS
12*Baker Tilly International
-1277
12*
Moelis & Co
15*
14*
55.2
-
14*
-
-
15* 2 28*
-
-1.0
28*0.00.0
100.0
8*
4.1
34*7
43.5
30.3
1
28
-
-
100.0
-▲ 50.0
-
2.0-
-- -
5.0
15*6*
KPMG
4*Goldman Sachs & CoHoulihan Lokey
2016 Change in
Macquarie Group
1 ▲-1
9 2▼
Financial Advisor
15* 23*
-
5
2
10*
8*
Exp (%)
13.6
38.1
9.8
6
▼
2.6
▼▲
0
0.2
3.2
--3.4
Rank Value per Advisor (US$m)
-83.3-
15.0
6
28*0.0-
1 0.0
548.3-
--
22- -
17*
▼
▼
-
Rothschild & Co
▲4
6
47.9
73.9
-38.7▼
27* --
-82.4
Gresham Partners 9*7*
Ernst & Young LLP
3Morgan Stanley
2
0.3-
3.63 ▲
▲
253
130.6
-
▲4 65.4
-71.8
1
Australia/New Zealand Small-Cap M&A up to US$50m by Rank Value RangeMM11a - Undisclosed Values & Values up to US$50m
▼
2017
# of Deals
2017
Deals
https://www.thomsonone.com
29*
4*
Rank
2
32*
Change (%)
19.3
Imputed Fees (US$m) †
Advisor2017
Australia/New Zealand Involvement Small-Cap Rankings (MM11a)
# of
Fees
Jan 1 - Jun 30
▲34*15
3.61.9
Rank Value
8.5
** Fee
66.70.4-48.1 0.2
▼
Rank
566.7
Jan 1 - Jun 30Australia/New Zealand Small-Cap M&A up to US$50m by Target Industry
148.8▲
11
▲
843 112 ▲
US$m
86.0
7
Rank Value
5.9
2* 1
Rank
PricewaterhouseCoopersRank
9*9*
2
6
7*
3
6*4
6* -2
2
141.5▲
0.0
0
▲
▼
6
3*
4* 6
2
# of Deals per Advisor
12*
12*
12*
4,493.0Industry Total 36.8
0.0 - - -JP Morgan 12* 27* 2 1 ▲ - - -
15.7%
15.7%
10.1%
9.8% 9.3%
7.0%
6.9%
6.7%
6.5%
5.9%
4.8% Real Estate
Materials
Consumer Products and Services
Industrials
Media and Entertainment
Consumer Staples
Financials
Energy and Power
Healthcare
High Technology
Retail
Telecommunications
-
100
200
300
400
500
600
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
17
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