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SMALL CAP M&A REVIEW FINANCIAL ADVISORS Full Year 2017
REUTERS / USA Today Sports
Source: Thomson Reuters
*tie
Source: Thomson Reuters
15
29.0
Rank Value
42
7
188.3 -
-
Rank
485.60
-
16
9627.9
471.5
Full Year 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
4.4
516.0
75
40226.3
11
- ▼
-34.6
-37.1
60.8
272.3
284.9
-
46.6
16.5
29
-
-
Rank Value
234.0
225.3
-39.0-
126.5
5
Worldwide Small-Cap Rankings (MM1a)
▲
148
-96.2
▲
1,470
-
▲
-
▲
-3 -
▼
91*
76.5
-
-
▼
35
7.1
Global M&A
35*
Grant Thornton 30*
Stifel/KBW
Raymond James Financial Inc
30*
33
Piper Jaffray Cos
Globalscope
Duff & Phelps
29
CFI
Clearwater International
UBS
Jefferies LLC
26
28
23
24
25 26*
89
79
# of Deals
72
30*
26*
14
125
17*
17*
16 18*
Rank
2016
RankFinancial Advisor
Change in
Deals
2016 ** Fee
Worldwide Small Cap M&A up to US$50m by Target Nation Region
2016
Jan 1 - Dec 31
# of
10
MM1a - Undisclosed Values & Values up to US$50m
2017
303
▼
11
Clairfield International 130.3
189.8
31
11
15
121
10116
27
▲
Goldman Sachs & Co
BDO 4*
12
JP Morgan
Baker Tilly International
13
Sumitomo Mitsui Finl Grp Inc
20*
▲
▼
1
13
100
101
▲
12
36
▲
19
101
▼
▲▼
377.3
-34.7
27.0
9,827.2
11
14.2
14
2463.0
-11.5
▼ 3
91*
5
Alantra Partners SA
128
Houlihan Lokey
Generational Equity 25
Rank Value per Advisor (US$m)
4
▲
▲
5 ▲
-0
46
▼
▲16
29
32*
▼
38* 78
▲
99
9532*
20
-20
368.0
17.2
0.0
21
22
20
18*
▼
-16
69
-6
-14
75
4
-19
76
-2.1
44.9
30*
- 7.6
▲ 70.5
150.6
53
222.10
-8.8
53
▼665.4
19
-18.8
-
112.1
-
▼
-84.4
46.9
-
166.40
-
100.0
98.5
80.5
15.2
-61.0
261.9
-2.8 55.3
184*
▼ 37
-43.9
21.9
https://www.thomsonone.com
▼10
17
-
71.8
8.5
47
32.4
79.6
▼
77.3
-
▼
28▼
45.5
41.6 38
2069.1
19
▼
5.9
42
-11
220.9
227.5 -
Industry Total
-4
-32
37 ▼
▼
▼
117.5
BNP Paribas SA
▼Moelis & Co
65
62
-26
-10
-12
35*
Deutsche Bank 45
41
22*
43
55*
40*
Evercore Partners 38*
RBC Capital Markets 44
Nomura
RSM Corporate Fin LLP
38*
47
63
45
49
Benchmark International
Kaede Group
58*
UniCredit
PNC Financial Services Group 43
46
47
44
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
28.6
- -
▼
176,140.0
-47.883.2 32.7
▲
0.0
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
517.8
▲
▲
-11
4
3
5336*
33
-16
▼-4
56
54
60
▼
56
▲
65
Citi
17
Barclays
24
34
60
4340*
32*
38*
30*
36*
69
68
6922*
20*
66
KBS Corporate Sales Ltd
Morgan Stanley
1
9728*
▲
Credit Suisse
2221 28*
-
▲
6
▼
174.5
-35.3
6.5
-155.8
▲
383.3
-26.3
▼
21
4.1
▼
-225.1
15.1
8
32
60.5
71.7
109.7
98.7
1843.8
Oaklins (FKA M&A Intl Inc)
▼
▲
18.4 ▲
146 4
▲
13
17* 38*
▼
24
137Lazard
107.1
193.8
-35.6
Lincoln International
14
▼
▼
162.0
-
▲
6
13
-87.8
▲ 18
15
-9.2
145.7
▲
7 165
10
▼
15214
2 11.71184.9▲ ▲
13
9
12.8
Industrial & Comm Bank China 9 12 168
8 9 171Mizuho Financial Group
7
4*
8IMAP
1
Ernst & Young LLP
2
1KPMG
6
3
2PricewaterhouseCoopers
Deloitte
Rothschild & Co 3 6
5
4
-8
-17
206
173
248
▼
▼-64
416
-10.7▼
▼
230
-21
230 -8
14
861.4
8
▲3
-22.2
-11.9
▲
1012.1
1
1116.1
57.6
29.8
▼
109.0
▼
Exp (%)
2
49
27
30.5
▼
190.8
24.9
▲24.1
91.556*
40
▼
-17.5
▼
▲
▲
-14.0
▼
▼
▲
▲
▼
▲
-45.8
89.3
▼
▲
136.2
13.5
160.3
52.0
92.0
79.8
43,900
0
62.8
6.4
97.9
8.8
100.0
25
68.0▲
35
69.1133
30
10
53.5
50.6
54.6
16
48.6
22.6
12
68.1 11.2
25.1 55
66.5
91.4
21
91.0
98.4
Worldwide Estimated Small Cap Investment Banking Fees by Quarter*
37.7
49.1
54.8
34
22
31
62.8
26
81.7
100.0
36.6
7.5
15
100.0
10.2
33.1
33.4
33.8
41.0
42.7
6.7
81.3
98.4
54
66.5
92.0
93.2
100.0
74.6
88.4
27.3
53.3
61.9
11.7
17.1
59.7
Fees
Advisor
1261.0
93.5
106.9
25.5
7
4
Rank
▼
-45.9 152.6
US$m
1529.90
▼
-50.9
38.3
28
Change (%)
13 ▲
648.50
-14
-17 409.4
47
641.9
285.8
482.5
Imputed Fees (US$m) †
# of Deals per Advisor
▲
▲
29.9
32
92.3
23
73.8
$0 $25 $50 $75 $100 $125 $150 $175
2012
2013
2014
2015
2016
2017
Rank Value (US$b)
Africa/Middle East Americas Asia-Pacific Europe Japan
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
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
2011 2012 2013 2014 2015 2016 2017
Pe
rce
nta
ge
of To
tal F
ee
s
Investm
ent B
ankin
g F
ees (
US
$b)
% of Total FeesSmall Cap I.B. Fees ($50mil or
2
*tie
Houlihan Lokey 23*
Clairfield International
GBS Finanzas SA 23* - 3 3
22 -
Artica Participacoes e Assesso 19*
24*
15* 4 0.0
Bank of America Merrill Lynch 19*
48* 3 2 ▲
▲
16.7
78.6
Exp (%)
22.8
3.8
4.2
3,982.2
▲
▼
35.3
48.0
0.0
0.0
-1 47*
- -
--
23.4
100.0
4.3
3.0
-
-
0.0
23 100.0
12* 100.0
47*
41
12* 100.0
2.7
4.0-
4.0
14
47* 6.0
47*
▼
5.1 29.5
10.0
Fees
11 7.4
28.6
▲
10.215
▲
-
▼
-
▲
-
47*
- -
3.3
5.0
-
277.3
47*
-
47*
-
-
-
-
-
-
-
0.0
--
▼
-
-
-
12*
-
0.0
0.5
100.0
19*
74.6
100.0
2.6
61*
9
24
** 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.
17*
37
-6.5
17
29
6
-
-
-
9.9-2
41.4
Global M&A
4.0
Latin American Small-Cap M&A up to US$50m by Target Industry
100.015*23*
24*
-
19.6
12*
https://www.thomsonone.com
100.0
24*
INFUPA SA 23*
Oaklins (FKA M&A Intl Inc) 19*
19*
Industry Total
3 -1
1
1
-4
24*
4 0
3 2
4 0
48*
▲
▼
▼
15* 0
-4
5
5
5
6*
15*
6
11
7*
9
Deals
15*
48*
9*
BBVA
# of Deals
Credit Suisse
15*
Rank
11*
5
4*
Alantra Partners SA
12*
9
-
IMAP
Itau Unibanco
11.7
Santander Global Corporate Bnk
80.0
92.0
12.4
78
2
20.0
5
58*
4
23.1
17*
Financial Advisor
2016
Latin America Involvement Small-Cap Rankings (MM17a)
11*
436*
# of 2017
▲
68.0
-1
8
-
7
▲
25.211*
0
7
10
24* 3
6
8
76.0
Lazard 4*
PricewaterhouseCoopers
9*
4
295.8
6
** FeeAdvisorRank Value
46.1
3
# of Deals per Advisor
14.1
▲
75.3
21.5
▼
▲
53.5
▲
▲
21.0
2
▲
Change (%)
-
69.3
0.0
6
6
6*
BR Partners 15*
12* 4
-100
Deloitte
7*
26
1.1
KPMG
Rothschild & Co
Imputed Fees (US$m) †
▼
9.0
▼
66.7
5
16.7
0.5 22.761*
1011
5
-18.7
-4
Morgan Stanley
BDO
Arab Banking Corporation
6*
11*
15
8
Rank
Rank Value per Advisor (US$m)
30
-57.3
5.9▼
-78.1
Full Year 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
29.13
11.9
Jan 1 - Dec 31
▼
1
38
45.3
Source: Thomson Reuters
▲
Jan 1 - Dec 31
0.6
3.3
▼
▲
-34.0
50.0
Rank
-
Rank
7
12*
56.6
4
▲
▲
Change in
2
6*
-
15*
1 25
0
11
3*
4
4
13
5BNP Paribas SA
-3
Banco BTG Pactual SA 18
15*
Banco Bradesco SA 3*
▼ 3.6
-2 ▼
34.3
▼
▲
58.5
1
13
2
6
1
2017Rank Value
MM17a - Undisclosed Values & Values up to US$50m
154.9
Latin American Small-Cap M&A up to US$50m by Rank Value Range
▲72.1
2017
US$m
-27.6
762.1
▲
12.6
▼
6
-25.1
218.550.03
30.0
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
▼1,088 3.5
1.4
-
▼
21
5.3 42
35
2.8 22
0.0
35.4
-
-44.2
UBS 23*
- -
Scotiabank 32* 48* 2
13.4
-
-- -
35.9
100.0
-
0.0 - - -
19* 100.0
3.0
11.2
56.4 9* - -
3.0
9* - -
Lincoln International 32* 48* 2 1 ▲
Ernst & Young LLP 32* 31* 2 -1 ▼
-
56.4
▲
Evercore Partners 32* 48* 2 1 ▲
Banco Votorantim 32* 36* 2 0 -
- -
Haywood Securities Ltd. 32* - 2 2 ▲
Banco do Brasil SA 23* 48* 3 2 ▲
-
Brava Negocios Ltda 23* - 3 3 ▲
RGS Partners 23* - 3 3
▼ 0.0 47* -
- -
1.6
-
0.0 -
CFI 23* 15* 3 -2
100.019*
33
16
2.0 25* 100.0
1.0 38* 100.0
0.7 56* 28.0
0.1 71* 100.0
2.0 25* 100.0
Citi 32* 15* 2 -3 ▼ 0.0
Cormark Securities Inc 32* - 2 2 ▲
HSBC Holdings PLC 32* - 2 2 ▲
Translink Corporate Finance 32* 31* 2 -1 ▼
Quarton International 32* - 2 2 ▲
Investment One Partners 32* - 2 2 ▲
Duff & Phelps 32* 48* 2 1 ▲
National Bank of Canada Fin'l 32* - 2 2 ▲
Goldman Sachs & Co 32* 48* 2 1 ▲
47* - -
26.5 23* - -
0.2 - - -
0.5 - -96.8 ▼
0.0 - - -
0.0 - - -
0.0 - - -
26.5 23* - -
0.0 - - -
- -
1.0 38*
0.7 56*
-
1.3 36 100.0
0.5 61* 100.0
100.0
2.0 25* 100.0
2.0 25* 100.0
100.0
1.5 34 100.0
1.0 38* 2.8
19.9%
16.4%
11.8%
11.3%
9.6%
7.4%
7.3%
6.2%
6.0%
Materials
Energy and Power
Financials
Industrials
Consumer Staples
Healthcare
Consumer Products and Services
Real Estate
High Technology
Media and Entertainment
Retail
Telecommunications
-
50
100
150
200
250
300
350
400
450
500
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
# o
f D
eals
Ra
nk V
alu
e (
US
$b
)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
5
*tie
71.7
74.9
118.7
19.521.8
37.8
65.9
-
98.8
20.2
93.0
-
55
-41.0
40.1
41.1
100.0
-19.5
49.1
5
4
32
169.8
28
91.5
1
40
92.5
37.9
47
66*
2
90.9
100.0
90.3
98.3
5.7
30.0
100.0
https://www.thomsonone.com
45.2
34,199.3
39.8
42.5
-
-1.7
-53.6
-
14.6
101.1
-
37
65.0
-
34
42.6
44.5
7.4
59.2
-
146.2
96.5
9
100.0
181.7 35.7
100.0
14
62.7
80.0
31
80.1
69.8
81.6
15
15.0
86.1
31
75.1
3
85.3
13
10.2
11
98.5
6
12
0.0
55.3
36.6
53.9
51*
▼
-
- 15.0
-
- ▲
50.4
-
34.5 ▼
-65.9
- -
-19.0
88.8
111.9
-1,406
97.9
39.6
93
18
34
37
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
44*
-10
37.1
▲
38*
79.8
25.5
13.1
11.9
100.0
100.0
26.8
100.0
100.0
8
7
89
38.2
17
17.4
23
42.5
5.4
100.0
100.0
10
10.2
17.1
54
108*
76.646
100.0
81.4137*
21.0
17.7
3.5
36
4,184.4
6.9
89.7
73.95.1
148.6
8222.4
Industry Total
61.2 17.1
25
19
21
41.3
20
31.0
25.7
44*
29
31.7
35.7
▼
38*
30
22
26
19.4▲
▼
8.1
38.6
24
-2.8
▼
▼
225.1
-
-29.8
33
-7
▼
5.3
50.5
-23.3
163
12165.8
20.4
▼
▼
35.2
▼
42.4
-
▼
▼
▼
▼
99.8
▲
-
384.8
▲
** Fee
Exp (%)
Imputed Fees (US$m) †
2017Advisor
16.9
237.1 7
-72.1
▲
▲
Rank Value
14
US$m
905.2
-8.9
2017
Change (%)Rank
1
▲
196.1
198.6 ▼
▼
-49.9
-34.9
▲
▲
-
11
19.3
22.5
28.4
-35.3
-31.8
4296.3
-15.9
-52.6
60.8
-14.5
-90.4
▼
25
27.5
▼
▼
▼
▼
▼
39
112.0
75.4 -
108.6
17.8
10
▲ 22
113.5
▼
-
110.7
6
▼
357.2
-6
-
21.4
70.8
35.5
59.5
-33.824
-1 ▼ 1.0
▼
0.0
Lincoln International
Credit Agricole CIB
-14
33*
Houlihan Lokey
Goldman Sachs & Co
BNP Paribas SA
Clearwater International
Cooperatieve Rabobank UA
Benchmark International
105.2
-47.8
▼
5
34 ▼
-23 9
▲
105.5
127.8
44.5
91.4
48.3
29.6
16
Jefferies LLC
ACXIT Capital Partners
▲5.2
21
24
Concentro Management AG
UniCredit
Natixis
UBS
JP Morgan
Liberum Capital
BCMS Corporate Ltd
33*
Morgan Stanley
Global M&A
28
Capitalmind
Credit Suisse
29*
27
22*
▼
42*
Cambon Partners
32
40*
31
-11
26
4
12
39
38
-
80.8
17.2
-3
-3
72.2
9
-3
▲
▲
-10
2
▲
▼
21.3
30.4
▲
-80.6
▼
▼
54.4
35.8
▼
34 11
0.6
-12
-14
31
50.0
34
36
37
-95.6
48.5
-9
32.5▲
-
14.0
17.0
▲
43*47*
47*
40*42*
45*
- -94.049* 53* 20 0.9
▼15,886
21
20
21
76* 21
DC Advisory
49* 155*
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
▼
51.45
Kon SpA 36* 34*
46
25*
28
Deutsche Bank
33*
29*
48*
23*
36*
-7
29*
38
40
37
42
43
25
26
ING
45
37
40*29*
23*
20
66
▼
-19
30
32*
-34
▲
59
▼
43
7
221.1
19*
25*
27
22*
18
17
▼
109.715.197
434.8
137.910 13
113.9
-
5
42* -59.269.6▲
24
79.6
-40.1
13.5
▼
11.0
97.4139.9
▲ ▲
15
103.2 457.8
155.8
92.3
797.1
▼
476.1
494.1 437.6
359.9
795.1
▼
3
902.6
▼
2
▼
10
89
▼
-4
20
16
47
41
3
▲
20
-
▼
79.6
38,535.1
-78.9
-
151.8
31.4 26.7 127
▲
▼
▼
▲
▼
40*
39
17135.1
36* 31
-934* 28
26
Societe Generale
Livingstone Partners
34*
Translink Corporate Finance
-8
▼
-
20.6
36.0
30.7
▼
▼58.3
83.5
22.0
26.4
▲
43.5
27.0▲
19.4
29.2
-61.7
-32.2
50.8 ▲ 21.6
105.7
▼
▼
▼
83.2
▲
98.4
43.6
201.6
▼
0.5
6
4
535.8
Euro mil
European Involvement Small-Cap Rankings (MM3a)
Jan 1 - Dec 31
▼ 70.0
-46.2
141.8
211.8
34.8
▲
# of Change in
166
-9
-9
▲
▼
105
-
159.6
▲
▲
160.3
Deals
159
# of Deals
33
189
215
15
77
15
13
14 2010
88
0
12
Rank
4
4Rothschild & Co
KPMG
3 -6
IMAP
137.6
▼
1
-56
▲
2
3
# of Deals per Advisor
Clairfield International
Baker Tilly International
KBS Corporate Sales Ltd
8*
8*
-38
8
PricewaterhouseCoopers
Oaklins (FKA M&A Intl Inc)
2
Deloitte
Ernst & Young LLP
66
7
Financial Advisor Rank
Lazard 95
1
5
7
Globalscope 19*
▲
▼
RSM Corporate Fin LLP
49
19
16
12
140
200
MM3a - Undisclosed Values & Values up to US$50m
5
CFI
BDO
1814
74
Grant Thornton
Alantra Partners SA
105
11 9
11
22
13 ▲
4
47
49
54
-20
17
39
37
Source: Thomson Reuters
- -▼
32*
25
25
Citi
-11
-17
-30
15
38 24
Banque Degroof Petercam SA
44.6
421.1
2017 2016
European Small-Cap M&A up to US$50m by Rank Value Range
Fees
Full Year 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Jan 1 - Dec 31
-33.6
0.0
European Small-Cap M&A up to US$50m by Target Industry
Rank
27
-8
0.0
-Mazars SA 42*
Barclays
52.828.5
Rank Value per Advisor
286
Rank Value
29*
96*
25
45*
42
HSBC Holdings PLC 49* 72* 20 4 ▲
▼ 15.0 51* 76.1
14.5%
12.6%
11.7%
11.1% 8.3%
7.9%
7.6%
7.4%
6.6%
5.6%
5.3% High Technology
Industrials
Real Estate
Financials
Consumer Products and Services
Media and Entertainment
Energy and Power
Healthcare
Materials
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
# o
f D
ea
ls
Ra
nk V
alu
e (
US
$b
)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
6
*tie
Source: 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.
21 10.7
25.0
1,379.6
0.8 253*
41
42*
▼
23
38.2▲
42*
▲10.6 36.6
8.0
3.4
113.4
10,501.3
Peel Hunt LLP 42*
202
0.0
93.0 42*
845.0
120.8-
35.1
8.7 22
42*
100.0
-
-
19.6
7.9
▼ 27.1
0.0
-
42*
CFI
Deutsche Bank
Citi
32*
37*
2
9
-6
-5
-5
0
10
9
42*
63*
11
29*
942*
27*
9
35*
115.9
6.1
33*
0.0
33.6
58.3 44.5
51.0
34.0
60.7
0.0
0.0
-
37*
37*
62.1
▲
▼
▼
-89.4
2.0
20.5
86.2
38.9
0.0
125.5
13,556.8
11
104.2
-
-
30.0
13.0
41
-4
▼
78.1
100.0
-
-34.3
-
11.8
-38.9
-
▼
324.8
102.8
-50.2
▼
6.2
100.0
83.1
85.1
114*
10
3.3
-97.2
-94.5
-
83.137*
56*
93.4
32.5
UK Small-Cap M&A up to US$50m by Rank Value Range
53.5
Exp (%)
98.4
100.0
29
5.4
17
10.7
18
20.1
20
110
23.4
16.8
94.7
69.2
45.8
78.7
90.2
5.0
4.8
43.3
7.5
46
83.6
17.1
30.1
73.9
95.7
47
7
74*
100.0
12
▼
▼
-
14.0
▲
21.2
1.3
12.0
-
11.0
-45.1
-
▼
▼
▲
-
-
-55.3
-19.0
▼
89.4
-34.3
23.6
▲
▲
▼
212.0
18
15
16
12
21*
42.5
26.3
24*
44.6
20
89.0
33*
37*
▲
▲
38.7
-2
77.7
▼
11
-9
6.4
37*
-
44*
▲
4.12.7
1.7
16
19
59*
5.8
77*
6.6
8.0 25*
85*
25*
9.0
8.6
79
11
Rank
15
34.714
48
61.7
263* 100.0
39
72.8
100.0
24
100.0
37.7
5
4
UK Involvement Small-Cap Rankings (MM4a)
40
6.9
Advisor
1
Imputed Fees (US$m) †
3
70.46.9
43.5
Full Year 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Rank Value
44.5
** Fee
6.1
▲
29.9
2.6
▼
9
▼
▲
-
21.3
13.2
20.4
2.9
18.3
5.1
▼
46*
30*
37*
Industry Total
32*
Bank of America Merrill Lynch
Canaccord Genuity
37*
Numis
Credit Suisse 33*
37*
33*
37*
Jefferies LLC
24*
41*
finnCap Ltd
37*
Barclays
46*
27*
27*
35*
UBS
Global M&A
29*
https://www.thomsonone.com
37*
0 -Piper Jaffray Cos
27*
WH Ireland Ltd
Evercore Partners
Investec 25*
25*Houlihan Lokey
29*
Sentio Partners LLP
Goldman Sachs & Co
Duff & Phelps
33*
▼
3
14
9
13
▲
▼
15
13
97*
Clairfield International 23*
21
54*
68*
29*
Mazars SA 20
1
1
32*
33*
22
Liberum Capital
Cenkos Securities PLC 27*
12
RankRank
2
75.6
72.0
-2.8
19.9
13
-26.8
12.8
39.3
8
6
22.0
50*
95.5
247.2
▼
▲
-7.4
-
▼
17.6
5
2017
46*
2017
▲
629.5
4
282.6 2
▲
231.9
170.9 ▼
JP Morgan
Morgan Stanley
▼
▲ 109.7
5
3
221.1
RSM Corporate Fin LLP
PricewaterhouseCoopers
34.6
▲
7
4
BDO
Baker Tilly International
173.1▲
42
61
2
Deals
2016
5
8
Rothschild & Co
7
KBS Corporate Sales Ltd
MM4a - Undisclosed Values & Values up to US$50m
129.9
6
Grant Thornton
KPMG ▼ 222.2
3
Ernst & Young LLP
56
8
Financial Advisor
9
71
72
97
50
10
10 9
Alantra Partners SA
13*
13*
Clearwater International 11
Benchmark International
7
14
24
10
-11
37
3518*
12
13Deloitte
BCMS Corporate Ltd
16*
11
26Lincoln International
15
18*
15*
16*
Oaklins (FKA M&A Intl Inc)
IMAP 25
Lazard 16* 15*
Rank Value
Jan 1 - Dec 31
2017
Rank
4,099
16
12
8.0
-5
54*
25*
3
6
# of Deals per Advisor
4
12
Change in
Change (%)
49
6.8
8.0
4.2
22.8
36
32.9
91.4
165.8
169.5
GBP m
15.1
59.5
27.3
Rank Value per Advisor
▼
179.8
-45.6
-33.5
65.2
11
-11.3 ▼
111.7
Fees
8.3
# of
20
# of Deals
2 231.7
-2
-20
60
▼
▲
-3453
9
-27
▼
0
9
2.0
8
137.9
-
179.4
▲
▼
6
7
9171.1
1017.2
133.8
131.9
12
80.1
163.9
2.6
15
▲
184.3239.9
▲ 13
▼
▼
▲
▲
20
14
16*
16*
▲ 23.566.7
24.9
27.1
-30.0
16*
61.9 21
21.9
52.2
-35.3
-3
▼
6
-46.8
▼
▲
-2 ▼
20.524
24
19
2
27
-3
16
22
40
-1
84.8
39
▼
8
19
23*
21* 23
▲
-12
23*
▲
23*
25*
41.6
7.3 6.0
52.8
22
19
187.6 146.2
21.0
0.0
389.8
27*
29*0.0
0.0
29*
0.0
29*6.3
29*
33*
11 0.0
0.0
25*
4.8
27*
▲
▼
14
32.1
33*
97.3
13
▼
13
▼-3
1
-5
▼
▼
12
▲
▲
▲
5
▼
-1
56.3
-4
44.0
34*
34*
2 43.5
UK Small-Cap M&A up to US$50m by Target Industry Jan 1 - Dec 31
-6 ▼
-4
1
▼
▲
▲
▼
-89.1
0.0 46*
212
US$m
210.2
79.0
31.9
32.5
-6
▲
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
80.2
0.0
Cairn Financial Advisers Ltd
BNP Paribas SA 46* 41* 8 -4 ▼ 0.0
Quayle Munro Ltd 46* 46* 8 -2 ▼
▲68* 8 2 ▲ 41.9
46* -36.9 ▼
16.0
0.6
- -
6.3
46* 43.5
49.6
- -8 0 -
43.0
100.0EMC Management Consultants Ltd 46* 54* 0.0 0.0 46*
Hoodless Brennan & Partners 50* 30* 7 -9 ▼
Stifel/KBW 50* 68* 7 1 ▲
Natixis 50* 54* 7 -1 ▼
Livingstone Partners 50* 21* 7 -14 ▼
17.8 ▲
38.8 30.4 50* -20.8 ▼
62.8 50*
0.0 50* - -
41.5 32.0 50* 71.5 ▲
1.2 117* 100.0
2.4 81* 100.0
7.0 30* 50.0
6.6 37* 100.0
14.1%
12.6%
10.4%
10.2%
9.8%
8.9%
8.7%
7.6%
7.4%
6.1%
3.5% High Technology
Real Estate
Media and Entertainment
Financials
Industrials
Healthcare
Consumer Products and Services
Retail
Energy and Power
Materials
Consumer Staples
Telecommunications
-
200
400
600
800
1,000
1,200
1,400
$0
$1
$1
$2
$2
$3
$3
$4
$4
$5
# o
f D
ea
ls
Ra
nk V
alu
e (
US
$b
)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
7
*tie
Source: Thomson Reuters
▼-13.3
48.2
21.1
77.0
0.0
29.2
28.1
20.2
Euro mil
6
# of Deals
-3
5
31.0
▼
-
▲RBC Capital Markets
Aurignac Finance 29*
0.0
37.1
20.0
22.0
8.3
2017
10.0
Full Year 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
-
34.5
18.3
Exp (%)
92.4
100.0
100.0
Rank Value
39.1
31
-4
0
-2
2.7
▼
-4
-4
3
▲
0.0
0.0
21.1
0.0
2.5
7
112*
31*
22*
15*
20
7.5
104.4
42.5
100.0
13
100.0
81.1
80.0
89.7
5
38*
4
3
22.3
Jan 1 - Dec 31
74.1
** Fee
46.3
3.4
95.5
49.8
77.2
100.0
33.0
100.0
100.0
100.0
63.6
68.0
100.0
100.0
2
2017
Rank
45
29.6
31.1
9*
16
15
60.7
38.2
7
Imputed Fees (US$m) †
35.8
15*
DC Advisory
11*
10*
13*Alantra Partners SA 65*
13*
11*
10
Oaklins (FKA M&A Intl Inc)
Pax Corporate Finance
Capitalmind
Natixis
10*
23
Ernst & Young LLP
Societe Generale
Clairfield International 8
2
24
14*
# of
3
# of Deals per Advisor
-2
3
304
1
15*
Rothschild & Co
Financial Advisor
Credit Agricole CIB
MM5a - Undisclosed Values & Values up to US$50m
14
French Small-Cap M&A up to US$50m by Rank Value Range
18 13
23
9
14*
-316
22*
22*
26*
19
7 -20
19*
178*
21
Clearwater International 20
Invest Corporate Finance SAS
22*
16*
Lincoln International
IMAP
BDO
▲
▼
▲
10
4
16
▲
▼
▲
0.0
▲
▲
22.9
18
0.6 0.5
-
0.0
112.0
4
99.8
-18.0
21.3
-
▼
36*
▼
▼
17
-4
-6
21
-
31*
12
0.0
25*
14
13
17
18
11
-3
12
Change in
Rank
2016
20
12
18
90
1
4
39
Rank
12
▲
47.3
Lazard
-14
2 426
-15Deloitte
2017
1
4
BNP Paribas SA
6
7
5
Cambon Partners
8
Bryan Garnier & Co
19*
2,717
▲
KPMG
CFI
Drake Star Partners
ING
65*25*
112*
40*
37*
4
Deals
▲12
25
33
34
6
29 -18
▼
▼
43.3
▼
▼
▼
▲
97.4
-
9
▼
▼
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
9
▲
48*
101.9
17.1
15.8
0.9
112.5
77.6
Fees
17.0
13.4
13.9
14.5
1.3
14.0
40.1
2.1
▲
-93.4
Rank Value
83*
French Involvement Small-Cap Rankings (MM5a)
Change (%)
50.2
Advisor
US$m
1
-76.617.1
-39.4
110.6
Rank
39
-
110.7
0.0 -0.0
98.8111.9
93*
▲
-35.3
-
▼
▼
▼
▲
▲
▼
▼-89.8
17*
116.7
83.8
34 -74.7
-
-
-
▼
▼
-
-
8
-
24
- -
90.2
-
0.0
-
33.965.9
-20.8
229.4
-
-
▲
-
-
-
14
9*
100.0
18
11
6
4.0
88.8
20.2
5.0
11.7
-
7.5
8.5
-
-
-
-
-
-
12
11.0
14.2
20*
-
8 6
2
7
5,411.4
10.0
-
-13.9
-
36 100.0▼
25 100.0
100.0
20*
26*
111*
215*
19
8.6 23
4.6
17
10.8
32*
100.0
100.0
4,795.8
30.5
French Small-Cap M&A up to US$50m by Target Industry
1,007.8
10.0
24
5.4
6.0
Jan 1 - Dec 31
https://www.thomsonone.com
30
57* 20.7
28*
Translink Corporate Finance
11
0.0
93*
-
93*
14
-
0.0
0.0
Industry Total
0.0
MBA Capital SARL 16*
▼
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
UBS
34*
5
-7
▼
31.2
0.0
0.0
-
21
1
32.1
0.0
Rank Value per Advisor
-
0.00.0
-636
▲
0.0
0.0
-
-
-
8
-41.0
25
-
3.9
3
-
▼
-
-
-
-
-
▲
-6.5
3 ▼
330.6
97.9
2.0
PricewaterhouseCoopers
28.9
17.0
3.0
19.4
370.7
29* 178*
9
29*
29*
-
-
▲
25* 22*
1825*
9
28
-
-12.0
-10
8
0
▲
▲
435 -
-
93.7
▼
10.09 11.7
Edmond de Rothschild Hldg SA
-6
1022*
▼
73.3
66.0
7
Global M&A
Banque Degroof Petercam SA
11
▼
Canaccord Genuity 37* 40* 6 0
Grant Thornton 25* 6
6 2
-6Linkers 37* 6
▲
Clipperton Finance SARL 34* 36* 7 -1 ▼
Eurohold SL 7 3
Oddo & Cie SCA 37* 65*
33
34* 65*
64.5 9
0.0
5.1
60* 100.0
2.9
100.0
2.5
31
964.7 ▲
105.3 ▲
17.018.1
59.1 10 134.9 ▲
0.0 - - -
12.3 11.0 - - -
0.0 0.0 93* - -
54.8
0.6 221* 100.0
Adviso Partners SAS 37* 87* 6 3 ▲ 5.6 5.2 - -30.9 ▼ 4.9 35 100.0
24.4%
13.4%
10.9%
9.7%
9.3%
8.0%
6.5%
5.8%
5.2%
4.5% High Technology
Industrials
Healthcare
Consumer Products and Services
Media and Entertainment
Real Estate
Consumer Staples
Retail
Financials
Energy and Power
Materials
Telecommunications
-
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
# o
f D
eals
Ra
nk V
alu
e (
US
$b
)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
8
*tie
Source: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
-
3,793.3
0.0 0.0
2.0
- - 3.0
79 100.0
58* 100.0
42* 100.0
3.3 38 -92.3 ▼ 1.1
0.0 0.0 - - -
16.1
35.0 29.3 18 - - 3.0 42* 68.2
80* 24.4
0.0
0.0 0.0 42* - - 2.0 58*
100.0
- -
100.0
0.0 0.0 42* - - 1.0
- - -
- - - 2.3
20*
46.0 8 - - 2.2
12.0
0.0
▼
-
- -
2.7
▲
▲
42* -0.0
-
0.0
0.0
48.6
0.0
39
100.0
- 5.0
- -
0.0 -
27 100.0
39*
25*
8
32*
34* 11*
6
7
▼
Goldman Sachs & Co 25* 37*
8 4
UBS
▼
8
32* 44*
Centuros GmbH
Industry Total 2,171 -129
22* 8 0
15*
2.6
-5
0.0
3.5
-
-
Rank Value
-
0.0
▲
14.2
Jones Lang LaSalle Inc 34* 65*
0.0
JP Morgan
25* 44*
Capitalmind
18.3
18*
Raymond James Financial Inc
One Square Advisors GmbH
44*
26
13
0.0
20
▲
▼
0.0
Global M&A
▲
22.523
▲
4
-1
0.0
9
▼
▲
7
52.3
11*
-9
10
6
▲
4
# of Deals
1
11
3
▼
2
3,367.4
2.5
0.0
23*
22*
18*
25.50.0
60.7
27.6
-
Change (%)
Imputed Fees (US$m) †
100.0
50.1
100.0
2017Advisor
22*
German Involvement Small-Cap Rankings (MM6a)
Rank
2
100.0
9
100.0
100.0
94.7
100.0
100.0
100.0
29
89.1
81.3
562.4
22*
11*
7.3
7.3
10.0
8.0
45.0
100.0
11*
13 100.0
3.4
7.0
100.0
100.0
89.3
100.0
21.0
6
10
8
5 1
8
25*
2
25*
25*
3
25*
German Small-Cap M&A up to US$50m by Rank Value Range
78
2017
12.1
93.4
8.7
▼
10CFI
Clearwater International
1.5 74*
8.5
Deutsche Bank
-5
12.2
10.1
7
8
14
6 -4 ▼
5
▲
94*
34*
38*
Lazard
5*
9*
18*
IEG-Investment Banking
18*
15*
4
79.8
11.0
-15
6 -7
17
40
-5
2
IMAP
2
▼
0.0
5*
26
22*
11
Concentro Management AG
9*
PricewaterhouseCoopers
29*
44*
21
Full Year 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
UniCredit
10.1
▼
3
53.0
64.7
4
US$m
13*
8
17
30
37
12
Rank
9*
43
Deals
-6
▲
▼
23
Deloitte
ACXIT Capital Partners
Globalscope
Ernst & Young LLP
KPMG
MM6a - Undisclosed Values & Values up to US$50m
Lincoln International
Rothschild & Co 4
3 13*
Financial Advisor
1
BDO
7
Rank
5
6*
10
-9
17
9
16
17
15
5
7
-7
3
48.6
# of Deals per Advisor
# of Rank Value
0.0
54.4
1.3
0.0
42*
25.1
0.0
0.0
-
42*
33
3
9
0.0
0.0
0.0
-
0.0
13.0
0.0
-
-
▲
▼
▲
▲
▲
44.0
▲
▼
6*
8
16.0
12.5
5
-
▲
-
24.9
-42*
-
-87.6
1
▼
-
5
▲
-
▼
-
-
37
▲
3.6
40.8
-
-
-
-
17.5
4.0 -77.9
-
--
-42*▲
36.2
▲ 46.7
482.9▼
45.5
0.0
Quarton International
16
14
12 -8
Oaklins (FKA M&A Intl Inc)
9
44*
Clairfield International
Roedl & Partner
-1
13
18*
Alantra Partners SA 15
29*
Livingstone Partners
Baker Tilly International
https://www.thomsonone.com
42*
77.0
59.9
42*
42*
0.0
31.2
15.0
15
26
78.2
42* -
-
-
-
-
0.0
19
-
-
42*
42*
-
-9.8
- 54*
24*
-
57
56
51.8
-
236.0
15*
-
Euro mil
6
42*
-
German Small-Cap M&A up to US$50m by Target Industry
6.0
4.2
Exp (%)
53
1
Jan 1 - Dec 31
Fees
3.8
383.7
-72.9
4
2
Rank Value per Advisor
42*
Rank
-
70.2
8.0
10
100.0
6.0
10.0
Jan 1 - Dec 31
15* 100.0
7.0
88.0
37
19
2.5
3
** Fee
4
54*
-
2017
▼
0.0
▲
2
▲
Commerzbank AG 34*
- 0.0
Cushman & Wakefield Inc 38* 44*
Stifel/KBW
9
33.4 30.0
0.0
0.0
2.5
▲
0.0
0.0
▼
0.0
0.0
0.0 0.0
89.7
0.0
33.6
Change in
▼-4
44*
-15
Falkensteg GmbH
23* 18*
29*
-
100.0-
44.9
0.0
-2
34.1
▼
0.0
32.2
37*
42*▲
▲
42*
2016
22*
14
goetzpartners Corp Finance
10 4 ▲
8 0
Houlihan Lokey
18*
38* - 5
21
10
12 18*
22*
▲
42*
▲
▲
44* 5 1
-
0.0
26
15*
HSBC Holdings PLC 38* 94* 5 4
5.2
- 5.5
-
-
0.0 42* -
Macquarie Group
30
- -
-
GCA Corp 38* 29* 5 -2 ▼
Barclays 43* 44* 4 0 -
Standard Chartered PLC 43* - 4 4 ▲
20* 100.0
Network Corporate Finance 43* 29* 4 -3 ▼
4 3 ▲
100.0
13.6 28 -52.0 ▼ 8.0
21*
equinet AG 43* 65* 4 2
12.95.5
29.7
BCMS Corporate Ltd 43*
- - 4.0 30* 100.0
15*
13.9 6
17.315.3
- 8.0
49.4 46.5 7 148.2 ▲ 4.3 28
0.0
57.8
0.0 0.0 42* 24*
Ludwig & Co GmbH 43* 65* 4 2 ▲ 0.0 0.0
Translink Corporate Finance 43* 65* 4 2 ▲
CVM Capital Value Mgmt GmbH 43* - 4 4 ▲
100.0
4.0
42* - -
11.6 11.0 - - -
30* 100.0- - -
4.0 30* 47.1
3.2 41
19.2%
16.9%
15.9% 12.4%
7.6%
6.3%
5.6%
5.1%
4.6%
4.1% 2.4% Real Estate
High Technology
Industrials
Financials
Energy and Power
Materials
Consumer Products and Services
Media and Entertainment
Retail
Healthcare
Consumer Staples
-
100
200
300
400
500
600
700
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
# o
f D
ea
ls
Rank V
alu
e (
US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
9
*tie
Source: Thomson Reuters
Partners SpA
▼
Equita SIM SpA 34* 24*
7
55*
MM7a - Undisclosed Values & Values up to US$50m
46.0
2017
-1
32.5
29* - 4
Deutsche Bank
10
100.0
45.9
14.7
11*
5.7 -
53.1
19*
5.2
100.015*
7.1
40*
26.8-
77.3
31*23 ▲
0
58.931*
0.0
Industry Total
100.080*-
21*
100.0
100.017
100.0
-
1.7
53.2
▼
46*
5.0
32.4
30.5
7 -15.1
1021
55.3
0.0
335.8
-
17
10
46*
-
-
21.8
▲
Lincoln International
5
6 3
Global M&A
4
0
-1
-5
4
3 -1
10*
5
7
14* 3
24*
14*
14*
13
3
28.0
Change in
11
1 -4.1
Rank
▲
-29
1
▲
34
# of Deals
▲
2
6
7
0 -
12
2
▲
-9
-
▼
64.8
# of Deals per Advisor
# of
▼
0.0
38.0
13.7
- 0.0
▲
▼
▲
Deloitte
Ethica Corporate Finance SpA
BNP Paribas SA
Unione di Banche Italiane Scpa
16
8
17*
8
Credit Suisse
Oaklins (FKA M&A Intl Inc) 17*
Leonardo & Co 24*
20*
Mediobanca
20*
20*
BDO
17*
Morgan Stanley
12
Ernst & Young LLP
24*
10*
17
4
Clairfield International 13
Alantra Partners SA
Banca IMI (Intesa Sanpaolo)
12
11
14*
12
9
5*
8
14*
2016
1,255
10 0
15
55*
14
7
7
14
3
Deals
17*
-
23
23
100.01
Imputed Fees (US$m) †
2017
100.0
9
85*
100.0
82.4
31.4
76.1
100.0
18
47*
89.3
100.0
24.6
74.4
Exp (%)
56.1
80.0
35.3
91.9
100.0
-
5.3
2
-
-
46* -
15*
11
▼
7
-
5.3
-
38.9
52.9
135.6
-
44.9
1
10*
31
5*
9
2
▼
62.1
55
24
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
1.4
6
8 -
▲
7.0
0.6
10.2
▼
15.0
Rothschild & Co
7*
5*
6.7
8
25*3.2
Rank
18.0
Fees
4
0.0
▲
1.9
57.5
0.0
9
69.6 4
0.0
0.0
14
▼
31.8
0.0
▲
▼
63.5
▲
41.8
9
31*
-
17*
55*
8
21*
-6
7
0
12.4
Fineurop SpA
KPMG
Financial Advisor
17
Rank Value per Advisor
▲
▲
177*
Rank
Vitale&Co-IMAP
Kon SpA 3
Lazard
UniCredit
2017
4
2
5*
Brera Advisory Spa
10*
PricewaterhouseCoopers
Arkios Italy SpA
100.0
** 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.
50.2▲ 9.7 ▲
5 Jan 1 - Dec 31Italian Small-Cap M&A up to US$50m by Target Industry
https://www.thomsonone.com
44-
1.7
-
1103.7
3.0
3.5 23
3.6
40*
21*
-- 29*
414.9
4 ▲ 0.0
▲
5
55*Spada Partners
▲
-
19*
▼
46*
46*
-
▲
-14.0
-52.932
1
-
5
4
-
30.5
▲
-0.0
524*
UBS
24*
24*
128
Bain & Co 29* 31*
34*
10.0
-
0.8
2.6
100.0
-
14.6
Full Year 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
26
Italian Small-Cap M&A up to US$50m by Rank Value Range
US$m
▲ 0.0
12.3
58.3
▼
▼
-
0.0
-
36.7
30.0 -58.0
228.7
23.0
22.6
▲ 5
19
▼
30.4
4.7
3
-
5.0
16.3
8.6
-
12
▼
▲
- 14
49.3
46* -0.0
-14.8
-96.5
10.5 --
1.7
9
66.6- 75.2
-26.0
▼
7
32.5
35.3
▲
Rank Value
Italian Involvement Small-Cap Rankings (MM7a)
19.5
-56.7
Rank
▼
Advisor ** Fee
Euro mil Change (%)
160.0 1
43*
2 509.6
-
5.4
80.2
-2
21*
107.9
Rank Value
93.0
186.8
Jan 1 - Dec 31
6
3,530.2 3,134.7
4 1 ▲
3 ▲
-
▼
4
▼
43.6 13 -
-1 ▼
0.0 0.0 46*
Citi 29*
DVRCapital SpA 29* 55* 4
CFI 29* 17* 4 -3
83.7 72.9 3 3000.0
- 1.6 100.0
25*
27*
40*Translink Corporate Finance 34* 31* 3 0
Societe Generale 34* - 3 3
2 ▲
▲
Goldman Sachs & Co 34* 55* 3 2 ▲
Houlihan Lokey 39* 31* 2 -1
21.6
Gresham Partners 39* - 2
2.2 2.0 - - -
- -
20.0 -
0.0 0.0 46* - -
0.0 0.0 46* - -
35.5 31.0 16 -5.3 ▼
0.0 0.0 - - -
0.0 46* - -
0.0 0.0 - - -
- -
3.2
3.1
1.7
2.0
▲
- -
23.2
4.0 20 100.0
3.3 24 100.0
100.0
1.5 45* 100.0
2.6 31* 32.1
100.0
3.0 29* 46.9
2.0 33* 8.0
33* 100.0
3.1 27* 81.6
Credito Emiliano 39* 55* 2 1 ▲ 0.0 0.0 -
0.0 0.0 -
0.0
20.1%
14.1%
11.9%
10.3%
8.4%
7.8%
7.0%
6.1%
6.0%
5.7%
2.7%
Financials
Industrials
Energy and Power
High Technology
Consumer Products and Services
Real Estate
Consumer Staples
Materials
Retail
Media and Entertainment
Healthcare
-
50
100
150
200
250
300
350
400
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
# o
f D
eals
Rank V
alu
e (
US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
10
*tie
Source: Thomson Reuters
0.0
9.5
24.4
36.5
46.4
10.7
17.9
0.0
10.0
0.0
0.0
▲
▲
9* 1
5
3.3
40.1
24.6
74.2
50.3
41.3
0.0 0.0
# of Deals per Advisor
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
51.0
134.6
0.0
59*
3.2
17*
Imputed Fees (US$m) †
28
26*
100.05.0
38*
38*
4 -
402.9
0.0
1.5
-
3
▼
46*
0.0
16.6
9.2
0.0
13.7
▲
-70.5
5.2
9
0.7
2.4
6
0.8
2.8
3.5
12
2.4
25
16
100.0
100.0
43.0
54.7
2
100*
62.5
54.1
100.0
100.0
100.0
100.0
81.7
100.0
38.7
100.0
81.3
100.0
100.0
58
26*
▲
▲
-
231.5
10
▼
-
6
12.4
-
24
13
▼
-49.2
-
13*
▼
▼
-
44
7.6
13*
▲
37
46*
8
4.3
-60.9
▼
▼
Financial Advisor
3
▲
PricewaterhouseCoopers
Clairfield International
2.4
7BDO
1
37.5
Fees
84.5
Rank Value
17*
Full Year 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
37.5
33
38*
2017
88.5
▼14
3
-66.4
25
-
▼
-59.1
42.2
▼
970.0
-
-
▼
4.0
-
1.8
4
-
2 0.0
8.5
▲
9.8
46*
46*0.0
100.0
20
100.0
18.2
4
75*
46*
33*
46* 5
▲
▲
▲
43.3
3
0.0
21.9
5
▲
▲
▼
1
▼
14* 19
-14
4
3
IMAP
55.1
113.6
Advisor
15.9
2.9
71.5
▲
46*21
US$m
-8 82.9
# of Deals
▼
Rank Value
35.4
Exp (%)
Change in # of
332
453
2
2016
4.6
6*
Rank Deals
5 5
Carnegie
KPMG
6
7
▼
8 ▲
-
▼
7
7
8
7
1
▲
-
1
9
-7
▲
1
0.0
▲
▼
5
▼ 14.9
1
0.0
24*
Translink Corporate Finance
6
-15 ▼
224* ▲
24*
28*
6
Deloitte
26*
-11
FIH Partners AS
33*
6
46*
HLP Corporate Finance Oy
46*
Swedbank
33*
33*
37.43
0.03
-
-
-4
4
▲
-12.7
28*
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.
33*
▲
Industry Total
Lincoln International
46*
Baker Tilly International
Catella AB 75*
33*
AGC Partners
28*
BCMS Corporate Ltd
Capitalmind
Morgan Stanley
--
3.0
0.0
Euro milRank
17
34
2017
47.2
29.9
2
-
20.9
5
0.0
131.8
32.3 16
62.0
24.3
▼
38.5
▼
55.0
▲
▲
40.8
26.4
20.9-2
▼-3
3.7
24.3
27.0
3.5
32.0
0.0
18*
28*
▲
-
-
124.8
-12
5
8
0.0
44.4
7
95.5
16.0
3.7
-25.7
97.8
Stella EOC
18*
▼
19.2
13*
14.7
8.4
44.4
5.6
100.0
5
24
100.0
5.2
3.0
4.6
6.4
7
98*
21*
11
Jan 1 - Dec 31
▲34
1.0 59*
55
-
4,601.6 4,113.7 ▼
2.5
21* 100.0
-
-76.6
-45.4
-5
-
18.7
22.6
3
1
4
▲
19
100.0
64.3
28.9
61.1
12.0
Nordic Involvement Small-Cap Rankings (MM9a)
183.6
4.1
Change (%)
26
34*
7.9
4.4
1
7.5
5.2
▲
▲
3
5 2
8
8 -6
Oaklins (FKA M&A Intl Inc)
Ernst & Young LLP 8* 4
Raymond James Financial Inc
CFI
21*Mid-Capital
24*
Lazard 15*
Handelsbanken Capital Markets
▲
2
▲
▼
-8
Nordic Small-Cap M&A up to US$50m by Rank Value Range
78.1 4
Jan 1 - Dec 31
Rank
▼-65.3
Rank Value per Advisor
2017
MM9a - Undisclosed Values & Values up to US$50m
196* 8
18
Rothschild & Co 10* 21*
Clearwater International 188*
15
Globalscope 12 16*
12*
0
-110* 15
12
Danske Bank
SEB 13 12* -610
DNB ASA
Credit Suisse
9
Nordea
15* 14*
18
9*14
-
Livingstone Partners
Jefferies LLC
18*
ABG Sundal Collier
18* 46*
19*
18* 16*
18*
21*
69*
26*
7
5
7
https://www.thomsonone.com
78.9
39.6
47.1
** Fee
Rank
-48.8
Nordic Small-Cap M&A up to US$50m by Target Industry
15*
-
44.3 8
29*
84.6
7
-
31
26*
5.8
9
-22.7
-
▼
-
40*
-93.6
- -
-
46*
▼
-
-
-
1
29*
-
-
- 2.0
1.0
-
0.0
4
2,046 -85
-
▼
0.0
-
-
▼
- 4
--
39
46*
46*
-87.3
21
Alpha Corporate Finance 33* 24* 4 -1 0.0
41* 100.0
97
-87.7
0.0 0.0 46*
0.0
4.0
2 ▲
33*
1
1
▲ 0.0
Moelis & Co 33*
Pangea Property Partners AB 33* 33* 4
Bank of America Merrill Lynch 33* 33* 4
▲
Grant Thornton 33* 46* 4 2 ▲
Goldman Sachs & Co 33* 33* 4 1 ▲
Alantra Partners SA 33* 46* 4 2 ▲
JP Morgan 33* 26* 4 0 -
0.0 - - -
20.1 18.9 - - -
41.4 38.1 11* - -
- - -
- -
0.0 0.0 - - - 4.0
0.0 0.0
6.0 10
1.7 56*0.0 0.0 -
13.7
3.0 29* 100.0
100.0
- - -
0.9
100.0
21* 7.5
19.5%
16.2%
15.5% 11.2%
7.6%
5.3%
5.0%
4.5%
4.4%
4.1%
4.1% 3.0%
Real Estate
High Technology
Industrials
Financials
Consumer Products and Services
Materials
Energy and Power
Retail
Healthcare
Media and Entertainment
Consumer Staples
Telecommunications
-
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
# o
f D
eals
Ra
nk V
alu
e (
US
$b
)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
12
*tie
100.0
0.0 0.0 - - - 3.0 36* 100.0
42.6
23* 31.3
0.0 0.0 - - - 3.8 30*
14.9
-
46.0
0.0 0.0 43* - - 4.0 23*
85.7
21
41
0.0 0.0 43* - - 2.0 43*
19 32* 10 5 ▲
0.0
4.0 23* 100.0
0.0
Goldman Sachs & Co
4,195.9
24.0
15.2 14.4 -
34.3
▲
0.0 0.0
27.1
-
▲
43*
-53
Rank
Industry Total 1,863
11
4.0 23*
-
-23.1
2.4
14.0
-
64*
-
100.0
0.0
Rank Value
558.3
4.0-
▼
1.8
-
15.2
19
17.5 15.5
4,690.9
-
4
23*
-
11.0
12.3
6
621.9
Full Year 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
34.5
▲
Advisor
1
30*
2017
35.7
Rank
100.0
62.5
Exp (%)
51.3
94.2
100.0
100.0
1.5 66
2
81.6
5
15.0
1.7
8.4
5.0 19*
25.2
29.0
50.8
-
▲
-
-
-
-
▼
3.8
Fees
▲
19.6
Change (%)
28.7
136.0
▲
2017
1
-
3
3
384.2 -93.3
10 4.0
91.9
149.7
-54.0
65.0
43*
4
0.0
32.5
43*
9
43*
-4
-
47.1
0.0
▼
0.0
16.6
43.3
▼
37
0.0
92.3
6
88.5
▼
2
PricewaterhouseCoopers 10*
41.4
136.5
9
4.8
-21
75.4
1.0
-
0.0
Ernst & Young LLP
Oaklins (FKA M&A Intl Inc)
Cooperatieve Rabobank UA
IMAP
7
KPMG
755*
17*
17*
Global M&A
34*
4
22
24*
▲
▲
Capitalmind 14*
16
Clairfield International
Banque Degroof Petercam SA
Deloitte 12
Lincoln International
CFI 14*
Baker Tilly International 10*
ING
Financial Advisor
5*
4
5*
Lazard
8
9
BDO 3
Rothschild & Co
MM10a - Undisclosed Values & Values up to US$50m
1 5 ▲
2016
2
2017
Euro mil
▼3 -3
US$m
42
53.1▲
101.9-2
192.0 167.0
48.1
0.0
0.0
▼
0.0
43*
0.0
34
43*
43*
10.1 -73.4
-
-62.7
https://www.thomsonone.com
** 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.
17.9
0.0
▲
▲
32*
Source: Thomson Reuters
21.7
15*6.0
0
0.0
0.0
7
-9
42
-
Benelux Small-Cap M&A up to US$50m by Target Industry
-10
1
14
11.0
▲
38.2
18 ▲
17
17
11 7
11
15
15* 14
12
13
▲
▼
▼
-5
2
-
-
9
-
-
-
-
11-
12
▲
Benelux Involvement Small-Cap Rankings (MM10a)
Imputed Fees (US$m) †
160.4
Rank
30* 58.5
Rank Value per Advisor
8
100.0
78.4
96.2
** Fee
97.2
27.4
▲
▲
▼
0.0
Rank Value
43*
0.9
1 37.1
3
-1
0.0
34.5
0.0
100.0
100.0
9.0
84.4
7*
▼
▼
# of Deals per Advisor
Rank
18
1*
# of
11
3
32
Change in
-13
▼
25
1*
10*
24
14
# of Deals
12
39
41
2 28
4 ▲
0.0
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
23.6
35Globalscope 20* 20*
DC Advisory
9
Haitong Securities Co Ltd 20*
▼
Jan 1 - Dec 31
Jan 1 - Dec 31
3.8
7.2
15
Benelux Small-Cap M&A up to US$50m by Rank Value Range
- -
▲
▲
▼
▼
▼
▲
9
32
7*
7
26* 8
13
6 22
4
Deals
1 ▲
Alantra Partners SA 23* 55* 7 5
NIBC NV 23* 29*
RBS 25* 24* 6 -2 ▼
Citi 25* 41* 6 3 ▲
CBRE Holding SAS 25* 41* 6 3 ▲
JP Morgan 25* 41* 6 3 ▲
Houlihan Lokey 29* 19 5 -6 ▼
Morgan Stanley 29* 55* 5 3 ▲
Credit Suisse 29* 26* 5 -2 ▼
UniCredit 29* 41* 5 2 ▲
Natixis 29* 55* 5 3 ▲
Jefferies LLC 29* 41* 5 2
4 -6
20.0
UBS 35* 22* 4 -5
Deutsche Bank
Barclays 35*
10.0 8.5 -53.1 ▼
Mid-Capital 35*
20*
- 4 4
12* - -
24 -50.7 ▼
100.0
14 100.0
7
8.6
5.3 18
13 100.0
19.0
31.4 29.3 17 113.6 ▲
43*0.0
39.6
- - 6.0 15* 100.0
3.3 35 100.0
16.3
- - 5.0
- 4.1
43* - - 10.0
4.0
33*
23*
3.6-
- -
44.2 7 -
0.0
50.2
0.0 43* -
-Quarton International 35*
35* 18
0.0 0.0 43*
40.1
0.0
75.4
43*
11
15* 78.9
- -
19* 45.9
10
- - 4.8
- - -
6.0
0.0
4 -815.3%
12.8%
12.7%
10.1% 9.5%
8.7%
7.4%
6.6%
6.1%
4.6%
4.3% 2.5% Industrials
Financials
High Technology
Real Estate
Healthcare
Consumer Products and Services
Consumer Staples
Media and Entertainment
Materials
Energy and Power
Retail
Telecommunications
-
100
200
300
400
500
600
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
# o
f D
eals
Ra
nk V
alu
e (
US
$b
)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
13
*tie
Source: Thomson Reuters
-
▲
-86.8
-
3
37
-1
-1
4
11
18
14
35*
0
4
▼
5
▲
44.9
▲
13.0
-96.5 ▼ 2.2
93.9
17.1
▲
-91.5
27.7
5▼ 8.0
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
Rank Value
US$m
Jan 1 - Dec 31
Imputed Fees (US$m) †
17*
Change (%)
134.5
11.3
0.0
-
100.01.7
-
1
2
Rank
27* 20.0
2017
25
100.0
47.8
86.0
100.0
29.8
100.0
Exp (%)
53.1
100.0
70.4
4.2
91.9
4
11
Full Year 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
14
12*
8
15
16
9
100.0
100.0
70.0
27.5
1.0
12.6
2.8
-
9.0
0.0
16.2
0.0
19.1
46.0
10.1
▲
3.1▲
136.0
Rank Value per Advisor
155.5
5
1 241.8
30.5
29
2017
133.2
CFI
BDO
Globalscope
Clairfield International
8
1
Rothschild & Co
4*
11
Lincoln International
12*
4*
6*
PricewaterhouseCoopers
10Oaklins (FKA M&A Intl Inc)
12*
9
12*
Ernst & Young LLP
Deloitte
16*
2
IMAP
7
25*
3
VTB Capital
Barclays
6
BNP Paribas SA
16*
6
5
5
16*
15* -
13*
12
4
0
▲
▼
▲
-
8
3.1
30.1
24.1
0.0
▼
3.6
28.0
0.0
▼
▲
11
3
0.0
0.0
27.2
67.580.2
31*
10
40.3
12
47.1
# of
-9
51.7
14
▼
▲
-3
Change in
2
▲
6*
5
3
9
29
▲
2017 2016
1
RankFinancial Advisor Rank
KPMG
# of Deals per Advisor
45
6
-6
9
7
8
19
12
18
2
https://www.thomsonone.com
31*
-
14*
-
-
-
4,895.8
3
2.5
4.3
0.0
3.0
▲
-
-
0.7
-
51*
3.0
13.9
-
-
-
** 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.
17.4
12.1
31*
Advisor
▼-16.8
▼
▲
Fees
UBS
-4
15*
-
- -
-
4,326.2
31*
▲
0.0
▼
-
▲
0.0
0.0
0.0
4
** Fee
17*
114.3
Societe Generale 15*
2
1
Eastern Europe Involvement Small-Cap Rankings (MM16a)
Rank Value
0.0
18.5
0.0
25*
3
4
3.3
12*
-
Jan 1 - Dec 31
30.8
Eastern European Small-Cap M&A up to US$50m by Target Industry
12.6
MM16a - Undisclosed Values & Values up to US$50m
49*
Deals
3
Euro mil
-
# of Deals
6
▼
16* 3 -1
64.5
-
25*Citi 20*
Turkiye Is Bankasi AS
0
Mediobanca 20* 49*
3 1
28
-
-
0.0
-
0.0
-
31* -
▲
Rank
40.0
2 ▲
31*0.0
31*
17*
2.0
0.0
Eastern European Small-Cap M&A up to US$50m by Rank Value Range
3.4
12.0
▲
23
39.8
▲
JP Morgan 15* 10 4
Lazard 15* 13* 4
20* 35*Credit Suisse
3
20*
-
-
-
17*
2.0
100.0
5.3 7
2.0
100.0
6.0 6 73.2
- -
54.8Industry Total ▼ 338.82,881 -832
▼
-1
19.2%
13.3%
11.9%
9.2% 8.8%
7.0%
7.0%
6.4%
6.3%
5.8%
5.6% 2.3%
Industrials
Consumer Staples
Energy and Power
Materials
Consumer Products and Services
Media and Entertainment
Real Estate
High Technology
Financials
Retail
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
# o
f D
eals
Ra
nk V
alu
e (
US
$b
)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
14
*tie
Source: Thomson Reuters
2.0 21* 100.0
0.5 58* 100.0
0.3 65* 100.0
52.2
1.5 27 26.3
21* 100.0
0.0 61* - -
-
- -
1.0 29*
63*
5.8 - - -
76.9 8 646.6 ▲
28 -41.0 ▼
44.0 19 - -
RSM International Ltd 23* 12* 3 -3 ▼
Flagstaff Partners Pty Ltd 23* 28* 3 1 ▲
Globalscope 23* - 3 3 ▲
Santander Global Corporate Bnk 23* - 3 3 ▲
Grant Samuel 23* 15* 3 -1 ▼
Cameron Partners Ltd 23* 47* 3 2 ▲
-
2.5 29.8
12.2
100.0
11
▲
100.0Burnvoir Partners 23* - 3
50.0
0 0.0
33.6
-
47*
34.5
45.3
19
6 -
-
1.2 28
-
46.7 17*
12* 7.8
97.5
- -
27.6
▲
▲
31.7
49.6 15 316.8
0.0
24
-
49.7
57.1
-
▲
Morgan Stanley 17*
4
4
19*
-3
3 ▲
14
-
-9
26
-
46.7
▲
-
9 ▼
2
33.7
Full Year 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
100.014*3
6
5
3.9
54.7
0.9
-
3.2
18
12.1
100.0
2.7
2.3
7.8
▲
5 -3
BDO
5
14*
Citi
▲
2
Deloitte
411*
Houlihan Lokey
Baker Tilly International
19*
6
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
Forsyth Barr
First NZ Capital 47*
12*
4
JP Morgan
Lazard
14*
14*
6
3
5
10
10*
6*
Gresham Partners
3
Moelis & Co
19*
56
2
12*
47.9
▲10.6
1
-49.4 ▼
1265.2
58*
-
3.6
3.0 16*
-
1.0
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
29*
-55.1
0.5
9
50
0.4
2.0
▲
-
100.0
5
100.0
3*
3*
▼
9.6
10.0
33.3
37.4
58*
10
8.6
47.6
88.6
16.1
14*3.1
-
-
-94.6
-85.4 ▼
0.5
Change in
Macquarie Group
1 ▲
5
40 8
▼
PricewaterhouseCoopers
Rank
37 ▲1*
KPMG
▲
6.0
25.6
31.4
10.0
▲
▲ 20
48
16
99.4
-6
5
▼-71.9
Rank Value per Advisor (US$m)
▼
2223.1
4.8▼
5 41.5
2730.2▲
-1
17*
▲
▲84.1
49.3
-25.8
▲
0
19*
5
10* 6
8*
8*
19* 7
0
▼
6.7
7 ▲
▲
10
5
10.5
4 1069.4
15
Goldman Sachs & Co
Miles Advisory Partners
9
6*
15*
9
10
Rothschild & Co
Ernst & Young LLP
5
UBS
4
Australia/New Zealand Small-Cap M&A up to US$50m by Rank Value RangeMM11a - Undisclosed Values & Values up to US$50m
2017
1
▲
FeesRank
7
Change (%)
119.1 ▼
# of Deals
33
5.4
96.6
▲
3.1
https://www.thomsonone.com
16*
8
Rank
19.9
77.0
Imputed Fees (US$m) †
Advisor2017
Australia/New Zealand Involvement Small-Cap Rankings (MM11a)
Jan 1 - Dec 31
Rank Value
17.3
** Fee
47.63.0
-1.0
Exp (%)
4.3
Jan 1 - Dec 31Australia/New Zealand Small-Cap M&A up to US$50m by Target Industry
41.1
-
380.3
20
324
7
Rank Value
-
133.6
US$m
152.9
▲
Financial Advisor
2016
# of Deals per Advisor
Deals
# of
▲
Rank
2017
21
10
11*
7
6*
8
28*
6*
4
7
86.7-
6
▲12
▼
56.6
-
▲
98.3
5
17*
11*
1*
2
19*
Industrial & Comm Bank China
Industry Total
1
▲
61* - -
-
0.0
28* 3
9,496.4
23* 28* 3 1
▲
215.7
6.2
▲
6.5 46
Greenhill & Co, LLC 23*
Investec 23* 19* 3
Barclays 23* 47* 3 2 ▲
0 -
▼
22.3
19* 6* 4 -5
1,983
-75.9 ▼
26.8
3.2
0.5
100.0Clairfield International 12*
Allier Capital 19* 15* 4 0 - 54.3 11
17.3%
14.2%
10.0%
9.5% 9.0%
8.4%
7.9%
7.3%
5.9%
5.0%
5.2% Materials
Real Estate
Media and Entertainment
Consumer Products and Services
Healthcare
Industrials
High Technology
Financials
Consumer Staples
Energy and Power
Retail
Telecommunications
-
100
200
300
400
500
600
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
# o
f D
ea
ls
Ra
nk V
alu
e (
US
$b
)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
17
