small cap m&a review · 2018-10-17 · small cap m&a review financial advisors first nine...
TRANSCRIPT
SMALL CAP M&A REVIEW FINANCIAL ADVISORS First Nine Months 2018
REUTERS / Phil Noble
Source: Thomson Reuters
*tie
Source: Thomson Reuters
55.0
190
194.10
-79
Imputed Fees (US$m) †
# of Deals per Advisor
16
Change (%)
-38
-15
-7
656.3
287.9
556.331
3
Rank
128.2
34.7
215.7
▼
▼
86.8
85.4
28.7
Fees
77.3
57.5
81.0
34.7
12.8
64.0
64.5
95.7
7.2
100.0
71.4
100.0
-
-
-
52.0
45.0
-
-
17.0
53.3
-
28
21
30* 100.0
100.0
32
57.7
8.6
24.6
68.9
20
13
57.9
178
-
-
-
Worldwide Estimated Small Cap Investment Banking Fees by Quarter*
-
63.6
65.1 14
17.0
5.5
6
59*
100.0
8.1
27.7
30.0
37.5▼
9
58.8303*
-
54.3
-
18.6
58.2
10.2
▼
▲
70.2
87.6
41.0
85.6
105.1
64.8
-
▲
-74.8
▲
▲
▲
▼
▼
▲
▲
▲
233*
30*
▲
-3.7
▲
-37.7 ▼
29.1 -
19
Exp (%)
46
1
44
217.6
▼
26.8
3.2
▼
56.1
▼
39.5
52.5
▼
-33.9
▼
972.40
166 ▼7
-49.9
-24.8
▼
462.7
1
525.7
▼
-10
239
78.2▼
▼
153
166 -22 655.4
3
Rothschild & Co
Sumitomo Mitsui Finl Grp Inc
PricewaterhouseCoopers 3* 2
13
4
7
3*
9Houlihan Lokey
1
Ernst & Young LLP
2
1KPMG
6
Oaklins (FKA M&A Intl Inc) 8* 10 106
8* 8 106IMAP
2
11
68.5
--
172.5
12 104
16
▼
10014
97 13 ▲
108
25
▲ -
154
89.2
414.8
21.0
▼
9.1
-45.9
59.1
Clairfield International
14
-26.2
-
▲
23.7
18 19
▲
-96
90KBS Corporate Sales Ltd
▼
▼
-17.1 ▼
▼
22
-48.7
10
4
34.6
59.3
40.5
80.4
1753725.0
▼
-
59.8
34.0
▲
13
-79.2
-
50.5
-0.0
▲
21246.1
-17.4
-36.2
9
▼
-
▲
353.8
▲
▲
Evercore Partners
3021 46Barclays
23
24*
▲
66
43
47*
11
50
49
5042
31*
49
Macquarie Group
36
GCA Corp
46
27*
38
61*
41 -17 ▼
43
▼
48
▲18
▲
▼
▼
-11
-24
-18 69.6
103.1 23.7
▼ -
▼
-20.2133.5 12.0
▼
Globalscope
30,393
46 38
KeyBanc Capital Markets Inc 47* 47* 37
Cooperatieve Rabobank UA 47*
39
24*
45
40
Bank of America Merrill Lynch
BDO
27*
63*40
CFI
Global M&A
Plutus Consulting Co Ltd
39
-10
35*
35*
-142
17
45
42
BNP Paribas SA 37
55*
55*
43
27*
41
Harris Williams & Co
42
44
Nomura
▼Grant Thornton
48
48
▲47
125,900.7
** 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.
-3,228
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
▼ 4.4
▼
▼
12-
17.0
11.5 86
2739.4
81.5
80*
319.3
-64.5
▼
82.8
https://www.thomsonone.com
▲-
-
7,857.0
31.4
- 72.2
158*
▲ 59*
54.8
328.60
-
71.2
87.6
100.0
75.5
57*
152.9
5.2
30.4
-
121.0
49
▼42.5
15
79.7
-
42.1
-
-
-10.3
2.0
▼ -
62.8
11
123.80
44.2
4.9
3
50
-22
7
54
7
6
55 -
-6
42.2
0.0
-23.0
-
22
19*
▼
2Credit Suisse 24*
Goldman Sachs & Co
17
36
24*
▼
6039*
38
-17
▼
▲2
-6
-37 ▼
▼
▼
26
-110
141
133
886*
3
5
▲
MM1a - Undisclosed Values & Values up to US$50m
11
8
25
7
Mizuho Financial Group
15
-81.4
-
590.3JP Morgan
William Blair & Co 34
▲
-2
▼
17
73
▼
▼▼ -65.5
▲
▼
-8
9
72
72
▲
-2
1
64
▲
Lincoln International
Deloitte 5
12
Morgan Stanley
Industrial & Comm Bank China
13
Lazard
20*
Raymond James Financial Inc 389.6
157.7
-15
23
15
81 90.8
7930
175
▲
10
Rank Value per Advisor (US$m)
2018
-14.4163.4 ▼
Rank
Jan 1 - Sep 30
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
** Fee
Worldwide Small Cap M&A up to US$50m by Target Nation Region
2016
Financial Advisor
Change in
Deals
# of 2017
82
19*
17
16 15
Rank
Piper Jaffray Cos
Clearwater International
Benchmark International
# of Deals
31* 1
Moelis & Co
Generational Equity
30*
24* 31*
57
57
Jefferies LLC
29
Citi
30*
33*
-3
26
28
27
5220*
39* 56
Kaede Group
35*
UBS 30* 48
14
4133*
Baker Tilly International
Stifel/KBW
253.2
18
13
6*
▼
▲
0.0
187.0
-
-73 107
▲ 314.7 -20.3
152.1 -
-12.7
▼
▲
35.3-
-
-
-
Rank Value
10.8
200.8
4.0
18.0
187.6
13
-63.6
31
40.3 26 81.9
34.7
-
198*
-
19
30
183.6
-
- ▲
-52.3
-54.5
5.410
42.2
-44.4
731.1 2
15.8
8
-
-1.4
557.7
24
6
US$m
2016
28
4
Worldwide Small-Cap Rankings (MM1a)
Advisor
215.30
177*
179.4
-
Rank
29.0
Rank Value
26
-
5
3 ▲
RSM Corporate Fin LLP 47* 35 37 -16 ▼
71* 37 13 ▲
- -
35.4 - -77.5 ▼
90.610.0 - - - 24.1 48
Industry Total
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110 $120 $130
2012
2013
2014
2015
2016
2017
2018
Rank Value (US$b)
Africa/Middle East Americas Asia-Pacific Europe Japan
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
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 1Q 2Q 3Q
2011 2012 2013 2014 2015 2016 2017 2018
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
100.027
13*
50
3.0
13*
15.1 15
▲ 13.0 16 -
13.5
20*
Banco Fator SA 27* 45* 2 1
UBS 27*
Beaumont Cornish
-1 ▼
-
▲
2 -
▼
-
-81.4 1.2
-
1.327* - 2
- -
KPMG 27*
0.0
8*
-
-
3.0
-
1594.2
-39.3
39.4
Latin American Small-Cap M&A up to US$50m by Rank Value Range
▲385.7
2018
US$m Change (%)
** FeeAdvisor
Jan 1 - Sep 30
1
2018Rank Value
MM17a - Undisclosed Values & Values up to US$50m
274.9
9
0
2
28*
17
3
6*
100.00.4
0.0
▼
-
▲
▼
-
Banco Bradesco SA
4
Credit Suisse 19
3
INFUPA SA 3*
16*
1 29
17
10
3*
5
5
-2
17
2
1
15 -
8*
233.8
-2
▲
▼
▲
Rank Rank
Jan 1 - Sep 30
7.0
0.0
▼
8.1
-
34.0
- 13*
7
-
-2
-
2.2
Rank Value per Advisor (US$m)
▲
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
27*
-
13.1-
-
Change in
36.2
▲
92.5 -
6*
30*
11
Rank
5
27*
-
-
27*
BR Partners
PricewaterhouseCoopers
Greenhill & Co, LLC
16*
14*
-
-
▲
90.9
--
12
4
6.7
Vinci Partners
Oaklins (FKA M&A Intl Inc)
Imputed Fees (US$m) †
2
Deloitte 14*
20* 4
-107
0.0
0.0
5
5
28*
4
28*
-1
6
▲
0.0
▲
▼
48.2
-
▲
0.0
▼
▲
▲
Rank Value
0.0
27*
# of Deals per Advisor
2
0.0
Goldman Sachs & Co
Arab Banking Corporation
8*
3
22*5.5
Citi
6
▲
67.911*
6*
45* 58*
11* 2
220*
# of 2018
▲
34.0
3
9
Latin America Involvement Small-Cap Rankings (MM17a)
Financial Advisor
2017
70.7
-
6
-
-
4
19*
Itau Unibanco
Banco BTG Pactual SA
-
Rothschild & Co
-
12.4
-
16
6*
20*
RGS Partners
-
9
14*
Rank
11*
4Morgan Stanley
# of Deals
Clairfield International
14*
5
28*
8*
14
Deals
14*
9*
▼
▼
-
45* 3
0
4
4
4
6*
12*
3 1
3 1
4 -2
28*
-1
-3
14*
Industry Total
9*
Alantra Partners SA
Lazard 14*
Santander Corp & Invest Bkg 21*
https://www.thomsonone.com
47.6
Source: Thomson Reuters
▲
▲
764
12*21*
9*
-
2 -4 16.0
27*
-
▼
-
51*
-
** 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.
▼
1
12
-
0.0
Latin American Small-Cap M&A up to US$50m by Target Industry
100.0
56*
21*
-
100.0
-
1.1
7
- 13*
29
100.0
5
100.0
100.0
2.6
27*
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
2
IMAP 27* 9.3
16.0
--
-
- -
▼
-92.4
▼
22.0
2.0
27* 3.0
24
27*
27* - 2.0
25
-
- -
0.1
-
195.8
-
-
0.3
-
Fees
3.4
-
-
-
-
-
-
27*
- -
-
100.0
25 100.0
11.8
4.1
-
-76.5
-
--
▼
-
13*
13* 100.0
-
1.0
3.0
- -
37.8
8 41.4
77.1
100.0
3.2
8.0
-54.7
--
21*
-
2.4
0.0
1.6
3
▲
2,944.1
1.5
5 3 ▼
8.9
38.1
Exp (%)
100.0
Davy Corp plc 21*
28*
- 3
-5
▲
▲
-5 ▼
Ernst & Young LLP 21*
▲
Alpax Inc 21*
5.5
Cypress Associates
Goodbody Corporate Finance 21* - 3 3
Artica Participacoes e Assesso
0.0 27* -
20 28
0.0
0.0
0.0
Bank of America Merrill Lynch 27* 16* 2 -2 ▼
100.0
- 2.3 18 29.5
Global M&A 27* 16* 2 -2 ▼ 22* -89.0 ▼ - - -
27* 45* 2 1 ▲ 0.0 27* - - 2.0 21* 100.0
HSBC Holdings PLC 27* 45* 2 1 ▲ 0.0 - - - 10.8 2 100.0
LionTree Advisors LLC 27* - 2 2 ▲ 0.3 - - 100.0
JP Morgan 27* - 2 2 ▲ - - - -
- 1.0 30*
-0.0 -23.5%
14.6%
12.2% 11.8%
10.6%
6.6%
5.9%
5.5%
5.4%
3.9% Materials
Energy and Power
Consumer Staples
Industrials
Financials
Real Estate
Retail
Consumer Products and Services
High Technology
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
ACXIT Capital Partners 51* 50* 10 -1 ▼ 0.0 0.0 - - 30 100.0- 9.0
CFI 47* 20* 11 -15 ▼
▲ - -
▼ 3.0 79* 13.5
87.2- 4.1 62
Credit Agricole CIB 51* 40 10 -6 ▼ 0.2 -
10.2 - -
-98.8
51* 167* 10 8 ▲
0.2
-
78 100.0
▼
-
0.2 ▲13 - -
100.0-19.543.6 35
45*
William Blair & Co 40*
9.6
Liberum Capital 51* 47* 52.4
- 125.1 ▲ 3.3
41*
55*
Canaccord Genuity 51*
Deutsche Bank
56.998.2
Rank Value per Advisor
75*
Jan 1 - Sep 30
-16.0
1
-47
-14.2
European Small-Cap M&A up to US$50m by Target Industry
Rank
58.7
211.2
2017
Numis
-3
4
2 ▲
▲
Livingstone Partners
▼
55* 12
13
17
15
30*
13
111*
23*
15
19
21
330*
5
23*
23
23
23
13 ▼
-5
8
28
24
36*
25
10
RSM Corporate Fin LLP
PricewaterhouseCoopers
213*
25
Grant Thornton
UniCredit
50
11* 14
Kon SpA 19*
▼
▼
Goldman Sachs & Co
Lincoln International 33
4
12
7
9
54
5
IMAP
KBS Corporate Sales Ltd
76
3
Financial Advisor Rank
10
10
Deloitte
74
109
Ernst & Young LLP
Clairfield International
2 ▼
6
5
Clearwater International
Oaklins (FKA M&A Intl Inc)
Lazard
8
9
KPMG
Rothschild & Co
3
1
2018
-34
11*
39
33
15*
Rank
4
1 103
-24
▲
13*
11 -1110
28
▼
-17
62.1
▼
▲
121.0
European Small-Cap M&A up to US$50m by Rank Value Range
Deals
▼
# of Deals per Advisor
MM3a - Undisclosed Values & Values up to US$50m
Rank Value
57
# of Deals
-57
70
# of Change in
59
-24
17
▼
▼
47
115.5
▲
50.8
115.3
Euro mil
European Involvement Small-Cap Rankings (MM3a)
Jan 1 - Sep 30
0.0
▼
0.0
8.3
0.0
▲
▲
0.0
▲
10.0
-
36.6
-
7.2
-
6.0
-
2.0
1.0
10.0
▲
- -64.8▲
0.0 0.0
12.0
-
19
138*
13
13
Global M&A
Credit Suisse 36* 14
33
83.8
9.1
17,400.5
-10
-
-
▲
▲
▲
▲
▼
▼
45.4
Source: Thomson Reuters
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
15*
22
20
23*
55*
19*
17*
4
▼
▼
151.6
23.7
69.0
-
184.3
3
-4
-8
137.4
63.1
205.3
19.5
171.8
323.8
▼
244.5
▲
▼ ▼
7 ▲
76.3 -16.220
27
141.7
5
87.7
93.2134.7
40.2
5.0113.6
13.0
24.2
81.7
0.0
100.0-80 9
162.1
17
-6
1273.0▼
17*
▼17*
▲24
1
-10
36*
27
22
3
33*
16
23
30*
30*
-
88*
28*
26* 20*
26*
17*
30*
2
3
19
19
18
17
-2
-3
10
61*
-
0
2.0
23* 11
68.5
▼
10 95*
47* 75*
41*
11
69* 10
6,920
Cenkos Securities PLC 51* 69*
87.6 71.6
61.0 49.3
12.3
Industry Total
47*
51*
10 3
Equita SIM SpA
-
47*
0.075*
40*
45*
15 58.9
57.9 47.2
-
-
1145.9
▼
8.0
9.5
--
▼
64.9
▼
▲
▲
2.0▲1470.9
-
▼
9.8
4.4
20.0
-3
-1
▲
9.6
48.3
24.6
19
▼
43*
36*
-4
16
11
15
17
17
-4
24.1
9.7
-7
11
▼
▼
-16
▼
▲
13
Cambon Partners 36*
96*
40*
36* 15Citi
Arma Partners LLP
40*
Mediobanca
30*
40*
35
30*
39
Banca IMI (Intesa Sanpaolo)
30*
Natixis
Morgan Stanley
Cooperatieve Rabobank UA
26*
Globalscope
Alantra Partners SA
29
UBS
25
BNP Paribas SA
Evercore Partners
JP Morgan
GCA Corp
INFUPA SA
HSBC Holdings PLC
Macquarie Group
Bank of America Merrill Lynch
8*
19*
-
▲
38.1
19*
Capitalmind
ING
▼-64.3
54
4.0
39.2
22.3
269.7
307.9
33.7
-
13
-
▼
-85.9
▼76
1.3
-7
BDO
5
Barclays
Benchmark International
Baker Tilly International
Houlihan Lokey
Translink Corporate Finance
23
24
17
-8
11.0
11.4
▲
16
83.4
▼
-
12
224.2
-12
▲
83.0
9
▼
11
73.6
0.0
9.9
-14
▼ -
0.0
▼
▲
106
-
-14
111*
53.2
13.9 100
47.6
1
1010
7
67.8
▼
-
-
-
--
24.5
-75.5
152*
-
54.6
-48.4
-
-63.1
-
-80.0
▼
3.9
▲
▲
-
49.2
Rank
1
2
6
-59.2
134.5
2018
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
▲
▲
Rank Value
US$m
392.5
-44.2
Change (%)
▼
** Fee
Exp (%)
Imputed Fees (US$m) †
2018Advisor
Fees
▼
▼
▲
▲
42.9
▲
-
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.
39.4
46.1
▼
2.1
4 ▲
12.0
12.2
-62.5
-
0.0
23.0
2.3
23.0
15.3
31.7
131.8
-90.8
-61.6 ▼
▲
▼
▼
-89.8 ▼
-90.0
6.2
-77.7
-
-
57.1
1.0
4.0▼
-
▼
-
6.9
20
4.0
44*
21*
39
59
11.3
15*
42
19.3
102*
15.2
4.3
63*
13.3
2.0
13
9.6
-18.6
7
79.6
63*
2.6
94.1
100.0
31*
100.0
1,693.3
10.0
2.4
89.629
20.6
73.514
49 27.5
21*
9.7
83.9
40.0
80.0
92.4
100.0
10.1
100.0
28.2
4.7
164*
60*
68.2
28.4
12.8
34
26*
-1,494
-
-
101
11.3
15.0
-
- -
0.0
-
10.8
155.1
0.0
-65.0
-
-
0.0
39.1
103.1
0.0
38.8
0.0 0.0
15.4
30.0
0.0
-11.414,405.4
8
-
-
-
▼
368.2
-
-
▲
▼
102*
1.9
17
10
164*
4.6
88.5
100.0
79.2
8*
100.0
5.5
12.0
1.0 164*
102*
22.8
19
23
102*
93
12
70.2
41.8
3.9
41.7
26*
-
63*
100.0
56
41
20.0
52.9
-
100.0
100.0
8.0
0.0
24
-
0.0
39.0
0.0
11.3
37.7
-
-
-
85.1
25.7
https://www.thomsonone.com
100.0
100.0
100.0
93.5
76*
93*
97*
100.0
40*
10.5
2
46.0
25
26* 52.4
100.0
10.0
6.3
98.8
97.8
-
8.0
4
51*
56.5
5
3
150*
120
-50.3
12.6
12.0
106.0128.2
10 2 ▲
16.2%
14.5%
13.1%
10.2%
8.6%
8.1%
8.0%
5.9%
5.6%
4.4%
3.2% 2.2% High Technology
Industrials
Real Estate
Financials
Healthcare
Media and Entertainment
Consumer Products and Services
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
# 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$50m as a percentage of its overall M&A fees in the relevant region.
27* 100.0
7.0 27* 100.00.0 45*
67.6 45* ▲1458.6
- -
0.0 0.0 45* - -
Bruce & Company Ltd 45* - 7 7 ▲
Kings Business Transfer Ltd 45* - 7 7 ▲
Akur Ltd 45* 140* 7 6 ▲ 100.0
Moelis & Co 45* 53* 0.0 0.0 45*7 2 ▲
0.0
36.0- -
25.3
45* -
45* -
66.7
- -
139*
-
▲
ING 45* 100* 7 5 ▲
7 6 ▲
Beaumont Cornish 45* 140* 7 6 - -
1.0
7.0
Viel & Cie Finances
90.4
0.0
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
140*
30.8
-
▲
-
US$m
20.5
3.6
-
-90.0
22.5 45*
0.0
-19
19.0
▲5
0.0
▼
UK Small-Cap M&A up to US$50m by Target Industry Jan 1 - Sep 30
-
1.8
49*
4
16 47.0
▼
▼
-14
▲
5
1
▼-5
▲
3
0.0
23*
▲
-
9
▼
▲
10
0.0
33
0.0
12
▼
30*11.1
30*
34*
3
▲
9 75.7
0.0
15.4
10
0.02
0.012 0.0
16.9
0.0
14.1
0.0
-
23*
290.0
0.0
30*
23*
23*
▲
23*
23*
20.5
62.5 45.5
26.7
19*
19*
120.7
23
▼
-9
19*
23*
45* 15
▼
0
16
16
15
8
18
1
10
15
24
-1
-18 ▼
0.0
87.1
0.0
0.05
2.8 19*
49.2
63.9
15.4
-
-
19*
14
16*
16*
▼
▲
16*
15
-
▼
99.9134.3
▲ 13
131.3
▼
177.4
-
5*
7
942.4
10
244.2
11*
35.5
30.5
8
0.0
4
-12
▲
-2
89.7▼
0.0
▼
-21
184.6
-28 14.5
6
-14
12
▼
10.6
26
# of Deals
MM4a - Undisclosed Values & Values up to US$50m
Fees
71.3
88.3
11*
-6.1 ▼
117.3
68.1
57.8
14.4
-
-46.8
-77.5
68.8
Rank Value per Advisor
-
174.8
23.7
132.8
10.9
35 ▲
5
2
Rothschild & Co
2.7
9.8
0.3
3.2
61*
1.0
8.2
7.6
2.0
3.7
▲
-
-20
Change in # of
# of Deals per Advisor
1
▲
8
▲
▲
5*
19
Goldman Sachs & Co 16* 30*
GCA Corp
Deloitte 17
Numis
Liberum Capital
16*
21*
40*Bank of America Merrill Lynch
15
23
10
16*
-14
14
16
9
0
23
1932
11*
13
10 15*
Ernst & Young LLP
8
9
PricewaterhouseCoopers 11*
Oaklins (FKA M&A Intl Inc)
8
Financial Advisor
9
37
62
90
26
Houlihan Lokey
12*Clearwater International
Rank Value
Jan 1 - Sep 30
2018
Rank
4
KPMG
11
KBS Corporate Sales Ltd
5*
Rank
2 3
25
36
6
Deals
2017
7
4
Grant Thornton
Benchmark International 0.0
RSM Corporate Fin LLP
27
35
▲
0.0
▼
▲
2018
59.1
-
4
3
▼
2178.3
35.1
Change (%)
▼3
GBP m
Barclays
Baker Tilly International
▲ 85.6
237.3
26.5 ▼
-8.3
-
▲
-10.4
-
▲
-62.4
▲
-
20.9
30*
33
100.0
5
-
260*
-55.1
-46.8
13.9
252*
-
688.5
14.2
54
-
** Fee
Cenkos Securities PLC 19*
25*
1
-4.5
▼
41*
Imputed Fees (US$m) †
2
Macquarie Group
Canaccord Genuity 49*
53*
Lincoln International 23*
19*
IMAP
15*
14
19*
14
-7
-9
9
21*
-31
Lazard 23*
23*BDO
29
36*
William Blair & Co
33
Alantra Partners SA
Credit Suisse
Redwoods Dowling Kerr
69*
CFI
25*
34*
36*
34*
Arma Partners LLP
JP Morgan
30*
https://www.thomsonone.com
36*
-5 ▼Clairfield International
Morgan Stanley
30*
33*
20
Evercore Partners
69*
23*
45*
Citi
49*
40*
39*
Industry Total
Livingstone Partners
Global M&A
Jefferies LLC
53*
Harris Williams & Co
33*
2,993
39*
45*
▲
▼
4.3
11.2
34.5
2.5
0.4
9.5
▼
-
▼
5.3
5.0
▼
4.7
▲
▼
▼
4.0
25.9
100.0
6
100.0
80.2
77.2
49*
10
23.4
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Rank Value
UK Involvement Small-Cap Rankings (MM4a)
-
-5* 3
3.7
Advisor
1
2018
34.7
35.0
105*
25
0.9
11.6
21.8
100.0
8
23
17
139*
127*
14.2
233*
110*
43*
139*
-
37*
▲
4.0
18
▲
20.0
10.8
12
0
23*
13
12
Rank
26.5
33.1
34*
36*
▼
14
15
14
14
11
▲
8
14
-4
14
25*
Rank
-62.0
0.0
0.177.6
▼
-
-
▲
-
-
60.9
-68.1
-
-
1.7
19.0
6.0
▼
21*
64
-
14
7-
31.4
12
100.0
11
34*
100.0
91.3
100.0
53.7
96.2
30
26.2
43.5
100.0
63.0
20.5
34.1
100.0
12.0
55*3.0
31
9.5
69*
100.0
21*
13
38.6
100.0
UK Small-Cap M&A up to US$50m by Rank Value Range
46.1
Exp (%)
95.5
100.0
11.1
101.0
64.9
-
170.7
131.5
-
-
10.039*
-
▼
1.7
100.0
100.0
100.0
9
110*
55.7
25.1
3.4
35.3
73.7
85.5
▲
-
36*
96.9
▼
▲
▼
10.0
-
-64.0
▲
15.9
-
73.5
-
▲
39*
-
39*
36*
46.8
9
63.5
0.0
43.6
0.0
14.0
31.9
12.0
8.0
-
1.0
6.5
100.7
0.0
0.0
10,131.1
46.1
21.2
733*
24
30* -
33*
7
15*
39*
83*
8
40*
39*
839*
39*
8
▲
8
8
8
8.0 24
39*
100.0
5
4
0
-3
▲ 102.3
-77.3
51.3
43.1
324.6
36.839*
14.9
20.0
0.0 39*
19.8
25.9
7,530.1
1.3
9.9-
45*
▼-2.2
BCMS Corporate Ltd
Peel Hunt LLP
SPARK Advisory Partners Ltd
12*
WH Ireland Ltd 45*
▲
-312
▼ 0.0
-2 1.7 110*
100.0
100.0
1,174.1
65.4
100.0
85.5
20.4%
17.5%
10.8% 8.8%
8.0%
7.8%
7.4%
5.7%
4.9%
3.9% 3.2%
Real Estate
High Technology
Financials
Industrials
Healthcare
Consumer Products and Services
Media and Entertainment
Energy and Power
Materials
Retail
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
0.0 0.0Deutsche Bank 33* 113* 4 3 ▲ - - 2.0 44* 100.0
41* 100.0
Banque Degroof Petercam SA 39* 24* 3 -6 ▼ 0.0 0.0
6.1 5.0 42* -77.7 ▼ 2.2Translink Corporate Finance 39* 30* 3 -4 ▼
- - - 2.0 44* 100.0
160 100.0
CFI 39* 32* 3 -3 ▼ 0.0 0.0
37.8 31.8 13 58.8 ▲ 0.8Alpha Capital Partners LLP 39* 74* 3 1 ▲
174* 100.00.0 - - -
-
BDO 39* 23 3 -7 ▼
1.4 68* 17.9
0.3
25*
▼
34.0
Bryan Garnier & Co
Oloryn Partners
5Houlihan Lokey
518*
5
0.0
3
9.1
2
110.0
-
-540
27*
5
27*
27*
27*
Alantra Partners SA
7.5
2.0
27*
8.0
12.3
7.6
▼
▲
55*
9
-
-
-
-
11
-
Rank Value per Advisor
616.7
0.0
12.0
-
-
0.0
-
41.2
166*
67.4
-
-
-
-
8
35*
5
113*
3
▲
JP Morgan 0.0 6.8
-
0
58.8
4.1
32
▼
▼
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
2,869.3
▲
0.0
637.9
0 -
-
40.4
53
-
0.0
-55.4
0.0
0.0
French Small-Cap M&A up to US$50m by Target Industry
Messier & Associes
6
Industry Total
49.6
Canaccord Genuity 35*
Jan 1 - Sep 30
https://www.thomsonone.com
2.0
14*280.0
24
31
4.8 20*
6.3
99.7
16* 100.0
100.0
38
72.5
3,450.4
0.0
-
-
0.0
14
-85.7
-57.213.3 31
10
2
-
▼
92.6
13.9
34.8
6.2
44*
4.8
6.0
33*
-
2.9
3.7
4
-
-
- --
3.9
-
174*
11*
48.0
20*
-
-
▲
▲
-92.5 ▼
11.0
-
-0.0
-
-
-44.1
-
-
▼-
6
5
-
15* -
-
55*
11.1
-
-
85.5
▼
▲
▼
▼
▲
-66.8
▼
-
-67.3
55*
1
-90.0
Exp (%)
1
Rank
Rank Value
106.7 90.2 4981.0
Rank Value
3
▲ 0.0
0.4
5.0
0.6
2.0
0.3
0.0
▲
▼
93.5
0.5
8.2
4.4
6.3
-
-
▲
-
▼
33.3
9.8
--
8.0
30.037.3
7
-6
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
8*
41.6
-
10
16*
10.0
18
▼
▼
17 -12
-2
9 ▼
54*25*
44*
25*
74*
CM-CIC Conseil SAS
Adviso Partners SAS
Invest Corporate Finance SAS
74*
1,528
▲
7
▼7
2018
1
3*
Clairfield International
6*
6*
5
Natixis
Lazard
3*
2 342
6
1
Rank
19
12*
▲
Advisor
US$m
3
-13
▲
Change (%)
51.6
8
10
9
20*
8
12*
36.8
▲
72
▲
# of Deals
-3
17
21 ▼-4
39.2
5
0.0
-
41.7
0.0
-7
54*
4
▲
▲
8
-13
0.0
0.0
55*0.0
0
0.0
-
▲
1.3
▼
▲
▼
1.1
44*
168*
2
▲
▼
-13
3
18
Vulcain SAS 17*
PricewaterhouseCoopers
35*
11
Capitalmind
Oaklins (FKA M&A Intl Inc)
Grant Thornton
17*
27*
-6
14
44*
-88
21*
21*
15*
21*
6
7
French Small-Cap M&A up to US$50m by Rank Value Range
17* 15*
14
3
Rothschild & Co
Financial Advisor
MM5a - Undisclosed Values & Values up to US$50m
Rank
2017
8*
Deals
7
21
15*
15*
# of
4
# of Deals per Advisor
4
9*
Change in
2
4
BNP Paribas SA
14UBS 27*
13
11*
10
Cambon Partners
Lincoln International
KPMG
6
14
Societe Generale
Credit Agricole CIB
IMAP 18*
Deloitte
11*
9*
Clearwater International
13
5
17*
Ernst & Young LLP
15*
5
DC Advisory
15.3
100.0
19
161*
14*
2018
64.3
100.0
13
39
13.0
Rank
Jan 1 - Sep 30
100.0
100.0
73.4
31.3
100.0
-
89.1
100.0
100.0
2.7
67.7
44.4
** Fee
64.2
100.0
21.4
20.7
6
8
4
197*
21.6
58.8
100.0
100.0
100.0
41* 100.0
2.5
42.0
21*
0.0
▼
18
5
1
16
-7
2
-
Fees
30
▼
French Involvement Small-Cap Rankings (MM5a)
Imputed Fees (US$m) †
6.2
2018
3.6
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
50.3
10.0
106.0
Euro mil
12.8
49.5
0.0
Callisto 27*
0.0
▲
-5
-10
2
-
7
61.1
0.0
0.0
35
35.2
11.3
0.0
128.2
0.0
47.3
40.8
30.0
14.0
40.0
0.0
-17.1 ▼
- - -HSBC Holdings PLC 113* 3 2
17.1
39*
▲
0.0
14.0 12.0 - -19.5 ▼ 2.2CBRE Holding SAS 39* 54* 3 0 -
41* 100.08.0 6.4 - -70.8 ▼ 2.2Clipperton Finance SARL 39* 35* 3 -2 ▼
4.3 - - - 1.6 64* 100.0
2.3 40 100.0
Equita SIM SpA 39* 74* 3 1 ▲ 5.3
▼ 19.1 16.0 24 5.5 ▲
- - 4.0 27* 100.0
Eurohold SL 39* 35* 3 -2
-
Cushman & Wakefield Inc 39* 113* 3 2 ▲ 0.0 0.0 -
40.0 7 - - - -
3.0 36* 100.0
Global M&A 39* 20* 3 -8 ▼ 46.6
▲ 0.0 0.0 - - -
64* 13.8
Harris Williams & Co 39* - 3 3
21.0 18.1 20* - - 1.6Evercore Partners 39* 74* 3 1 ▲
8 - - 0.2 178* 1.9
168* 100.0
Mediobanca 39* 54* 3 0 - 45.2 37.8
2.3 2.0 51 -79.1 ▼ 0.4Baker Tilly International 33* 113* 4 3 ▲
- - - 3.1 35 91.2
75* 100.0
Linkers 33* 32* 4 -2 ▼ 4.7 4.0
0.0 0.0 - - - 1.0Arma Partners LLP 33* - 4 4 ▲
36 -80.0 ▼ - - -
23 54.8
Nomura 33* 54* 4 1 ▲ 9.7 8.2
34.2 27.6 17 -29.0 ▼ 4.6RBC Capital Markets 33* 35* 4 -1 ▼
- - - 2.0 44* 100.0
Crescendo Finance SARL 39* - 3 3 ▲ 0.0 0.0 - - - 3.0
44* 25.3
36* 100.0
William Blair & Co 39* 54* 3 0 - - - - 2.00.0 0.0
26.3%
15.0%
10.2%
9.4%
7.5%
7.2%
7.0%
4.9%
4.8%
4.3% High Technology
Healthcare
Industrials
Media and Entertainment
Real Estate
Financials
Consumer Products and Services
Materials
Energy and Power
Consumer Staples
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.
Macquarie Group 32* 36* 4 -1 ▼ 0.0 0.0 39* - - 1.8 58 40.9
Lazard 32* 26* 4 -2 ▼ 0.0 0.0 39* - - 6.0 12* 60.0
- 2.4Drake Star Partners 32* 60* 4 2 ▲
0.0 0.0
24.0 20.1 24 -
26* 100.0
33 100.0
Commerzbank AG 32* 36* 4 -1 ▼
0.0 39*
39* - - 3.0
40* 26* 3 -3 ▼ 0.0
8
- - 4.0 21* 26.5
5.4
Deutsche Bank
-
34.0 27.3
-
21.5 34
38* 100.0
5.0
4.6 -
▼ 2.2
-
25.0
39*
16
2.3
- 2.0
35*
38*
100.0
19.5
- -
-18.1
-
21* - -
-
-
-
0.0 -
-
0.0
-
15*
100.05.0
100.0
7
goetzpartners Corp Finance
21*
20*
11*
14*
3
▼ 34.6
66.6
▲
56.3
23.4
Fees
2.0
84*
Capitalmind
11*
Saxenhammer & Co Corporate 11*
21*
-6
26*
-
0.0
7
30.4 25.4
20*
0.4
▼
▼
0.0
0.0
1.1
20.0
0.0
30.0
▼
▲
0.0
11.8
▼
24.6
6
▼
Change in
38.8
6 -2 -
-
2.1
100.0
100.0
-2
100.0
5.0
100.0
0.0
0.0 39*-
-30.5
-0.0
-
39*
0.0
-
2018
Rank
3
131*
Jan 1 - Sep 30
18.0
6.0
2.0
64*
** Fee
64*
2
Jan 1 - Sep 30
38*
15*
5.0
100.0
7.0
▼ 0.0
6
19
Rank Value per Advisor
39*
-47.4
-
▼
German Small-Cap M&A up to US$50m by Target Industry
8.0
1.0
Exp (%)
38*
- -
Rank Value
44.0
Euro mil
-
-
-
11
-
-
23
-
21*
-
37
15*
404.3
-
-
100.0
-9.7
29
39*
39* -
-
-
39*
27
10.0
-
0.0
26
23.2
15*
-
https://www.thomsonone.com
Oaklins (FKA M&A Intl Inc)
Clairfield International
-5
11*
11*
Clearwater International 14*
26*
Baker Tilly International
Concentro Management AG
44.8
-▼
9.1
1.3
William Blair & Co
16*
9
8 -4
▼
-
▼
11.6
11.5 -
-58.8
-
▼36
-
-71.1
-
-
28
-
--
-
-97.2
-
81.0
30
1 ▲
-
-39*
39*
13*
4.0
2.0
21*
8*
-
30.0
10.0
▼
0.0 0.0
9.5
33.0
11.2
1.2
0.0
-
▼
▼
13*
0.0
0.0
38
▲
3*
-
0.0
38.0
39*
-
-
39*
10.0
10.0
0.0
0.0
36.1
10
12
10
2
3
-4
4
-311
7
Rank
6*
8*
18*
4
3 1*
Financial Advisor
1
KPMG
Rank
2
6*
Rothschild & Co
Global M&A
PricewaterhouseCoopers
Lincoln International
Ernst & Young LLP
MM6a - Undisclosed Values & Values up to US$50m
UniCredit
Deloitte
-12
-10
US$m
# of
# of Deals per Advisor
2017
16*
19
23
5
0.0
11*
25
Deals
10
10.8
37.0
26*
26*
11*
▼
▲
GCA Corp
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Globalscope
10
ACXIT Capital Partners
20*
40*
Alantra Partners SA
16
36*
18*
Falkensteg GmbH
-1
▲
0.0
5
15
24
10
1*
413
28.6
6
8*
16*
16* 8
8*
8
8
26*
Houlihan Lokey
24*
▲
0.0
▲
▼
▼
▲
▼
0.0
0.0
-
-
2.0
8.0 8*
1.0
1.0
64*
-
14.0
1Raymond James Financial Inc
24*
CVM Capital Value Mgmt GmbH
24*
▲
2018
30*
-8
4
100.0
62*
100.0
15*
100.0
100.0
-
- --
8*
12*
100.0
5.0
-
4.0
100.0
47.5
- -
33.3
82.8
100.0
- -
38* 100.0
100.0
48.0
64*
-
38*
6 100.0
100.0
2018Advisor
1
German Involvement Small-Cap Rankings (MM6a)
Rank
0.0
-
4
75.3
German Small-Cap M&A up to US$50m by Rank Value Range
48.8
0.2
-
Change (%)
Imputed Fees (US$m) †
60.6
100.010
60*
21*
100.0
2,249.6
24*
2
# of Deals
-4
6
0
▲
7
4
-1
10
12
▼
40.1
▲
Mitsubishi UFJ Financial Group
Ebner Stolz 32* 3
2
▼
37.0
11* -
0.0 -
1.0
0.5
0.0
2,697.1
▲
▲
▲
1
6
6
-17
0
16*
Cooperatieve Rabobank UA
17
16
84*
6Quarton International
-5
5
9
-5
▲
-
Rank Value
-
13.0
17
-
Proventis Partners
Industry Total 1,550
24*
5
▼
60* 6
Sonntag Corporate Finance GmbH 24* -
-178
Centuros GmbH
30* 4IMAP 5
32*
Citi
4
2BNP Paribas SA
6
32* 60* 4
▲
32* 60*
4
40*
▲
4
▼ 39*
0.0 0.0
0.0
16.5
Morgan Stanley 40* 49* 3 0 - 39* - - - - -
Mizuho Financial Group 40* 84* 3 2 ▲ 1.2 1.0 - - - -
Nordea 40* 84* 3 2 ▲ 0.0 0.0 39* - - 2.0
Credit Suisse 40* 60* 3 1 ▲ 0.0 0.0 - - - - - -
Arma Partners LLP 40* 60* 3 1 ▲ 0.0 0.0 39* - - 2.0 38* 100.0
Cushman & Wakefield Inc 40* 40* 3 -1 ▼ 28.1 24.6 20 -42.2 ▼ 2.2 35* 100.0
Consus Partner 40* 49* 3 0 - 0.0 0.0 39* - - 3.0 26* 100.0
Livingstone Partners 40* 23* 3 -4 ▼ 0.0 0.0 39* - - 3.0 26* 100.0
Allert & Co GmbH 40* 60* 3 1 ▲ 0.0 0.0 39* - - 3.0 26* 100.0
Sigma Corporate Finance GmbH 40* 84* 3 2 ▲ 0.0 0.0 - - - 3.0 26* 100.0
JLL Capital Markets 40* 84* 3 2 ▲ 0.0 0.0 - - - 3.0 26* 73.2
24.9%
19.5%
14.7%
9.9%
9.5%
8.2%
4.1%
3.7% High Technology
Industrials
Real Estate
Financials
Energy and Power
Healthcare
Materials
Consumer Products and Services
Telecommunications
Retail
Media and Entertainment
-
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
- -0.0 0.0 27* - - -
412.3 ▲ 1.6 28 100.0
JP Morgan 22* 36* 2 0
0.0 - - - 2.0CFI 22* 36* 2 0 22* 80.0
New Deal Advisors SpA 22* - 2 2 ▲ 0.0 0.0 - - - 1.0 32* 100.0
Cassiopea Partners 22* 48* 2 1 ▲
0.0-
0.0 0.0 - - - 2.0 22* 100.0
Brera Advisory Spa 22* 23* 2 -3 ▼ 29.2
0.0 0.015* --5Credit Suisse 22*
2 2 ▲
-
▼ 1,869.1
48*
1,560.8
2
Fees
226.3
0.0
22.8
MM7a - Undisclosed Values & Values up to US$50m
US$m
Jan 1 - Sep 30
27*
1
0.0
Rank Value
0.0
4.0
▲
1.1
0.5
-
-
27*
Euro mil Change (%)
Rank Value
0.0
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
190.0 ▲
Advisor ** Fee
-
Rank
Italian Small-Cap M&A up to US$50m by Rank Value Range
Italian Involvement Small-Cap Rankings (MM7a)
-61.5
▲
-4
36.6
0.0
▲
-
11.7
0.0
6.9
39.0
42.1
-66.8
35.7 2168.45
6.2 23
155.13
9
▼
-
- 15*
-
-
10
22*
7
-
1.0
9.8
1
▼
-
102.2
-
-
27*
27*
-
-
-
27*
10.2 -
-
0.0
-▲
4.0
-
2.0
-
69.0
- 100.01.0
-
22*
299.2
Klecha & Co
22*
22*
-75
HSBC Holdings PLC 22* -
2
22
▲
▼
-
-
▼
▼
119.6 ▲
0.0
27*
22*
-
6*
-
6*
27*
-
13*
4
0.0
▼
▼
2
15*Ethica Corporate Finance SpA
1
0.0-5 ▼ 27*0.0
27*
2.0
10.8 5
-31.0
-
1.0
73*
Italian Small-Cap M&A up to US$50m by Target Industry
100.0
https://www.thomsonone.com
1.4
32*
32*
▼
2
22*-
Jan 1 - Sep 30
10
Ernst & Young LLP
PricewaterhouseCoopers
2
2018
3
Mediobanca
4*
Kon SpA
4*
1
30*
Banca IMI (Intesa Sanpaolo)
KPMG
Financial Advisor
13
Rank Value per Advisor
▼
▲
8*
▼ 0.0
▼
-2
4
-1
9
3
5
27.5
▼
▲
0.0
▲
13.6
8
19
43.1
2.0
▲ 4
13
# of Deals
28.9
-
0.0
8.0
▲
▲
27*
0.0
7.4
45.4
15.7
24*
▲
IMAP
6*
6*
Rothschild & Co
UniCredit
0.6
-
-64.9
-
2.4
4.0
5.8
▲
20.411*
25
5
7*
4
52
17
14
17
47.1
6.9
202.5
-
-
-
8*
100.0
876.3
-
0.2
27*
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
7.5
0.3
21
100.0
12
-
31
63
69*
64*
4
13
▼
5.7
79.5
51.0
71.52
Rank
100.0
100.0
85.1
100.0
Exp (%)
38.5
14.6
100.0
25.5
38.4
54.1
88.9
15*
15*
100.0
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
41.9
1.0
100.032*
Imputed Fees (US$m) †
2018
34.0
Deals
17*
7*
13
-
11
2
4
12
6
19*
19*
36*
-
10
14*
2017
Rank
Arkios Italy SpA
Clairfield International
9
9
14*
8
13*
27*
6
Leonardo & Co
21
Marketing Management Group Inc
17*
AGS Consulting Co Ltd
12
Lazard
22*
11
Fineurop Soditic 13
5
22*Morgan Stanley
Oaklins (FKA M&A Intl Inc)
Lincoln International
Houlihan Lokey
BNP Paribas SA 19*
Globalscope 22*
16
Deloitte
UBS
19*
0.0
▲ 33.6
▲
0.0
0.0
30.0
27.2
▼
0.0
# of Deals per Advisor
# of
0.0
5
14
▲
4
▲
2
▲
-6
4
1 44.6
▼
34
15*
10
2
8.5
Change in
-8
-3
6
7
-2
-2
885
3
2
3
48*
23*
-11
19*
-2
▼
Unione di Banche Italiane Scpa
2
2 -4
37.845.2
6.0
0.0
-
0.0
-2
0.0
2
8
39.7
100.0
-24*
-
▲
1.9
27*
20
57.6
0.0
2
0.0
12.3
27*
29.8
6.0
28.4
-
-22* ▼
1
0.019*
36.6
Industry Total
-
100.0
-
-
100.0
-
32*
100.0
0.0
-
-
2.3
29
25.0 11*
2018
0.0
5
▲
Rank
Equita SIM SpA
8*
11*
28.2%
21.2% 19.9%
7.6%
6.4%
5.3%
4.5%
3.8% 3.1%
Industrials
High Technology
Financials
Media and Entertainment
Energy and Power
Healthcare
Materials
Retail
Consumer Products and Services
-
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
13* - - - - -Societe Generale 19* 24* 2 -1 ▼ 0.0 0.0
-
28 100.0
- - -
1.0 29* 100.0-
0.0 0.0 13* - -
-
0.0 0.0 13* - -
0.0
RSM Corporate Fin LLP
0.0 13* -
12 -0.2
GCA Corp
DNB ASA 19* - 2
19*
19*
Morgan Stanley
19* - 2 2
▲
0.3
2
2
Fidentiis Equities SV SA 19*
2
** 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.
38*
3
2
13*
0.0▲ -
▲
0.0▲
▲
-
-
1.9
-
- 29*
2.0
Jan 1 - Sep 30
1
2 0.0
2
19* 2-
▼
19*
Spanish Small-Cap M&A up to US$50m by Target Industry1
▲
▲
▲
2 ▲
44.6
100.00.2
-5
▼
▼
2
https://www.thomsonone.com
16*
Greenhill & Co, LLC
Nomura
BBVA
UBS
19*
IMAP
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
Grant Thornton
Lazard
2
2 -9
19* 38*
Danske Bank
14* 24*
Alantra Partners SA
19*
4
AZ Capital 19*
19*
18 38*
-
2
14*
38* 3
Clearwater International 14*
4
4
2
Clairfield International 14*
29*
PricewaterhouseCoopers
39
# of
Ernst & Young LLP
Rank # of Deals
16*
1
28
4
36
3
▼
8
# of Deals per Advisor
13*
13*
2017Rank Value
Exp (%)US$m Euro mil
Spanish Small-Cap M&A up to US$50m by Rank Value Range
67.5
0.9 100.0
** Fee
Change (%)
2
▲
20.9
Fees
128.6
54.4
81.0
2018
29*
6
▼
3
6
7*
21*
6
3
6
7*
10*
7*
0.0
0.0
13.7
7
5
-2
-3 ▼
▼
6
0.0
0.0
0.0
-2
▼
2
▼-3
28.0
▲
7*
5
Lincoln International
7*Santander Corp & Invest Bkg
7*
Deutsche Bank
Oaklins (FKA M&A Intl Inc)
12*
12*
Norgestion
Eurohold SL
KPMG
Rothschild & Co
4
7*
7*
GBS Finanzas SA
0
0.0
16.55
51.1
Spanish Involvement Small-Cap Rankings (MM8a)
Advisor
Rank
391.4 ▲
9*-36.5
8▼
5.0▼
2
-
9*
-
2.0
-
0.0
4
Rank
-67.6
3
-
-
9
11
29.51
▼
-
-
13* -
-96.1
-36.3
14*
6
68.5
54
2
89.2
35.3
96.8
Imputed Fees (US$m) †
33.9
100.0
18*
93.8
13
- -
100.0
-
100.0
0.0
79.28.0
100.0
-
0.0
0.0
100.0
100.0
-
29*
18* 100.0
100.0
14*
45.5
0.0
13*
18* 100.0
-
0.0 -
-
▼
13*
0.0 18*
-
-
210.7
2.0
10
-
13*
- 1.0
1.0
2.0
3.3-
1.0
59
-
-
18*
24.1
3.4
-
-
13*
3.3
13*
-
4.0
1 47
2017
Rank Value per Advisor
CFI
Rank
Deloitte
3
Financial Advisor
62.9
Change in
-
0.6
-
-
25.9
11.7
6.9
6.1
5.0
0.0
-162
100.0
100.07
-11
Deals
▼
4
MM8a - Undisclosed Values & Values up to US$50m
6
Rank Value
-27
-1
-
-
-
0.0
-
20.5
0.0
-
-
12*
0.0
▼
▲
-
13*
▲
▲ 0.0
6 0.0
-
29*
11*
-
-
-
-
2.0
29*
-
-
-
-
44.01,411.6
0.0
0.0
▲
0.0
39.2 5
13*
13*
0.0
0.0
45.7
16*
2018
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
22
0.0
0.0
▲
0.0
13* -
0.0
105.5
13* -
13*
-
Industry Total 797
0.0
0.0
-13*0.0
29* 2
29* 2
21* 2 -2
-32 1,681.6
5.3
1
3
43.5
-
8
Jan 1 - Sep 30
1.0
20.4
-
13*
-
-1 ▼
1
0.7
▼
0
0
12*
16.4%
15.4%
14.0%
11.0%
10.9%
9.5%
7.3%
4.3%
3.6%
3.3% 2.3% 2.0%
Industrials
Real Estate
High Technology
Healthcare
Financials
Consumer Products and Services
Materials
Energy and Power
Media and Entertainment
Retail
Telecommunications
Consumer Staples
-
50
100
150
200
250
300
350
$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
11
*tie
Source: Thomson Reuters
- -0.0 0.0 24* - - -Alantra Partners SA 29* - 2 2 ▲
24* - - 2.0 13* 100.0
59* 9.5
CBRE Holding SAS 29* 48* 2 1 ▲ 0.0 0.0
0.0 0.0 24* - - 0.8Macquarie Group 29* 48* 2 1 ▲
24* - - 1.0 28* 100.0
28* 100.0
Bank of America Merrill Lynch 29* - 2 2 ▲ 0.0 0.0
0.0 0.0 24* - - 1.0Globalscope 29* 7* 2 -8 ▼
24* - - 0.2 67* 100.0
13* 100.0
Baker Tilly International 29* 17* 2 -3 ▼ 0.0 0.0
0.0 0.0 24* - - 2.0KeyBanc Capital Markets Inc 29* - 2 2 ▲
21 - - 0.1 69* 100.0
- -
Access Partners 29* - 2 2 ▲ 4.5 3.6
0.0 0.0 24* - - -Natixis 29* - 2 2 ▲
24* - - 1.0 28* 100.0
69* 100.0
FIH Partners AS 29* 22* 2 -2 ▼ 0.0 0.0
2.1 1.7 23 - - 0.1EY CF 29* - 2 2 ▲
24* - - 2.0 13* 100.0
- -
Nordea 29* 48* 2 1 ▲ 0.0 0.0
6.5 5.3 19 - - -Catella AB 29* 34* 2 0 -
24* - - - - -
22 57.7
RBS 29* - 2 2 ▲ 0.0 0.0
0.0 0.0 24* - - 1.5Deutsche Bank 29* - 2 2 ▲
24* - - - - -Barclays 29* - 2 2 ▲ 0.0 0.0
- -0.0 0.0 24* - - -Goldman Sachs & Co 21* 25* 3 0 -
1 204.5 ▲ 0.8 59* 30.8
9* 100.0
Handelsbanken Capital Markets 21* 11* 3 -5 ▼ 74.3 61.3
0.0 0.0 24* - - 3.0UB Capital Oy 21* - 3 3 ▲
27.5 10 121.6 ▲ -Credit Suisse 21* 22* 3 -1 -
Grant Thornton 21* 25* 3 0 - 0.0 0.0
33.9
24* - - 0.3 62* 100.0
2.2KBS Corporate Sales Ltd 21* - 3 3 ▲
0.0
6.1 5.2 20 - -
Nordic Involvement Small-Cap Rankings (MM9a)
12 100.0
Valentum Partners AB 21* 34* 3 1 ▲ 0.0 24* - - 3.0 9* 100.0
-
▼
24*
▼-105
34*
34*
10
8
1,021
-
-
-
24*
24*
-
-
** Fee
Rank
-
Nordic Small-Cap M&A up to US$50m by Target Industry
https://www.thomsonone.com
25*
JP Morgan
Advium Corporate Finance
13*
Clearwater International
21*
13*
13*
4
Morgan Stanley
13* 48*
25*
48*13*
13*
Lazard
7*
10* 5
5
DNB ASA
ABG Sundal Collier 13* 15* 4
MM9a - Undisclosed Values & Values up to US$50m
202*
Deloitte 10* 17*
Rothschild & Co 69
5
Nordic Small-Cap M&A up to US$50m by Rank Value Range
Danske Bank 10* 5
22*
Global M&A
Citi
Oaklins (FKA M&A Intl Inc)
Carnegie 8 13*
SEB 13*
4
4
24*
4
2,500.2
100.0
1.3
2.0
0.3 50.0
-
100.0
-
28*
-
8.0
8
-
2
30.0
0.0 -
▼
0.0
-
189.8
13*
-
Jan 1 - Sep 30
13*
-
100.0
51.6
44.9
-
2*
-
6.0
1.0
180.2
54.7
▼ 100.0
66.7
▲
33.6
8.0
0.0
38.5
0.0
0.0
-12.1
-5
0.0
40.1
0.0
0.0
0.0
▲
0.0
-12
1
-2
▲
▼
0.0
0.0
3
2
0.0
24*
24*
24*
24*
0.0
13.4
0.0
0.0
▲
7
66.0
16.4
0.0
-
0.0
97 11*
▼
0.0
2
-
Change (%)
24*
US$m
▼
16
31.5
▼
1 ▲
1
** 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.
Industry Total 2,068.3 ▼
-
▲14
2017
0
3
4
4
4
13*
-0
-3
3
▲
IMAP
KPMG
7*
▲
2 ▲
▼
-2
▲1
6
Rank Deals
4* 4
Rank
100.0
1.3
Euro mil
2018
35.3
# of Deals
Rank Value
1
▼ 9 ▼-54.8
2018
100.0
1
23
1.2
# of
18 1.4
RankFees
24.9
▲
-4
0.0
Exp (%)
Change in Advisor
100.0
17.0
28.7
27
Clairfield International
PricewaterhouseCoopers
12
-3
4*
3 1725*
14
414
▼
80.8
-
36.1
4.0
24* -
162.1
14
2018
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Rank Value
Jan 1 - Sep 30
Rank Value per Advisor
Financial Advisor
24*
-
Translink Corporate Finance
Ernst & Young LLP
-1
57.4
2.0
-
-
-
8
-
4
▲
6.3
-
-
- -
-
-
-
5
-
64.6
-
158.4
2*
-
-
-
-
3.0
62*
6
-
▲
24*
-54.9
3
5
-
-
▼
▲
-
-
-
-
7.0
100.0
-
36.1
Imputed Fees (US$m) †
9*
--
24*
4
0.0
57.7 49.1
66.6
0.0
54.0
# of Deals per Advisor
20.3
-4
2*
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
6
70.6
35.8
16.4%
13.7%
13.3%
12.1%
9.3%
9.1%
7.2%
5.7%
5.7%
3.8% 3.7% Industrials
Consumer Products and Services
High Technology
Real Estate
Healthcare
Media and Entertainment
Telecommunications
Energy and Power
Materials
Retail
Consumer Staples
-
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
Raymond James Financial Inc 36* 49* 3 1 ▲ 0.0 0.0 40* - - - - -
Mitsubishi UFJ Financial Group 36* - 3 3 ▲ 0.0 0.0 - - - - - -
Natixis 36* 23* 3 -2 ▼ 0.0 0.0 40* - - 1.0 65* 17.9
Perella Weinberg Partners LP 36* - 3 3 ▲ 24.5 21.0 16* - - - - -
Santander Corp & Invest Bkg 36* 74* 3 2 ▲ 0.0 0.0 40* - - 1.0 65* 100.0
Livingstone Partners 36* - 3 3 ▲ 0.0 0.0 - - - 2.0 36* 100.0
Global M&A 36* 14* 3 -7 ▼ 46.3 39.6 5 - - - - -
LionTree Advisors LLC 36* 74* 3 2 ▲ 0.0 0.0 40* - - 1.6 57* 9.3
Clearwater International 36* 49* 3 1 ▲ 0.0 0.0 - - - 2.0 36* 50.0
GCA Corp 36* 30* 3 -1 ▼ 0.0 0.0 40* - - 1.0 65* 100.0
Drake Star Partners 36* 36* 3 0 - 0.0 0.0 40* - - 3.0 30* 100.0
JLL Capital Markets 36* - 3 3 ▲ 0.0 0.0 - - - 4.9 24 100.0
Societe Generale 36* 36* 3 0 - 0.0 0.0 40* - - 1.0 65* 27.0
- - - 3.0 30* 100.0
26* 16.1
BBVA 36* - 3 3 ▲ 0.0 0.0
0.0 0.0 40* - - 4.0Evercore Partners 36* 36* 3 0 -
40* - - 2.0 36* 50.0
36* 100.0
Alantra Partners SA 29* 23* 4 -1 ▼ 0.0 0.0
0.0 0.0 40* - - 2.0Banque Degroof Petercam SA 29* 23* 4 -1 ▼
40* - - - - -Jefferies LLC 29* 74* 4 3 ▲ 0.0 0.0
11.4
0.0
6.0
-77.2 ▼ -
4.0
- 10.0
- 1.0
-
9* 57.1
65*
26* 20.4
-
- -
- - 2.2
-
-
0.0
0.0
9.3
30
28
0.0 0.0 40*
-
2.0-0.0
-
0.0
0.0
36* 23.0
40* -
- -
5.3
57*
22* 100.0
-
1.5
9.0 12*
16* 14.4
79.6
0.0 0.0 - -
-
10.1 8.2 29
Macquarie Group 29* 36* 4 1 ▲
Q Advisors LLC 4 3 ▲
UBS 29* 23* 4 -1 ▼
Barclays 29* 30* 4 0 -
Goldman Sachs & Co 28 23* 5 0 -
Quore Capital 26* 30* 6 2 ▲
Credit Suisse 26* 30* 6 2 ▲
William Blair & Co 22* 30* 7 3 ▲
CFI 22* 16 7 -1
RBS 22* 36* 4
49* 7
8
10
14*
11
29*
13*
9*
3
74*
9*
19
Deals
11
- -
Benelux Small-Cap M&A up to US$50m by Rank Value Range
100.0
40*
Jan 1 - Sep 30
-
40*
7.0
- -
40*
13* -
-
- -
27.5
16*
22.0
0.6
23.8
-
Morgan Stanley 20*
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
7
16
Jan 1 - Sep 30
▲
25.0
Benelux Small-Cap M&A up to US$50m by Target Industry
40.7
https://www.thomsonone.com
33.9
12
4*
-
▼
7
20
10
15
6
23*
1
17*
74*
14
18
34*
Rank
11.3
1.0
40*
62.6
▲
22
8
5
40*0.0
Rank Value
4
▼
▼
▲
▼
# of Deals per Advisor
9
# of
20
10
19
0.0
Rank Value per Advisor
63.0
22.3
2
21.9
Change in
-8
▼
26.5
84.2
100.0
** Fee
100.0
92.2
2 100.0
Benelux Involvement Small-Cap Rankings (MM10a)
Imputed Fees (US$m) †
65*▼
15
-
-
11.0
12*
-
86.4
-
-
-
-
-
4.2
-68.25.7
0.0
40*0.02
10
24.5
2018
Euro milRank
1
# of Deals
24
0.0
2
▲
1
-21
13
-9
0.0
52.7
-
0.0
18
-5
11
2017
** 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.
5.2
20.5
▲
▲
34*
▼
Source: Thomson Reuters
-2
▲
40*
-
0.0
0.0
7* 3
311
Rothschild & Co 3
MM10a - Undisclosed Values & Values up to US$50m
US$m
7* ▲
▲
JP Morgan 11
KPMG
Financial Advisor
5*
4
5*
Lazard
8
9
7
Oaklins (FKA M&A Intl Inc)
PricewaterhouseCoopers 15*
15*
BDO
Citi
Houlihan Lokey 12
IMAP
Clairfield International 13*
15*
18*
Baker Tilly International
4*
22*
23*
▲
▼
-17
36*
Globalscope 20* 20*
BNP Paribas SA
8
44.4
-8
5.2
▼
5
▲
12
▼
24.7
11
10
0.0
0.0
16.5
Ernst & Young LLP
Deloitte
Lincoln International
ING
Kon SpA
Cooperatieve Rabobank UA
▼
21.0
-
24.7
Change (%)
28.8
0.0
-
-83.0
-
-
▼
-6
0.0
21.5
0.0
7.0
0.0
▲
▲
-145
44.6
32
2
20.0
26
16*
15
4.2
40*
14.0 -70.4
18.0
0.4
0.0
0.0
20
40*
4.8
17.6
0.0
3
11
737.0 -
-
28.0
Fees
-
1.6
▼
2018
40*
40*
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
20.20.0
2018
-42.3
-
▼
▼
-
▲
-28.6
▼ 1.7
11.0 7*
9.4
7.0
6.7 18*
Rank
100.0
100.0
Exp (%)
76.2
87.3
36.4
100.0
11
4
54.5
1
-
518.2
20.0
Advisor
-
-54.4
132*
56
-
-
9.0
6
-
7*
▼
7.9
-
60
137*0.2
88.2
Rank Value
1.8
504.5
-
54*
Industry Total 1,286
-18
Rank
-
▼
100.0
47.6 38.8 3*
0.0
-
-
9 -27.5
Capitalmind
2,602.13,123.4 -6.6
-
18* 13 9 -4 ▼
34
16.4%
14.9%
14.8%
10.3%
9.0%
7.9%
5.6%
5.5%
5.4%
5.0%
2.5% High Technology
Industrials
Real Estate
Financials
Materials
Consumer Products and Services
Media and Entertainment
Retail
Consumer Staples
Healthcare
Energy and Power
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
$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
13
*tie
Source: Thomson Reuters
UBS 22* 20* 2 0 - 0.0 0.0 24* - - - - -
Nordea 22* - 2 2 ▲ 0.0 0.0 24* - - - - -
Credit Suisse 22* 14* 2 -1 ▼ 33.9 27.5 9 - - -
2.0 10* 7.7▲ 0.0 0.0 24* - -
14375.0 ▲ 0.7 45* 100.0
Morgan Stanley 22* 33* 2 1
- -
Mediobanca 22* 33* 2 1 ▲ 57.9 47.2
0.0 0.0 24* - - -JP Morgan 14* 12* 3 -1 ▼
- -
Santander Corp & Invest Bkg 22* - 2 2 ▲ 0.0 0.0 24* - - 2.0 10* 100.0
Savills PLC 22* 33* 2 1 ▲ 0.0 0.0 24* - - 2.0 10* 100.0
Akis Bagimsiz Denetim ve 22* - 2 2 ▲ 13.3 11.0 15 - - - - -
Citi 22* 33* 2 1 ▲ 0.0 0.0 24* - - - - -
LionTree Advisors LLC 22* 33* 2 1 ▲ 0.0 0.0 24* - - 1.0 18* 11.2
Superia 22* - 2 2 ▲ 0.0 0.0 24* - - - - -
HSBC Holdings PLC 22* 33* 2 1 ▲ 57.9 47.2 - 14375.0 ▲ 0.7 45* 100.0
24*
1,558 -710
▲
▲
160.3
- -
0.0 59-1 ▼
40.2
CMT Advisory Sp zoo 14* - 3
3
Industry Total
3
Goldman Sachs & Co 14* - 3
Eastern European Small-Cap M&A up to US$50m by Rank Value Range
1.3
0.2
-
13
▼
20
-97.0
24*
** Fee
0.8
-
0.0
-
42.4
24*
-
▼
Societe Generale 14* 12*
3.0 100.0
** 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.
0.0
MM16a - Undisclosed Values & Values up to US$50m
20*
Deals
1
Euro mil
391.9
# of Deals
14*
1
▲
57.9
Jan 1 - Sep 30
-
-
24.4
48*
-
0
0.0
3
0.0
69.6
Eastern Europe Involvement Small-Cap Rankings (MM16a)
-
Baker Tilly International 14*
6*
Rank
0.4
-25.8
-
-
-
-
24*
-
-
0.0
Rank Value
-
-
Fees
Eastern European Small-Cap M&A up to US$50m by Target Industry
14*
▲ 0.0
0.03
VTB Capital
8
10
Advisor
▼
▼
0.6
2075.0 -
1.0
51
2,270.0
1.4
▲
24*
-
0.5
2.1
-
-
▲
-
2,717.3
100.0
0.0-
8
-
https://www.thomsonone.com
-14
-2
14*
-6
4
14
6
4
-9
33*
33* 3.3
▼
▼
-1
# of Deals per Advisor
RankFinancial Advisor Rank
KPMG
-
2018 2017
1*
05*
▼
▼
# of
3
-2
60.9
7
▼
▼
-11
3
0.9
17
-10
18
41.3
0.0
8.710.4
0.5
0.0
0.0
49.5
Blackwood Capital Pty Ltd
Porta Finance
5*
Equity Advisors Sp zoo sk
-
4
4
4
11
14*
4
2
CFI
5*
3
1*
8*
7*
Rothschild & Co
Oaklins (FKA M&A Intl Inc)
BNP Paribas SA
9*
5*
5*
PricewaterhouseCoopers
9*Barclays
9*
9*
14*
Ernst & Young LLP
Clairfield International
7*
1
IMAP
4
9*
Globalscope
Deloitte
82.0
2018
20.6
1.1
36.4
0.0
52.2
Rank Value per Advisor
1.3
23
21 -
-96.0
12
-
17.7
0.0
-
22
24*
47.2
24*
14.8
31.2
9
4.2
35.0
16.8
100.0
0.3
10*2.0
7.0
-
12.0
55*
17
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
-
16
18*
-
48*
100.0
-
72.2
21.5
100.0
46.2
100.0
6.6
-
28.6
4
42.9
2018
100.0
2
3
Rank
52*
100.0
-
Change (%)
188.9
0.0
2.8
0.0
Rank Value
Exp (%)
8▲
▲
14375.0
-
4.3
-28.0 ▼ 0.6
▼
49.5
2.3
3
3
1
3
6
14*
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
-11
7
3
Change in
▼
-
▲
▼
▲
▲
-
-
▲
-
-
-
20 0.5
US$m
Jan 1 - Sep 30
Imputed Fees (US$m) †
0
3
16.3%
14.3%
12.8%
9.7%
8.2%
7.9%
7.7%
7.3%
6.1%
4.1%
3.5% 2.1% Financials
Industrials
Materials
Real Estate
Media and Entertainment
Energy and Power
Consumer Staples
Consumer Products and Services
High Technology
Healthcare
Telecommunications
Retail
-
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
100.0
- - -
- - -
-
1.0 26* 45.5
14 19.0
- -
2.7
▲
53*
- -
0.3 61*
-
53*
66*
-
Bell Financial Group Ltd 20* 39* 2 1 ▲
Clairfield International 20* 19* 2 -1 ▼
Baker Tilly International 20* 6* 2 -5 ▼
Citi 20* 12* 2 -3 ▼
Grant Samuel 20* 19* 2 -1 ▼
BDO 20* 12* 2 -3 ▼ 57*
▲
33.6 19 124.0
100.0
2.6
15.6
74.1
12*
▼
-
-
Azure Capital 20* 39* 2
26.7
2
▼
18*
2018
51*
Australia/New Zealand Involvement Small-Cap Rankings (MM11a)
38.7
100.0
-
- -
26
0.5
0.2
- 69.5 ▲
14
0.0 57*
-
0.0
0.0
10*
12*
Credit Suisse 20*
14.1 35 -35.3
-
42.7
-
-
-15.8
18.1
10.0
▲
11.5 42
-45.0
0.0
50.4
32.5
-
▼
▲
0.4
0.0 57*
-
8
-
76.9
14*
3
2
Lazard
-5
1 ▲
- - -
0.0 57*
57*
20*
57*
48.4
▼
4
0.7
29.6
32.5
- ▲
-1
-1
2 1
14.6
First Nine Months 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors
58.4
10
3.0
9.8
1.1
-
1.6
210.3-
0.8
100.0
25
47
18* 72.7
0.9
63.8
100.0
▼
3 3
Allier Capital
4
14*
▼
4
▼
2
Barclays
510*
Moelis & Co
Argonaut Ltd
1
8
6*
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.
Gresham Partners 6*
25*
-3
Miles Advisory Partners
Greenhill & Co, LLC
14*
14*
4
Oaktower Partnership Pty Ltd
Euroz Securities Ltd
12*
Ernst & Young LLP
-
5
25*
Cameron Partners Ltd
Goldman Sachs & Co
39*
3
12*
▼-13.1
Deloitte
74.0
-74.2
9
122.9
▼
-6
-
7
275.2
-
43
- -
-76.4
20*
4.6
4.0
12*
UBS
- 8.8 3
-14.7
3.0
-
26*
-
0.5
1.0
-
▼
32.6
100.0
-
24.0
-
8
10*
0.8
-
-
47.1
35.4
18*
▼
15*
-
▼ 2.0
-
-16.6
- -
▼
-
62.5
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
1.6
15
PricewaterhouseCoopers
Rank
202
1 ▲Macquarie Group
79.8
8.6
-
MM11a - Undisclosed Values & Values up to US$50m
0.0
4
45.3
27*
-
▲
-
0.0▲
5 56.0
583.3▲
3
13
5
▲
7
0.0▲
▲
-1 25.6
▼
▲
4
39* 4
- 5
5
-110*
219*
2018
24 12
Bank of America Merrill Lynch
Rothschild & Co
6
3*
5
▲
▼
Rank
6 -14.6
11
6.3
1
▼
Rank
-19
Australia/New Zealand Small-Cap M&A up to US$50m by Rank Value Range
Exp (%)
5.0
10.1
Rank Value ** Fee
▲2460.4
Financial Advisor
▼
Imputed Fees (US$m) †
Advisor
▲
26.3
▼
Fees
4.2
10*
Change (%)
117.4 ▲
3
4.0
-
145.1
https://www.thomsonone.com
9
6
Rank
99.5
70.0
100.0
Jan 1 - Sep 30Australia/New Zealand Small-Cap M&A up to US$50m by Target Industry
-
3.7
48*
270.2
-
▼
▲
▲
▼
-30
93.4
US$m
0.0
11.0
KPMG
3
Change in 2017
# of Deals per Advisor
7
5
6
8*
8*
-5
4
Deals
18*
10*
10*
2018
3*
20*
Morgan Stanley
Industry Total
Hartleys Ltd 20*
10*
10
Nomura 20* 39*
39* 2 ▲
-
▲
20* 12* 2 -3
39*
▼
2 1
6,485.9
--
1
7
-
# of
# of Deals
-
39.0 15
-
RBC Capital Markets 20* 25* 2 0 -
20* - 2 2 - -
Jan 1 - Sep 30
0.0
- -
-
26.7Taylor Collison Ltd 48*
-6.2
▲
25.3
-
1
1,435
2
2 2 ▲ 21.4
100.0
Oaklins (FKA M&A Intl Inc) 20* 39* 2 1
CIBC World Markets Inc 20* -
1.4 20*
- 0.3 61*
Rank Value
Rank Value per Advisor (US$m)
4.9
Translink Corporate Finance 20* - 2 2 ▲ - - -
100.0
Highbury Partnership Pty Ltd 20* 39* 2 1 ▲ 32.0 22* -
23.1 - - - 1.4 20*Canterbury Partners Pty Ltd 20* - 2 2 ▲
▲ 6.3 - - - 1.2 24 100.0
Banco Bradesco SA 39* - 1 1 ▲ 0.0 - 1.0 26* 100.0
RBS 39* - 1 1 ▲ 0.0 - - - - - -
DJ Carmichael 39* - 1 1 ▲ 2.6 - - - - - -
Investec 39* 25* 1 -1 ▼ 25.6 27* 14.8 ▲ - - -
Evercore Partners 39* 25* 1 -1 ▼ 0.0 - - - 2.0 15* 100.0
Hillside Capital 39* - 1 1 ▲ 0.0 - - - 1.0 26* 100.0
TD Securities Inc 39* - 1 1 ▲ 0.0 - - - 1.0 26* 100.0
Houlihan Lokey 39* 6* 1 -6 ▼ 0.0 57* - - 1.0 26* 100.0
Aon Capital Markets 39* - 1 1 ▲ 13.2 - - - - - -
Raymond James Financial Inc 39* - 1 1 ▲ 13.4 - - - - - -
EC Hambro Rabben 39* - 1 1 ▲ 2.1 - - - 0.1 69* 100.0
Beaumont Cornish 39* - 1 1 ▲ 5.5 - - - 0.2 66* 100.0
First NZ Capital 39* 25* 1 -1 ▼ 0.0 57* - - 1.0 26* 34.5
Deutsche Bank 39* 39* 1 0 - 0.0 - - - 5.6 5 37.6
SP Angel & Co 39* - 1 1 ▲ 0.0 - - - - - -
Staples Rodway Ltd 39* - 1 1 ▲ 13.2 - - - 0.4 57* 100.0
Nordea 39* - 1 1 ▲ 0.0 - - - 1.0 26* 100.0
Greenstone Partners 39* 25* 1 -1 ▼ 0.0 - - - - - -
Adelaide Equity Partners Ltd 39* - 1 1 ▲
6.0 - -
38.0 16* -
Novus Capital Ltd 39* - 1 1 ▲ - - - -
-- - -
14.4%
11.8%
9.7%
9.4%
9.2%
8.7%
8.6%
8.4%
7.5%
7.0%
5.2% Materials
Real Estate
Industrials
Consumer Products and Services
Financials
Media and Entertainment
High Technology
Healthcare
Consumer Staples
Energy and Power
Retail
Telecommunications
-
100
200
300
400
500
600
700
$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