Axial is excited to release our Q2 2026 Lower Middle Market Investment Banking League Tables.
To compile this list, we reviewed the deal-making activities of 400+ investment banks and advisory firms that met the qualifications to be considered for league tables last quarter.
We saw 3,523 deals come to market via Axial in Q2, the highest quarterly total on record. Today’s 25 featured firms collectively marketed 164 of those deals. Those deals matched with 76,930 recommended buyers and received a total of 4,459 buyer pursuits.
See below for a deal activity snapshot from the latest issue of Axial’s The SMB M&A Pipeline.
Deal Intent Definition: A project created by a buyside member on Axial to signal the types of businesses they are actively looking to acquire or invest in, based on criteria like industry, size, and geography. Based on the specified range, deal intents can fall into multiple EBITDA buckets (e.g., $1M–$4M falls into both $1M–$3M and $3M–$5M).
Axial’s league table ranking methodology (detailed methodology available in the footnotes) is primarily driven by four factors:
- Client quality (based on pursuits per deal and total recommended buyers)
- Investor targeting (pursuit rate per deal)
- M&A process effectiveness (ability to progress buyers from initial pursuit to NDA to CIM)
- Deal outcome (IOI, LOI, and closure rates)
Congratulations to these investment banks and M&A advisory firms for their dealmaking achievements!
–
Top 25 Investment Banks | Q2 2026
|
Rank |
Firm |
Member Since |
HQ |
|
1 |
The Advisory |
2024 |
Beverly Hills, CA |
|
2 |
Carnegie Point M&A |
2025 |
Charlotte, NC |
|
3 |
Cornerstone Business Services, Inc. |
2009 |
Green Bay, WI |
|
4 |
Mariner |
2025 |
Overland Park, KS |
|
5 |
Madison Street Capital |
2011 |
Austin, TX |
|
6 |
Meritage Partners, Inc. |
2010 |
Newport Beach, CA |
|
7 |
Peakstone Group |
2010 |
Chicago, IL |
|
8 |
Flatirons Capital Advisors |
2015 |
Louisville, CO |
|
9 |
FOCUS Investment Banking |
2009 |
Vienna, VA |
|
10 |
Restoration Business Advisors |
2025 |
Miami, FL |
|
11 |
Plethora Businesses |
2009 |
Orange, CA |
|
12 |
Graystone |
2025 |
The Woodlands, TX |
|
13 |
TREP Advisors |
2021 |
Sarasota, FL |
|
14 |
Exit Advisors |
2018 |
Houston, TX |
|
15 |
New Direction Partners |
2011 |
Valley Forge, PA |
|
16 |
Vercor |
2009 |
Atlanta, GA |
|
17 |
Gar Wood Securities, LLC |
2016 |
Naperville, IL |
|
18 |
The Bloom Organization, LLC |
2023 |
Miami, FL |
|
19 |
SDR Ventures |
2010 |
Greenwood Village, CO |
|
20 |
Young America Capital, LLC |
2009 |
Mamaroneck, NY |
|
21 |
GT Securities |
2009 |
Los Angeles, CA |
|
22 |
Aberdeen Advisors, Inc. |
2009 |
St. Petersburg, FL |
|
23 |
Cross Keys Capital |
2014 |
Fort Lauderdale, FL |
|
24 |
Vertess Healthcare Advisors, LLC |
2015 |
Fort Worth, TX |
|
25 |
Windsor Capital |
2019 |
Tampa, FL |
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About the Top 25
- 1 Closed Deal via Axial
- 10 Total Closed Deals
🏆 Top 5 Lower Middle Market Investment Bank — Axial - Q1, Q2, Q3 2025🚀 Investment Banking, Rebuilt for the Real World🔧 A tech-enabled investment bank for the essential services economyIn 2024, we launched The Advisory with a simple belief:Main Street business owners deserve Wall Street-level outcomes.We’re not software for bankers. Not a listing site. Not another deal marketplace.We’re a true, full-service investment bank purpose-built for the essential services economy—HVAC, plumbing, landscaping, accounting, and the businesses that keep America running.⚠️ The…
Most Recent Transactions
Advisor
Jun 2026
AAA Plumbing
was acquired by
Splash Plumbing
Advisor
Jun 2026
Bore It
was acquired by
Wilhelm Holdings, LLC
Advisor
May 2026
Aerobic Services
was acquired by
Ember
Advisor
Feb 2026
Rowbel Services
was acquired by
Anonymous
Carnegie Point is a custom M&A advisory firm with more than 70 closed deals totaling $3+billion. We are dedicated to maximizing the value of middle-market sales through senior-partner led M&A teams that offer deep expertise and an extensive network of highly interested buyers.
- 3 Closed Deals via Axial
- 28 Total Closed Deals
Cornerstone Business Services is a boutique investment bank serving the lower middle market of mergers & acquisitions. We’re based in the Midwest but work throughout North America, and are a founding member of the Cornerstone International Alliance. We create value through acquisition searches, company sales, and valuations, with a focus on businesses with annual revenue from $5 million to $150 million.Cornerstone uses a team approach on each transaction along with our proprietary Assurance 360™ process which typically generates multiple offers, a high likelihood to close and…
Most Recent Transactions
Advisor
Nov 2025
Anonymous
was acquired by
Anonymous
Advisor
Nov 2024
Anonymous
was acquired by
Anonymous
Advisor
Jul 2024
Anonymous
was acquired by
Anonymous
Advisor
Dec 2023
Anonymous
was acquired by
Anonymous
Running an effective business typically means planning for the future, which could include a sale or merger. Our professionals specialize in providing sell-side mergers and acquisitions advisory and business valuation services to companies of all sizes across a wide range of industries.Our advisors incorporate innovative tools and industry-leading resources to help you achieve your strategic financial objectives and offer support for important business transactions and decisions.Among the services we offer businesses:Investment Banking: Our specialists assist business owners like you in…
- 3 Closed Deals via Axial
- 67 Total Closed Deals
Madison Street Capital is an international investment banking firm dedicated to the highest standards of integrity and professionalism – provides corporate financial advisory services, mergers and acquisitions expertise, valuation services, and financial opinions to publicly and privately held businesses through our offices in North America, Asia, and Africa. Our professionals draw on specialized expertise in partnering with middle-market firms in all industry verticals and niche markets to achieve an optimal outcome through a variety of transactions. Madison Street Capital's professionals…
Most Recent Transactions
Advisor
Apr 2026
TID Inc.
was acquired by
EIS Operating Enterprises LLC
Advisor
Sep 2025
Pittsburgh Electrical Insulation
was acquired by
EIS, Inc.
Advisor
Aug 2025
American Anchor Bolt Mfg.
was acquired by
Salt Creek Capital
Advisor
Aug 2025
SBS Precision Sheet Metal, LLC.
was acquired by
Appian Way Capital Partners, LLC.
- 1 Closed Deal via Axial
- 43 Total Closed Deals
Meritage Partners ("Meritage") is a multifaceted advisory firm specializing in mergers and acquisitions, capital advisory, and strategic exit planning, with a focus on the low to mid markets. Our exceptional team boasts a wide range of expertise from entrepreneurs, investment banking, corporate finance, private equity, law, and accounting, collectively amassing over 130 years of experience. With deep-rooted backgrounds in private equity, encompassing roles as investors and trusted advisors, we have actively contributed to transactions exceeding $2 billion in enterprise value.This wealth of…
Most Recent Transactions
Advisor
Mar 2026
Anonymous
was acquired by
Anonymous
Advisor
Feb 2026
Anonymous
was acquired by
Anonymous
Advisor
Jan 2026
Anonymous
was acquired by
Anonymous
Advisor
Aug 2025
Anonymous
was acquired by
Anonymous
- 3 Closed Deals via Axial
- 60 Total Closed Deals
The Peakstone Group is an investment bank that specializes in mergers and acquisitions advisory and capital raising for middle market clients. Our team is comprised of senior investment banking professionals and operating executives, all of whom have decades of experience and have executed hundreds of transactions totaling billions of dollars.
Most Recent Transactions
Advisor
Jan 2026
Anonymous
was acquired by
Anonymous
Advisor
Dec 2025
Anonymous
was acquired by
Anonymous
Advisor
Oct 2025
Anonymous
was acquired by
Anonymous
Advisor
Sep 2025
Anonymous
was acquired by
Anonymous
- 2 Closed Deals via Axial
- 77 Total Closed Deals
Flatirons is a premier lower middle-market M&A advisory firm with offices in Denver, Dallas, Chicago and Miami.With decades of transaction advisory experience, our founders identified a growing need in the middle-market to bring together a more comprehensive suite of professional resources.The deal process is 100% managed by a senior team member and not pushed down to a junior analyst. This hands-on approach by senior team members ensures a strategic and robust process for our clients.
Most Recent Transactions
Advisor
Mar 2026
The Fire Group
was acquired by
FSS Technologies
Advisor
Jan 2026
World Resources Distribution
was acquired by
Lochland Partners
Advisor
Dec 2025
Precision Pool and Spa
was acquired by
O2 Investment Partners
Advisor
Nov 2025
5th Gear Auto
was acquired by
O2 Investments / Straightaway Tire & Auto
- 4 Closed Deals via Axial
- 188 Total Closed Deals
With more than three decades of experience, FOCUS Investment Banking is a trusted name in M&A advisory services with a nationwide footprint and a global reach. Headquartered in the Washington, DC metro area, FOCUS also has corporate offices in Atlanta and the Los Angeles metro area. Its team of 35+ senior bankers is supported by more than a dozen analysts, senior advisors and support staff. Each FOCUS banker maintains a core practice in one of the 12 industry verticals comprising the firm’s current areas of specialization, keeping FOCUS abreast of developments in today’s rapidly…
Most Recent Transactions
Advisor
Jun 2026
Dirty Mids
was acquired by
Optimal Investment Group + Wayfinder Capital Partners
Advisor
Sep 2025
Anonymous
was acquired by
Confidential Company
Advisor
Jul 2025
Verigent
was acquired by
Allied Resources Group (“ARG”)
Advisor
May 2025
FootingFirst LLC
was acquired by
Morton Buildings, Inc.
Plethora Businesses is a leading M&A firm specializing in business sales, mergers, acquisitions and valuations for privately owned businesses.
Most Recent Transactions
Advisor
Jan 2026
SVM Machining, Inc
was acquired by
Advisor
Aug 2025
Anonymous
was acquired by
Anonymous
Advisor
Apr 2025
Ferralloy, Inc.
was acquired by
EQI
Advisor
Nov 2024
Anonymous
was acquired by
Anonymous
- 3 Closed Deals via Axial
- 31 Total Closed Deals
TREP Advisors is an sell-side advisory firm focused on succession solutions for business owners worldwide.We know that owners want to understand the future options for their business. We believe the owner succession plan is the single most important business decision an owner will make to achieve the freedom they deserve, which is why we helped owners liquidate more than $140 million in equity from their businesses in 2024.TREP gets 95% of its business via referrals. We are a team of 20 professionals, many of whom have owned their businesses and walked in the owner's shoes. We are…
Most Recent Transactions
Advisor
Jan 2026
Anonymous
was acquired by
Anonymous
Advisor
Jan 2026
Anonymous
was acquired by
Anonymous
Advisor
Aug 2025
Anonymous
was acquired by
Anonymous
Advisor
Jun 2025
Anonymous
was acquired by
Anonymous
Exit Advisors, LLC (“Exit Advisors”) is a Houston, TX based firm that specializes in Mergers & Acquisition (M&A) Advisory and Exit Strategy for privately held companies with transactions typically ranging from $5-$50 million. Our goal is to prepare clients for an exit that will maximize the value, terms, and objectives for owners. We offer business valuation, financial & operational analysis, market readiness, industry trends, market timing and exit strategy guidance based on decades of experience. Exit Advisors will develop a tailored strategy to guide companies through the succession…
Most Recent Transactions
Advisor
Nov 2022
Anonymous
secured investment from
Anonymous
Advisor
Jul 2021
Anonymous
secured investment from
Anonymous
Advisor
Jul 2021
Anonymous
secured investment from
Anonymous
- 3 Closed Deals via Axial
- 21 Total Closed Deals
New Direction Partners provides advisory services in investment banking, valuation, financial advisory and management consulting. Our partners have unparalleled experience, with involvement in over 200 sales and mergers since 1979. We specialize in providing services to the printing, packaging and allied graphic arts industries with an emphasis on mergers and acquisitions.
Most Recent Transactions
Advisor
Oct 2025
Leatherback Publishing
was acquired by
Anonymous
Advisor
Jun 2025
Anonymous
was acquired by
Anonymous
Advisor
Feb 2025
Honblue of Hawaii
was acquired by
Anonymous
Advisor
Dec 2024
Hyperformance Graphics
was acquired by
Individual Investor
- 2 Closed Deals via Axial
- 13 Total Closed Deals
VERCOR, a leading middle market mergers and acquisitions firm, serves business owners who are interested in selling all or part of their company or who are seeking a private equity recapitalization. Our team manages the entire process – business valuation, assessing the market value of a company, pre-sale planning, marketing, negotiations, and closing the best possible deal. VERCOR brings national and international resources to the job of selling a business in the mid-size market. VERCOR merger and acquisitions consultants provide worldwide resources usually available only to companies with…
Most Recent Transactions
Advisor
Jan 2025
Anonymous
was acquired by
Anonymous
Advisor
Dec 2024
Anonymous
was acquired by
Anonymous
Advisor
Oct 2024
Confidential Company
was acquired by
Confidential Buyer
Advisor
Nov 2023
AIC
was acquired by
MCE
- Actively Sourcing Deals
- 2 Total Closed Deals
Gar Wood Securities Private Capital Group extends the firm’s capital raising efforts to US middle market private companies seeking early stage funding, growth capital, recapitalization or funding for special situations. Via a network of institutional investors, family offices and investment advisors the placement team at Gar Wood is able to provide cost-effective access to capital solutions in an underserved segment of the industry.Industry FocusOur investor base is diverse and therefore enables Gar Wood Private Capital Group to engage clients across many sectors: alternative energy,…
Most Recent Transactions
Advisor
Nov 2025
Anonymous
secured investment from
Anonymous
Advisor
Nov 2016
DME Express
secured investment from
Anonymous
- 1 Closed Deal via Axial
- 20 Total Closed Deals
A leading investment bank specializing in healthcare mergers and acquisitions. With closed transactions representing more than $10 Billion in market capitalization, our leadership team of professionals has developed unmatched relationships with healthcare providers and industry professionals. We understand that healthcare, more than any other industry, requires a deep understanding of the strategic value of both buyer and seller.
Most Recent Transactions
Advisor
Jul 2026
Southeast Neurology and Pain Management
was acquired by
Summit Spine
Advisor
Jan 2026
Anonymous
was acquired by
Anonymous
Advisor
Sep 2025
Anonymous
was acquired by
Anonymous
Advisor
Sep 2025
Anonymous
was acquired by
Anonymous
- Actively Sourcing Deals
- 3 Closed Deals via Axial
- 91 Total Closed Deals
SDR Ventures is a Denver-based investment banking firm serving private business owners in the lower middle market, including companies with values up to $300 million. The SDR Ventures approach of THINKING LIKE OWNERS helps businesses maximize their value. Whether owners are looking to sell a business, buy a business or raise debt or equity, SDR is committed to helping them succeed. Our core services include: • M&A Transaction Advisory – Buy Side and Sell Side • Private Capital Formation – Debt and Equity • Strategic Advisory/Consulting Investment banking and securities are offered…
Most Recent Transactions
Advisor
Jun 2026
Anonymous
was acquired by
Anonymous
Advisor
Jan 2026
Anonymous
was acquired by
Anonymous
Advisor
Nov 2025
Anonymous
was acquired by
Anonymous
Advisor
Oct 2025
Anonymous
was acquired by
Anonymous
- 1 Closed Deal via Axial
- 32 Total Closed Deals
Young America Capital leverages strong relationships with banks, venture-capital and private-equity funds, family offices, fund-of-funds, foundations, hedge funds, Fortune 500 M&A executives and large employers' retirement systems to facilitate clients' goals. Advisor to: Investment managers in the alternative-asset classes, including venture capital, private equity, and hedge funds. YAC provides advisory services in the areas of fund structuring, fund-raising/marketing, LP relations, and back-office operations. Advisor to: Businesses seeking seed stage, early stage, and mezzanine debt and/or…
Most Recent Transactions
Advisor
Dec 2025
Anonymous
secured investment from
Anonymous
Advisor
Aug 2025
The Spinnaker
was acquired by
OCRooms
Advisor
Jul 2025
VitaCup
secured investment from
Anonymous
Advisor
Dec 2024
Confidential Company
secured investment from
Confidential Buyer
GT Securities provides investment banking services to emerging and middle market companies. We specialize in raising equity and debt capital and in executing acquisition, divestiture, and merger transactions for our clients. Our unique approach leverages Growthink's two core services — growth strategy consulting and corporate finance to provide unparalleled corporate advisory and capital raising services. GT Securities is the broker - dealer affiliate of Growthink, and is a member of FINRA and SIPC. Most boutique investment banks focus solely on corporate finance services and they fail to…
Most Recent Transactions
Advisor
Aug 2023
Metropolitan Skin Clinic
was acquired by
Growthink Capital
Advisor
Aug 2023
MPulse Software, Inc.
was acquired by
Anonymous Company
Advisor
May 2022
Blue Whale Materials
was acquired by
Ara Partners
Advisor
Mar 2022
Agro Logistic Systems Inc.
was acquired by
MGK
Aberdeen Advisors is a lower mid-market merger and acquisition firm. Aberdeen focuses on selling companies in the Southeast United States generating around $ 5 million to $ 100 million in annual revenues. At Aberdeen Advisors, our advisors have personally owner or operated a business that have gone through the sales process. That means we have first-hand knowledge of the process and understand the complexities of navigating the sale.
Most Recent Transactions
Advisor
May 2026
Quick Pak, Inc.
was acquired by
Veritiv Operating Company
Advisor
Apr 2026
Sun Country Cleaners
was acquired by
Volk Holdings LLC
Advisor
Feb 2026
Service Painting Corporation
was acquired by
The Valcourt Group
Advisor
Sep 2025
Power Designers Sibex
was acquired by
Ampure Charging Systems
Cross Keys Capital has offices in Fort Lauderdale, Florida, and Chicago, Illinois. With a team of more than 20 professionals, we provide our clients with a full suite of investment banking advisory services including sell-side and buy-side M&A, recapitalizations, restructurings, and capital raising. At the onset, we perform comprehensive diligence and analyses on our clients to identify key deal factors, including the quality of the management team, the stability and track record of the business, the strength and testing of the company’s financial profile, and its competitive positioning.
Most Recent Transactions
Advisor
Nov 2020
World Wide Farms, Inc.
was acquired by
Osprey Capital, LLC
Advisor
Feb 2020
Arrow Solutions
was acquired by
AlayaCare
Advisor
Feb 2020
G&P Land
was acquired by
Summit Resources LLC
Advisor
Jul 2015
Kramer Direct
was acquired by
Dialog Direct
- 1 Closed Deal via Axial
- 77 Total Closed Deals
VERTESS is a healthcare-focused Mergers + Acquisitions (M+A) advisory firm that helps owners increase their company’s financial value and negotiate the best price when they decide to sell their own company or grow through acquisition. Our expertise spans diverse healthcare and human service verticals, ranging from behavioral health and intellectual/developmental disabilities to DME, pharmacies, home care/hospice, urgent care, dental practices, life sciences, and other specialized services and products. Each VERTESS Managing Director has had executive experience in either launching or…
Most Recent Transactions
Advisor
Dec 2025
Anonymous
was acquired by
Anonymous
Advisor
Aug 2025
Anonymous
was acquired by
Anonymous
Advisor
Apr 2025
Anonymous
was acquired by
Anonymous
Advisor
Apr 2025
Anonymous
was acquired by
Anonymous
SELLSIDE M&A PROCESSCreating value for founders and their businessesCORPORATE ADVISORY BUY SIDE AND DIVESTITURESOpportunities growing businessesGROWTH CAPITAL RESTRUCTURING CAPITALDeveloping the competitive strategy
Most Recent Transactions
Advisor
Oct 2025
Florida All Risk Insurance
secured investment from
United Midwest
Advisor
Jul 2025
Building Products of America
was acquired by
Accent Building Material
Advisor
Apr 2020
GT Grandstands (Project Bleachers)
secured investment from
T Bank
Advisor
Aug 2019
RxLive
was acquired by
PAR, Inc.
League Table Methodology
Unlike traditional league table structures that have remained unchanged for years, where firms are assessed based on deal activity and deal dollar volume, Axial league tables surface data on investment banks that reveal their client quality, ability to manage a sell-side process, and down-funnel effectiveness for their clients.
The investment banks at the top of the Axial League Table are leaders across the following categories:
- Client Quality: Buyside demand for engagements represented by the advisor.
- Investor Targeting: The advisor’s ability to balance selectivity, accuracy, and breadth when identifying potential buyers.
- Process Effectiveness: The advisor’s ability to generate positive outcomes for their client.
- Overall Deal Relevance: The number of buyside mandates (financial and strategic) that align with the advisor’s engagements.
- Signed NDAs: The number of buyers that indicated interest through a signed NDA in each of the advisor’s engagements.
- Shared CIMs: The number of buyers that received confidential information post NDA, measured by the number of CIMs shared.
- IOIs Received: The number of IOIs the advisor received from Axial buyers.
- LOIs Received: The number of LOIs the advisor received from Axial buyers.
- Executed LOIs: The number of deals the advisor successfully managed to take under LOI, either with an Axial buyer or that were marked under LOI on the Axial platform.
- Closed Deals: The number of deals the advisor closed involving an Axial buyer or that were marked as closed on the Axial platform.
- Buyer Referrals: Feedback we received from buyers regarding how the advisor manages their processes.
Together, the top 25 investment banks are those that work with the most in-demand clients, balance breadth, selectivity, and accuracy in the buyers they engage, and generate the largest number of positive outcomes for their clients.
Axial is the trusted deal platform serving the lower middle market ($2.5-$250M TEV).
Over 3,500 advisory firms and 3,000 corporate and financial buyers have joined Axial to efficiently connect with relevant capital partners, source actionable deals, and build new relationships.
Visit the Member Closed Deals page to see selected transactions that have been sourced and closed via Axial.
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