Top 25 Lower Middle Market Investment Banks | Q1 2025
Axial is excited to release our Q1 2025 Lower Middle Market Investment Banking League Tables. To assemble this list, we…
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Welcome to the latest issue of The Winning M&A Advisor, the Axial publication that anonymously unpacks data, fees, and terms from the winning M&A engagement letters of professional M&A advisors using Axial to win new sell-side business.
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| Engagement Letter Details | |
| Retainer Required | Yes |
| Retainer Payment Terms | $5,000/month (capped at $30,000) |
| Engagement Duration | Month-to-month. Either party can terminate with 10-day notice. |
| Minimum Fee | $250,000 |
| Retainer Applied to Success Fee | Yes - 50% of the paid retainer |
| Success Fee | Based on the total transaction value, calculated below. |
| $0 - $4M: 5% | |
| $4M - $8M: 4% | |
| $8M - $12M: 3% | |
| Above $12M: 2% | |
| Special Terms | |
| Client Cooperation: The client must route all transaction inquiries through the advisor and cannot initiate discussions directly. | |
| Buyer List Disclosure: If the agreement is terminated, the advisor must provide a detailed list of all contacted parties within 10 business days, including contact dates and company information. | |
Behind The Win:
As part of every Advisor Finder process, we ask the business owner or management team to provide a rationale for why they hired a given advisor. The following attributes contributed to the selection of the Winning M&A Advisor:
- Relevant Experience: Since its inception, the firm has successfully represented several media and marketing businesses in sell-side transactions
- Proven Track Record: The firm’s founding partners collectively have over 100 years of investment banking experience and have closed more than 300 transactions.
- Valuation Alignment: The advisor provided a valuation assessment that closely aligned with the owner’s expectations.
- Flexible Engagement Duration: The agreement is on a month-to-month basis, and can be terminated by either party (with a 10-day written notice) or upon a successful sale, providing adaptability and control over the process.
Looking to exit your business? Find an advisor you can trust.
| The Business | |
| Timeline | |
| Reaches Out To Axial | 2/15/2024 |
| Begins Interviewing M&A Advisors | 2/22/2024 |
| Signs The Winning Engagement Letter | 4/16/2024 |
| Business Data | |
| Industry | Business Services, Marketing |
| Revenue Range | $5M - $8M |
| EBITDA Range | $2M - $3M |
| Desired Transaction | |
| Transaction Type | Open to complete or partial sale or capital raise |
| Reason For Transaction | Main operator is in his late 70s and looking to retire |
| Transaction Timeline | 6-12 months |
| Advisor Recommendation #1 | |
| Firm Type | M&A Advisory Firm |
| Generalist / Specialist | Specialist |
| Deals Marketed on Axial L12 | 8 |
| Deals Marketed on Axial All-Time | 19 |
| Average Revenue of Deals | $11,029,817 |
| Average EBITDA of Deals | $2,170,574 |
| Advisor Recommendation #2 | |
| Firm Type | Investment Bank |
| Generalist / Specialist | Generalist |
| Deals Marketed on Axial L12 | 5 |
| Deals Marketed on Axial All-Time | 54 |
| Average Revenue of Deals | $13,961,225 |
| Average EBITDA of Deals | $1,776,000 |
| Advisor Recommendation #3 | |
| Firm Type | M&A Advisory Firm |
| Generalist / Specialist | Generalist |
| Deals Marketed on Axial L12 | 11 |
| Deals Marketed on Axial All-Time | 98 |
| Average Revenue of Deals | $17,652,324 |
| Average EBITDA of Deals | $2,247,091 |
The Winning M&A Advisor – 1, 2 or 3?
Recommendation #3
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