Axial is excited to release our 2025 Lower Middle Market Investment Banking League Tables!

To compile this list, we reviewed the deal-making activities of 800+ investment banks and advisory firms that met the qualifications to be considered for league tables in 2025.

Last year resulted in a record-breaking year for deal volume on Axial, with 12,856 deals coming to market in 2025—a 17.1% increase from 2024 and the highest annual total on record. See below for a deal activity snapshot from the latest issue of Axial’s The SMB M&A Pipeline.

Today’s 25 featured firms collectively marketed 431 deals via Axial last year. Those deals matched with 158,345 recommended buyers and received a total of 10,556 buyer pursuits, generating an average pursuit rate of 12.19%, a strong indicator of deal quality among these firms.

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Deal Intent: 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).

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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)
• Buyside 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!

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Top 25 Investment Banks of 2025

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About the Top 25

 

“Tower Partners is a leading Private Investment Bank and Advisory Firm providing premier service to the middle market. Our team of industry veterans has advised sell-side and buy-side engagements with over $15 billion in value for entrepreneurs, family-run businesses, and financial sponsors.

We are a national firm with a global reach, supporting clients throughout the United States with headquarters in Columbia, MD, and offices in Baltimore, MD, Denver, CO, and New York, NY. Our entrepreneurial roots and years of experience have solidified our will to charge forward when others might quit. “

Visit Tower Partners’ Profile

 

“Madison Street Capital is an international investment banking firm dedicated to the highest standards of integrity and professionalism. We provide 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 to partner with middle-market firms across all industry verticals and niche markets, achieving optimal outcomes through a variety of transactions. Madison Street Capital’s professionals precisely analyze each client’s needs to determine the best match between buyers and sellers, arrange cost-effective financing, and produce capitalization structures that maximize each client’s potential. Madison Street Capital is a trusted partner and industry-leading provider of financial advisory services, M&A assistance, and business valuations.”

Visit Madison Street Capital’s Profile

 

“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 changing market environments.”

Visit FOCUS Investment Banking’s Profile

 

“At Founder M&A, we are a dynamic advisory firm specializing in sell-side transactions across diverse industry sectors, with decades of transactional expertise that has enabled our seasoned team to orchestrate numerous deals in the lower-middle and middle markets successfully.

Our approach is grounded in a proven formula for success, carefully tailored to guide business owners and leaders through the complexities of the transaction journey. With a focus on facilitating deals for businesses with annual revenues ranging from $5 million to $250 million, Founder M&A ensures smooth transitions and optimal outcomes for all parties involved.”

Visit Founder M&A’s Profile

 

“We are an investment bank representing business owners and operators navigating the process of selling their company. We primarily advise middle market “add-on” businesses during the sale process to one of the 4,500+ private equity companies that own “platforms”. We specialize in helping businesses in Skilled Trade, Consumer Services, and Medical Services connect directly with top private equity buyers, not just local brokers. Our team creates competitive bidding environments by leveraging deep relationships with leading private equity platforms to maximize your company’s value.”

Visit The Advisory’s Profile

“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.”

Visit Peakstone Group’s Profile

 

“MidCap Advisors, a middle market investment bank headquartered in New York, specializes in mergers and acquisitions, corporate finance, capital raises, ownership transition planning, business valuations, and negotiation support services for companies generating $5 million to $250 million in revenues.

A business owner’s definition of success is multi-faceted. For some, it is selling a business for maximum value. For others, it is affecting a smooth transition of ownership to key employees or family members. And for others, the question has not been fully answered yet. That’s why our experienced and knowledgeable advisors created and adopted a 360-degree approach to help business owners identify and accomplish all of their goals. MidCap Advisors also represents corporations, private equity firms, and investors who are seeking to grow through acquisition.”

Visit MidCap Advisors’ Profile

 

“AAE is a boutique merger and acquisition advisory firm located in the Kansas City area. We offer M&A advisory services as sell-side advisors. We guide business owners through strategic planning, marketing, and closing of a deal to transition their company. Ad Astra has successfully closed a combined transaction value of $500 million.

Our team works with owners across the nation, of varying sizes, across several industries, with each owner having unique goals. We are well equipped to understand a business owner’s wants and needs… converting those goals into our unique deal process, which becomes our roadmap to their ideal outcome.”

Visit Ad Astra Equity’s Profile

 

“ACT Capital Advisors has been helping owners sell their businesses since 1986. Through hundreds of transactions, we’ve developed a strategic process that’s highly effective in closing deals. Unlike other M&A companies that hand you off to various specialists throughout the stages of a sale, you’ll work with one team at ACT, a group of hand-selected individuals familiar with your industry. They’ll be with you from start to finish, working toward your goals and looking out for your best interests.”

Visit ACT Capital Advisors’ Profile

 

“Hill View Partners, Founded in 2016 by Arthur Petropoulos and headquartered in Providence, Rhode Island, provides Mergers & Acquisitions and Capital Advisory services to privately held family, entrepreneur, and small investment group-owned companies generating $1 million to $10 million in EBITDA (or Pre-Tax Cash Flow)

We help companies sell/exit their business or a unit of their business and find/source capital, whether that be traditional bank financing or more creative sources for purposes of growth, acquisitions, partial monetization, or any other strategic reason.

Hill View Partners brings the tenure and wisdom of $1 Billion+ of transaction experience to support and work alongside businesses and owners. We understand and appreciate the complexities of our clients’ enterprises, and we unwaveringly espouse to our motto of doing good work for good people.”

Visit Hillview Partners’ Profile

 

“ASA Ventures Group supports business owners by reducing their ongoing equity risk and their burden of business ownership. We will take the burden off your shoulders by providing you with a dedicated and knowledgeable growth investment partner so that you may not have to worry about your business growth. Whether you wish to further grow your business or exit your existing business, you can count on our team.”

Visit ASA Venture Group’s Profile

 

“Protegrity Advisors is a leading M&A advisory firm focused on lower middle market transactions for companies with revenue ranging from $10 million to $100 million. With a management team averaging over 25 years of transactional experience, we have a proven track record of successfully closing deals with public and private companies and private equity firms across the U.S. and internationally.

Our reputation for representing highly sought-after clients attracts a wide range of buyers, and our extensive network, proprietary database, and dedicated research team position us to deliver exceptional results with speed and precision.”

Visit Protegrity Advisors’ Profile

 

“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, focusing on businesses with annual revenue of $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, has a high likelihood of closing, and maximizes value. We work really well with first-time sellers that value an advisor’s role and want to ensure the largest financial transaction of their life is done right.”

Visit Cornerstone’s Profile

 

“Good Hope Advisors is your go-to partner for navigating the high-stakes world of mergers and acquisitions in the contracting industry. Whether you’re looking to grow, recapitalize, or plan a strategic exit, our team brings deep expertise and a knack for making complex deals feel refreshingly straightforward.

We roll up our sleeves with residential and commercial contractors across HVAC, plumbing, mechanical, refrigeration, electrical, landscaping, and roofing. From buy-side to sell-side, we handle it all: mergers, acquisitions, business valuations, sales, prospecting, consulting, and management.

Our mission? To make every transaction seamless, maximize value, and set you up for long-term success—without the usual headaches. We specialize in successful outcomes.”

Visit Good Hope Advisors’ Profile

 

“Exit Partners is an independent M&A Investment Banking firm with extensive experience in sales to strategic buyers, private equity buyers, and buy-side advisory. We help you succeed by delivering uncommonly effective negotiation, strategic insight, and transaction guidance. Our principals have maximized over 100 transactions involving buyers and sellers from across the U.S. as well as 15 other countries, representing $11 billion in deal value.”

Visit Exit Partners’ Profile

 

“Fox & Fin Financial Group dba IBG/Fox & Fin is a nationally respected, award-winning leader in business sales and acquisitions of privately held middle-market companies. We assist business owners in valuing and selling their companies at the appropriate time, for maximum value.

We exist to bring the “best of the best” merger and acquisitions skills and knowledge to company owners when they are ready to sell a business or make an acquisition. Our firm is of distinctive character and shared values, defined by commitments to deliver business owners excellence in M&A services. IBG serves business owners in acquiring and divesting businesses. Our clients succeed and IBG delivers their best opportunities, confidentially and with superior results.”

Visit IBG’s Profile

“Business Acquisition and Merger Associates is a results-oriented, middle market intermediary firm located in Charlotte, NC. Founded on the principle of adding value and professional skill to business transfers, BAMA helps clients acquire or sell companies. Our “buyer” clients are both financial and strategic buyers, management teams, private equity groups, and mezz lenders who are looking to invest in good companies. “Seller” clients include business owners who desire recapitalizations for founder-family business transfer, growth capital, corporate divestitures, and those seeking business transfer due to retirement, health, family, or personal reasons.”

Visit Business Acquisition and Merger Associates’ Profile

 

“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.”

Visit The Bloom Organization’s Profile

 

“Embarc has a unique model that bills hourly like a law firm with no success fee, aligning its incentives more closely with sellers. This approach enables us to deliver high-quality, high-touch services to a select number of deals rather than chasing multiple transactions simultaneously, ultimately resulting in a much lower overall cost when a deal is consummated.

The team is comprised of professionals with experience at leading firms such as Goldman Sachs, McKinsey, Credit Suisse, and PwC, as well as from private equity and corporate development roles—reflecting Embarc’s belief that buyside experience is essential for effectively advising on sell-side transactions.”

Visit Embarc Advisors’ Profile

 

“FourBridges Capital is an investment banking firm that serves business owners across the Southeast. We act as the interface between our clients and the capital markets, helping them to identify potential investors or acquisition targets and successfully complete transactions. Our senior professionals draw on both expertise in investment banking and experience as C-level executives, having spent most of their careers serving the middle market.”

Visit FourBridges’ Profile

 

“Venture North is a firm based in Anchorage, Alaska that provides a full suite of services to our buy-side, sell-side, and capital finding clients.  We have successfully managed and handled engagements in a wide variety of industries and are recognized as a leader in assisting in the sale or purchase of businesses. We do business throughout the US, but we have unmatched expertise in the Alaska market. Due to Alaska’s very low level of VC and PE activity, the returns tend to be higher and deal quality better than in other, more competitive markets.”

Visit Venture North’s Profile

 

“TREP Advisors is an advisory firm focused on succession solutions for business owners. At TREP Advisors, we know you want to be an owner who understands the future options for your business. To do that, you need a succession plan that fulfills your desires and addresses all the issues of estate planning and taxes. The problem is that you are so busy running the company that you feel confused about how to address succession planning issues.

We believe every owner is truly unique and that your succession plan is the single most important business decision you will make to achieve the freedom you deserve. We understand the struggles and opportunities you face every day because we have walked in your shoes, which is why we have been able to help owners like yourself sustain control over their business while liquidating equity in their business for financial security.”

Visit TREP Advisors’ Profile

 

“Vesticor Advisors was founded on the principle that owner-operated companies in the lower middle market are unique and require specialized attention and advice when considering strategic investment and exit opportunities.

Vesticor Advisors provides M&A and capital raising advisory services exclusively to founder and owner-operated companies. We support clients with the expertise needed to build their business through growth acquisitions, optimize value in an exit or sale, transition ownership to family or management, divest non-core assets, or raise capital. After founding, building and exiting our own businesses, the partners at Vesticor came together under a shared vision: to build an M&A firm that helps other business owners achieve their dreams of growth, expansion, legacy and financial independence.”

Visit Vesticor’s Profile

 

“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.”

Visit Meritage Partners’ Profile

 

“Founded in 2009, Solganick & Co. is an AI-enabled and data-driven investment bank and M&A advisory firm specializing in software and technology services companies. Its sector coverage includes AI, cloud, cybersecurity, data analytics, digital transformation, and healthcare IT, among others. Offices are located in Dallas and Los Angeles. We use artificial intelligence and data-driven research to support our M&A process from start to finish. Our deal team has completed over $20 billion in M&A transactions to date and consists of experienced M&A professionals, CFOs, attorneys, and operators in the technology sector.”

Visit Solganick’s Profile

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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.
• Buyside 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.

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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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