Top 20 M&A Consulting Companies in the World

This post was originally published on October 24, 2021, and has been updated for relevancy on June 13, 2024.

Mergers and Acquisitions (M&A) is the process of consolidation through which companies acquire a part or whole control of other companies. This consolidation can occur through several types of financial transactions, which can often be complex in nature.

This complexity in turn generates a demand for third-party specialists: M&A consulting firms. M&A consulting firms are specialists in managing M&A processes, assisting companies across the M&A value chain, from deal origination through to post-merger integration.

With the volume of global M&A activity hitting $3.2 trillion in 2023, the importance of the role held by M&A consultants cannot be overstated. M&A consulting is literally facilitating the world’s largest business transactions every year.

‍Best M&A Consulting Companies

1. Goldman Sachs

Goldman Sachs, a permanent fixture of the leading global investment banks, advised on slightly over $500 billion in M&A deals in 2023. The firm advised on several mega-deals and a total of 76 deals valued over one billion dollars. The highlight of these transactions was its advisory role in the $61 billion acquisition of Activision Blizzard by Microsoft, which was overseen by its co-head of Global Mergers and Acquisitions, Stephan Feldgoise. 

2. JP Morgan Chase

JP Morgan Chase remains a dominant force on the M&A landscape and finds itself in second place on our list of M&A consultants. Last year, it advised on transitions worth $412.5 billion, the undoubted highlight of which was the $207.5 billion acquisition of First Republic Bank - the largest transaction of 2023. The storied investment bank’s success in M&A consulting services saw its share price rise by approximately 25% over the year. 

3. Morgan Stanley

Morgan Stanley’s intermediary role in M&A consulting saw it advise on over $500 billion in deals in 2023. It advised on 19 billion-dollar-plus transactions and three mega-deals, each valued at over $10 billion. A standout transaction was the $10.45 billion acquisition of Qualtrics International by private equity firm Silver Lake and Canada Pension Investment Board. The Qualtrics deal also pushed Morgan Stanley into the leadership position among merger consulting firms working on private equity transactions - an increasingly valuable niche in M&A consulting services.

4. Citi

Citi maintains its position as one of the major merger consulting firms, with deal volumes of over $300 billion in 2023. The standout transaction for Citi last year was its intermediary work on the $27 billion merger between Kroger and Albertsons. It also provided M&A consulting services for the $16 billion acquisition of VMWare by Broadcom, solidifying its position in the technology sector.

5. Bank of America Merrill Lynch

Bank of America Merrill Lynch's highlight of 2023 was its advisory role in the $18 billion acquisition of Celgene by Bristol-Myers Squibb, a potentially game-changing deal for Big Pharma. The bank’s M&A consultants also advised on the $16 billion acquisition of Tiffany & Co by LVMH, highlighting its ability to work across various industries and showing why it finished the year having played intermediary for deals valued at slightly under $500 billion.

6. Lazard

Lazard is the first to appear on this list of M&A consulting firms that are specialist M&A consultants. Lazard advised on slightly over $100 billion of transactions in 2023. This included the $11.7 billion tender offer for Millicom Securities by Atlas Investments and Statkraft’s $1.9 billion acquisition of Spanish-based renewables company Enerfin from the Elecnor Group. Whether it can maintain its high position on this list remains to be seen, with several high-profile Lazard bankers, including Charles-Henri Filippi, joining Evercore (see number 9) over the past 18 months.

7. Rothschild & Co

Already in its third century as an investment bank, Rothschild & Co. advised on 260 deals worth approximately $70 billion in 2023. It worked in tandem with Lazard - both banks regularly worked closely together - on the Millicom Securities deal for Atlas Investments. Its 21 billion-dollar-plus deals also marked a new milestone for its M&A consultants, suggesting that Rothschild & Co may be about to move away from its long-held status as a boutique investment bank.

8. Houlihan Lokey

Houlihan Lokey is now a fixture among the top merger consulting firms. Its deals tend to be in the middle market, but that’s an increasingly liquid market, underlining the strength of the strategy implemented by this M&A consulting firm. A standout deal in 2023 was its role in the $5.3 billion acquisition of Switch, Inc. by DigitalBridge Group and IFM Investors. This transaction highlighted Houlihan Lokey’s strength in the technology, media, and telecoms (TMT) sector - another reason to believe this won’t be the last time wee see Houlihan Lokey among the top merger and acquisition consulting firms.

9. Evercore

Evercore advised on slightly under $100 billion of transactions in 2023 and continued its rapid ascent among the world’s major M&A consultants, earning it the moniker ‘Goldman North.’ Highlights from its M&A consulting services in 2023 were its advisory role on the $22.5 billion acquisition of Marathon Oil Corporation by ConocoPhillips, and the $36 billion spinoff of WarnerMedia from AT&T, giving Evercore a footnote in one of the most notorious M&A transactions of all time.

10. Centerview Partners

Centerview Partners advised on approximately $76 billion of transactions in 2023, including playing a role on the sell side of Microsoft’s acquisition of Activision Blizzard. Its intermediary role in Pfizer’s $11.6 billion acquisition of Seagen was another notable deal. Under the leadership of Blair Effron and Robert Pruzan, two of Wall Street’s most highly-regarded bankers, these M&A consultants have focused on more complex deals, which over time has won them several blue chip clients.

11. Guggenheim Partners

Guggenheim Partners, just missing out on the top 10 mergers and acquisition consulting firms on our list, is another investment banking upstart. In 2023, it closed on $59 billion of transactions. One deal that its M&A consultants advised on, which largely crept under the radar, was the $5.4 billion acquisition of Spirit Airlines by JetBlue Airways, which is likely to have significant ramifications for the commercial aviation industry. It also showed its chops by advising on the $12.1 billion merger between Discovery Inc., and WarnerMedia. 

12. Barclays 

Like Centerview Partners, Barclays helped with M&A consulting on the Spirit Airlines and JetBlue Airways transaction, but it was just one of many multi-billion-dollar deals closed by the British M&A consultants in 2023. Another notable example was their advisory role in the $4.7 billion acquisition of Aerojet Rocketdyne by L3Harris Technologies. Both deals have a debt of gratitude to Barclays’ star man in the Americas, Dan Grabos, who played a pivotal role in getting them over the line.

13. Lincoln International

Globally, Lincoln International advised on 300+ deals in 2023. The highlight of these deals was arguably the $6.4 billion sale of ICG’s stake in Law Business Research. As with most of the M&A consultants past the 10th position mark on our list, their transactions tend to be in the middle market and lower, but the quality of M&A consulting services is none the lesser for it. This is exemplified by highly regarded M&A consultants like Scott Hebbeler and Brad Keyworth, both working in the firm’s Chicago office.

14. Jeffries

Jeffries’ advisory activity in 2023 covered approximately $112 billion in global transactions, largely in line with its deal volume from 12 months earlier. This is significant in itself because transaction volumes were down overall, suggesting Jeffries is bucking the trend among M&A consultants. It played the role of lead financial advisor in the $18.25 billion sale of HD Supply to The Home Depot and advised on the $5.3 billion sale of AeroDefense to Bain Capital. 

15. KPMG

The first of the ‘big four’ accounting firms on our list, like its peers, KPMG regularly advises on headline M&A transactions owing to its partners’ familiarity with blue chip companies through its audit work. The sun may be setting on this model, however, amid the ongoing conversation about breaking these behemoths up into their separate divisions. For now, KPMG is worthy of a place among the top M&A consulting firms. A notable 2023 transaction was its advisory role in the $5.4 billion sale of Chelsea FC to Clearlake Partners - the largest-ever transaction for a sports franchise.

16. EY

Like KPMG, EY leverages its position as one of the ‘big four’ to originate deals and play roles in deals where other M&A consultants are already present. An example can be seen in its secondary intermediary roles in deals such as the $8.4 billion acquisition of Seagen by Pfizer in healthcare, a sector where EY has developed a niche for its M&A consulting services.

17. Deloitte

Deloitte advised on deals worth over $255 billion in 2023, with highlights being their advisory role in the $9 billion acquisition of Biohaven Pharmaceuticals by Pfizer and their role as M&A consultants in the $6 billion merger of aerospace companies Woodward and Hexcel, one of the year’s biggest deals in the industrial sector. 

18. PWC

PWC’s total deal volumes in 2023 were almost exactly the same as that of its big four rival, Deloitte, coming in at around the $250 billion mark. Remarkably, two deals accounted for almost 25% of the total - the first was the $59.5 billion acquisition of Pioneer Natural Resources by Exxon, cementing Exxon’s position as the dominant force in North American energy resources. The other energy industry mega-deal advised for which PWC provided M&A consulting services, was the $53 billion acquisition of Hess Corporation by Chevron. 

19. Alvarez and Marsal

Alvarez and Marsal are a group of M&A consultants who gained prominence over the past decade in the lower middle market. 2023 brought a notable exception to this: A&M played the role of M&A consultants for the Swiss government in the landmark merger between Credit Suisse and UBS, which required over $110 billion of liquidity. The deal brought over $10 million in advisory fees - a welcome return for Alvarez and Marsal’s M&A consultants.

20. Stifel/KBW

Stifel/KBW is not one of the more well-known merger consulting firms, but its advisory role on several smaller, yet significant, deals over the past five years has given it a place in the spotlight. Among these deals in 2023 was its provision of M&A consulting services to Lavoro in its $1.2 billion acquisition of TPB Acquisition Corp.

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Choosing the right M&A consulting company

While M&A consulting companies may seem like black boxes when it comes to retrieving any information, they’re usually not slow about putting together comprehensive pitch decks on their offerings if you’ve got a good strategy or transaction proposition.

Make sure that your company approaches a few different consulting companies before deciding on which company (or companies) to hire for your M&A process.

Issues to look out for include:

• Relevant transactions in your industry some text
  • M&A consultants with relevant industry experience generally bring more value than those that don’t. These M&A consulting firms tend to possess industry knowledge, understand the regulatory environment, and possess relationships with key stakeholders.
• Project scope as outlined in pitchsome text
  • Understanding the project scope outlined in the merger and acquisition consultants’ pitch is essential, as it clarifies responsibilities around specific tasks, timelines, and deliverables, and ensures that all specific elements of the transactions are covered. 
• Costs involved (including contingencies)some text
  • Costs shouldn’t be the only consideration, but the reality is that they cannot be ignored. While deal commissions will tend to be relatively similar across the board, retainer fees are not. Deals can take time, so ensure at the outset that you’re comfortable with paying retainer fees through the deal’s lifetime.

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How DealRoom + the right consulting firm is a winning combo

All the M&A consulting firms have one thing in common: They’re only as good as their M&A consultants and the tools they use.

An increasing number of merger consultants are leveraging DealRoom, the investment banker’s M&A project management tool of choice. By underpinning M&A consulting firms with DealRoom’s market winning M&A platform, you not only maximize your transaction’s deal of success, but you significantly enhance the efficiency with which transactions close.

Talk to us today about how our project management platform can lead you to outstanding outcomes in mergers and acquisitions.