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SMALL CAP M&A REVIEW FINANCIAL ADVISORS First Quarter 2017
REUTERS / Peter Kujundzic
Source: Thomson Reuters
*tieSource: Thomson Reuters
21
925*
12.5
50
6.8
▲
-57-42
170.7
0.0
US$m
83.8
140.30
-28 ▼
Imputed Fees (US$m) †
# of Deals per Advisor
Goldman Sachs & Co
Houlihan Lokey2
8.7
7.2
37.0
Advisor
1030.39.8
52.3
36.4
3
53.4
62.9
74.5Fees
43.0
94.2
100.0
100.0147*
47.6
21.1
100.0
9.5
10.665.5
87.742.0
100.0
6
8.5
95.141.1
54.8
43*
71*
61*17
100.0
23.6
1.4
192.3 3.5
53.8100.0
Worldwide Estimated Small Cap Investment Banking Fees by Quarter*
7.1
13.838.472.4
52.76.6
13.5
6.6
57*
4.2▲
13
100.0157*267*
28
45.7100.0
100.016
100.021.2
14.9100.0
13.3
32.7
-
30.8
9
▼
8.8▲
▼27.2
13.83.8
▲
▼
▼
-
▼16.2
20.8
-
638.714.5
▲▲
-53.3
57.7-
-43.9▲
▼
-
16▲
-79.5 60.1
18.7
▼-13.2
▼
4.4
17.1▼-0.2
46.7185
▼
-39.1
27.782.8
▲
-96.5▲
Rank Exp (%)
60421▼
▼9.8 ▼189*
869.421.9-2
7* 32
▼
-
6
4
311.4
12.6106.3
▲6*
10
-▼
35-90
7* -1
Lazard
11
40
2*
32
9*
KPMGRothschild & Co
41
42
8 44* 306*
4
18*18 ▲ -39.6
Mizuho Financial Group 9 9* 29
11
-6 7 -35.5147.2▼ ▼
22
35
▲37.30
-40.2▲23* 26
31*Deloitte 11 3 23
6-83.2
60.3 33Morgan Stanley 10
Credit Suisse 21Ernst & Young LLP
5.0 54*25.7
65*25*
-83.84
38835.6
▲-
-74.0 ▼ 19.9 14
-106*27
15.6
36.012.0
2.0
7
▼
▲99*
13.2
▼ 6154.1
▼ -▲
119.9- -14.7
▲ 3
▼
0.0-
5154.2
205.2
23.0▲Duff & Phelps 22* 58*
▼26*
▼15
Evercore Partners14
Moelis & CoGCA Corp
38* 14
Kaede Group
30*
97*
58*
Plutus Consulting Co Ltd
310
-2
UBS10
11
Lincoln International
39*
36*
9▼▼
▼
0.012
11
-6
-19
-12
--
99
-9101.0
-
24.8
95*
▼▲
1.31343*43*
9
35*
294*43*
-7
7
BCMS Corporate LtdBDO
43*17
Industry Total
▼
Baker Tilly International
Quarton International
** 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.
-2.4
9
▼
9,518
-36
30.2
43*
193*
9
35,298.7
-14
▼▲
-3
8
Clearwater International
43*28*
5
39* -7
78*
28*
41*
82*
37.11
11
▼-2
▼
Mitsubishi UFJ Financial Group
31*18*
Capitalmind
39*
Deutsche Bank
33*
35*39*
54*
▲
▼
Robert W Baird & Co Inc
43*
43* 944*
1010
36*
▼
-59.4 4.2
1.5
11.2▼
18
4529.50▼
RSM Corporate Fin LLPSociete Generale
-7.9
48*
67.4
▼
-▼
392,057.4
32.4-
7.1
8.6
▲
33
4.5
23.0
32
18.2
-
34▼
https://www.thomsonone.com
13.211.3
-
61*
100.0
85.157.7
100.040
-28.0
-48.7
-
-9.4
-
48.0
0.0
101.3
111.6
--
30.9 -
11
34
-60.6
-
5
3.4.7
1.1
▼
-
-66 -
-50.2
13
11.012
-13
▲139.430.30
▼7
20*
▲
17.3Grant Thornton
4 49.9
26*
15
-85
-
▼
-
17
142*
-
▲
23*
10
-17
16
Stifel/KBW
Global M&A
JP Morgan46.5
0.0
First Quarter 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Change (%)
▼
78.043*
40
28
35*15*51*
▲16
12
▲▲
-1
124.0
13
12▲-▲
60.2
1275.0-75.1
-
▲
50.6
-41.8
▼6.7
26*
30*
-
▼
-
▼-26 ▼
ING 1920
▲
4 2013*
68*
28*17*
-1
15* 11
1817*
-15
17
IMAP
Generational EquityOaklins (FKA M&A Intl Inc)
Sumitomo Mitsui Finl Grp Inc 5
12
Daiwa Securities Group Inc
Globalscope
20*
PricewaterhouseCoopers 2* 2
Rank Value per Advisor (US$m)
▼
141
▼
▲
▼1911
-3
MM1a - Undisclosed Values & Values up to US$50m
18
2017 2016Change in ** Fee
Worldwide Small Cap M&A up to US$50m by Target Nation Region
2016
# of DealsRankFinancial Advisor
2016 # of
20*Raymond James Financial Inc 22*Citi
Deals
19
13* 20*15*
14 -6
-1
Rank
2
-9
44*
-215
6
1515*
-12
58*RBC Capital Markets
14
1422*22*
Nomura 31*Clairfield International
26*
Alantra Partners SAPiper Jaffray Cos
12Gram Capital
33*
36*41*
30*33*
Benchmark International
0.0
-
▼
-
104.1
-64.9
▼
-44.7
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
-694
30.439.9
225.3
20
Worldwide Small-Cap Rankings (MM1a)
Jan 1 - Mar 31
9
16.0
8.5
--
-
77*0.0
100.0
39.6
▲
11.0
10.3
37.7
20
Rank Value
-
36.8
-
-
Rank
Rank Value
52.442.9
--
17.2 149*
65.9
67.2013
767.1
40.1 --
802
0.0
$0 $10 $20 $30 $40
2012
2013
2014
2015
2016
Rank Value (US$b)
Africa/Middle East Americas Asia-Pacific Europe Japan
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2011 2012 2013 2014 2015 2016 2017
Per
cent
age
of T
otal
Fee
s
Inve
stm
ent B
anki
ng F
ees
(US$
b)
% of Total FeesSmall Cap I.B. Fees ($50mil or less)
2
*tie
0.0 18* - -13.8 16 - -
0.0 18* - -0.0 18* - - 11* 100.0
2.0 6* 21.51.0 11*
▼Goldman Sachs & Co 15* - 1 1 ▲
▲ 18* -Duff & Phelps 15* - 1 1 ▲
1
-3
100.0
Quarton International 15* - 11*0.5
-0.0 18* - -
-16* 100.0
-
100.016* 100.0
1.0
Clairfield International 15* 21* 1 0
1
115* - -0.0
1.0
▼
-
3.5
0.1
--
First Quarter 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
0.0
Latin American Small-Cap M&A up to US$50m by Rank Value Range
--
2017
US$m
18*25.0
213*
21*3
3*
2
0.0▲
53
2
HSBC Holdings PLC
▼
-1 ▼0
- 0.51 ▲
KPMG
-1
Lazard 4
21*
Banco Bradesco SA 32
4*11
2
-
21*
11.0
▲14.1
2
-
Change in
▲▼
3▼
-
4*
18*0.00.0
56.4
Rank
18*1*15
-
Source: Thomson Reuters
▲
Jan 1 - Mar 31
21*
5-
-
-
Change (%)
2
2017
18*
2.0
0.11.0
--18*
-4.0-
10
6*
Rank
Scotiabank
National Bank of Canada Fin'lArab Banking Corporation
Artica Participacoes e Assesso 15* 3* 1
-
100.0
4*
-
26.5
2
161.0- --
Stifel/KBW
-
3.0
▲
IMAP
4*
3*-
0.0
11*
-1
-
15.4
-26.50.0
22
1 20.0
▼
** FeeAdvisorRank Value
Imputed Fees (US$m) †
PricewaterhouseCoopersBBVA
4*
4*
17
0.0
Santander 7*Cormark Securities Inc
4*
4*
Rank
1*4*
-5
▲2
18*
56.4
2
4*2-
# of 2017
▲
50.0
2
2
Latin America Involvement Small-Cap Rankings (MM17a)
Rank Value
Rank Value per Advisor (US$m)
Financial Advisor
2015
MM17a - Undisclosed Values & Values up to US$50m
# of Deals per Advisor
2
-50.0
100.0
4
21*
-
3
-
Jan 1 - Mar 31
-Banco Votorantim
Itau Unibanco2.1
Morgan Stanley
-
TD Securities Inc
15*
1Banco do Brasil SABanco BTG Pactual SA
15*
Rank
4*
# of Deals
115*
2
-
4*
0
Deals
15*-
4*
- ▲▲
▲21* 0
▲
7*2
-2
1
1
1 -3
1
1
-11
--2
1
-45
1 11 -1
15*
Industry Total
13*
Global M&A 15* 7*
AlixPartners LLC 15*
18.7
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
▼242 958.1
-
Latin American Small-Cap M&A up to US$50m by Target Industry
-
-
58.2
-
- -
** 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.
https://www.thomsonone.com
20.0
18*
12*16.01
9*-
6*
14.1
21.5
-
-
--
-
-9*
-
18*
-
--
-
-
11
-
-
14
-
-
-
-
▲
-9
-
Fees
-
0.3
-
- -▲
2.0
15.6-
40.7
--
-21.4
- -
18*
-
15.8
--
▲
-
59.2
-0.3
0.0
-
--
- 18* 100.0
-
21.4
--
1.5
-
1.1
-
1.1
0.2 20 100.0▼
7*
▲
16.1100.0
Exp (%)
-
7*
25.0 6
-18*
18*
0.0▼
1 ▲-
-
Rosenberg Partners Consultores 15* 21.7VGL Finanas Corporativas 15*
-- 1 0.0
15.821.7
12* -- 1 1 ▲Olimpia Partners 15* - 1 1 ▲
BR Partners 15*
Estater Gestao e Financas
Credit Suisse 3*15*
24.3%
20.3%
13.0%
11.4%
9.9%
8.3%
6.7%
3.2% 2.9%
0.0% 4.5%
Materials
Financials
Consumer Products and Services
Energy and Power
Real Estate
Industrials
Healthcare
High Technology
Consumer Staples
Retail
Telecommunications
-
50
100
150
200
250
300
350
400
450
500
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
5
*tie
158* 3
44* 72* 4 1
1
22
100.049*100.0
Invest Corporate Finance SAS 44* - 4 4 0.0 - - 2.5
1 28.867.3
Rank Value per Advisor
▲
-28
-2
Roedl & Partner 44*
Catalyst Corporate Finance - -
▲ 0.0 -
-
-
0.0Evercore Partners 44* 40* 4 -3 -
4
0.0
European Small-Cap M&A up to US$50m by Target Industry
First Quarter 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Rank
Jan 1 - Mar 31
European Small-Cap M&A up to US$50m by Rank Value Range
Fees
184.5
96.4
22*-13
44
19.5
-8
-1 ▼
-2
▲
▼
101*
55
43*9
6
7
6
-22
▼
8
-6
1714*
11* ▼1058*
26.81
-51
72.0▼-3
12
26
32
10*
Clearwater International
PricewaterhouseCoopers
72*14*12
Capitalmind
Grant Thornton
16
10*
3*16
30▼▼
Global M&A
101* 9
99
110 9RSM Corporate Fin LLP 18*
MM3a - Undisclosed Values & Values up to US$50m
5207.7
# of DealsFinancial Advisor Rank
2017 2016
Goldman Sachs & Co 14
KPMG
Oaklins (FKA M&A Intl Inc)
2
ING7*
3
13
-33* 35
-16
18*
Clairfield International
Deloitte
Ernst & Young LLP
7*9
Globalscope
Lazard33*6
15
Rank
# of Deals per Advisor
▼
17
194.94
6*IMAPRothschild & Co
▼ -88.9
929*
1214*
12*
6*
-8.9
12* -713
▼Deals
17
Jan 1 - Mar 31
European Involvement Small-Cap Rankings (MM3a)
# of Change in
2196 -61.6
-
▲ 5.6
-63.3
▲0.0
▲▼
32.5
48.9
▼▲
9.40.0
▼
1.5
1.9▼
6.8
12.9
3.0
1.314.2
▲
-
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
UBS
MBA Capital SARL33*
Credit Agricole CIB33*
33*Mazars SA
-1-8
-16.7
33*
-15.9Drake Star Partners
Source: Thomson Reuters
-
-7
41*1-
9.8
33*
43*
-49.636.1
▼
9.2
11.7 10.9
71
38.176.5
-
-89.8-
▼▼
-87.915.7
-▲
12.0▼
9.913.4
▼ ▼54
13.0
11.724 12.832.5▲104* -- 3.6-21 0.0
8
0.014-12
52.4
14.8
34.3
-20*
12
▼
-14
-1
2
13
▲
-9
14*
33*
711*
8
25*
8
18*
20*29*
-7
14*22*
18* -7
7
Kon SpA
-14*
528*
51*33*
28*
28
51*
Fineurop SpA 33*
33*
51*72*
58*
33*
.3
1.1-
8.2
23*33*
44*
51*
23*BCMS Corporate Ltd
44*
https://www.thomsonone.com
-
-
-
3.4▲
-2.5
3.5
56
-11
6
▲
25
6
57.9
17.2
0.039.5
50
1
3 4.5
5.0
-
-17.2
5 -6
5 ▲
▼
▲
-18
-30-2
▼▲
1
▼
32.4
56.3
26
4-
-60.20.0
-59.1▼
6.419.86.0
▲ 21.3
0.0 - -
-
▲- 6.0
17.6-
.34.3
33*
Stifel/KBW
28*
33*
ACXIT Capital Partners 44*
Deutsche Bank
UniCredit
Societe Generale
28*Liberum CapitalBNP Paribas SA
28*
25*
18*
25*
22*
HSBC Holdings PLC
GCA Corp
KBS Corporate Sales Ltd
Baker Tilly InternationalCiti
Alantra Partners SA
Rabobank NV
176 -
10
▲56.7
1.2
21*
11.6
17.7
5
-
-
-
-
25
▼
-
-3
▲
5
5
Morgan Stanley
Houlihan Lokey
7
33*Investec
BDO
Benchmark International
Credit Suisse
finnCap Ltd
JP Morgan
43*
--
54.4
121.7
43*
---
7.7
-30.9
44*44*
8.00.0
-
0.0
0.0
-
-
-
9.4
▼
--
-
-
-
-26.1-12.8
▲
Change (%)Rank
Rank Value2017
▼10.158
4.0
US$m
-
Euro mil
2
▼
30.330.5
0.0
▲
-10.3
** Fee2017
3.53.4 45.3
Rank Value
3
133.9
233.2
-
-
▼
▲
-
-
-50.2
47.6
0.0
▼
-
28.3
-
▼0.0
6
4
▼
1
-
▼
6
▲
5
5
▼
▼
44.7
44.3
30.529.0
▲▼
▼
6.7
26.6
30.2▼
▲
-44.7
12*-3.1
0.0
-
9.0
9.9
216*
6.8
28*
-
▼
▼
-
838.6
- 2.5
38*
49*
8.6
▼
33
.4▲
51.4
19.7
▲
-
0.0
11
▲
0.0
4
4
▼
72*
▼
▼3,322
4
-
4.2-
-
-
-
-
30.5
38*
-
-
3.0
100.0
59*2.0
94*
17.1
100.0
17*
84*
100.0
-
16.0
100.0
-100.0
21*
49*
18.1
9
100.0
31
78
43*35.1
100.0212*
6
5
1513
37
26
8
1419
20
16
100.0
39.6
100.0
49*
8.0
41*
22.4
100.0100.0
84*
3.5
2.5100.0100.0
100.043*
100.0
1.5-
7,654.8
-15.4
Banque Degroof Petercam SA ▲
100.0161
61.9
32
7
.9
7.5
0 26.3
45.5
12
99.0
17*
46.2
93
216*
100.0
100.02310
5.0
6.3
100.0
100.0
44.3
28
0.0
12.5
98
100.0100.0100.0
0.0
32.6
-
30.5
0.0
8.647.8
3.347.6
-
-
-
0.0
25.0
12*
-
0.0
-
16.2-
0.0
51.40.0
-
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
100.0
22.38.5
100.0
19.3
Exp (%)
Imputed Fees (US$m) †
38*
100.0
87.5
34*
Advisor
85.1
16.2
-
-54.3
331.7
0.066.7
24*
-
-
-16.8 ▼
5
-
0.0
0.00.0
0.0
70.7
0.0
0.0 0.0
0.0
33.7
0.018.3
7,182.6
▲ 0.0 0.0
23.0 21.4
-933
0.0-
Industry Total
14.9%
12.5%
11.0%
10.8% 10.2%
8.0%
7.3%
7.0%
6.6%
6.1%
4.2% Real Estate
Industrials
High Technology
Financials
Consumer Products and Services
Energy and Power
Materials
Media and Entertainment
Healthcare
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
$12
# of
Dea
ls
Ran
k Va
lue
(US$
b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
6
*tieSource: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
2 38.12 ▼ 0.0 - - 11.5
1.8Moelis & Co 26* 66* 0.0 0.0Jefferies LLC 26* 50* 5.8
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
JP Morgan 26* 17*
22*
US$m
0.0
3.6
16.7
2
UK Small-Cap M&A up to US$50m by Target Industry Jan 1 - Mar 31
4
371* 31.6
0.0 26*
4.7 -
22
1
▼
▲
26*
1
▼
1▲
-32
22
▲
▲
29.00.0-3
-
26* -
26*▲ -
-
-
0.0
▼
31.4 25.0
0.0
0.0
-▲2.6
26*26*
▼
19*19*19*
42.1
-6
1
0.0 0.0-
▲
0.0
▼0
19*
19*
66* 3
-
-5
44
3
2
5
-1
-43
▲1
▲
1
▼
-2
▼
▲
▼3
100.0
17*0.0
12*
-
▲
▼-12*
-▼
17*
6.71.3
12*
0.5
0.0
7.3
725.0
0.30.3 99*
10
74*
19*
0.013.7
0.0
12*
12*
6.4
0.00.038.0
▲
▲
57.921.3
0.0
5.1
▲
-42.4-
--
9*9* 19.7 ▲
9*
39.547.0
-62.8
8.6
52.8
19*
19*0.0
6.911.0
0.0
8.8
Rank
7*
17.1
0.0
67*
-99
▼▼▼
-87
66
1
6
▲▼
7
24.63*
38.0▲1 47.6
1
68.2
26.3-14
132
38.1
# of
▲
15 6 20.031.0Fees
1.1
-
▲
8.09.8
32.4
83.10.0
76.5
19*
Rank Value per Advisor
9*11*
# of Deals
0.6
Advisor
9
1
2017
0.8
226*
34*
-
3
2
0.017*
1
-1
-
823 -134Industry Total
Deloitte 17* 34*Catalyst Corporate Finance
Goldman Sachs & Co
Baker Tilly InternationalBDO
17*
2
11*Mazars SA12*
34*
50*12*
5
1
12*
5
-8-15
55
-
5*
9*12*12*
9* 11*
Investec22*27*
Deals
finnCap Ltd
Liberum Capital
8
7*
Financial Advisor
9*
1
7*
KBS Corporate Sales LtdRSM Corporate Fin LLP
6
Benchmark International
KPMGClearwater International
6
3
5*
17*
PricewaterhouseCoopers
4
2016
7*
3*
10
3*
3*- ▲
12
0.09
-▲30.3
-
Change in Rank Value
Jan 1 - Mar 31
2017
RankGBP m Change (%)
# of Deals per Advisor
Rank
-
-
-
▲
-
Rank
MM4a - Undisclosed Values & Values up to US$50m
▲
2
3*
6.7Grant ThorntonRothschild & Co
Shore Capital Group
Canaccord Genuity
IMAP
-
-
First Quarter 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Rank Value
UK Small-Cap M&A up to US$50m by Rank Value Range
100.0
-44.7-
731.0
▼
0.0
0
3*
2017
100.0
38-77.3
▲
▼
-92.6
▲-
0.4
36*
5.0
9.9
761.9
100.0
71*
11*19*9*Ernst & Young LLP 19*
19*NumisCenkos Securities PLC 50*
BCMS Corporate Ltd
66*
34*
26*
▼-4
2
3
Cushman & Wakefield Inc
Arma Partners LLP
Global M&A
Alantra Partners SA 19*26*Carnegie
26*
2
Credit Suisse
Morgan Stanley
26*
https://www.thomsonone.com
26*
2 ▲ING66*
Houlihan Lokey
Evercore Partners
Smith & Williamson GroupStifel/KBW
-
-
Wells Fargo & Co22*
WH Ireland Ltd
2
2
26*
-
-
26*
26*
26*
50*2
266*
34*26*
2
66* 2
226*
26*
17*
Silverpeak LLPDuff & Phelps
-
2.1
8.0
-
100.0
** Fee
100.01.2
100.0
4.5
66*
99*
5
Exp (%)
6.8 6
32.4
UK Involvement Small-Cap Rankings (MM4a)
9.0100.0
0.5
2.5
97*
0.1 109*
163.4
115*
3.5
20
21*15
0.6
0.374*
100.0
11*
100.0
100.0
26*
26*
-
80.0
22.268.2
104*-
18
1.0▼
-0.2
- 3.0
-
0.60
▲
0.0
▲
0.0
▼
0.0
-
0.0
26*
26*
▼
▲10 -
-4
2 2
▲
-
-
319*
2
▲
7*
66*
26*
0.0
0.0
26*
3
20.0
0.0
1.02.0
17.9
26*
Imputed Fees (US$m) †
100.0
35
▼
0.80.5
-
0.0
--
-
-
100.0
-83.3
-
-
-
▲
0.0
▼99*
19.4100.0
100.0100.0
--
23*104* 100.0
100.0
29.014.7
115*
66*
0.2
23*39*
2.0
74*
4.0
-
0.0
100.0
17.9
-
100.0
-
75.7
-
-54.3
-26*
-
26*
0.0
-
71.4
71*100.0
39*
-
0.0
2.712.1
-0.0
26*26*
-15.4
26*
47.6
0.0
0.0
36.2
1.3 1.0
3.315.3
0.0
0.0
0.0
2.9
-
0.0
34
109*
6.3 8
2.1
61.8
2 26*
2 ▲
2,640.3 2,134.5
8.02
Spectrum Corporate Finance LLPOaklins (FKA M&A Intl Inc)
26*
▲
▼26*26*
26*
-511*▲
17* 222
22
LazardSPARK Advisory Partners Ltd
34*
-4-
26*
2 2-4
26*
50*
2 -1-
2
2 0
12 1
26*
CitiMacquarie GroupGlobalscopeCairn Financial Advisers LtdItau UnibancoClairfield International
26*
0.0
-
8.72.6 19
23*- -
- 1.618.7-
26*26*26*
--94.9
26*
66*
-
-
▼▲ 0.0
0.0
0.0 -0.06.0 26* -67.4
▼▲▼ 7.3
▼
▼
- -12.8 10.2 26* -
26*2.5
26* -
3.1
12.8 10.2 26* -72.40.0 0.0
- -
100.0100.0
-10.8 ▼
100.0100.0
2.0 23* 100.00.12.0
23*21* 100.0
2.0
36* 100.021.7
- - -
266.0 34.0
6.3
-
24.74.0 11*
74*
74* 100.026*
-
26*
-
26* - -0.5
0.5
1.20.0 0.0
▲26*
13.5%
11.5%
11.0%
10.8%
10.4%
9.5%
9.2%
6.7%
6.7%
5.4%
4.5% Financials
Media and Entertainment
High Technology
Real Estate
Consumer Products and Services
Healthcare
Energy and Power
Retail
Industrials
Materials
Consumer Staples
Telecommunications
-
200
400
600
800
1,000
1,200
$0
$1
$1
$2
$2
$3
$3
$4
$4
$5
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
7
*tieSource: Thomson Reuters
22*22*
2
-30* --
0.0
--
0.00.0 -0.0
-
-
222* 12* 2
2-22*
Eurallia SARLCV 22* - 2
22* -55*22*
55*
-1
2
30.22.0
0.0
UBS
67.8
3.0
4.0
0.0
▲
0.0
16.4
-
-
-
7
30*-
--
-
0.0
10.0
▼
▼
2* 29*
Eurohold SL 17.0
17.4
0.0
0.0
Accuracy SASCBRE Holding SAS
2
-
Clipperton Finance SARL
-
▲
-
-15
9*2
51.4
-
-
-
-- Jan 1 - Mar 31
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.https://www.thomsonone.com
French Small-Cap M&A up to US$50m by Target Industry
206.2
0.2
23*
1.1
1.5
0.468
21*
90
100.034
100.0
100.0
100.0100.0
-341
21*22*1,031.7 969.4
8.9
2.52.0
97*
16*
31 100.0
-
6*8
35*
▼
Imputed Fees (US$m) †
30*
0.0
0.0
2 2
Industry Total
30*24
▼
18.111.7 0.8
0.52.5
29.0
37*
0.5
2.2
71*62.5
2.0- 3.0
▲-
37*76*
192.6
4.53.0
-30.9
-
1.03.0-2.4
-11*
23*
100.0
76*
--
-
-
-
-
-
--
-
-
--
-
--
- -
-
--17
-
18
-
2.7
0.0
-
5.2
6.0
2
-
11*
-
-▲
-
-94.8
-
-
-
-
▲72.1
11*
4141.2
0.0
-0.016.2
2.1-
▼
Rank
17.2
-
-
3.4
3.7
2.2
1.0
27.3
Rank Value per Advisor
Rank Value
18.5
Change (%)
28* ▼
Fees
5
Deals
▼-8▲5
▲
2017
▼
# of Deals
4
14
4
-1
4 -11
▼
▲
▲
▼
▼
▼
▲▼
▲
▲
21*
Edmond de Rothschild Hldg SASycomore Corporate Finance SASTrianon Finance
Global M&A-
0.0
548
MBA Capital SARL
Deloitte
4*
Oaklins (FKA M&A Intl Inc)4*4*
4*
Adviso Partners SAS
Societe GeneraleLazard
-3
2* 66
3
6
Rank
3
-
41.5
** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.
8*
Change in
7*
5
-3-61
# of
3
2
2.5
8.9
▲3
▲▲
0.0
55*
37.1
100.0
1-
2
2
US$m
0.0 0.0
8
▼
0.0
33
4 0.0
0.0
11*
-8
▼-1
▲
▼▲
-5
2
-4
-5
15*
3
15*
2
55*-
23
3
10* 55*Banque Degroof Petercam SA
Goldman Sachs & Co
10*
29*
10*Drake Star Partners
1
2
0.0
0.0
-10
0.0
19.9
22*22*22*
22*
0.0-2
# of Deals per Advisor
French Small-Cap M&A up to US$50m by Rank Value RangeMM5a - Undisclosed Values & Values up to US$50m
Credit Agricole CIB
Rank
12*
Rothschild & CoFinancial Advisor
BNP Paribas SA29*
11 3
1
2016
3
Invest Corporate Finance SAS
Financiere Cambon
KPMG 5
10*
ING
3
10*DC Advisory 7*
10*Clairfield InternationalCiti
IMAP
2
Capitalmind
2
-4
-2
2
2
10*
55*10*
100.0
Exp (%)
20
11*
9
24.4
28.8
16*
3
100.03.1
14.26.8
30.3
Rank
French Involvement Small-Cap Rankings (MM5a)
17.1
100.0
13.5
13.025.0
100.0
10
11*
16*
2
Jan 1 - Mar 31
100.0
6*
100.0
4
Rank Value 2017 ** Fee
21*30*
-
100.0
100.0
100.0
100.0
100.0
20.0
71.4
-55.2
100.0
28.0
100.0
Advisor
16.2
Euro mil
0.0
310*
15*
355*
4
7*
5
3
▼-
10*
10*10*
2-
1
0.0
0.0
11.0
0.0
0.0
0.0
34.5
2 5.6
▲
▼
0.0
5 17.2
▼
-1 4.0
-
-
First Quarter 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
3*
1.8
0.6
6
2017
0.0
-
0.0
54.4
6.3
0.0
1
0.0
0.0
▲▲
Grant ThorntonNatixis 22*
0.0
2.9
JP Morgan
--
-▼
-
-14.0 ▼19.2%
17.5%
17.4%
14.8%
10.3%
6.4%
5.6%
4.0%
3.2% 2.0% High Technology
Industrials
Consumer Products and Services
Real Estate
Media and Entertainment
Consumer Staples
Materials
Financials
Healthcare
Retail
Telecommunications
Energy and Power
-
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
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
8
*tieSource: 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.
2.0 13* 6.7- - -10* - -
0.0 0.00.0
10*17* - 2 2 ▲Alantra Partners SA 17* 31* 2 1
CorestarPartners GmbH 17* - 2 2 ▲
2Goldman Sachs & Co
17* 16* 2 -1 0.0 0.0
0.0
0.0 0.0
-
- -
2
▲3
Change in
48.6
0.0
46.0
0.0
▲
▲
▼
0.0
9.4
0.0
2017
-
2016
# of Deals per Advisor
10*
-
-
Jan 1 - Mar 31
52*
** Fee
3*
10
-
12
-
2.0
7*
2.8
-- -
45.2- -
-
11
5*26
2.3
2017
German Small-Cap M&A up to US$50m by Target Industry
0.1
2.0
Exp (%)
70.7
▼
▼
Euro mil
10*
10*
7
-
--
13*
--
10*0.0
10*
10*
-
-10*
10*
0.0
-
-
0.0
-
-
0.0
-
10*
66.70.0
https://www.thomsonone.com
-5
VR Corporate Finance GmbH
Global M&A
Oaklins (FKA M&A Intl Inc)
-2 ▼
8*8*
12*
Quarton International 8*
8* 9*
16*0.0
0.03
▲-
-
3
-16*
0.031*
0.0 -15.2-8*
-
-
---
10*
10*0.0
14.4-
-
-
-10*
--
1 -
-
-
10*
10*
10*
-
10* -
-
10*
-
10*
-
2
3.0
3.0
7*
4*
8* ▼
▲
0.0
0.0
3
0.0
▲
20.0
0.0 10*
0.0
0.00.0
--
▲
▲
0.0
▼
0.0 0.0
▼-4
-23
31*
12
21*
-2
-9
1
3
3
31
38* 21*
2*
Rank
Capitalmind
21*2*
Rank
IMAP 2*
Roedl & Partner
Clairfield InternationalRaymond James Financial Inc
Houlihan LokeyGlobalscope
4 ▼▲
-2 0.0
US$m
-
17*
2* 4*
# of
Financial Advisor
1 10.15
2
0
MM6a - Undisclosed Values & Values up to US$50m
Cushman & Wakefield Inc
-2
4
First Quarter 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
9*
24*
0
3
0.0
2-
2
0.0
KPMG
8*
Ernst & Young LLP
10*
Deutsche Bank
Rothschild & Co
-2▲
0.0
2*
0.0
4
42*
8*
4
3Deals
17*
UniCredit
17*
-
-
Rank Value
Rank Value per Advisor
GCA Corp 17*
17* -
ACXIT Capital Partners
3
2Stifel/KBW
Deloitte0.2
2.0
0.2
3.07*
0.5 34*
5*-
4.0
German Small-Cap M&A up to US$50m by Rank Value Range
-
2017
Jan 1 - Mar 31
217*
Commerzbank AG ▼Societe Generale
2-4
0.0▲0.0
▲2
-
Fees
1.1
13*
56*
100.0
100.0
100.0
100.0-
50.0
Rank
-
100.0
100.0
-
52*
105.6
-
100.0
Imputed Fees (US$m) †
22.7
Rank
-
13*
100.0
100.0100.0
100.01
100.0
100.0100.0
100.0
Advisor
-
German Involvement Small-Cap Rankings (MM6a)
--
0.0
-▼
4.0
2
-
841.8 789.9
8.00.0
4
42.5
▼
-
-
-0.0
4.5
# of Deals Change (%)
-62 19.4-29.2Industry Total 463
-
0.0 -
Rank Value
▼
17.7%
20.7%
14.6%
9.2%
7.3%
5.3%
3.7%
2.6% Real Estate
Industrials
High Technology
Financials
Energy and Power
Consumer Staples
Healthcare
Consumer Products and Services
Media and Entertainment
Retail
Materials
-
100
200
300
400
500
600
700
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
# of
Dea
ls
Ran
k Va
lue
(US$
b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
9
*tieSource: Thomson Reuters
79.5 45.8
- - -4.0 3* 71.4
2.0 7* 100.0
-
0.7 28 100.0- - -
0.2 35* 100.01.0 14* 100.0
- - -- - -
35* 100.01.0 14* 100.0
14* 100.0
2.41.0
14* 100.0
30*
100.0
0.0 0.0 15* - -9.6 8.9 9* -
676.4 634.3 21.1 ▲
0.0 0.0 15* - -
0.0 0.0 15* - -28.8 27.0 6 -41.3 ▼
11.6 11.0 8 - -0.0 0.0 15* - -
0.0 0.0 15* - -0.0 0.0 15* - -
0.0 0.0 15* - -0.0 0.0 15* - -
0.0 0.0 15* - -8.2 7.5 12* - -
0.0 15* - -0.0 0.0 15* - -
9 ▲
12* -73.1 ▼0.0 0.0 15* -0.0
JP Morgan 17* 19* 1 0 -VSL SpA 17* - 1 1 ▲Robert W Baird & Co Inc 17* - 1 1 ▲Alantra Partners SA 17* 4 1 -5 ▼Oaklins (FKA M&A Intl Inc) 17* - 1 1 ▲GCA Corp 17* - 1 1 ▲Translink Corporate Finance 17* - 1 1 ▲UBS 17* 12* 1 -1 ▼Equita SIM SpA 17* 12* 1 -1 ▼CDI Global 17* - 1 1 ▲Ethica Corporate Finance SpA 17* 8* 1 -2 ▼Clairfield International 17* 12* 1 -1 ▼Globalscope 17* 19* 1 0 -Hideal Partners 17* - 1 1 ▲Santander 17* - 1 1 ▲
▼ 0.0
1 ▲- 1
- 1 119*
21.60.0
30.5
32.5
9.6
32.6
1.2
30.5
Transcapital 17*▼
Global M&A 17*0.0
Euro mil Change (%)
8.9 9*
15*
15*
-
-
2*
-
-
Rank
-
Jan 1 - Mar 31
-0.0-3
▲
-8.4 7.9
-
▲
-
15*
-
0.0
-
-62.2
0.0 15*
▼11
0.015* -0.0 0.0
2.3
3.0
6
4.0
-
0.5
2.0
-
-1
Rank
1.0-26.1
6.0
1.4
▼
--12
0.0
50.0
34
-
-68.5
-
-
-
8.2
US$m
Advisor
2.0
Italian Involvement Small-Cap Rankings (MM7a)First Quarter 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
2*
** Fee
-
1- 1 1
6* 1 -312* 1 -1
▲ 0.00.0
1
0.0 15*7.5
0.0
1
19*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.
-
4*
30.0
▲
0.0
-
-
15*
-
15*
-
-
1.014*
1.0
14*
-
0.1 38*
0.2
https://www.thomsonone.com
-
14* 100.01.0
Jan 1 - Mar 31
14*
Italian Small-Cap M&A up to US$50m by Target Industry0.5
1.0
15* -15* -
100.0
100.01.0
271
17*
-
17*
Cascadia Capital 17*
Nomura17*
Mittel SpA 17*
17*
Kon SpA
KPMGRothschild & Co
2
Credit Suisse
7*3*
UniCreditMorgan Stanley
3*
3
3*
7*
GBS Finanzas SA
2017
Rank
9*
19*
2
0.0
0.0
▲31.80.0
▲ 0.0
▲
0.0-
4*
6*
1
-
-
-
Fees
-
-
Rank Value per Advisor
5.9
-0.0
30.0
15* -
7*
30*3*
7*
2.0
19*3
1
0
1.019*
1
# of Deals per Advisor
▲
# of Deals
Italian Small-Cap M&A up to US$50m by Rank Value Range
LazardFinancial Advisor
▲Deals
64-2
# of
1 ▼
7
5
8*
5
52-
-
35*
30.5 100.0
5
2
12
- 32.3100.0
100.0
14*
1.00.0
10.2
1.01.0
0.0
0.3
100.0
15.5
100.0
12.7
100.0
100.0
Exp (%)
55.6
100.0
14*14*
13
100.0-
14*
55.675.0
-
Rank Value
14*
Rank Value 2017
33.30.6 29
Imputed Fees (US$m) †
17*
1IMAP
1
4
-PricewaterhouseCoopers 13*
Spada Partners
Goldman Sachs & Co
-
8*
Unione di Banche Italiane Scpa
13*
9*
13*
17*
Deutsche Bank 17*
Arkios Italy SpA
17*
Jones Lang LaSalle Inc
9*DVRCapital SpA
Bain & Co
Ernst & Young LLP
Societe Generale
Banca IMI (Intesa Sanpaolo) 17*
Credito Emiliano
-
▲
3
3
▲
2
2
▲55 5
2
4
▲
▼
0
0.0
0
▼
Rank
Change in
12*▼
2016 2017
Fineurop SpA
3
-22
5.0
13*
▲
3*
2
0
33
9*
--
Mediobanca
19*
-
MM7a - Undisclosed Values & Values up to US$50m
▲
32.5
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
-
-
0.5
-
-
-
15*
-
1.0-
15*
14
15*
20.07*
-
-
-
7
-0.0
0.0 15*
5.6
-
-▲1
1 0.0-0.0
0.0
BBVA
2
11
31.8
▼
-
1-15*
17* ▲
0
0.0
-10.0
0.5
100.0
100.0
-
-
-
-
100.0-
30*
-
100.030*
58.8- -
--
100.0
14*
0.0 15*1
15*0.0
0.00.0
15*
0.0-3
37.0
Industry Total
0.0
2
0
23.2%
14.2%
13.0% 12.1%
8.1%
7.5%
6.4%
5.5%
4.5% 3.0% 2.5% Financials
Industrials
Energy and Power
Real Estate
Consumer Products and Services
Retail
Materials
Healthcare
High Technology
Consumer Staples
Media and Entertainment
-
50
100
150
200
250
300
350
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
# of
Dea
ls
Ran
k Va
lue
(US$
b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
10
*tie
Source: Thomson Reuters
0.0
1,208.6 1,133.6 10.0 ▲13* - -0.0
- -0.0 0.0 13* -
-46 ▼
Jefferies LLC 17* 24* 1 0 -
BDO 17* 11* 1 -2 0.00.0
-5
-
0
▼ 0.0
13*
0
-
13*
13*
-
40*
-
0.0 13*
13* - -
1.0
15*
7*
15*
--
--
-3
--
-
13*
13*13*
13*
▲▲
6
-
1
-
5
-
7*
Nordic Involvement Small-Cap Rankings (MM9a)
Rank
-
Jan 1 - Mar 31
-63.611*
100.0
** Fee
Rank
-
Nordic Small-Cap M&A up to US$50m by Target Industry
5*-
https://www.thomsonone.com
100.0
27.2
1
-
441
1
1
24*15*
-
17* -
17* 1▲- 1▲
11
Shore Capital Group
17* -
ScotiabankPNC Financial Services Group
17*Houlihan Lokey
17* -
-
Citi 11* - 2
KPMG 11*- 2Pangea Property Partners AB
2Rothschild & Co 011* 2
Cushman & Wakefield Inc 11* - 2
0
Handelsbanken Capital Markets 35*3
Morgan Stanley 11* -17*
2
5* 17*3
SEB 5* 11*-
2
24* 23Newsec Corporate Finance ABCapitalmind 5* 24*
3
▲6
Rank Value per Advisor
-
2017
13*
3Clairfield International 28.5
1 ▲
1 -6
Danske Bank
ABG Sundal Collier
17*
0.0
-
13*
4
17*
1828.6
0.0 13*IMAP
18.9
Wells Fargo & Co
Rank Value
-
1.5-
Change (%)
-
31*
1.3
0.1 100.0
100.0
100.0
Jan 1 - Mar 31
-
▼
17* 4
1 ▲1
-
-
-
-
▼
-1
-
▼0.0
13*
40*Stifel/KBW
1
BMO Capital Markets
17*FIH Partners AS
-11*
117*
-
1.0 15*
-
100.0
43* 100.0
-0.2
0.5
-
1.0
43*
2.0
100.015*
-
15*-
1.0
7.1
--
1.0
78.3
10*
71.4
5*
1.5
62.5
-
1.013*
--
2.0
0.0
-2
17*
17*
0.0▲
1 ▲0.0
2
14.2
11
2
1 ▲
13*
1113*
▲
14.4
1
10.70.0
38.7
22.3 40.0
0.0
1.7 1240.5
MM9a - Undisclosed Values & Values up to US$50m
Rank
13*
0.0
2
10.0
-
Strand Hanson LtdAGC Partners
Bowen Advisors Inc 24*
24*
Acuity Bank
17*
DNB ASA
Industry Total
17*17*
** 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.
17*
-
17*17*
1
-13*▲
0
0.00
-BCMS Corporate Ltd
IC Securities(Ghana)Ltd
24*
UAB Summa Advisers
-
Credit Suisse
14.2
1
17*
MANGOLD FONDKOMISSION AB1
1
17*
1Ernst & Young LLP
17*
1
-4
14.2
0.0
▲
-
▲▼
1
9
2017
▼
1
-
2 ▲
1
Globalscope
-
Euro mil
0.03
5*
Rank Deals
5* 17* 1
▲
0.075*
Carnegie8* 24
Nordic Small-Cap M&A up to US$50m by Rank Value Range
▲ -Fees
# of Deals per Advisor
0.023.8
0.0
Advisor2016
US$m
2
102*
# of
Advium Corporate Finance
Change in
▼
2PricewaterhouseCoopers
5*
▲
▼
# of Deals
1
-
0.0
-117*
24*-
17*
-1 0
1
1 0.0
-
▲51.7
15*
1 15.3
-
0.0
1
--
13*-
-
0.1
▼
--
-
-
13*
-19.9
-
-
7*
8
100.021
10*
30.614
First Quarter 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
2017
1.1
1.55.0
▲
30.6 -100.0
Financial Advisor
-
2
10*-48.1
13* -
3.0
-
-29.0
1.8
13*
-
100.0-
-
0.210
-
13*
-
2.4
-
-
4
-
1.0
100.0
20.222.2
▼
-
-
▼
-
-
-
-
--
-
-
0.5
9
12.0
100.0
100.0
100.0
100.0
41.7
100.0
100.0
Exp (%)
-
15*100.0
-
100.0
31*0.5
-
3
15*
-
5.2
-
1.0
-
13
Imputed Fees (US$m) †
-
31*
30
-
0.5
76.9
-15*
15*
31*
-
0.5 31*
13*
▲
13*
-
0.0
13*0.0
1
0.0 -
0.0
0.0
-
0.0
0.0
26.6 25.0
10.9
0.0
0.0
0.0
0.0
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
15.420.1
0.0
15.3
0.0
0.0
0.00.0
0.6
1.0
-
0.0
0.0
Rank Value
1.8
10.0
100.0- 1.0
100.015* 100.0
0.00.0 0.0 13*
Roedl & Partner 17* - 1 1 ▲Sesam Partners I/S 17* - 1 1 ▲
- 1.0 15* 100.0- - 1.0
GCA Corp 17* - 1 1 ▲ 0.0 0.00.0 0.0 13* -
13* -Oaklins (FKA M&A Intl Inc) 17* 2* 1 -6 ▼
100.0
0.00.0
0.0
0.0
0.0 - 1.6-0.0
0.0
▼ 0.0
0.0
0.0
0.0
0.0
▲0.0
▲
15.3
3
▲
11* 0
15* 100.0Clearwater International 17* 11* 1 -2 ▼ 13*
13* - -- -
1.0Translink Corporate Finance 17* 11* 1 -2 0.00.0 0.0 13* - - -Credit Agricole CIB 17* - 1 1 ▲
30.3%
15.5%
11.4%
9.3%
7.5%
7.3%
7.1%
4.1%
3.4% 2.3% 2.4%
Real Estate
Industrials
High Technology
Consumer Products and Services
Materials
Financials
Healthcare
Energy and Power
Consumer Staples
Media and Entertainment
Retail
Telecommunications
-
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
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
12
*tieSource: Thomson Reuters
-41.8 ▼ 86.5 31.5Industry Total 661 -303 ▼ 958.6
- - -- - -
- - -
1.0
2* 36.58.0
12*
-
100.01.0 12* 100.0
-- - -- - -
- -0.0 7* - -
-
-
Deloitte 8* 3* 1 -4 ▼VTB Capital 8* 12* 1 0 -
0.0
UAB Summa Advisers 8* - 1 1
0.0 7*
0.0
7*
-
7*
-
-
Rank
4.0
0.0
0.5
0.0 7* -
7* -
-9.20.0
-0.0
0.0 0.0
0.07*
-1
VGD Corporate Finance sro 8* -▼
▲-Equity Advisors Sp zoo sk 8*▲
8* 7* 1 -11 1
▲
-1
Bain & Co 8* -
CFI
1
UBS 8* -012*8*Lazard
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.
Eastern European Small-Cap M&A up to US$50m by Target Industry Jan 1 - Mar 31
Eastern European Small-Cap M&A up to US$50m by Rank Value Range
-
** Fee
6
Euro mil
-2 -
Eastern Europe Involvement Small-Cap Rankings (MM16a)
Rank Value
0.0
-
-
0.0
0.0
https://www.thomsonone.com
Deals
MM16a - Undisclosed Values & Values up to US$50m
0.0 0.0
5
-Singhi Advisors Ltd 8*
# of Deals
-
8*
# of Deals per Advisor
7*
1-
1
1
▲
1
2
11
-
0.0--9.9
7* - -0.0
0.0
898.9
Global M&A
Fees
- 3.0
0.0
-
5
-7*
-7*
Advisor
-
20*
-
Jan 1 - Mar 31
8.0
-
-
0.0
1.0
-
6
-
-
-3
1.0-
7*
--
-
-
-
0.5
-
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
Change in
56
1
-73
12*
▲1
▼▲
-
PricewaterhouseCoopers
1
7*
Rank
-
3*
3*
Financial Advisor
2
Rank
0.0
2017 2016
18.5▲
▲
7*
0.0
# of
0
17.40.0
0.0
0.0
11.4
14.50.0
0.0
0.0
0.0
7*
7*
10.0
10.70.0
28.0
0.010.0
0
US$m
0.0
Rank Value
▲ 0.00.0
0.0332
30.1
10.9
2▲▼
2
-10-1
▲
▲
1 ▲▼
1
11
1
-
▲
▼
-8*
5*
-2
1
▼
--
-
1
0
KBC Group NV
Bank Polska Kasa Opieki SA
1
Taiga Capital
6
1
118*
8*
8* 12*
Globalscope
3*JP Morgan
Rothschild & Co
-
2
8*Concentro Management AG
8*
5*5*
KPMG8*Danske Bank
Wielkopolski Bank KredytowyClairfield InternationalErnst & Young LLP
BNP Paribas SA
8*
1
IMAP3*
1
-3
0.00.0
100.020*
5
First Quarter 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
-
- -
100.0
-
Exp (%)
100.0
-
-
100.0
100.0100.0
-
-
2* 24.8
-
12*12*
-
1.6
-
2017
10*
83.3
100.0
30
--
100.07*
4
7*
---
-
Rank Value per Advisor
0.0
- -
7*
7*
-
Change (%) Rank
-
0.1
- -7*
2017
Imputed Fees (US$m) †
-
-
-
-19.9
13.4
▼ 29
-
0.2
-
21.3%
16.5%
12.7% 11.6%
11.0%
6.9%
6.4%
5.1%
2.4% 2.2%
2.1%
Industrials
Consumer Products and Services
Materials
Consumer Staples
High Technology
Media and Entertainment
Energy and Power
Financials
Telecommunications
Retail
Healthcare
Real Estate
-
200
400
600
800
1,000
1,200
1,400
1,600
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
14
Industry Total
*tieSource: Thomson Reuters
- -
Drake Star Partners 21* - 1 1 ▲Royal Excalibur Corporate Fin 21* - 1 1 ▲Grand Moore Capital Ltd 21* - 1 1 ▲Fortune Financial Capital Ltd 21* - 1 1 ▲Alliance Capital Partners Ltd 21* 24* 1 0 -
Industrial & Comm Bank China 21* 24* 1 0
- --
Industry Total
11*
11*
- 1Karl Thomson Holdings Ltd
F.E. Corporate Finance Advisor
-
1
▲
21*
21*
347 6
1
1
▼-
21*
▲
-
21*
Deutsche Bank 21* - 10
1Guotai Junan Securities 1
-
1
-
3
8*
21*
21*
2
9*
Messis Capital LtdDonvex Capital Ltd
24*
9*
GF Securities 24*11*
21*
Prosperity Capital Hldg Ltd
PricewaterhouseCoopers
21*
11*
-
-
11*
2
2Akron Corp Finance LtdLego Corporate Finance Ltd
-
Dongxing Securities 11*-
Shinco Capital Ltd
Platinum Securities Co Ltd-
Hong Kong Involvement Small-Cap Rankings (MM12a)
100.0
-
0.6
2017
25*-
-
100.0
-
Hong Kong Small-Cap M&A up to US$50m by Target Industry
14*
110.5
100.0
-
Advisor
-86.7
-
-
https://www.thomsonone.com
Hong Kong Small-Cap M&A up to US$50m by Rank Value Range
26.4
0
11
34.71
22-
▼
19 --
-24 ---
-
51.5
26.5▲39.6
▲0.6
17*▲
69.2
40.9
-
▲
-2
13
-
2
-
-
---
5
1
-10
17*40.5
▲2
-
16.7-
20
--
-
▲
▲4
4
2
Jan 1 - Mar 31
2
2
1
▲▲
▲
Kingston Corporate Finance LtdRed Sun Capital Ltd
Citi
1*
5*
Titan Financial Services Ltd
2
21
Altus Capital Ltd 11*
-9*
9*
4
Haitong Securities Co LtdChina Construction Bank
5*
Optima Capital Ltd
1*
Veda Capital Ltd
8*
▲
MM12a - Undisclosed Values & Values up to US$50m
INCU Corporate Finance Ltd
▲
▲
-
42*
-
-
-
25*
2017
-
-11
-
---
-5.9
0.00.0
1
▲
-1
-
-
8-
-
--
-
-
14
-
-
** 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
-
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
43.76.3 -
-1
-
-
Change (%)
-0.7
First Quarter 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
Rank Value
▼
▲-
119.1▲
-35.776.073.6
2
3
46.22
▲-1
2
55.26
▲-
95.2
Hooray Capital Ltd 11*
-
Octal Capital Ltd -
11*
11*- 2
-2
2
8*
1*9*
2016
5-
Rank
1*1*1*
Rank
5*
555
9*
-Gram CapitalDakin Capital Ltd
Financial Advisor
2017
Deals
4*
3Somerley
Jan 1 - Mar 31
42*
5-31.9
1▼
FeesRank
2 -16
▲
▼
0.1
-0.4
▲ 30
50.5
91.5 4
10.8
Rank Value per Advisor (US$m)
▲
2
# of
4
3
# of Deals per Advisor
# of Deals
▲▼
▲
-
Rank Value
7
▲
1.00.0
25*1
1
▲
▲
▲▲
1
1
▲
40.5
131.8
Exp (%)Rank
1.7
42* 4.3
** Fee
Imputed Fees (US$m) †
71.4
10*
100.0100.05*
1.5
63.61.0
2
0.1
31*
31*
6.7
100.0
-
0.1
0.3
100.0
7.3 -
0.0
-
6.5 -
-
-
-
-
0.3
31*
-
1.2
-
0.3
-
0.3 60.04
100.0
-
80.2
-
3
-
52.2 1.4
14*
30.3
725.0
21* 9*
Baker Tilly International 21* -
Clairfield International 1
- --
21* -
▲
139.4
Change in
11.3
2
US$m
1
1
▲
Wallbanck Brothers Sec (HK) 21* - 1 11
VC Capital Ltd -
Sumitomo Mitsui Finl Grp Inc 21* - 1Asia Investment Management Ltd 21* - 1 ▲
Mitsubishi UFJ Financial Group 21* - 1 1 0.026.4
221.2
-
▲
BB&T Corp 21* - 1 1
5
Lazard 21* -
BaoQiao Partners Capital Ltd
13.6100.00.3
▼▲
-
1
100.0
32.6
-
14*
▲
31*31*
31*
- -- -
0.0 - - -15.5 29 -47.5 ▼46.9 11* 18.4 ▲0.0 - - -
26.4 25* - -43.4 15 174.7 ▲33.2 21 - -4.2 - - -
30.6 22 - -28.0 23 - -
100.01.0 5* 100.00.0 50*
0.2 38*
-1.0 5* 100.00.1 42* 100.0
0.0 50*
10*
-1.0 5* 100.00.2 38* 100.0
- -
0.2
3,534.4
100.0- - -- - -
0.7
0.6 50.0- - -
11.6
- -- - -
▲
-
--
38* 100.0
- -▲
-1 1 ▲ 0.0 - -- -
- - --- -
Highbury Partnership Pty Ltd 21* - 1 1 0.0 - -
42* 100.0Anglo Chinese Corp Finance 21* - 1 1 ▲ 25.8 -
11*9.1 - - - 0.1
- 0.1 42* 100.021* - 1 1 ▲
46.9 -Zhaobangji Intl Capital Ltd 21* - 1 1 ▲
48.2 28.8
17.3%
14.1%
13.0%
10.1%
9.8%
8.1%
7.6%
6.9%
5.9%
4.4% Financials
Industrials
Real Estate
High Technology
Energy and Power
Consumer Staples
Consumer Products and Services
Healthcare
Materials
Media and Entertainment
Telecommunications
Retail
-
50
100
150
200
250
300
350
400
450
500
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
# of
Dea
ls
Ran
k Va
lue
(US$
b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
16
*tie
Source: Thomson Reuters
- - -
1.0 7*
- -
100.0- - -- -
Clairfield International 8* 5* 1 -1 ▼Goldman Sachs & Co 8* - 1 1 ▲JP Morgan 8* 11* 1 0 -Highbury Partnership Pty Ltd 8* - 1 1 ▲Lazard 8* 11* 1 0 -
-0.0
0.0 9* - -34.3 7 - -
9* - -
0.0 9* - -0.0 9* -
29.8Industry Total 1,782.4 25.2
8*
0.0
8*
8
8*
8*
# of Deals per Advisor
3*49.6
3
4
-2
5* -1
2
10.0-
8*8*
1
3
6*
1
-
3* -
Rank
KPMGRank
9*
Rank Value
US$m
20.8
-
357 -14 ▼
15*
▲ 59.3
--
94.4
Rank
Jan 1 - Mar 31Australia/New Zealand Small-Cap M&A up to US$50m by Target Industry
▲0.4
0.0
Rank Value
24.2
** Fee
11.62.0131
▲
Deals
Imputed Fees (US$m) †
Advisor2017 2017
Jan 1 - Mar 31
https://www.thomsonone.com
4*
11*
Rank
9
2*
Change (%)
80.9 - 0.3
MM11a - Undisclosed Values & Values up to US$50m
Financial Advisor
-
2017
Rank Value per Advisor (US$m)
Australia/New Zealand Involvement Small-Cap Rankings (MM11a)
Australia/New Zealand Small-Cap M&A up to US$50m by Rank Value Range
-
46.2
48.0
-▲0.0
▲
▼2
Gresham Partners0
2.6-
2.61 ▲
-
9*3UBS
▲2
6*
11* --
-
Greenhill & Co, LLC 8*
--
49* --
9*-
0.01
▲9*
36.7▲
1 41.5 -
--9*
-
- -▲
▼
0.0
-
4.0-
1.0-
-9*
-
14
Exp (%)
-
100.0
- 111*
2
2
1
-
# of Deals
# of
Fees
2016 Change in
Houlihan Lokey
1 ▲-2
6 3▼
Rothschild & CoPricewaterhouseCoopers
Miles Advisory Partners11*11*
Macquarie Group
3*
7*-
-- -
35.1
- -
100.0
100.0
100.0- 18.0
15*
-
20.0-
15*
-
-
-
5
1
- 1 6
-
0.10.1
9*0.00.0
9*
-
15*
-
0.1
-Morgan StanleyBancorp NZ Ltd
8*Grant Samuel
343
8*
Forsyth Barr
-
Accuracy SAS
11*
1
Greenstone Partners
2
Argonaut Ltd
18*
-
0
1RBC Capital Markets
** 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.
Baker Tilly International
0.01
1
▲
Credit Suisse
8* -
▲9*
1
0.8
1
100.0-
-
0.2--1
2
0
0
1
1
-0.0
9* -
2*0.1
7.772.2
First Quarter 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors
-
60.0
† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.
2.08* -
- ▲1
1
8*
11
11*Global M&A - -
-
0.0 -0.0 -
-
-
-
4*
▲ 100.09* -
0.0 9*
14.9%
12.4%
10.5%
10.1%
10.1%
8.2%
8.1%
7.3%
6.3%
5.4%
3.9% 2.8% Materials
Energy and Power
Real Estate
Media and Entertainment
Consumer Staples
Consumer Products and Services
Industrials
Financials
High Technology
Healthcare
Telecommunications
Retail
-
100
200
300
400
500
600
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
# of
Dea
ls
Ran
k Va
lue
(US
$b)
US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals
17