Top 20 M&A Advisory Boutiques 2024

This report forms part of the Ranking News Investment Banking & Capital Markets Advisory series, which evaluates specialist advisory firms operating across global mergers and acquisitions markets, including strategic transactions, cross-border deals, and complex corporate advisory mandates.

M&A advisory boutiques play a central role in global dealmaking by providing independent financial advisory services across mergers, acquisitions, divestitures, and capital structure transactions. Unlike large universal banks, boutique advisory firms operate without balance sheet constraints, allowing them to deliver conflict-free advice focused on transaction execution and strategic outcomes.

Over the past two decades, independent M&A advisory firms have gained significant market share as corporate clients and private equity sponsors increasingly prioritize advisory independence, senior-level engagement, and sector expertise. These firms often advise on high-value and complex transactions, competing directly with global investment banks while maintaining more focused operating models.

Boutique M&A advisors are particularly active in mid-market and upper mid-market transactions, where their ability to provide tailored advice and close senior attention is highly valued. Many firms also maintain strong relationships with private equity sponsors, supporting both buy-side and sell-side mandates.

This ranking identifies M&A advisory boutiques that demonstrate sustained execution capability, institutional credibility, and consistent engagement in transaction advisory across global markets.

Market Overview

The global M&A advisory market continues to evolve as corporations and investors navigate shifting macroeconomic conditions, sector consolidation, and capital market dynamics. Independent advisory boutiques have strengthened their position by offering unbiased advice and flexible engagement models.

Corporate clients increasingly seek advisors capable of delivering strategic insight alongside transaction execution. Boutique firms are often able to bridge this gap by combining financial advisory expertise with sector-specific knowledge and deep client relationships.

Private equity remains a key driver of activity, with sponsors relying on boutique advisors for both acquisition and exit processes. The ability to run competitive sale processes, manage complex negotiations, and deliver valuation clarity has reinforced the importance of independent advisory firms.

At the same time, cross-border transactions continue to increase in complexity, requiring advisors with global reach and local market understanding. Many boutiques have expanded internationally to capture these opportunities.

Within this environment, firms that combine execution capability with strong client trust and repeat mandates continue to maintain competitive positioning.

Industry Trend — 2024

In 2024, the M&A advisory landscape reflects a more selective and disciplined deal environment following periods of market volatility. While overall deal volumes have fluctuated, demand for high-quality advisory services remains strong, particularly for complex and strategic transactions.

Mid-market activity continues to be a key growth segment, with boutique firms playing a central role in advising founder-led businesses, private equity sponsors, and corporate carve-outs. These transactions often require a combination of technical execution and strategic positioning.

Another notable trend is the increasing importance of sector specialization. Firms with deep expertise in areas such as technology, healthcare, industrials, and financial services are better positioned to secure mandates and deliver differentiated outcomes.

Advisory independence remains a defining characteristic of the boutique model. Clients continue to value conflict-free advice, particularly in transactions involving multiple stakeholders and competing interests.

As competition intensifies, firms that demonstrate consistent execution quality, strong client relationships, and sector expertise are expected to maintain their leadership positions.

Methodology — Core Eligibility Criteria

To ensure structural consistency within the category, firms considered for this ranking were evaluated based on the following eligibility conditions:

• Operates primarily as an independent M&A advisory boutique
• Provides mergers & acquisitions advisory services across buy-side and sell-side mandates
• Demonstrates consistent transaction execution track record
• Maintains senior-led deal teams and client engagement models
• Exhibits sector specialization or strong mid-market positioning

Large universal banks and balance sheet-driven institutions were excluded.

Methodology — Ranking Factors

Firms included in the ranking were evaluated using a combination of qualitative and structural considerations. Key factors include:

• Transaction execution track record and deal flow consistency
• Strength of client relationships, including private equity sponsors
• Reputation in mid-market and upper mid-market transactions
• Level of senior banker involvement
• Sector expertise and advisory specialization
• Ability to manage complex and competitive deal processes
• Institutional credibility within global M&A markets

The objective of the ranking is to identify firms that maintain sustained relevance within the independent M&A advisory ecosystem.

The ranking universe consisted of approximately 60 M&A Advisory Boutiques, from which 20 institutions were selected for inclusion.

Tier classifications reflect relative institutional positioning and do not represent performance rankings or recommendations.

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Tier I — Leading M&A Advisory Boutiques

Evercore

• Headquarters: New York, United States
• Founded: 1995

Evercore is widely regarded as one of the leading independent investment banking advisory firms globally, with a strong focus on mergers and acquisitions advisory for large-cap corporates and private equity clients. The firm has built a reputation for delivering high-quality, conflict-free advice across complex and high-profile transactions.

Its advisory practice spans strategic mergers, divestitures, and cross-border acquisitions, with significant activity across North America, Europe, and Asia. Evercore is particularly recognized for its senior-led execution model, where experienced bankers remain closely involved throughout the transaction lifecycle.

The firm frequently advises on landmark transactions involving multinational corporations and financial sponsors, leveraging its deep sector expertise and global network. Its ability to combine strategic insight with execution discipline has positioned Evercore as a preferred advisor in competitive deal situations.

Through its consistent involvement in large-scale transactions and its strong institutional reputation, Evercore continues to maintain a leading position within the global M&A advisory landscape.

Centerview Partners

• Headquarters: New York, United States
• Founded: 2006

Centerview Partners has established itself as one of the most influential independent M&A advisory firms, particularly known for its involvement in high-profile strategic transactions and board-level advisory mandates. The firm focuses on providing conflict-free advice to large corporations and institutional clients.

Centerview is distinguished by its highly senior team, with many partners directly engaged in transaction execution. Its advisory work often involves complex mergers, strategic alternatives, and high-stakes negotiations requiring discretion and strategic judgment.

The firm has played a key role in numerous large-scale transactions across sectors including healthcare, technology, and consumer industries. Its client base includes major multinational corporations seeking independent advice on transformational deals.

Centerview’s reputation for delivering thoughtful, high-impact advisory services has positioned it as a trusted advisor in critical corporate decision-making processes, reinforcing its standing among the top-tier M&A advisory boutiques globally.

PJT Partners

• Headquarters: New York, United States
• Founded: 2015

PJT Partners is a leading global advisory-focused investment bank, with a strong presence in both M&A advisory and restructuring advisory. Its strategic advisory division provides independent advice on mergers, acquisitions, and corporate transactions for global clients.

The firm advises corporations, financial sponsors, and institutional investors on complex transactions, often involving cross-border considerations and multi-stakeholder environments. PJT’s advisory approach emphasizes senior-level engagement and analytical rigor throughout the deal process.

PJT is particularly active in transactions requiring both strategic and financial expertise, positioning it as a versatile advisor across a range of deal types. Its global footprint enables it to support clients in major financial centers and emerging markets.

Through its combination of advisory expertise and strong institutional relationships, PJT Partners continues to play a significant role in the global M&A advisory market.

Perella Weinberg Partners

• Headquarters: New York, United States
• Founded: 2006

Perella Weinberg Partners is a prominent independent advisory firm specializing in mergers and acquisitions, restructuring, and strategic advisory services. The firm provides independent advice to corporations, financial sponsors, and governments on complex transactions.

Its M&A advisory practice focuses on strategic transactions including mergers, divestitures, and cross-border deals. The firm is known for its partner-led approach, ensuring senior-level involvement in client engagements.

Perella Weinberg has developed strong expertise across multiple sectors, including energy, financial services, and industrials, supporting clients in navigating complex market environments.

The firm’s emphasis on independent advice and deep industry expertise has contributed to its strong reputation within the global advisory landscape.

Lazard

• Headquarters: Hamilton, Bermuda / New York, United States
• Founded: 1848

Lazard is one of the world’s most established financial advisory firms, with a long-standing presence in global M&A advisory. While operating at scale, its advisory model retains many characteristics of a boutique, focusing on independent strategic advice.

The firm advises corporations, governments, and financial sponsors on mergers, acquisitions, and strategic transactions across major global markets. Lazard is particularly recognized for its cross-border advisory capabilities and sector expertise.

Its global network enables it to execute transactions involving multiple jurisdictions, making it a key player in international dealmaking.

Through its extensive experience and institutional depth, Lazard continues to maintain a leading role in the global M&A advisory sector.

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Tier II — Established M&A Advisory Boutiques

(Alphabetical order)

Alantra

• Headquarters: Madrid, Spain
• Founded: 2001

Alantra is an independent global financial advisory firm focused on mid-market M&A and capital markets transactions. The firm operates across Europe, the United States, and Asia, supporting corporate clients and private equity sponsors in executing cross-border deals.

Its advisory approach emphasizes sector specialization and long-term client relationships, enabling the firm to deliver tailored strategic advice alongside transaction execution. Alantra is particularly active in industrials, consumer, and financial services sectors, where it maintains strong local and international networks.

The firm’s ability to combine global reach with mid-market focus has contributed to its consistent deal activity. Its engagement model prioritizes senior banker involvement, ensuring continuity and quality across complex transaction processes.

Ardea Partners

• Headquarters: New York, United States
• Founded: 2019

Ardea Partners is an independent advisory firm focused on providing M&A and strategic advisory services to corporations and financial sponsors. Founded by former senior bankers from leading global institutions, the firm emphasizes senior-led execution and independent advice.

The firm advises on mergers, acquisitions, and capital structure decisions, often in complex or high-stakes situations requiring discretion and strategic insight. Ardea Partners has been involved in transactions across sectors including technology, financial services, and industrials.

Its boutique model enables close partner involvement throughout the deal lifecycle, positioning the firm as a trusted advisor in situations where independence and confidentiality are critical. Ardea continues to build its presence within the U.S. advisory market.

DC Advisory

• Headquarters: London, United Kingdom
• Founded: 1998

DC Advisory is an international investment banking firm specializing in M&A advisory, with a strong focus on mid-market transactions. The firm advises corporate clients and private equity sponsors on buy-side and sell-side mandates across Europe, Asia, and North America.

Its advisory services include strategic acquisitions, divestitures, and cross-border transactions, often involving complex stakeholder dynamics. DC Advisory is particularly active in sectors such as technology, healthcare, and industrials.

The firm benefits from its global platform, enabling it to execute transactions across multiple regions while maintaining local market expertise. Its client base includes multinational corporations and financial sponsors seeking specialized advisory services.

Through its consistent involvement in mid-market dealmaking, DC Advisory has established a recognized position within the global M&A advisory sector.

Gleacher Shacklock

• Headquarters: London, United Kingdom
• Founded: 2013

Gleacher Shacklock is a UK-based independent advisory firm focused on mergers and acquisitions and strategic advisory services. The firm advises corporates, financial sponsors, and family-owned businesses on a range of transactions including acquisitions, disposals, and capital raising.

Its advisory work often involves mid-market transactions requiring tailored solutions and close client engagement. The firm has developed experience across sectors such as financial services, business services, and consumer industries.

Gleacher Shacklock’s partner-led approach allows for senior involvement throughout the transaction process, supporting clients in navigating complex deal environments. The firm continues to build its presence within the UK and European advisory markets.

Greenhill & Co

• Headquarters: New York, United States
• Founded: 1996

Greenhill & Co is an independent investment banking firm focused on providing M&A advisory services to corporations, financial sponsors, and institutional clients. The firm has historically been recognized for its role in strategic advisory and high-profile transactions.

Greenhill advises on mergers, acquisitions, and restructurings, with a strong emphasis on independent advice and senior-level execution. Its client engagements often involve complex transactions requiring strategic insight and negotiation expertise.

The firm has maintained a presence in major financial centers, enabling it to support cross-border transactions across key global markets. Its advisory work spans multiple sectors, including financial services, energy, and industrials.

Greenhill continues to contribute to the global advisory landscape through its focus on strategic M&A advisory services.

Lincoln International

• Headquarters: Chicago, United States
• Founded: 1996

Lincoln International is a global advisory firm specializing in mergers and acquisitions, with a strong focus on mid-market transactions. The firm advises corporates and private equity firms on buy-side and sell-side mandates across multiple sectors.

Its M&A advisory practice is supported by a global platform spanning North America, Europe, and Asia, enabling execution of cross-border transactions. Lincoln is particularly active in sectors such as healthcare, technology, and industrials.

The firm is known for its strong relationships with financial sponsors and its ability to manage competitive auction processes. Lincoln International continues to play a significant role in mid-market dealmaking globally.

Ondra Partners

• Headquarters: London, United Kingdom
• Founded: 2014

Ondra Partners is an independent advisory firm specializing in strategic M&A advisory and shareholder engagement. The firm provides advice to corporates, boards, and investors on complex transactions and governance-related matters.

Its advisory work often involves high-stakes situations requiring strategic positioning and stakeholder management. Ondra Partners has been involved in transactions across sectors including financial services and energy.

The firm’s approach combines strategic advisory with a focus on execution, enabling clients to navigate complex deal environments. Ondra continues to develop its presence within the European advisory market.

Robey Warshaw

• Headquarters: London, United Kingdom
• Founded: 2013

Robey Warshaw is a highly specialized M&A advisory boutique focused on providing senior-level advice to large corporates and boards. The firm is known for its discreet advisory model and involvement in high-profile UK transactions.

Its advisory work is typically focused on strategic mergers and corporate transactions requiring confidentiality and board-level engagement. Robey Warshaw operates with a small team of senior partners, ensuring direct involvement in client mandates.

The firm’s reputation is built on its selective approach to engagements and its track record in advising on significant UK corporate transactions. Robey Warshaw remains a distinctive player within the M&A advisory landscape.

TAP Advisors

• Headquarters: New York, United States
• Founded: 2010

TAP Advisors is an independent advisory firm specializing in mergers and acquisitions and private capital advisory. The firm focuses on advising founder-led businesses, corporates, and financial sponsors on strategic transactions.

Its M&A advisory work includes sell-side and buy-side mandates, often involving cross-border elements and complex ownership structures. TAP Advisors has developed experience in sectors such as consumer, technology, and business services.

The firm’s boutique structure enables close client interaction and tailored advisory solutions. TAP continues to expand its presence within the U.S. mid-market advisory space.

Zaoui & Co

• Headquarters: London, United Kingdom
• Founded: 2013

Zaoui & Co is an independent advisory firm providing strategic M&A advice to corporates, boards, and financial sponsors. The firm focuses on high-value transactions and complex strategic situations.

Its advisory work includes mergers, acquisitions, and corporate restructuring, often involving cross-border elements. Zaoui & Co has built a reputation for providing discreet, high-level advice to clients in sensitive transaction environments.

The firm’s partner-led model ensures direct involvement in client engagements, supporting execution of complex deals. Zaoui & Co continues to maintain a recognized presence within the European advisory market.

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Tier III — Specialist M&A Advisory Boutiques

(Alphabetical order)

• Astris Finance
• Drake Star Partners
• Results International
• Silverpeak
• Torch Partners

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Remarks

Independent M&A advisory boutiques continue to play a critical role in global dealmaking, particularly within mid-market and sector-focused transactions. Their ability to provide independent advice, combined with strong execution capabilities, has reinforced their relevance across evolving market conditions.

As demand for specialized expertise grows, boutiques with strong sector focus, robust analytical frameworks, and established client relationships are expected to maintain their relevance in increasingly competitive advisory markets.

Tier classification reflects relative institutional positioning within the M&A advisory segment and does not represent performance rankings or investment recommendations.

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