What’s Your Competitive Advantage on the Market?

Consider why prospective buyers would be interested in purchasing your company. You should be able to identify its assets in order to get a proper business valuation. How unique is your product or service offering? Do you outperform the competitors in your sector or in a particular geographic area? You will also want to consider whether your revenues are stable, growing, or declining. If you understand why someone would be interested in purchasing your company, you will be more equipped to enhance those qualities and effectively articulate them to buyers.

We have all heard the horror stories from lower middle market business owners. Private Equity buyers will come in and get rid of all of my employees, borrow an absurd amount of money to finance the acquisition, thereby straining my company’s balance sheet and income statement, and then, light a match Goodfellas-style when they are done extracting value from it. But, I’ll let you in on a little secret? The days of financially engineering a path to outsized profits are long gone. While there certainly was an era where Private Equity funds looked to lock in a guaranteed “win” by over-levering the balance sheet, stripping the Income Statement of “fat”- read, people- and quickly flipping to monetize the win, those days are largely behind us. Today, most professional buyers value the team in place more so than any perceived competitive advantage with the product or service offering. I’ll say that again, buyers often view the team as the most important determinant of success- more so even than the core product or service offered by the business.

Benchmark International is pleased to announce to acquisition of Livingston-based Boyd Brothers by British Engineering Services.

Family-founded Boyd Brothers is an electrical and civil engineering contractor with over 50 years’ experience. Since its establishment, it has grown to become a specialist in electrical vehicle charging point installations.

For over 160 years British Engineering Services has been engaged in the testing, inspection, and certification of industrial machinery via its highly skilled engineer surveyors and engineering consultants. The acquisition is British Engineering Services' sixth since 2019 and will enhance Boyd Brothers’ electrical division, as well as make specialist services more easily accessible to customers.

Stephen Boyd, managing director at Boyd Brothers, commented: “We’re really happy to have joined the British Engineering Services Group. This is a fantastic move for both businesses. Their growth over the last few years is impressive and we’re excited to be a valuable part of their future.”

Paul Trivett, MD of Electrical and Consultancy at the British Engineering Services Group, said: “This is another great addition to the British Engineering Services Group. We’ve spent lots of time with the Boyd Brothers team over recent months and it’s very clear they share the same values and priorities as the wider Group. Not only do they always put their customer first, but they’re very focused on making sure nothing is left to chance. This will further enhance our presence in the electrical safety field, which we started to develop further with the acquisition of Lantei in December 2020.”

Mergers and acquisitions are effective solutions for growing a company, getting a competitive edge, accessing new resources, lowering risk, tapping into new markets, and acquiring key talent. Obviously, these are all very appealing to investors and upper management. But employees do not always see it this way. 

In actuality, employees often view such a major change as a threat. These negative feelings can lead to employee retention problems, especially in today’s world where labor shortages are already a significant problem. Staff members may feel uncertain about the future of the company, how secure their job may be, how the culture will change, and how a change in leadership will impact them. They can also have their concerns worsened or blown out of proportion if there is not a clear line of communication about what is happening with the company during a transition. Sometimes employees will feel a sense of betrayal. Furthermore, some team members may feel guilty if they keep their jobs while coworkers are victims of downsizing or restructuring. Combine all these factors and quickly end up with people looking for work elsewhere. But that is not good for any deal. Why?

Benchmark International is pleased to announce that Derby-based CFR has been acquired by a private investor.

An exclusive supplier for Felfoldi in the UK, CFR is a distributor of a range of confectionery products including flavoured straws, baked goods & home baking kits, canned drinks, and sweets. Other high-profile customers include national retailers such as Asda, Poundland, and B&M Retail.

CFR was acquired by a private investor, allowing shareholder Christopher Rudd to pursue retirement plans.

Commenting on working with Benchmark International, Mr Rudd said: “Thanks for all your hard work, efforts and your input. You’ve been a huge part of where we got to today.”

Brittney Zoeller, Benchmark International’s director of marketing, has been named one of the 10 Most Inspiring Women Leaders of 2022 by Industry Era for Women.

Brittney brings a unique mix of talent and strategic insight to the table for Benchmark and our clients. She applies her creative vision, design and user experience, and technological savvy to create exceptional interaction experiences every day, spearheading all marketing initiatives and leading a team of cross-disciplined marketers.

Gregory Jackson, CEO of Benchmark, weighed in on her award, saying, “Brittney is a true force to be reckoned with. She is a kind, creative, and highly driven leader who knows how to motivate others and whose positivity and optimism are infectious throughout our organization. She inspires us all.”

Industry Era for Women is a digital publication that features CEOs, C-suite executives, and other industry pioneers. It serves as a forum for C-level executives to share their experiences in order to support and inspire others to achieve goals and stay competitive. It also serves as a platform for executives to discuss trends, decision-making processes, and leadership in sales, marketing, and productivity, as well as positive retention of staff.

Brittney has received several awards with Benchmark International, including a Silver ADDY for the Benchmark rebranding and logo design, and a Gold ADDY for the design of THE MARK, Benchmark’s magazine publication. She was also recognized in New York City as an “Extraordinary Leading Woman” by the Direct Marketing News.

Capital markets drive capital to areas of innovation and positive growth, creating jobs and fueling economies. In the US, capital markets fund 73% of all economic activity. This takes the form of equity and debt financing of non-financial companies. Capital markets facilitate debt issuance, which tends to be a less restrictive form of borrowing for businesses. The usage of debt capital is the most prevalent in the US (80%), versus other regions (only 20–30%) where bank lending is more prevalent. 

Earnout Agreements have become increasingly routine in deal structures over the last several years as they are most widely used during times of political and/or economic uncertainty. The earnout payment is additional compensation paid in the future to the seller after the business is sold. An earnout agreement can help bridge a valuation gap or encourage the former owner to remain for a longer period of time following the close of the sale. They should only be considered when the company will continue to operate the same in the years following the sale at the time of closing. While sellers can sometimes be nervous when it comes to agreeing to an earnout, there are protections for yourself that you can keep in mind.

When structuring the earnout, it is important to consider the financial metrics used and choose your benchmark carefully. For example, buyers will often prefer to use an EBITDA target as they believe this will be the most dependable indicator of the business's profitability. On the other hand, typically, sellers do not like using EBITDA due to concerns that the buyer can manipulate the number to benefit the buyer at the end of the earnout period. While sellers usually prefer a marker based on the business's gross revenues, gross profit can sometimes be used as a good compromise for both parties. Suppose an EBITDA calculation must be agreed to move forward with the deal. In that case, the seller can ask for various expenses, overhead costs, etc., to be excluded from the calculation.

The Global Market

The onset of the COVID-19 pandemic rattled the worldwide mortgage market. New lending volumes plummeted to record lows amid declining consumer sentiment, job losses, and nationwide lockdowns in many countries. However, new mortgage lending has remained on an upward trajectory since the second half of 2020. The total number of closed-end mortgage originations jumped from 8.3 million in 2019 to 13.6 million in 2020. That’s an increase of 65.2%. Regulators have kept interest rates at an all-time low. Even though interest rates could begin to tick up at some point, globally, the mortgage brokerage services market is expected to continue to see tremendous growth through the year 2027.

As the owner of a business, you face a slew of tough decisions nearly every day. One question you may have asked yourself is whether you should sell your company. Several factors can influence your decision to sell, some of which you may not have even thought about. Here you will find a comprehensive list of possible reasons to help you decide if and when selling your business is right for you.  

It's at a High Point

Over time, most businesses face different cycles of highs and lows, and potential buyers prefer to acquire companies that are thriving and have a positive future outlook. When your company is performing well, and profits are high, you can opt to sell to get the maximum value in a sale. You may not be ready to retire or move on, but if you sell at the right time, you can make the most money possible and pave the way for a more secure financial future. This can also help you avoid selling at a later date for less value, which would mean less money for your retirement. 

If you are far from being ready to retire, there are ways to structure a deal to stay on with the company, working for the new owner and helping them grow the business. This can help you start the transition to your full exit. And in this case, if the business declines or an economic recession occurs, you do not face the risk of losing value because you got out at the right time.

There are strategies available for business owners who are in need of additional capital to grow their business. The partial sale transaction has gained popularity over the last couple of years. When business owners find themselves with limited operating liquidity, they are unable to create the type of growth they desire. A partial sale can bring additional resources into the business that can set into motion long-term growth strategies, increase operational stability and recruit new hires. If you are looking to downsize your company, you can invest that money into different opportunities that may offer you a higher return on your investment.

A partial sale of your business gives you the opportunity to remain involved in the business that you have spent decades building. Following a partial sale, many business owners serve as advisors, senior executives, board members, etc., to assist the buyer with their transition period to new ownership. Smart buyers are open to customizing the role and involvement of the seller once the deal has closed in order that the seller remains with the business for months and years to come.

At the American Advertising Awards, Benchmark International's marketing team won another ADDY® award for their "Virtual Black Box" in the Microsite category. A microsite is any web page or series of pages that are a part of a larger website but intended to feature specialized information. 

Financial Planning & Advisory Sector

In 2022, the market size of the financial planning & advisory industry is $59.2 billion. It is expected to increase 4% this year. Between 2017 and 2022, the market has grown 4.5% per year on average. The size of the market has increased faster in the U.S. than the overall economy. 

Industry profit declined in 2020 due to declining assets under management and lower return on assets but increased in 2021 as the economy began to recover. As macroeconomic conditions continue to improve through 2026 gradually, industry operators are expected to benefit from rising equity values and rising interest rates. 

High competition is a challenge in the industry, while the population's median age represents an opportunity. This is because the rising median age of the U.S. population is approaching retirement age, which increases the demand for retirement planning, capital preservation, and estate planning.

Due to the COVID-19 pandemic, there has been increased adoption of enterprise resource planning (ERP), customer relationship management (CRM), and other entrepreneurial software. In 2020, many companies accelerated their plans to begin using these systems, and the market for them remains hot, particularly for Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) models. COVID forced most businesses to digitize their offerings in real-time as consumers began turning to online shopping and employees started working remotely—both trends that are expected to continue into the future.

So if you are a business owner considering selling your company, the good news is that right now, it's a seller's M&A market. By October of 2021, total M&A deal activity reached $4.4 trillion, which is an increase of 92% compared to a year ago and is the strongest opening period for M&A since 1980. In addition, merger activity resulted in deals totaling $1.52 trillion in the three months prior to September 27, 2021. That's up 38% from the same quarter in 2020—and more than any other quarter on record.

In a seller's market, demand is high for assets that are in limited supply, giving sellers more pricing and negotiating power. This demand can be attributed to a recovering economy, high cash balances, big government spending, new SPAC buyers, and low-interest rates. Plus, investors are flush with cash and ready to spend it on acquisitions that can help create growth or add capabilities. When market conditions shift, buyers have the upper hand in deal negotiations. And this could happen when the U.S. Federal Reserve increases interest rates in the next year or so.

Short answer – We don’t know. The M&A market has never interacted with this much inflation before. Inflation is now at a 40-year high. In 1982, there was no M&A market. The birth of the market is most often traced to KKR’s 1988 takeover of RJR Nabisco, as made famous in the 1989 book “Barbarians at the Gate” and the 1993 movie of the same name. Whether that is the actual date of birth or not can be argued. Still, at the time it was commonly thought that the cash for the $25 billion price tag was unattainable because, as the book says, there was a belief that there was not anywhere near that much excess cash floating around for doing deals in the entire world.

Benchmark International is pleased to announce the acquisition of Plymouth-based GMD by Bristol-based Leviathan.

GMD provides precision engineered component and design solutions for projects within the marine, defence, food processing, energy and pharmaceutical sectors. Some of its major clients include the Royal National Lifeboat Institution and major defence and engineering group, Babcock.

Based in Bristol, Leviathan is a subcontract engineering group which focuses on high value and growth sectors where various services can be shared to address larger, more technical projects for its premium customers.

GMD is expected to be the first of several acquisitions for Leviathan as it works to become a wider, integrated engineering group. Leviathan has said its expansion plans will focus on “premium value and growth sectors”. By acquiring a broader array of engineering services, the group can begin to focus on bigger and “more technical” projects.

Post-acquisition, GMD’s founding Samson family, who established the business over 25 years ago, will remain within the firm.

The Labor Shortage Persists

The COVID-19 pandemic has impacted companies of all sizes, but small businesses have certainly been hit the hardest. First, there were total shutdowns, followed by financing problems due to slowed business, and now it is labor shortages that are the latest issue as the world works towards recovery. 

The slew of workers leaving the workforce altogether is fueling a growing labor shortage in what seems to be every industry. Demand is up, and supply is down. Businesses are facing concerns with not having enough people to get the job done—especially in sectors such as healthcare and technology. These spaces are seeing attrition rates of 3.6% and 4.5% higher, respectively, than last year. Research even shows that 36% of workers who quit their jobs did so without another job lined up.

And the labor shortage is an issue that is happening on a global scale, from the US to Canada to Europe. According to the US Census Bureau, many businesses struggle to retain and attract employees, and 49% of business owners say the labor shortage is affecting their business. And a Canadian study reported that 30% of Canadian business owners say the top motivating factor for pursuing an acquisition is gaining access to new talent. That number is up from 20% before the pandemic. Additionally, a recent Eurostat survey found that, in the third quarter of 2021, a worker shortage was hampering production at 83% of industrial companies in Hungary, 50% in Poland, and 44% in the Czech Republic.

Benchmark International is pleased to announce the acquisition of Pembrokeshire-based Preseli Lodges by holiday park and resort developer, Actually Group.

Preseli Lodges manufactures bespoke luxury lodges and garden rooms, serving clients such as holiday parks and resorts.

Following the sale, Kevin Morgan, founder and director of Preseli, will remain with the business as commercial director and the company will continue to manufacture from its Pembrokeshire base. The business will be rebranded as Actually Lodges, a subsidiary of the Actually Group.

As part of expansion plans a further 20 jobs are being created this quarter with additional manufacturing premises being acquired.

The good news is that experts agree that 2022 will be in the clear from a recession for the US economy. But the next few years may tell a different story. 

An economic downturn could arrive as early as 2023. Federal Reserve policy is expected to change, which will result in more business cycles that many companies will not be ready to face. Even if the country is lucky enough to dodge a recession in 2023, we can expect the economic decline to be more detrimental in 2024 or 2025. The Fed will eventually start easing up on stimulus initiatives and raising interest rates at the same time that inflation is on the rise. It usually takes the economy about a year to react to the Fed’s actions, putting us on track for a safe 2022, but with the following years feeling the impacts.

First off, I’m using the term “post-covid” gingerly, since, as I am writing this article, we are going through a surge of the Omicron variant. This article is intended to shed light on deal structures that we saw in 2021 and compare them to pre-covid years, as well as surmise future structures.

2021 Was a Record Year

In 2021, dealmakers worldwide announced $5.6 trillion in M&A transactions (that’s 30% higher than the previous record), and the U.S. reported $2.9 trillion in transactions (that’s 40% higher than the previous record). While 2021 may have been a record-breaking year for middle-market M&A activity, 2022 should be an excellent year for sellers. 

Last year several factors drove deal activity to new heights:

• Pent-up activity from the previous slow year because of the COVID-19 pandemic
• A wealth of capital seeking investment opportunities
• Potential tax changes this year
• Strong economic growth
• Continued low-interest rates

In dollar value alone, the oil & gas sector is the world’s largest industry, employing a massive workforce of around 4 million people globally. The major oil companies account for a significant percentage of a country’s national GDP. The world’s largest producers of oil are the U.S., Saudi Arabia, and Russia.

In 2021, the oil & gas sector recovered well, with oil prices climbing to their highest levels in six years. Total revenues for the oil & gas drilling sector in 2021 came to approximately $2.1 trillion. The global oil & gas market is forecast to reach $7425.02 billion in 2025. That’s a compound annual growth rate (CAGR) of 6%. This growth is primarily due to companies shifting their operations during recovery from the effects of the COVID-19 pandemic. Low-interest rates positively impacted the oil & gas industry in most developed countries. 

The global oil & gas exploration and production sector account for a large chunk of the global economy. The growth of this sector is expected to increase in the future, with OPEC crude oil production averaging 34.15 million b/d in 2022.

After the trials and tribulations of 2020, no one really knew what to expect going into 2021. Yet, for the world of M&A, it couldn’t have been a more pleasant surprise.

Last year has most certainly been a record year for M&A deals, making a huge comeback from 2020. In 2021, the number of announced deals exceeded 62,000 globally. That’s up an unprecedented 24% from 2020. Deal values reached an all-time high of $5.1 trillion.

Almost all sectors are showing signs of recovery from 2020. Values are up and multiples are rising, with strategic M&A multiples at an all-time high (a median multiple of 16x EV/EBITDA).

Mergers and acquisitions in each industry have their own oddities, and architecture is no different from any other in that regard. However, the following similarities always seem to rise to the top when selling a firm.

Lead Architects are the Key to the Business’ Value.

At the end of the day, like all professional services businesses, the most valuable asset walks out the door every day – and – there is nothing you can do to force them to come back the next day. Acquirers are very aware of this, and when buying architecture firms, they will take extreme measures to ensure that they will return not only the day after the deal closes but for years to come. As a result, almost every deal in this space involves broadening corporate ownership to include, typically, the most senior/valuable 10% of the firm, covering the rainmakers, the client managers, the project managers, and the most brilliant experienced architects. If the owner falls into one or more of these categories, they should expect to retain some equity and sign a multi-year employment agreement.

Private equity transactions on a global scale returned to form in 2021 following the challenges posed by the pandemic, with private equity firms deploying record amounts of dry powder held as they looked to invest cash accumulated during the pandemic.

According to Mergermarket, a record was set for the percentage of M&A deals that involved private equity, with buyouts comprising 27% of global activity in 2021. This totalled 8,548 deals worth $2.1tn, nearly doubling the previous record set in 2007. Deal volume was also staggering, showing a 60% increase year-on-year.

Looking to 2022, it appears that global private equity deals might continue in the same vein, as private equity houses still have approximately $2.3tn of cash reserves. This, coupled with increasingly positive economic conditions such as a brightening global economic outlook, seller-favourable valuations, and low interest rates, are instilling confidence in the market.

At Benchmark International, the Transactions Teams stay abreast of industry trends to ensure the best and most suitable deals are completed for clients. As a result, throughout 2021, Benchmark International in the UK and Ireland has completed 18 transactions involving a private equity buyer. These include:

There are several changes to tax policy on the table in the United States under the Biden administration. The administration has discussed tax increases on high-income earners at some point in the future, while the timing is yet to be determined. If you are a business owner considering the sale of your company in the next few years, you may want to speed up your timeline because waiting could mean you have to pay higher taxes if laws do change.

The COVID-19 pandemic disrupted normalcy in several aspects of the world as we knew it, and one of the things hit especially hard has been the global supply chain. These supply chain problems have impacted nearly every industry and business, both large and small. Because of so much continued uncertainty in supply chains—uncertainty that is expected to last for years—business owners and executive leaders are reassessing operations and seeking paths to gain more control.

Gregory Jackson, Benchmark International’s CEO, was named International CEO of the Year (Corporate Finance) by the Gamechangers™ 2022 Global Awards, adding to his growing and impressive list of accolades.

Gamechangers™ is a leading corporate news publication, serving the finance sector since 2003. They provide a global audience of more than 245,000 senior executive-level subscribers with valuable information.

The Gamechangers™ Global Awards are the largest program of their kind in the market, celebrating achievement, innovation, and brilliance in the industry. They have a legitimately independent nomination process, and the industry itself chooses the winners. They rely on reader insight and experience for the nominations and look for exemplary businesses that are the benchmark of achievement in their field on a global level. Firms of all sizes are recognized, and the awards represent an endorsement of outstanding work. In addition, the awards are the only industry honors awarded purely on the basis of voter participation.

Steven Keane, Executive Chairman of Benchmark International, said, “I can’t think of a more deserving recipient of this award. Greg inspires our team to raise their game every single day, and his dedication combined with their talent is why we earn such high esteem and respect from our industry peers.”

There are basically four possible outcomes for retirement plans in an M&A deal: 

• The plans of both companies are merged.
• The plan at the acquired company is terminated.
• Both plans from both companies are maintained.
• The plan from the acquired company is frozen.

So, what do you need to know if these circumstances apply to a deal that you are involved in?

Benchmark International is pleased to announce the acquisition of Scunthorpe-headquartered Shift Traffic Events to Oxfordshire-based Chevron Traffic Management.

Shift Traffic Events specialises in traffic management within the events and utilities sectors, including high profile events such as the London Marathon. The company employs over 150 people and has depots in Scunthorpe and Essex.

Chevron Traffic Management provides physical and digital traffic controls for organisations working within utilities, rail, high-speed network, local authorities and events which need to disrupt normal traffic flow. It has 30 depots across the UK, including one in Scotland which operates as Class One Traffic Management. The company has been owned by Triton, an international investment firm, since 2018.

Chevron Traffic Management is part of the Chevron Group of companies, which includes Chevron Green Services, Chevron Green Consultancy, Class One Traffic Management and Highway Resource Solutions (HRS).

The acquisition is part of the company’s buy and build strategy and will help Chevron Traffic Management to expand their existing capabilities in traffic management within the events and utilities sectors, alongside other specialisms like digital services and arboriculture.

Benchmark International’s client Classic Emporium, DBA Rain Tunnel Car Spa, a New Mexico-based company providing vehicle wash, detailing and quick lube services, has sold to Champion Xpress Car Wash, a family-owned and operated business with multiple locations across New Mexico, Colorado, Utah and Iowa.

Perfusion.com (PDC) is the leading provider of staffing services to the U.S. perfusion industry. The company’s core perfusion staffing services include autotransfusion, blood management and biologics services, the sale of disposables, capital equipment leasing, training and education services and patient transportation. The company is headquartered in Fort Myers, Florida.

Benchmark International has been named the International Mid-Market Corporate Finance Advisory of the Year by Acquisition International’s ACQ Global Awards.

Acquisition International is a growing publication, currently having a circulation of 108,000 readers in more than 170 countries.

Each year, Acquisition International highlights some of the most renowned and innovative professionals around the world through these awards. According to the publication, their “dedicated team ensures that the awards are allocated only to the individuals and firms that truly deserve them and have demonstrated excellence within their respective fields.” This includes the largest international corporations and smaller firms and individuals in the business. In addition, they select the award recipients based on achievements, endeavors, and efforts made over the previous year rather than getting votes from companies, individuals, or other third parties.

Award winners are chosen through an internal process of research, analysis, shortlisting, and selection. First, an in-house team uses publicly available sources such as local and national press, industry journals, client recommendations, press releases, and other published works to find candidates based entirely on merit. Then, each is carefully scrutinized to narrow down a shortlist that is then followed by a final list.

Throughout the process, factors taken into consideration include sector expertise, experience, industry recognition, innovation, client testimonials, reputation, firm performance, leadership, and extracurricular activities. They aim to showcase the industry’s very best and serve as a trusted guide for those seeking trusted experts.

The Benchmark team is proud of this honor and looks forward to continuing to be pioneers on the global financial advisory stage.

Benchmark International was named International Gamechanger of the Year for 2018 by the Gamechangers™ACQ Global Awards.

Benchmark International was named International Advisory Experts by the Global Advisory Experts Awards. 

Benchmark International is pleased to announce the acquisition of Manchester-based CorEnergy by Kent-based Sureserve in a £7.5m deal.

CorEnergy was established in 2014 to capitalise on market growth in LED lighting and renewables. Focused on providing sustainable energy services for public and private sector organisations, the company provides cost analysis, design, supply, installation and commissioning of LED lighting and controls, solar photovoltaics, electrical vehicle charging, battery storage, and renewable heating solutions.

It is expected to achieve revenues in excess of £6m and EBITA of £1m for the year to 31 December 2021.

AIM-listed Sureserve, currently valued at £148m and employing over 2,100 people, is a compliance and energy services group. The bolt-on deal expands Sureserve’s range of energy services, with CorEnergy providing the firm with new expertise in solar power and electric vehicles.

The maximum total consideration payable for CorEnergy by Sureserve is £7.5m, with an initial £5.9m payable on completion, including £2.9m in cash and the issue of 3,281,879 new ordinary shares of 10p each. Further deferred consideration of up to £1.6m may be payable, split equally between cash and shares, depending on CorEnergy's full-year results to December 2021.

Benchmark International proudly announces that our Managing Director, Kendall Stafford, has been named Investment Banker of the Year by The M&A Advisor in their 17th Annual M&A Advisor Awards.  

At the 20th Annual M&A Advisor Awards—known as the Oscars of the M&A world— Benchmark International was awarded Investment Banking Firm of the Year. The awards are presented by The M&A Advisor, and the winners were announced at the Gala Ceremony live event held in New York City on November 17, 2021.

Benchmark International beat out the other nominees, which included Capstone Partners, Clearsight Advisors, DC Advisory, Drake Star Partners, Generational Group, Leonis Partners, and Raymond James.

These awards serve as the industry benchmark for dealmaking excellence, recognizing the leading M&A transactions, restructurings, deal financings, products/services, firms, and professionals.