Best M&A Advisors and Investment Banks in Chicago
for Lower Middle Market Deals (2026)

Who These Chicago M&A Advisors Are Best For

Salt Creek Advisory publishes this comparison of Amherst Partners, Dresner Partners, Lincoln International, Peakstone Group, and our own firm. These advisors span founder-led, middle-market, and institutional service models, so the most useful choice depends on deal size, industry, transaction complexity, and desired senior involvement rather than an overall ranking.

Company size and industry should narrow your options first. Your preferred level of senior involvement should then shape which firm you interview. The list serves owners evaluating a sale rather than buyers seeking acquisition targets.

Salt Creek Advisory created this article, so we profile our firm with that disclosure. Illinois recorded roughly 600 to 700 M&A transactions in 2024, according to Peony’s Chicago advisor review. The firms below illustrate the range available to local owners, from founder-led advisors to global investment banks.

How These Firms Were Selected

We first reviewed each firm’s public transaction history and disclosed deal-size focus. We then considered its Midwest presence and relevance to founder-led sell-side engagements. We also considered whether each firm serves privately held businesses and provides enough public information for an owner to evaluate its fit.

We list Salt Creek Advisory first because we publish this comparison. The remaining firms appear alphabetically. Their order does not rank size, experience, transaction results, or service quality because public information does not support a fair performance ranking across the firms.

Chicago M&A Advisors at a Glance

Deal size refers to client revenue where firms publish revenue ranges. Use industry, transaction complexity, and desired principal access to refine the deal-size comparison.

Salt Creek Advisory

Best For

Salt Creek Advisory fits founder-owned and family-owned businesses with roughly $2 million to $75 million in annual revenue. Owners who want direct principal access, a targeted buyer process, and no upfront retainer may find the model especially suitable.

What It Is

Direct founder access shapes each engagement. Clients work with Jack and Connor Pitts throughout preparation, buyer outreach, offer evaluation, due diligence, negotiation, and closing. Salt Creek does not transfer the relationship to a junior execution team after the initial meeting.

A success-fee model reduces the owner’s upfront cost. Salt Creek charges no retainer for standard M&A engagements and earns its advisory fee only when a transaction closes. The engagement agreement still governs the fee calculation and other expenses, so owners should review the full terms before hiring the firm.

Salt Creek brings a family-owned Chicago perspective to lower-middle-market transactions nationwide. The firm primarily represents established private companies in manufacturing, industrial services, distribution, business services, managed IT services, early childhood education, and pet care. Its position on this list reflects fit for a specific owner segment, not a claim that Salt Creek exceeds larger investment banks in size or transaction experience.

Pros

• Jack and Connor remain personally involved throughout the engagement, which gives owners direct access to the people responsible for the process.
• Standard sell-side engagements require no upfront retainer.
• Buyer research covers strategic acquirers, private equity firms, family offices, and independent sponsors rather than relying on a public listing.
• The firm’s target range includes businesses that may receive limited senior attention at a large investment bank.
• Salt Creek considers employee continuity, family priorities, confidentiality, and closing certainty alongside headline price.

Cons

• Salt Creek’s smaller team offers fewer specialized resources than a global investment bank for complex cross-border, financing, or capital-markets assignments.
• Companies pursuing transactions above $100 million may need an institution with a larger international office network and deeper sector-specific staffing.
• The firm concentrates on selected lower-middle-market industries rather than claiming equal depth across every sector.

Pricing

Salt Creek charges a success fee when a transaction closes and does not require an upfront retainer for standard M&A engagements. The specific fee depends on the company’s size, transaction complexity, and expected value.

Amherst Partners

Best For

Amherst Partners fits middle-market owners who may need M&A advice alongside capital raising, restructuring, or management advisory services. Its Midwest base and cross-border capabilities may suit larger or more complicated transactions.

What It Is

Amherst is headquartered in Birmingham, Michigan, near Detroit. The firm advises private and family-owned businesses, private equity firms, independent sponsors, and corporations across sectors including industrials, healthcare, technology, and transportation.

The firm reports more than 450 completed engagements representing over $20 billion in cumulative transaction value. Those firm-wide figures show substantial experience, although they do not indicate the size of a typical Amherst transaction.

Pros

• Amherst brings more than 25 years of experience to domestic and cross-border engagements.
• Owners can use one firm for a sale, capital raise, restructuring, or related management advice.
• Its industry coverage includes several sectors important to the Midwest, particularly automotive, industrials, building products, and transportation.

Cons

• Amherst lists one office in Birmingham, Michigan, with no Chicago office or Chicago-based staff.
• Public materials provide no revenue, EBITDA, or transaction-value range for prospective clients.
• The firm’s broad advisory platform may offer more services than a smaller owner needs for a straightforward company sale.

Pricing

Amherst does not publish its fees. Owners should compare any upfront retainer, success fee, expense reimbursement, and minimum fee in the proposed engagement agreement.

Dresner Partners

Best For

Owners seeking an established Chicago investment bank for a lower-middle-market or middle-market sale, particularly in healthcare, industrials, technology, business services, consumer products, or financial services.

What It Is

Founded in 1991, Dresner Partners is a Chicago-headquartered investment bank focused primarily on sell-side M&A. The firm also handles capital raising, restructuring, valuation work, and cross-border transactions. Dresner reports more than 30 years in business and over $8 billion in completed transaction value. Dresner Investment Services operates as a FINRA-registered broker-dealer and FINRA and SIPC member.

The firm’s recent transaction announcements show activity across several sectors. Recent mandates include Tecnikabel Group’s acquisition of EIS Wire & Cable, Dealer Image Pro’s sale to PBS Systems, Valley E.N.T. and Masdon ENT’s sale to Confluence Healthcare Partners, and CAI Custom Alloys’ sale to EverMetal Holdings. The announcements do not disclose transaction values.

Pros

• Dresner combines a long Chicago operating history with access to domestic and international buyers through Mergers Alliance.
• Recent named mandates provide current evidence of work in healthcare, software, and industrial businesses.
• Senior banker involvement may appeal to owners who want experienced professionals handling a complex sale.
• Capital raising, restructuring, and valuation capabilities support transactions that require more than a standard sale process.

Cons

• Dresner describes its target market broadly as lower middle market and middle market, without publishing revenue or transaction-value boundaries.
• Its broker-dealer platform and multiple advisory practices may provide more institutional infrastructure than a smaller founder-owned sale requires.
• The firm’s broad industry coverage may offer less specialization than a sector-focused advisor for certain businesses.

Pricing

Dresner does not publish its engagement fees or retainer structure. Pricing likely depends on transaction size, scope, and complexity.

Lincoln International

Best For

Lincoln International fits larger companies, private equity portfolio businesses, and owners pursuing platform-scale or complex cross-border transactions.

What It Is

Lincoln International is a Chicago-headquartered investment bank with a large international operation. The firm reports more than 1,400 professionals across over 30 offices in 14 countries, with practices covering business services, consumer, healthcare, industrials, and technology through its company profile.

Its services include M&A advisory, capital raising, restructuring, private funds advisory, and valuation opinions. Lincoln reports 2,935 transactions over the last 10 years, although that total covers several service lines and does not represent Chicago sell-side deals alone.

Lincoln also filed for an initial public offering in 2026 and applied to list its shares on the New York Stock Exchange. The filing supports Lincoln’s position as the most institutional firm in this comparison.

Pros

• A global office network supports transactions involving buyers, sellers, or financing sources in several countries.
• The firm can bring sector specialists and capital-markets professionals into transactions that require more than a standard sale process.
• Its reported transaction volume provides substantial experience across different structures and industries.

Cons

• Lincoln’s large team and institutional process may exceed what a smaller founder-owned company needs for a straightforward sale.
• Public materials do not identify a standard transaction-size range, which makes direct fit harder to assess before an initial discussion.
• Owners seeking consistent access to the same principals throughout the engagement may prefer a smaller advisory firm.

Pricing

Lincoln does not publish standard fees. Engagement terms likely depend on transaction size, service scope, complexity, and geography.

Peakstone Group

Best For

Peakstone Group fits entrepreneur- and family-owned companies with roughly $10 million to more than $500 million in revenue, especially those seeking M&A advice, capital raising, or strategic advice.

What It Is

Peakstone is an independent middle-market investment bank headquartered at 550 West Van Buren Street in Chicago. The firm also maintains nine additional US offices, which gives it a national footprint for buyer and capital-provider outreach.

Peakstone serves industries including business services, consumer and retail, healthcare, manufacturing, software and data services, and transportation. Its disclosed revenue range describes client size rather than transaction value.

Pros

• Peakstone combines a Chicago headquarters with offices in major Midwest and national markets.
• Its $10 million to $500 million-plus client revenue range gives owners a clear indication of the firm’s intended market.
• Capital-raising and strategic advisory services support transactions that involve financing or more complex ownership structures.
• Broad industry coverage suits diversified companies and owners considering buyers outside their immediate sector.

Cons

• Companies below $10 million in revenue fall outside Peakstone’s stated client profile, which may limit its fit for smaller owner-operated businesses.
• Peakstone does not publish a transaction-value range, so revenue alone cannot establish whether a specific deal fits its typical mandate.
• Its investment banking platform may provide more services than a straightforward sale of a smaller business requires.

Pricing

Peakstone does not publish standard retainers, success fees, or minimum fees. Owners should compare the proposed fee structure, reimbursable expenses, and termination terms in the engagement letter.

Chicago M&A Advisor Decision Factors

✅ indicates a confirmed fit. 🟡 indicates an engagement-specific fit or limited public information. ❌ indicates no Chicago headquarters.

How to Choose the Right Chicago M&A Advisor

1. Start with deal size. Compare your revenue and expected transaction value with each firm’s stated range. Salt Creek publishes a range of $2 million to $75 million in revenue, while Peakstone publishes a range beginning at $10 million; Lincoln does not disclose a standard range. Ask Dresner and Amherst to confirm fit because neither publishes a clear range.
2. Check relevant industry experience. An advisor who knows your sector can identify likely buyers and explain the operating factors that affect valuation. Salt Creek may fit businesses in its named focus sectors, while Lincoln offers broad global coverage. Review recent transactions when assessing Dresner, Peakstone, or Amherst.
3. Decide how much principal access you want. Salt Creek gives owners direct access to Jack and Connor throughout the engagement. Larger firms may provide deeper staffing, but you should ask who will lead buyer outreach and negotiations after the initial pitch.
4. Compare fee structures. Salt Creek’s standard engagements use a success fee without an upfront retainer. Other firms may charge a retainer plus milestone or minimum fees, so compare the full engagement terms rather than one percentage.
5. Consider geographic fit last. Salt Creek and Dresner have Chicago headquarters, as do Lincoln and Peakstone. Amherst serves the region without a confirmed Chicago office. Local presence can help with in-person meetings, but buyer reach and transaction experience usually carry more weight.

Frequently Asked Questions

What do M&A advisors typically charge?

A success fee is paid when a transaction closes, and 2023 to 2024 U.S. fee guide figures modeled fees of 6.3% at $5 million, 3.9% at $20 million, and 2.0% at $100 million. Salt Creek uses this structure without an upfront retainer for standard M&A engagements. Comparing minimum fees, expenses, retainers, and the definition of transaction value reveals the total potential cost.

How does a business broker differ from an M&A advisor?

A business broker often markets smaller companies through listing networks, while an M&A advisor usually prepares detailed materials and contacts selected strategic and financial buyers. Salt Creek runs targeted sell-side processes for established founder-owned and family-owned businesses. You should choose based on transaction complexity and the buyers your company can attract.

How can I tell if an advisory firm is right-sized for my deal?

A right-sized advisor regularly serves companies near your revenue, earnings, and expected transaction-value profile. Salt Creek generally serves businesses with $2 million to $75 million in revenue and at least $500,000 of adjusted EBITDA. Confirming comparable engagements, assigned staff, and senior attention helps determine whether your deal will be a priority.

Do I need an advisor headquartered in Chicago?

Geographic fit reflects the advisor’s knowledge of regional buyers and the local business network. Salt Creek works nationally while maintaining its Chicago and Midwest base. You can prioritize sector knowledge and deal-size experience over office location if the advisor communicates well and can reach the right buyers.

See Whether Salt Creek Advisory Fits

Salt Creek may be a strong candidate for founder-owned Chicago-area companies with $2 million to $75 million in revenue that want direct principal access and no upfront retainer.

You do not need to be ready to sell. You can explore whether Salt Creek Advisory fits through a confidential conversation with Jack and Connor about valuation, buyer interest, timing, or unsolicited offers.

Sources

• Salt Creek Advisory lower-middle-market investment bank comparison
• Axial directory of Chicago investment banks
• Peony guide to Chicago M&A advisors