Chicago has one of the deepest M&A advisory markets in the US outside New York. This list covers 11 firms active in 2026 - with deal sizes, sector focus, and what they actually do well.
Chicago's M&A market in 2026
Chicago is the center of the US mid-market. More $50M-$500M deals close here per year than in any city outside New York or San Francisco.
The buyer universe in Chicago skews heavily toward PE. The city has over 200 active private equity funds, which means your advisor's sponsor relationships matter as much as their deal experience.
Sector depth varies by firm. The strongest Chicago advisors have closed 10+ deals in your specific sub-sector in the last three years - not just a generalist presence across everything.
Ellty's virtual data room lets you build your document package before your first advisor meeting. Organized files shorten the time from engagement to first-round bids.
How Chicago advisors approach the sell-side
Most Chicago mid-market advisors run structured auction processes with 10-20 potential buyers. They send a teaser, qualify interest, execute NDAs, then distribute a full CIM to serious parties.
The best Chicago advisors have built buyer lists over years of closed deals. A firm that closed 30 industrial transactions in the Midwest knows which PE funds are actively adding to their platforms.
Don't confuse firm size with deal quality. Several boutique Chicago advisors consistently outperform larger firms on mid-market sell-side mandates because their senior bankers stay on deals.
Ellty's mergers and acquisitions page explains what buyers expect from your data room at each stage. Having documents staged by diligence phase tells buyers you've done this before.
| Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|
| William Blair | Both | $50M-$2B+ | Healthcare, technology, consumer, industrials, services | williamblair.com |
| Lincoln International | Both | $50M-$1B+ | Industrials, healthcare, business services, consumer | lincolninternational.com |
| Houlihan Lokey | Both | $50M-$5B+ | Industrials, financial institutions, business services | hl.com |
| Mesirow Financial | Both | $25M-$500M | Healthcare, consumer, business services, industrials | mesirow.com |
| Baird | Both | $50M-$2B+ | Healthcare, technology, industrials, consumer, services | rwbaird.com |
| Madison Street Capital | Both | $5M-$250M | Lower middle market, manufacturing, services, technology | madisonstreetcapital.com |
| Duff & Phelps (Kroll) | Both | $50M-$5B+ | Healthcare, real estate, financial services, technology | kroll.com |
| Livingstone Partners | Both | $25M-$500M | Business services, industrials, consumer, healthcare | livingstonepartners.com |
| DC Advisory | Both | $50M-$2B+ | Industrials, consumer, services, cross-border | dcadvisory.com |
| Capstone Partners | Both | $10M-$500M | Industrials, consumer, healthcare, technology, services | capstonepartners.com |
| KPMG Corporate Finance | Both | $50M-$10B+ | Healthcare, consumer, financial services, industrials | kpmg.com |
How to verify an advisor's track record
Ask for a deal list with buyer names, deal sizes, and close dates from the last 24 months. A Chicago mid-market advisor should show you 10+ closed sell-side mandates in your size range.
Check that the partners who pitch you stayed on recent deals. Call the CFO or CEO of two or three companies they sold - not just the names they offer as references.
Ask the advisor who will be your day-to-day contact and how many deals that person is currently running. More than four active mandates and you'll get less attention than you're paying for.
Ellty's due diligence workspace lets you track every document buyers open throughout the process. You'll know which buyers are doing real diligence before management presentations.
Read the sell-side due diligence guide before you sign an engagement letter. Knowing what buyers will ask lets you build the right data room from day one.
Chicago M&A data room
Organize your financials and contracts before Chicago buyers come to diligence.
Start free 14-day trialWhat an M&A deal looks like: 6 stages
Chicago mid-market sell-side processes typically run six to nine months. PE-backed deals with multiple bidders can move faster - four to six months if the process is competitive and both sides want to close.
| What happens | What you need ready | |
|---|---|---|
| Preparation | Valuation, advisor selection, CIM drafting | 3 years financials, EBITDA bridge, customer data |
| Advisor engagement | Engagement letter signed, process timeline set | Engagement letter, org chart, management bios |
| Marketing | Teaser and CIM sent to qualified PE and strategic buyers | Ellty data room with staged access per buyer tier |
| LOI | Buyers submit offers, advisor negotiates shortlist | Management presentation, updated forecast, cap table |
| Due diligence | Winning buyer reviews full financial and legal records | Full Ellty data room: contracts, HR, IP, financials |
| Close | Purchase agreement signed, funds transferred | Board approvals, reps and warranties, escrow setup |
11 Chicago M&A advisors active in 2026
These firms are active across healthcare, industrials, consumer, technology, and services M&A in Chicago in 2026.
1. William Blair
William Blair is Chicago's home-grown investment bank and one of the most active mid-market advisors globally, with a sell-side practice that spans healthcare, technology, consumer, and business services.
Recent Deals: Advised Covetrus on its $4.0B take-private with TPG and Clayton Dubilier & Rice in 2022, remaining active through 2025-2026 in healthcare and technology M&A.
LinkedIn: William Blair on LinkedIn
Sector Focus: Healthcare, technology, consumer, industrials, business services, financial services
Deal Type: Both
Deal Size: $50M-$2B+
Location: Chicago, IL (global headquarters, multiple US and international offices)
Website: williamblair.com
2. Lincoln International
Lincoln International is headquartered in Chicago and built its global reputation running PE-backed mid-market sell-side processes - the firm has 15+ offices worldwide and deep sponsor relationships.
Recent Deals: Part of the global team that completed 957 M&A transactions from 2020-2025. Regularly advises on PE-backed exits in industrials and business services from its Chicago base.
LinkedIn: Lincoln International on LinkedIn
Sector Focus: Industrials, healthcare, business services, consumer, technology
Deal Type: Both
Deal Size: $50M-$1B+
Location: Chicago, IL (global headquarters)
Website: lincolninternational.com
3. Houlihan Lokey
Houlihan Lokey has a strong Chicago presence across M&A advisory, financial restructuring, and financial opinions - useful when a deal involves complexity beyond a standard sell-side auction.
Recent Deals: Ranked No. 1 M&A advisor for transactions under $1 billion globally in 2024. Active in Chicago industrials, financial services, and business services M&A through 2025-2026.
LinkedIn: Houlihan Lokey on LinkedIn
Sector Focus: Industrials, financial institutions, business services, consumer, technology
Deal Type: Both
Deal Size: $50M-$5B+
Location: Chicago, IL (major office, global network)
Website: hl.com
4. Mesirow Financial
Mesirow is Chicago-founded and Chicago-focused, with an investment banking team that knows the Midwest PE buyer landscape as well as any firm in the city.
Recent Deals: Active in mid-market M&A advisory through 2025-2026. Mesirow's investment banking team covers healthcare services, consumer, and business services sell-side mandates from Chicago.
LinkedIn: Mesirow Financial on LinkedIn
Sector Focus: Healthcare services, consumer, business services, industrials, financial services
Deal Type: Both
Deal Size: $25M-$500M
Location: Chicago, IL (headquartered, national coverage)
Website: mesirow.com
5. Baird
Baird's Chicago team covers healthcare, technology, industrials, and consumer M&A with one of the most active mid-market deal pipelines in the region.
Recent Deals: Active in mid-market M&A across healthcare, technology, and industrials in 2025-2026. Baird's investment banking team closes 150+ transactions annually across its US offices.
LinkedIn: Baird on LinkedIn
Sector Focus: Healthcare, technology, industrials, consumer, business services
Deal Type: Both
Deal Size: $50M-$2B+
Location: Chicago, IL (major office, also Milwaukee and multiple US cities)
Website: rwbaird.com
6. Madison Street Capital
Madison Street Capital focuses on lower middle market transactions from $5M to $250M - the segment where most larger Chicago firms won't invest senior banker time.
Recent Deals: Active in lower middle market manufacturing, services, and technology M&A in 2025-2026. Madison Street Capital regularly closes deals in the $10M-$75M range.
LinkedIn: Madison Street Capital on LinkedIn
Sector Focus: Lower middle market, manufacturing, business services, technology, distribution
Deal Type: Both
Deal Size: $5M-$250M
Location: Chicago, IL (headquartered)
Website: madisonstreetcapital.com
Chicago M&A data room
Organize your financials and contracts before Chicago buyers come to diligence.
Start free 14-day trial7. Duff & Phelps (Kroll)
Duff & Phelps - now part of Kroll - was founded in Chicago and retains a significant advisory presence covering M&A, valuations, and restructuring across multiple sectors.
Recent Deals: Active in M&A advisory and financial opinions through 2025-2026. Kroll's transaction advisory team supports buyers and sellers across healthcare, financial services, and technology.
LinkedIn: Kroll on LinkedIn
Sector Focus: Healthcare, financial services, real estate, technology, industrials
Deal Type: Both
Deal Size: $50M-$5B+
Location: Chicago, IL (major office, global network)
Website: kroll.com
8. Livingstone Partners
Livingstone Partners is a Chicago-headquartered mid-market boutique with a strong cross-border capability that gives European strategic buyers access to Midwest businesses - and vice versa.
Recent Deals: Active in mid-market sell-side advisory through 2025-2026. Livingstone covers business services, industrials, and consumer M&A with offices in Chicago, London, and Dusseldorf.
LinkedIn: Livingstone Partners on LinkedIn
Sector Focus: Business services, industrials, consumer, healthcare, cross-border
Deal Type: Both
Deal Size: $25M-$500M
Location: Chicago, IL (headquartered, with London and Dusseldorf offices)
Website: livingstonepartners.com
9. DC Advisory
DC Advisory - backed by Daiwa Securities - brings Japanese and Asian strategic buyer access to Chicago mid-market deals in industrials and consumer sectors.
Recent Deals: Active in industrials and cross-border M&A advisory through 2025-2026. DC Advisory's Chicago team covers Midwest industrial and consumer businesses with Japanese buyer access.
LinkedIn: DC Advisory on LinkedIn
Sector Focus: Industrials, consumer, services, cross-border, manufacturing
Deal Type: Both
Deal Size: $50M-$2B+
Location: Chicago, IL (US headquarters, global network)
Website: dcadvisory.com
10. Capstone Partners
Capstone Partners covers lower and core middle market M&A with a research-led approach to buyer targeting - their sector M&A reports give sellers data on which buyers are actively acquiring.
Recent Deals: Active in industrials, consumer, and healthcare M&A advisory through 2025-2026. Capstone publishes quarterly sector M&A market updates across all covered industries.
LinkedIn: Capstone Partners on LinkedIn
Sector Focus: Industrials, consumer, healthcare, technology, business services
Deal Type: Both
Deal Size: $10M-$500M
Location: Chicago, IL (national presence with multiple offices)
Website: capstonepartners.com
11. KPMG Corporate Finance
KPMG Corporate Finance advises on the largest and most complex Chicago transactions, with strength in cross-border deals and situations where tax structuring and financial diligence run alongside M&A advisory.
Recent Deals: Active in corporate M&A advisory through 2025-2026. KPMG's Chicago team handles large-cap transactions and divestitures where integrated tax and financial advisory add value.
LinkedIn: KPMG on LinkedIn
Sector Focus: Healthcare, consumer goods, financial services, industrials, technology
Deal Type: Both
Deal Size: $50M-$10B+
Location: Chicago, IL (major US office, global network)
Website: kpmg.com
Chicago's private equity buyer landscape
Chicago has one of the largest concentrations of private equity in the US. GTCR, Madison Dearborn, Pritzker Private Capital, Sterling Partners, and Baxter International's PE arm are all here.
PE firms headquartered in Chicago deploy capital actively into Midwest companies. They know the region, the management team types, and the operational dynamics of Midwest businesses.
Your advisor should have personal relationships with the partners who cover your sector at the 10-15 most relevant Chicago PE firms. Email introductions don't generate competitive bids - relationship-driven outreach does.
Ellty's private equity page covers what financial sponsors look for in a data room before submitting an LOI. Having your model and management presentation organized signals you're a serious seller.
Read the due diligence for private equity guide before your first PE buyer meeting. PE buyers dig into working capital, management incentive plans, and integration costs before they submit a bid.
Mid-market M&A dynamics in the Midwest
Chicago mid-market deals typically trade at 5x-8x EBITDA for services businesses and 6x-10x for healthcare and technology companies. Quality of earnings and recurring revenue drive the spread.
Midwest buyers - both strategic and PE - apply more scrutiny to customer concentration than coastal buyers. If you have one customer above 20% of revenue, you'll need to address it in your CIM before it becomes a diligence issue.
Management retention is a key deal term in Chicago PE transactions. Most PE buyers require founder or management rollover equity, and your advisor should negotiate that structure early.
Ellty's secure file sharing lets you share management presentation materials with specific buyer groups. Track who reviews each version and follow up with the buyers who spend the most time in the data room.
Read the M&A process guide to understand what a well-run sell-side process looks like from the seller's perspective. Knowing the process helps you hold your advisor accountable at each stage.
How to prepare for a Chicago sell-side process
Start building your data room three to six months before going to market. Disorganized records are the most common reason Chicago sell-side processes slow down in diligence.
Your quality of earnings report should be prepared by an independent accounting firm before you engage buyers. Buyers will commission their own QoE - but having yours ready reduces surprises.
Brief your management team before the process begins. They'll need to participate in management presentations without signaling desperation or uncertainty to buyers.
Ellty's due diligence workspace lets you organize and stage documents before your advisor goes to market. Set folder access permissions so each buyer group sees only what's appropriate at their stage.
Read the how to prepare for due diligence guide before your first advisor pitch meeting. Walking in with organized records shortens the process and signals to advisors you're ready to move.
How Ellty helps you close an M&A deal in Chicago
Build your data room early. Chicago buyers expect organized files.
- 1.Upload financial and legal documents securelyAdd financials, contracts, and QoE before outreach.
- 2.Set permissions for each buyer tierControl which buyers see full vs teaser files.
- 3.Track document opens to find serious buyersSee who reviewed what and follow up precisely.
Common questions about Chicago M&A advisors
- Chicago advisors have deeper Midwest PE relationships. They know the regional buyer landscape that matters most for mid-market deals.
- Expect six to nine months from advisor engagement to close. Competitive PE processes with multiple bidders can run faster.
- Services businesses trade at 5x-8x EBITDA. Healthcare and technology companies typically see 6x-10x depending on growth.
- Use a boutique if you want senior banker attention. Use a national bank if cross-border buyer reach matters for your deal.
- A well-run process contacts 20-40 qualified buyers. Fewer than 15 means the advisor isn't working hard enough.
- Yes. Lincoln International, DC Advisory, and Livingstone Partners all run active cross-border practices from Chicago.
