8 Top M&A Advisory Boutique Firms in the US

From my 15 years of leading a buy & sell-side M&A advisory firm, I’ve seen that each transaction is unique, and requires a collaborative and nuanced approach.

For that reason, many companies are switching from Big Four advisory firms to boutiques who can give them the attention and care they need to navigate deals confidently. 

But choosing the right firm can be overwhelming if you’re not sure what to look for. 

So, I put together this article, where I’ll go into four factors you should look for in a partner, and recommend eight boutique M&A advisory firms throughout the US. 

Each firm has a unique focus area, so you can choose the right one for your unique M&A needs.

What to Look For in an M&A Advisory Boutique Firm [4 Factors]

Here are the four factors I’d consider when hiring an M&A advisory boutique firm:

  • Experience and Expertise
  • Specialization
  • Reputation & Credibility
  • Customer Service & Support

Let’s look at each one in turn.

Factor 1: Experience & Expertise

Experience and expertise in M&A are critical as they make sure the advisory firm can handle tricky negotiations and complex regulations well. 

Seasoned advisors bring a wealth of knowledge. They can help prevent costly errors and spot opportunities that less experienced firms might miss.

Questions to ask to check for experience and expertise:

  • How long has the firm been handling M&A transactions?
  • How many M&A transactions have you handled?
  • What kind of deals have they completed? Ask for examples.
  • Can you share success stories or challenges you’ve overcome in past deals?
  • How do you stay updated with regulations and market changes?

A firm that specializes in your specific industry can provide tailored advice that is more applicable and impactful. 

They have a deeper understanding of the particular market dynamics and key players, leading to more strategic advice and better deal outcomes.

Check their website or ask them about:

Sectors and industries they specialize in
Names of past clients in your particular sector

The reputation and trustworthiness of a firm tell you a lot about how reliable and good they are at their job.

A well-known firm often gets better deals and makes everyone involved feel more confident.

Check references or testimonials from past clients to gauge for reputation and credibility.

Customer service and support are important both during and after an M&A deal. 

You should receive prompt, clear answers to your concerns and questions, and receive guidance throughout the entire process.

This ongoing support is important for smooth post-merger integration and for addressing any issues that might arise afterwards.

For example, at Eton, we are prepared to defend M&A valuations in court later if necessary.

In this article

In this article, I’ll go into how my M&A advisory firm, Eton Venture Services, excels in these areas.

And I’ll introduce you to seven other trusted boutique M&A advisory firms in the US.

8 Top Boutique M&A Advisory Firms in the US

Here are the top 8 Boutique M&A Advisory Firms in the US I recommend from my decades of experience in the industry:

  1. Eton Venture Services 
  2. Fulltonbridge 
  3. Three Sixty Seven Advisors 
  4. M+A squared 
  5. Blackcastle Partners 
  6. Carter Morse & Goodrich 
  7. MDR & Associates 
  8. Kratos Capital 

Below, I’ll explain why I recommend them.

1. Eton Venture Services – Best M&A Advisory Firm for Private Equity Firms

Revenue Range: $5M – $150M

Years of Experience: 15

Specialty: Private equity firms, investors, high-net-worth individuals 

Based in: Austin, TX (but we work with clients from all over the United States)

At Eton Venture Services, we help companies with revenues between $5M and $150M navigate M&A deals with confidence.

We support PE firms, investors, and high-net-worth individuals with both sales and acquisitions, and all the advisory support needed in between.

Our team of Big-4 trained CFOs and legal experts strive to understand your needs and deliver audit-proof, robust, and prompt M&A support. 

Being a boutique firm, we take pride in providing individual attention to our clients.

Every Eton client is assigned a senior M&A advisory expert. And I, the CEO, will be your key contact throughout your journey with us.

Whatever you need, I am always one call or email away. 

M&A advisory services - Eton

Here’s how Eton excels in the four factors we listed above:

Factor 1: Experience & ExpertiseWe’ve worked in the business valuation and M&A industry for over 15 years and have helped thousands of high-growth startups, private equity firms, and high net worth individuals.

Our experts understand the complexity of M&A, and have a proven track record in helping clients gain confidence through superior valuation and advisory services.
Factor 2: SpecializationWe are a business valuation and advisory company.

We support PE firms, investors, and high-net-worth individuals with both sales and acquisitions, and all the advisory support needed in between.
Factor 3: Reputation & CredibilityEton's credibility in the M&A space is well-established with a strong track record of successful engagements and positive client testimonials.

Some of our clients include Dutchie, Cedar, Healthcare Highways Inc., Spring Health, Pinterest, Loci, and Northwoods Capital Management.
Factor 4: Customer Service & SupportWe offer ongoing support (even after the engagement ends) and will defend M&A valuations in court if needed.

You’ll have direct access to me, the CEO, throughout our engagement.

How We Can Help You: Our Full Services

To give you a better idea of how we can help, here’s a comprehensive list of our M&A services:

  1. Pre-Deal M&A Valuation Analysis

Assess target companies, divisions, or assets to help determine appropriate bidding prices, negotiation strategies, and optimal structures while identifying potential risks and synergies.

  1. Quality of Earnings Analysis

Evaluate the sustainability and quality of a target company’s earnings, providing insights into its financial health and potential for future growth.

  1. Purchase Price Allocation (PPA)

Perform fair value assessments of tangible and intangible assets acquired in a business combination, ensuring compliance with financial reporting standards.

  1. Goodwill Impairment Testing

Assist clients in conducting annual goodwill impairment tests to determine if any write-downs are required, adhering to relevant accounting standards.

  1. Intellectual Property and Intangible Asset Valuation

Appraise intellectual property assets, such as patents, trademarks, copyrights, licenses, and customer lists, which are critical components of many M&A transactions.

  1. Transaction Opinions

Provide independent fairness opinions to boards of directors, ensuring that proposed transactions are fair to shareholders from a financial perspective.

  1. M&A Deal Advisory

Offer guidance and support throughout the M&A process, from due diligence and deal negotiation to closing and post-transaction integration, addressing both financial and strategic aspects.

  1. Litigation Support

Provide expert valuation and financial analysis services for M&A-related litigation, including purchase price disputes, earnout disputes, and breach of contract claims.

On top of M&A, we are also experts at other types of business valuations, such as:

Who We Work With

We work with businesses of all sizes and industries from established businesses to small start ups and fast growing scale ups. 

We match each of our clients with a valuator who has the necessary industry experience and insights to ensure a seamless and accurate process.

Here are some of our recent clients:

  • Substack
  • Definitive Intelligence, a Web3-focused company
  • Oklo
  • Apex Health Solutions
  • Guru Technologies

And this is the type of experience they have: 

Eton - M&A advisory firm
Eton testimonial

Looking for a reliable M&A advisory firm with top-notch customer service?

Eton can help. Get in touch with us here.

2. Fultonbridge – Best Boutique M&A Firm for the Consumer, Industrial & Technology sector

Revenue Range: $10M – $200M

Years of Experience: 24

Specialty: Lower middle market companies in consumer, industrial, and technology sectors

Based in: Chicago, IL

Fultonbridge - Best M&A advisory firm

If you’re looking for an expert in the consumer, industrial, or technology sector, Fultonbridge is a good choice. They can help you with:

  • Buy-side mergers & acquisition advisory
  • Sell-side mergers & acquisition advisory
  • Capital raising transactions

Founded in 2000 and headquartered in Chicago, the firm has worked globally on total transactions of over $10 billion, with over half of its assignments completed for repeat clients.

Unlike Big-4 firms, the advisors at Fultonbridge stress on not using cookie-cutter approaches, but carefully understanding your goals to provide tailored services. 

3. Three Sixty Seven Advisors – Best Boutique M&A Advisory Firm for the Healthcare Sector

Revenue Range: $10M – $1BN

Years of Experience: 5

Specialty: M&A and Corporate Debt Advisory for Healthcare companies

Based in: Tampa, FL

Three Sixty Seven Advisors is a boutique M&A advisory firm based in Tampa, Florida. 

Although it helps middle-market companies across all sectors with M&A and corporate debt advisory, it excels in healthcare transactions.

Recently, the team served as the exclusive advisor to BioSpine Institute in its successful transaction with Praesentia Healthcare, a leading healthcare services organization. 

367 Advisors has also helped other healthcare providers navigate M&A deals, like:

  • KNR Therapy
  • Autism Learning Center (ALC)
  • Dermatology Medical Partners

Experienced M&A professionals at Three Sixty Seven Advisors bring a broad range of perspectives and data points to spot and solve problems that could disrupt a deal before they happen.

They have an exceptional close rate, according to their Managing Principal Graham Woodard, which is a testament to their hard work and expertise.

4.M+A squared – Best Boutique M&A Advisory for Technology, Media, Communications, and Life Sciences 

Revenue Range: Not publicly available

Years of Experience: 11

Specialty: Technology, media, communications, and life sciences sectors

Based in: New York

M+A squared - best M&A advisory firm boutique

M+A Squared is a boutique advisory firm specializing in cross-border M&As for technology, media, communications, and life sciences sectors. 

Some of its cross-border M&A work includes:




Ripe (New York)

Acquisition by Hungry Marketplace (Washington DC)

Food Tech

Archer (Ukraine)

Acquisition by Cprime (US)


CAC (Japan)

Acquisition of Mitrais (Indonesia)

IT Services

M+A Squared advise on both sell-side and buy-side. 

For sell-side advisory, their experts take care of the entire process so their clients can focus on day-to-day operations: 

  • Heavy lifting of deal marketing
  • Identifying and initiating discussions with potential acquirers
  • Facilitating communication with the C-suite
  • Managing due diligence
  • Advising on strategic options
  • Assisting in negotiating and closing transactions

For buy-side advisory, they use their global network of relationships to:

  • Conduct targeted searches
  • Identify acquisition opportunities
  • Offer advice on the value and advantages of potential acquisition targets
  • Negotiate deal structure and terms on behalf of their clients

If financing is required, they use their connections with money lenders to find affordable financing options.

5. Blackcastle Partners – Best M&A Advisory Firm for Architecture, Engineering, and Construction Sectors

Revenue Range: $2M – $100M

Years of Experience: 13

Specialty: Architecture, Engineering, and Construction sectors

Based in: US and Canada – based in Las Vegas, NV

Blackcastle Partners is a well-known M&A advisory company in the AEC—Architecture, Engineering, and Construction sector. They are trusted by both U.S. and Canadian firms in this field. 

 Blackcastle Partners offers the following services:

  • Mergers & acquisitions
  • Corporate development
  • Exit planning
  • Strategic planning
  • Professional development services

The team has extensive experience in AEC. Within it, they have worked with the following sub-sectors:

  • Architecture & Interior Design
  • Construction/Program Management (CM/PM)
  • Environmental Services
  • Fire and safety
  • Geomatics, and more

While this is their main niche, they have also had clients in the following industries: 

  • Business services
  • Distribution
  • Healthcare
  • HR Services
  • Investment / Asset Recovery

6. Carter Morse & Goodrich – Best Boutique M&A Firm for Founder-Led & Family-Held Businesses

Revenue Range: $25M – $250M

Years of Experience: 35+

Specialty: Founder-led and family-held businesses

Based in: Southport, CT

Carter Morse & Goodrich - Best Boutique M&A firm

Carter Morse & Goodrich specializes in representing founder-led and family-held businesses valued between $25 million and $250 million. 

The firm’s goal is to achieve maximum value in a transaction, and they use their 35 years of investment banking experience to consistently achieve this goal.  

Their team of senior bankers with an average of 25 years of experience has completed 450+ client engagements with a total transaction value of $5Bn+.

They have a comprehensive service strategy that combines the following:

  • Hands-on service
  • Senior banker attention
  • Strategic guidance
  • Smooth transaction execution
  • Extensive network of resources in the U.S. and internationally

CMG’s services include:

  • Business sales and divestitures
  • Equity and debt capital raises
  • Acquisition services
  • Pre-transaction advisory services

The team also believes in giving back. They actively participate in local education programs, youth sports programs, and hospitals and clinics.

7. MDR & Associates – Best M&A Consulting Firm for Manufacturing, Distribution, Service & Construction Industries

Revenue Range: $1M – $100M 

Years of Experience: 17

Specialty: Manufacturing, Distribution, Service and Construction industries

Based in: Dallas, Fort Worth, Frisco, Austin & Houston

MDR & Associates - Best Boutique M&A Firm

MDR & Associates is a comprehensive business valuation and M&A advisory firm. It helps sell Companies in the manufacturing, distribution, service and construction industries for maximum value.

They offer the following services:

  1. Business valuations for divorce, sudden death of the business owner or a partner buy-out.
  2. Business sales/mergers & acquisitions
    1. Selling a business: The firm has a 10-step unique process that maximizes value in the shortest time. You can watch the explanation of the process here: 

2. Buying: The firm uses its network of hundreds of companies considering or planning to sell soon to find you a buyer.

3. Business financing: The advisors are well versed in all types of capital requirements and have a solution for most financing needs, such as:

  • Mezzanine financing
  • Equity financing
  • Bridge money
  • Factoring account receivables

They have completed over 200 transactions in the last 17 years.

8. Kratos Capital – Best Boutique M&A Firm for Middle-Market Sales, Divestitures, and Acquisitions

Revenue Range: $25M –  $300M

Years of Experience: 18

Specialty: Sales, divestitures, mergers, and expansion through acquisition of middle-market businesses

Based in: Dallas, TX

Kratos Capital - Best M&A boutique firm

Kratos Capital is an independent M&A advisory firm that specializes in the following for a broad range of sectors:

  • Sales
  • Divestitures
  • Mergers
  • Expansion Through Acquisition

It is a client-centric firm, with a focus on quality over quantity.

It boasts a high-touch approach of a boutique agency along with the resources of a large firm.

Kratos Capital has completed over 200 transactions, with a total of over $1 billion dollars in completed transactions in the private middle market.

Routinely, the methods the firm uses result in attractive initial offers, and clients closing a deal at or above their initial valuation range.

A Comparison of M&A Advisory Boutique Firms

Here’s the comparison chart of the different boutique advisory firms listed above.



Revenue Range

Years of Experience


Based In


Eton Venture Services

$5M – $150M


Private equity, investors, high-net-worth individuals

Austin, TX (but we work with clients from all over the United States)



Not publicly available


M&A advisory and capital raising for the middle market

Chicago, IL


Three Sixty Seven Advisors

$10M – $1BN


M&A and Corporate Debt Advisory for Middle-Market Companies

Tampa, FL


M+A squared

Not publicly available


Cross-border M&A at the intersection of technology, media, communications, and life sciences



Blackcastle Partners

$2M – $100M

Not available

M&A advisory for the AEC sector

Las Vegas, NV


Carter Morse & Goodrich

$25M – $250M


Founder-led and family-held businesses

Southport, CT


MDR & Associates

$1M – $100M


Manufacturing, distribution, service, and construction sectors

Dallas, TX


Kratos Capital

$25M – $300M


Sales, divestitures, mergers, expansion through acquisition

Dallas, TX

M&A Advisory Boutique Firms – FAQs

Have more questions about boutique M&A advisory firms? I answer them below:

What does an M&A Boutique firm do?

An M&A boutique firm is a specialized advisor focused on mergers and acquisitions. 

Unlike larger investment banks, these firms are smaller and provide personalized services. 

They guide clients through the entire merger or acquisition process, which includes identifying potential partners, valuing businesses, negotiating terms, and facilitating the deal’s closure.

M&A boutique firms often have deep knowledge in specific industries (e.g. healthcare, technology, or engineering), which can be especially helpful for complex transactions.

Here are five key reasons why you should choose a boutique M&A firm:

#1 Personalized Service:

You receive personalized attention due to smaller client rosters, ensuring high-level involvement and availability from senior advisors throughout your transaction.

#2 Specialized Expertise:

You benefit from deep industry insights and specialized knowledge, as many boutique firms focus on specific sectors or transaction types, which is crucial for complex deals.

#3 Flexibility and Agility:

With less bureaucracy than larger firms, boutique firms adapt quickly to your changing needs, offering innovative solutions and faster deal execution.

#4 Senior-Level Attention:

You enjoy direct engagement with senior-level experts (like me) who bring extensive experience to every aspect of your deal, helping you navigate M&A complexities effectively.

#5 Cost-Effectiveness:

Boutique firms typically have lower overheads, allowing them to offer more competitive pricing. This makes them a cost-effective choice for high-quality advisory services.

At Eton Venture Services, we’ve helped hundreds of private equity firms, high net worth individuals, and investors navigate M&A deals with confidence. 

We understand that every M&A transaction is unique, which is why we provide personalized attention to each of our clients. 

You’ll have direct access to me, the CEO, and a senior M&A advisory expert dedicated to your project, ensuring that you receive the expert guidance you need at every step.

Our Big-4 trained experts can also help you with whatever valuations you need along the way, whether it’s M&A valuations, 409A valuations, or portfolio valuations. We defend our valuations in court too, if needed. 

Our commitment to excellence is reflected in our strong track record and positive feedback from esteemed clients like Dutchie, Cedar, and Pinterest.

You can read all the testimonials here.

Get in touch with me today!

get in touch

Let's talk.

Schedule a free consultation meeting to discuss your valuation needs. 

President & CEO

Chris co-founded Eton Venture Services in 2010 to provide mission-critical valuations to venture-based companies. He works closely with each client’s leadership team, board of directors, internal / external counsel, and independent auditor to develop detailed financial models and create accurate, audit-proof valuations.

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