Berenson & Company Research
Advisory Approach
Berenson & Company is a merchant bank established in 1990 that operates as an independent investment banking firm with deep expertise in both M&A advisory and private equity investing. The firm operates on a foundation of partnership, integrity, and excellence, with a culture characterized by a nearly flat organizational structure and merit-based advancement. The firm believes that execution excellence combined with rigorous analytical capabilities and sector expertise delivers superior outcomes for clients.
Berenson's team is particularly skilled at addressing complicated issues and managing to strategic goals. The firm operates with a thesis that the best outcomes come from unbiased, actionable advice delivered by seasoned professionals who understand the nuances of complex transactions. This approach has enabled Berenson to negotiate M&A transactions representing well over $250 billion of public and private transaction value throughout its 30+ year history.
The firm's culture emphasizes democratic collaboration across all levels, providing opportunities for growth from day one of employment. This translates into how they work with clients—senior professionals work side-by-side with companies, boards, shareholders, and creditors to navigate complex situations involving broad sets of stakeholders.
Sector Focus
Berenson maintains industry expertise across virtually every end market, with particular depth in several key sectors. The firm's professionals have deep domain knowledge in technology (software, data & analytics), healthcare, industrials, business services, consumer, government services, real estate, and transportation & logistics.
Within software and technology, the firm has advised on transformative transactions including the $3.7 billion merger of equals between Getty Images and Shutterstock. The technology practice also encompasses aerospace and defense communications, as evidenced by Berenson's role as exclusive financial advisor to Aalyria's $100 million Series B financing in 2026.
In industrials and transportation, the firm brings deep expertise in logistics infrastructure, serving as financial advisor to LOGISTEC's acquisition of Logistics Park Dubuque in 2026. The healthcare practice covers services, products, and health technology, while the consumer sector expertise spans retail and consumer products.
The firm also maintains active practices in business services, government services (particularly defense technology), and real estate. This breadth enables Berenson to bring cross-sector insights to transactions and connect strategic buyers across industry boundaries.
Deal Track Record
Berenson & Company has an extensive transaction history spanning more than three decades. The firm has negotiated M&A transactions representing well over $250 billion in aggregate value, though individual deal records captured in public disclosures represent only a portion of the firm's completed transactions.
Recent significant transactions include:
2026 Transactions:
- Aalyria $100 million Series B financing (exclusive financial advisor)
- Bonterra acquires Deed (financial advisor to Bonterra)
- LOGISTEC acquires Logistics Park Dubuque (financial advisor)
2025 Transactions:
- Getty Images and Shutterstock merge in $3.7 billion merger of equals (lead financial advisor to Getty Images)
2024 Transactions:
- HBC, parent of Saks Fifth Avenue, acquires Neiman Marcus Group for $2.65 billion (financial advisor to Insight Partners)
Earlier Transactions:
- NMI acquires Agreement Express (2022)
- GTCR growth investment in Lexipol
- Genstar Capital and Insight Partners acquire Vector Solutions
- Carlyle Group acquires NEP Group
- PDI acquires P97 Networks
- OneTrust acquires Planetly for $110 million
- Insight Partners strategic investment in CommerceHub
- E2open combines with BluJay Solutions
The firm's deal flow spans sell-side and buy-side M&A, growth equity investments, recapitalizations, and special committee advisory assignments. Notably, Berenson served as financial advisor to the Special Committee of Pre-Paid Legal in a merger transaction, demonstrating the firm's capability in governance-focused engagements.
Process & Fee Structure
Berenson runs institutional-quality processes tailored to each client's situation. The firm is particularly skilled at managing complicated issues involving multiple stakeholders, making them well-suited for special committee assignments and situations requiring nuanced advisory work.
The firm's approach emphasizes rigorous analysis, comprehensive buyer outreach, and strategic goal management. While specific fee structures are not publicly disclosed, Berenson likely employs standard investment banking engagement models including retainers credited against success fees, with fee structures aligned with the Lehman or modified Lehman formulas common in the industry.
For clients needing capital beyond M&A, Berenson offers a Debt Capital Markets platform launched in 2011, providing public and private debt financing capabilities. The firm has FINRA approval to execute public underwritings of debt and equity.
Buyer Network
Berenson maintains extensive relationships across the buyer spectrum, with particular strength in private equity and strategic acquirers. The firm's buyer network includes:
Private Equity: Battery Ventures, J2 Ventures, Bain Capital, GTCR, Genstar Capital, Insight Partners, The Carlyle Group, Rhône Capital, Francisco Partners, Broad Sky Partners
Strategic Buyers: Fortune 500 corporations across technology, media, industrials, retail, and healthcare sectors, including Getty Images, HBC/Saks, LOGISTEC, PDI Technologies, and international strategic acquirers
This network enables Berenson to run broad processes that reach both financial sponsors and strategic buyers, maximizing competitive tension and value for clients. The firm's experience across lower middle market to multi-billion dollar transactions provides access to buyers at every scale.
Competitive Positioning
Berenson differentiates through several key attributes:
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Merchant Bank Model: The firm operates both as an M&A advisor and private equity investor through Berenson Capital, providing unique perspective from both sides of transactions
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Sector Expertise: Deep domain knowledge in technology, healthcare, industrials, and business services enables nuanced positioning and buyer identification
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Senior-Level Attention: Nearly flat organizational structure means clients work directly with senior professionals, not junior staff
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Complex Situation Capability: Particular strength in addressing complicated issues and managing special committee assignments
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30+ Year Track Record: Established in 1990 with consistent execution through multiple market cycles
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FINRA Registered: Full broker-dealer capabilities including public underwriting and debt capital markets expertise
Not a Fit If
Based on the firm's positioning and transaction history, Berenson is likely not a fit for:
- Very small micro-cap transactions below the lower middle market
- Clients seeking limited buyer outreach or quick transaction processes
- Situations lacking fundamental business merit or strategic viability
- Transactions requiring mass-market retail brokerage capabilities
The firm is best suited for companies seeking sophisticated advisory services, comprehensive buyer outreach, and nuanced guidance through complex situations involving multiple stakeholders.
Team
Berenson's leadership team combines deep experience with operational expertise:
Jeffrey L. Berenson - Chief Executive Officer, 44 years of experience, CRD# 18881. Founded Berenson & Company in 1990 after serving as co-head of Merrill Lynch's Merchant Banking Group.
Islam Zughayer - Senior Managing Partner, senior leader in the firm's investment banking practice.
Michael Lewis - Chief Financial Officer, Chief Compliance Officer, CRD# 4587805.
Dominic Chan - Managing Director, Head of Global Financial Sponsors, CRD# 5345582. Over 13 years of experience, works with leading private equity firms.
Alexander Deutsch - Managing Director, CRD# 6069678. Promoted to Managing Director in July 2024.
Christopher Dubyak - Managing Director, CRD# 5846376. Promoted to Managing Director in July 2024.
Alessandro Masolo - Vice President
Niv Skidan - Vice President
The firm operates with a team of approximately 11-50 professionals according to LinkedIn, with a nearly flat organizational structure that emphasizes collaboration and merit-based advancement.
Geographic Coverage
Headquartered at 667 Madison Avenue, 18th Floor, New York, NY 10065, with phone (212) 935-7676. The firm serves clients nationally across the United States with particular depth in New York, California, and major business centers. While headquartered in New York, Berenson's transaction history includes companies and buyers across North America and internationally.