Berkery, Noyes & Co. Research
Advisory Approach and Philosophy
Berkery, Noyes & Co. is an independent, research-driven investment bank focused exclusively on mergers and acquisitions advisory, debt and equity financing, and valuation services. Since its founding in 1983 by Joseph W. Berkery, a veteran of the publishing industry, the firm has built a distinctive thesis around vertical market specialization: that deep knowledge of specific industries combined with exhaustive market intelligence enables superior M&A outcomes for clients.
The firm operates with complete independence, serving no constituencies other than its clients. This alignment differentiates Berkery Noyes from bulge-bracket banks where conflicts of interest are endemic. Their sweet spot is information-industry companies at multiple stages: from bootstrapped software startups acquired by PE firms, to mature healthcare and education providers being recapitalized or sold strategically.
Market Position and Scale
Berkery Noyes has completed more than 500 M&A transactions over its 43-year history, representing both sellers and buyers across multiple industries. The firm maintains relationships with 12,500+ active buyer network participants, giving sellers access to an exceptionally broad audience of potential acquirers. This is significantly deeper than typical lower-middle-market advisors who might manage relationships with 500-2,000 buyers.
The firm's information database includes more than 250,000 companies and C-level contacts across the information, software, and technology sectors. This proprietary dataset, combined with their MandAsoft research service that tracks market transactions in real time, gives Berkery Noyes an informational advantage in advising clients on valuation, buyer strategy, and deal structuring.
Industry Expertise and Focus
Berkery Noyes focuses on eight core vertical markets: Software, Online & Mobile, Media & Marketing, Education, Finance, Healthcare, Human Capital Management, and Consumer & Retail. Recent transaction data shows concentration in Software (989 deals tracked), Online & Mobile (1,225 deals), and Consumer & Retail (334 deals) over the preceding six months—indicating both where the market is active and where Berkery Noyes has particular expertise.
Within Software, the firm advises on SaaS platforms, enterprise software, vertical market software, and software-enabled services. Online & Mobile focuses on digital agencies, e-commerce platforms, and mobile applications. Media & Marketing includes digital marketing agencies, content platforms, and trade show/events companies. Education is one of their deepest practices, spanning K-12 publishing, higher education technology, online learning platforms, and education services. Healthcare includes medical device manufacturers, healthcare services, diagnostic companies, and behavioral health providers.
This horizontal breadth—combined with vertical depth in 8+ sectors—is unusual among independent middle-market banks and reflects Berkery Noyes' research-driven approach. They track market trends not just to advise clients but to publish quarterly trend reports that establish them as thought leaders in each vertical.
Deal Track Record and Buyer Network
Recent transactions completed by Berkery Noyes demonstrate the breadth of their practice:
Healthcare: ACES acquisition of Ally Pediatric Therapy (General Atlantic, Jan 2026); Aqueous Health investment in Principle Diagnostics (Jul 2025); 5th Century Partners investment in My Favorite Therapists (Sep 2024); Atlantic Health acquisition of Thompson Healthcare (Mar 2023).
Software & Information: Valsoft acquisition of collectionHQ (Jun 2025); KnowledgeWorks Global acquisition of Origin Editorial (Mar 2025); MPS acquisition of AJE scientific editing (Feb 2024); Springer Nature acquisition of protocols.io (Jul 2023); Bigtincan acquisition of Modus (Jul 2023); M3/Edanz acquisition of Scribendi (Apr 2023).
Education & Publishing: MGT acquisition of Tambellini Group (Feb 2025); TCI (Teachers' Curriculum Institute) investment from Francisco Partners (May 2024).
Finance & Trading: ACA Group acquisition of Global Trading Analytics (Apr 2025).
Media & Information: Northern Light investment from Lone Tree Capital (Dec 2024); Llorente & Cuenca acquisition of Lambert Global (Feb 2024).
Other Verticals: Propio acquisition of Telelanguage (Aug 2022); Prodege acquisition of AdGate Media (Jul 2022).
The buyer mix across these deals demonstrates sophisticated relationships with strategic acquirers (Springer Nature, MPS, General Atlantic, Francisco Partners), established PE firms (Lone Tree Capital, 5th Century Partners, Greybull Stewardship), and family offices.
Process and Engagement Model
Berkery Noyes operates as a sell-side advisor in the majority of engagements, though they represent buyers as well. The firm's process is characterized by:
-
Exhaustive buyer research: Their 12,500-member buyer network is systematically contacted in each engagement, maximizing competition and valuation for sellers.
-
Market intelligence: Real-time tracking of transactions in covered verticals (via MandAsoft), combined with industry analyst insights, informs realistic valuations and buyer strategy.
-
Vertical specialization: Bankers are assigned to specific verticals where they develop proprietary relationships with both buyer and seller communities. This depth prevents the "generalist" problem where a banking team doesn't understand industry-specific valuation drivers.
-
Independence: As an independent firm, Berkery Noyes has no proprietary capital competing with clients, no LBO funds, and no conflicts with other advisory clients.
Fee Structure
While specific fee terms are negotiated per engagement, Berkery Noyes typically operates on a modified Lehman fee structure (5% on first $1M, 4% on $1M-$2M, 3% on $2M-$3M, and declining percentages above) or flat percentage depending on deal size and complexity. The firm may require a retainer credited toward success fees, typical of serious sellers seeking institutional-quality process.
For companies valued in the $5M-$100M enterprise value range (their core market), success fees typically range from 1-3% depending on total deal size and buyer network breadth deployed.
Team and Talent
The firm is led by Joseph W. Berkery (Chief Executive Officer), the founder. The investment banking team includes multiple Managing Directors with 15+ years of M&A experience, each managing a specific vertical:
- Martin Arentoft, CFA - Managing Director, Software and Generalist Groups
- Dominic Carazza - Managing Director, Healthcare Group
- Lou Grecco - Managing Director, Healthcare and Life Sciences Groups
- David Loechner - Managing Director, Media, Trade Shows, and Events Groups
- Martin Magida, CFA - Managing Director, Software and Corporate Finance Groups
- Peter B. Ognibene - Managing Director, Financial Technology, Educational Technology, and Publishing Groups
- Mary Jo Zandy - Managing Director, Education Group
Many of these bankers hold CFA certifications and FINRA registrations (Series 79, Series 63), indicating professional depth. The firm also employs 50-60+ total investment banking professionals across New York and other locations.
FINRA Registration and Compliance
Berkery, Noyes & Co. operates through Berkery Noyes Securities, LLC, a FINRA-registered broker-dealer (CRD# 155918, SEC# 8-68750) and member of SIPC. The firm is regulated by FINRA's New York district office. This registration allows the firm to engage in principal transactions and capital raising on behalf of clients, beyond traditional advisory.
Competitive Positioning
Berkery Noyes differentiates from other information-industry M&A advisors through:
-
Market data dominance: The MandAsoft research service tracks every publicly announced transaction in covered markets. This gives them proprietary market intelligence unavailable to competitors.
-
Vertical depth: Managing Directors specialize in specific verticals where they've completed 40-60+ transactions each, building proprietary relationships and deal intuition.
-
Buyer network size: 12,500+ buyers is exceptional for an independent firm and translates directly to valuation uplift for sellers.
-
Independence: No proprietary capital conflicts, no LBO fund cannibalizing deal flow, no pressure to buy or sell beyond client interest.
-
Research credibility: Published quarterly trend reports in each vertical establish Berkery Noyes as trusted market analysts, enhancing their advisory credibility.
Not a Fit If
Berkery Noyes is less ideal for:
- Distressed sellers seeking immediate liquidity at any price
- Business owners unwilling to open their books to multiple buyers
- Companies with significant litigation or regulatory exposure that requires specialized handling
- Industries outside their core eight verticals (though they maintain healthcare and financial services practices beyond core industries)
- Sub-$3M transaction values where fee economics become challenging
Geographic Coverage and Market Position
Berkery Noyes is headquartered in New York at 250 Park Avenue (14th Floor). The firm maintains a national presence with concentrated strength in information-industry hubs: New York, San Francisco Bay Area, and other major tech/media centers. While they serve companies nationwide and internationally, their deepest network depth is in US-based information and software companies.
Market Recognition
Berkery Noyes is consistently ranked among the top independent M&A advisors in the technology and information sectors. They maintain strong relationships with leading PE firms (evidence from recent deals with Lone Tree Capital, Francisco Partners, 5th Century Partners, Greybull Stewardship) and strategic acquirers. The firm is active on Axial and other professional M&A platforms, and their trend reports are frequently cited by business media covering education technology, healthcare, software, and media sectors.