William Blair & Company — M&A Advisory Profile

William Blair & Company Research

Advisory Approach

William Blair is a premier global boutique investment bank founded in 1935, distinguished by its partnership model, deep sector expertise, and research-driven M&A advisory. The firm operates with a clear thesis: the best outcomes for sellers emerge from combining rigorous fundamental analysis with exhaustive buyer outreach and institutional-quality process management. Unlike bulge bracket banks that may treat middle-market transactions as secondary, William Blair has built its franchise on serving the lower middle through upper middle market with the same analytical depth typically reserved for Fortune 500 transactions.

The firm's sweet spot spans founder-owned businesses with $50M-$2B in enterprise value, though it has executed transactions both smaller and significantly larger. What differentiates William Blair is its integration of equity research, institutional sales, and investment banking—the firm's research analysts cover over 500 companies, creating proprietary intelligence that fuels M&A origination and buyer identification. This research platform gives William Blair unusual visibility into industry trends, strategic buyer motivations, and private equity investment theses before transactions are formally launched.

William Blair is particularly known for its work in the lower middle market where founder-owners require guidance navigating their first liquidity event. The firm brings a process that balances exhaustive buyer outreach (typically 100-300 qualified buyers per engagement) with the confidentiality and personal service that entrepreneurial sellers demand. The firm's 73% repeat client rate and long-tenured banking team (many managing directors have 15+ years at the firm) reflect a culture oriented toward relationships rather than transactional deal-making.

Sector Focus

William Blair's M&A practice concentrates on eleven core industry verticals where the firm maintains dedicated research and banking teams. The firm's approach is to develop vertical expertise that spans public and private markets, creating insight flows between equity research coverage and M&A origination.

Healthcare: Perhaps William Blair's deepest vertical, the firm maintains dedicated teams in Healthcare IT, Healthcare Services, Biopharma, and Medical Technology. In Healthcare IT, the firm has completed numerous software transactions including practice management platforms, revenue cycle management systems, and healthcare analytics. The firm's healthcare services practice extends to behavioral health, dental, multi-site physician practices, and post-acute care. Recent transactions include CentralReach (autism therapy software, $1.85B sale to Roper Technologies) and PrimeRx (pharmacy management software).

Technology: Across Technology, Tech-Enabled Services, and Healthcare IT, William Blair advises on software, SaaS, and technology-enabled business services transactions. The firm has completed over 150 technology M&A transactions according to industry rankings, with particular depth in vertical software, payments, and IT services. The firm's Technology bankers work alongside William Blair's equity research analysts who cover 100+ public software companies, creating unique market intelligence.

Industrial Growth Products: William Blair maintains a leading practice in industrial M&A, advising on transactions in building technologies, chemicals, diversified industrials, engineered components, industrial technology, packaging, and specialty materials. The Industrial Growth Products team completed 45 transactions in 2025 alone. Recent deals include BUNN (beverage equipment, sold to Ali Group) and Royston Group (industrial lighting, sold to LSI Industries).

Consumer Products & Services: The firm advises consumer products, consumer services, e-commerce, food and beverage, and retail companies. William Blair's consumer practice brings particular expertise in founder-owned consumer brands where the firm's understanding of strategic buyer motivations and private equity investment theses creates competitive advantage.

Financial Services: William Blair advises financial services companies, including asset management, insurance, mortgage, and specialty finance firms. The firm's financial services bankers leverage William Blair's investment management and private wealth management businesses to understand strategic buyer perspectives.

Supply Chain & Commercial Services: This practice encompasses environmental services, facility services, industrial services, specialty distribution, transportation and logistics, and utility and infrastructure services. The firm completed the sale of Security 101, a national physical security services provider, to Morgan Stanley Capital Partners.

Aerospace, Defense & Government Services: William Blair advises aerospace and defense companies and government services contractors, leveraging the firm's research coverage of public aero/defense companies and relationships with strategic buyers in the sector.

Deal Track Record

William Blair has completed $594+ billion in M&A transaction value from January 2021 through December 2025, with 73% of transactions involving repeat clients. The firm has executed transactions across its core verticals, with recent representative transactions including:

BUNN Commercial LP → Ali Group (March 2026): Global manufacturer of dispensed beverage equipment, sold to strategic buyer in foodservice equipment industry
CentralReach → Roper Technologies for $1.85B (March 2025): Cloud-native software for Applied Behavior Analysis therapy workflow
Royston Group → LSI Industries (March 2026): Industrial lighting manufacturer, portfolio company of Industrial Opportunities Partners
Security 101 → Morgan Stanley Capital Partners (February 2026): National physical security services provider, portfolio company of Gemspring Capital
PrimeRx → RedSail Technologies (February 2026): Pharmacy management software platform
PartsTrader → Enlyte (December 2025): Automotive claims technology platform
AVI-SPL → 26North Partners (June 2025): Audiovisual integration services
EveryAction → Apax Partners (August 2021): Nonprofit software platform, portfolio company of Insight Partners
Sertifi → Flywire for $330M (February 2025): payments and agreements software
Inflexion Buyout V → £2.3 billion fund (May 2025): William Blair advised on fund formation

The firm's Industrial Growth Products team completed 45 transactions in 2025, demonstrating deal velocity in core verticals. William Blair has closed 8+ healthcare technology M&A advisory deals in 2025 alone, reflecting vertical depth.

Process & Fee Structure

William Blair runs institutional-quality sell-side processes adapted for middle-market sellers. Typical engagement structure:

Retainer: Monthly retainer (credited against success fee)
Success fee: Market-rate percentage on transaction value
Process timeline: 6-12 months from engagement to close
Buyer outreach: 100-300 targeted buyers per engagement
Exclusivity required: Yes

The firm's process includes comprehensive preparation (quality of earnings analysis when needed, management presentation development, data room structuring), broad buyer outreach (leveraging the firm's institutional relationships and proprietary research to identify strategic and financial buyers), coordinated diligence management, and negotiation support through closing.

William Blair is 100% employee-owned, which aligns banker incentives with client outcomes. The firm's long-tenured banking team (many managing directors have 15-25 years at William Blair) creates continuity in client relationships.

Buyer Network

William Blair maintains relationships with 2,000+ active private equity firms and strategic acquirers globally. The firm is particularly well-connected in:

Private Equity: Insight Partners, Francisco Partners, Leonard Green & Partners, Morgan Stanley Capital Partners, Advent International, Apax Partners, Roper Technologies, 26North Partners, Gemspring Capital, Industrial Opportunities Partners
Strategic Buyers: Roper Technologies, Ali Group, LSI Industries, Flywire, RedSail Technologies
International Buyers: William Blair has completed transactions with buyers in 30+ countries, with offices in London, Frankfurt, Amsterdam, Singapore, and Shanghai facilitating cross-border transactions

The firm's buyer network strength derives from:

Institutional sales distribution: William Blair's equities salesforce covers 1,000+ institutional investors
Research platform: 500+ public companies under coverage creates continuous dialogue with strategic acquirers
Financial sponsors practice: Dedicated team maintains relationships with leading private equity firms
Global alliance partnerships: Strategic alliances with BDA Partners (Asia), Poalim Equity (Israel), and Allier Capital (Australia)

Competitive Positioning

William Blair differentiates from other middle-market banks through:

Research Integration: William Blair is one of the few investment banks with a significant equity research practice. The firm covers 500+ public companies, creating proprietary intelligence that fuels M&A origination and buyer identification. Most middle-market banks lack this research platform.
Boutique Scale, Bulge Bracket Capability: The firm brings middle-market relationship service and attention while maintaining the transaction sophistication, buyer relationships, and analytical capabilities typically found only at bulge bracket banks.
Sector Depth: Each industry vertical has dedicated banking and research professionals, creating vertical expertise that generalist middle-market banks cannot match.
Employee Ownership: 100% employee-owned structure aligns banker incentives with client outcomes. The firm has had only six CEOs since 1935, creating leadership continuity and institutional stability.
Global Reach: 17+ offices across North America, Europe, and Asia enable cross-border transactions. William Blair has completed transactions with buyers in 30+ countries.
Repeat Client Rate: 73% of transactions involve repeat clients, reflecting client satisfaction and relationship orientation.

Not a Fit If

William Blair typically declines:

Transactions below $20M TEV (the firm's process and economics are better suited for larger deals)
Businesses with limited growth prospects or operational distress (the firm focuses on growth companies, not turnarounds)
Situations requiring undisclosed buyers (the firm's value is in exhaustive buyer outreach)
Founders wanting limited processes or who expect buyers to emerge without proactive marketing

Team

William Blair's Investment Banking practice includes 198+ professionals across 17 global offices. Key leadership:

Brent Gledhill - President and Chief Executive Officer
Matthew Zimmer - Global Head of Investment Banking
Steve Tole - Managing Director, Head of Healthcare Investment Banking
Elliot Farkas - Managing Director, Head of Industrial Growth Products
Brian Doyle - Vice Chair, Head of Healthcare Services
Daniel Daul - Vice Chair, Technology
Mike Custar - Managing Director, Co-Head of Private Capital Advisory
Taylor Breed - Managing Director, Financial Sponsors Group
Jamil Ali - Managing Director, Mergers & Acquisitions
Jayant Dey - Managing Director, Industrial Growth Products
Chris Basquill - Director, Supply Chain & Commercial Services
Kris Beth - Managing Director, Healthcare Services
Matthew Batterbury - Managing Director, Healthcare IT
Jeff Dorsheimer - Managing Director, Healthcare IT
Russ Dunlap - Managing Director, Tech Enabled Services
Adam Berger - Managing Director, Technology
Jerry Darko - Managing Director, Technology
Robert Abbe - Managing Director, Technology

The firm's long-tenured banking team averages 15+ years at William Blair, creating institutional knowledge and continuity.

Geographic Coverage

Headquartered in Chicago, Illinois since 1935. William Blair operates 17+ offices globally:

North America: Atlanta, Baltimore, Boston, Charlotte, Chicago (HQ), Columbus, Denver, Fort Myers, Los Angeles, New York, Philadelphia, San Francisco, Stamford

Europe: Amsterdam, Frankfurt, London, Madrid, Stockholm, The Hague, Zurich

Asia: Shanghai, Singapore, Ho Chi Minh City (via BDA alliance), Hong Kong (via BDA alliance), Mumbai (via BDA alliance), Seoul (via BDA alliance), Tokyo (via BDA alliance)

Australia: Sydney (via Allier Capital alliance)

Middle East: Tel Aviv (via Poalim Equity alliance)