KPMG completed 337 transactions with price tags of $1 billion or less in 2017, making it the most active investment bank in the global middle market, as measured by deal volume, according to data compiled by Thomson Reuters and analyzed by Mergers & Acquisitions.

Rounding out the top 5 middle-market investment banks by volume were PricewaterhouseCoopers, Rothschild & Co., Houlihan Lokey Inc. (NYSE: HLI) and BDO.

Editor’s Note: To measure activity in the middle market, Mergers & Acquisitions looks at transactions that fulfill several requirements: Deals must have a value of roughly $1 billion or less, or an undisclosed value; and they must be completed (not just announced) within the timeframe designated. For this ranking, we included deals throughout the world. Excluded from our charts are: recapitalizations; self-tenders; exchange offers; repurchases; stake purchases; and transactions with undisclosed buyers or sellers. The data provider is Thomson Reuters, which updates its databases continuously. We use the data available at press time. For this article, data was collected on Feb. 15, 2018.
PricewaterhouseCoopers closed 278 mid-market deals, coming in second place.
Alexandre de Rothschild
Rothschild, with executive deputy chairman Alexade de Rothschild, closed 273 mid-market deals.
Houlihan Lokey
Houlihan Lokey closed 207 mid-market deals. The bank advised Nonni's on its sale to Vestar in 2017.
BDO closed 201 mid-market deals.
Ernst & Young
Ernst & Young advised on 195 mid-market deals.
Deloitte closed 189 mid-market deals.