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PE will continue to dominate, but medium-sized sellers may fill in the gaps.
Earlier this month, Exact reported a record $851 million in third-quarter revenue, which included $666 million from its screening business.
Goldman Sachs’ share price, up 35% so far year-to-date, set a record high closing price of $838.97 last week.
Sub-acquisitions made up 31% of all RIA M&A activity in 2025 amid rampant private equity investment in the industry.
The acquisition is the latest, and largest,example of mega-firms making moves to buy out competitors in a rapidly consolidating industry.
Mid-sized firms are being squeezed by shrinking profit margins and rising technology costs.
Last year marked the first time since Bain & Co started tracking data in 2005 that the private equity industry shrunk.
Registered investment advisors reported 132 acquisitions in the first half of 2025.
The company’s shares soared 250% in their New York Stock Exchange debut, yielding a market capitalization of $47 billion.
The deal will help bolster Evercore’s presence in Europe, where it placed 13th by deal volume in PwC’s advisory rankings last year.
The RIA industry made 102 deals in the second quarter of 2025, according to Echelon Partners.
Home Depot’s push into the pro market began in earnest last year, when the company dropped $18.5 billion to buy SRS Distribution.
The realities of an aging advisor demographic — combined with intense interest in RIA businesses from buyers — are changing the game.
Analysts said they now expect US investment banking revenue to be flat this year, instead of jumping 32% as predicted previously.
According to Dealogic, just 1,603 deals have been signed this year through Friday, down 19% year-over-year.