Examples of Middle Market Banks and How to Tell Them Apart
Middle market banks are firms that work on mid-sized deals. Learn the two main types, how the size ranges are defined, and where to find named examples.
Middle market banks are firms that work on mid-sized companies and deals, usually larger than small-business lending but smaller than the largest global institutions. The phrase covers two different kinds of firm: investment banks that advise on mergers and raise capital, and lenders that provide loans to mid-sized companies. Named examples of the first kind are collected in the ranking lists linked below.
What counts as a middle market bank
The term has no single definition. According to Merger & Inquisition, a middle market investment bank is a full-service firm that offers debt, equity and M&A advisory services and tends to work on deals worth less than $500 million. The same source notes that the term is used loosely.
The size of the company depends on who you ask. The same page reports that some definitions use annual revenue of $100 million to $3 billion, others $10 million to $1 billion, and others $50 million to $1 billion. Some people measure by employee count, with a middle market firm having roughly 100 to 2,000 or 3,000 employees. Others measure by market value or deal size, such as deals between $10 million and $500 million.
Because of this, a firm is usually called middle market when its typical deal size and client size fall in the range it targets, not because it carries a fixed label.
The two types of middle market bank
| Type | What it does | What it is called in searches |
|---|---|---|
| Middle market investment bank | Advises on mergers, acquisitions and sales; may also raise debt or equity | Middle market investment banks |
| Commercial lender serving mid-sized companies | Provides loans and credit lines to mid-sized businesses | Middle market banking, middle market lending |
The first type is the one most ranking pages cover. Their lists are mostly built for people who want to work at these firms or to hire them for a sale or capital raise.
Examples: where to find named firms
The pages that rank for this search are lists, and they sort firms in different ways:
- 10X EBITDA's list of middle market investment banks is organized by region, with separate sections for American, Canadian, European, and Australia and New Zealand firms.
- Merger & Inquisition's guide explains the category and compares middle market firms with boutique banks.
When you use a list, check the firm's current deal size, sector focus and location. A name on a list tells you the firm is in the category, not whether it fits your deal.
Middle market lenders and financing
If you want a loan rather than an advisor, the search is about middle market financing. Mid-sized companies commonly look at senior debt, asset-based lending (ABL), mezzanine debt and acquisition financing.
Thrive Funding is one option for this need. It arranges private credit for middle-market companies seeking loans from $1M to $100M or more. It is not a lender, and the lending partner makes every credit decision. Thrive is paid by its lending partners.
Here is how a request moves. You submit one application at thrivefunding.com/apply. Thrive matches it against lending groups whose criteria fit the deal size, revenue or EBITDA minimums, industry, state, loan type and pricing. Matching groups receive an anonymous deal summary and reply yes or no. Once you agree, up to three interested groups can contact you, each in its own email thread. Lenders issue term sheets on their own letterhead, and you choose one. Any early figures are indicative terms. They are not a term sheet or an offer.
Requests under $1M receive an automatic decline.
Do big banks count as middle market banks?
Some searchers ask whether large commercial banks such as Wells Fargo or Truist are middle market banks. The sources reviewed for this page do not settle that question, so this page does not classify them. Check the bank's own description of its business banking or commercial banking group, which is where a mid-sized company would typically be served.
Sources
Frequently asked questions
What are the best middle market banks?
There is no single ranking. Lists differ by region, deal size and whether they count advisory or lending. Use the lists linked above, then compare the firms against your deal size, sector and location.
What is considered middle market banking?
Middle market banking serves mid-sized companies and deals. Investment banks in this space typically handle deals below about $500 million, and definitions of company size vary widely by revenue, employee count or deal value.
What is middle market financing?
Middle market financing is credit provided to mid-sized companies. Common forms include senior debt, asset-based lending, mezzanine debt and acquisition financing. Thrive Funding arranges this kind of private credit for loans from $1M to $100M or more, but it does not lend the money itself.
What is a middle market loan?
A middle market loan is a loan to a mid-sized company. Lenders usually set the size and terms based on the borrower's revenue, EBITDA and industry. The exact range depends on the lender.
Is Truist a middle market bank?
The sources for this page do not classify Truist. Check the bank's own business banking descriptions.
Chris Irving
Co-Founder @ Thrive
Arranges middle market financing with private credit funds, asset-based lenders and other lending partners.
