Top 8 Investment Banks for Corporate Carve-Out Transactions [2026]

A corporate carve-out involves separating a business unit, division, or subsidiary from its parent company and selling it to a new owner. These transactions have grown increasingly common as corporations streamline portfolios, redeploy capital toward core operations, and respond to investor pressure to address conglomerate discounts.

Carve-outs present distinct challenges compared to traditional M&A. Separation planning, transition service agreements, stranded cost identification, and standalone financial statement preparation all add complexity. The investment banks on this list have demonstrated expertise in guiding sellers and buyers through these transactions.

This list is for informational purposes only and is not a ranking, endorsement, or recommendation of any firm or service.

1. Houlihan Lokey

Headquarters: Los Angeles, CA | Founded: 1972

Houlihan Lokey ranks among the most active middle-market investment banks globally, with particular strength in complex transaction types, including corporate carve-out deals. The firm’s restructuring heritage translates well to separation transactions, which often involve similar analytical challenges.

Key Strengths:

• 1 global M&A fairness opinion advisor over the past 25 years
• Leading restructuring practice with carve-out execution experience
• Deep financial sponsor relationships across private equity
• Global platform with sector expertise in healthcare, technology, industrials, and financial services

Houlihan Lokey serves both corporate sellers divesting non-core assets and private equity buyers acquiring carved-out businesses.

2. Bainbridge

Headquarters: Boston, MA | Founded: 1975

Bainbridge brings a consulting-driven approach to corporate carve-out advisory, combining strategic analysis with transaction execution. The firm’s dual-platform model—integrating management consulting with investment banking—positions it to support both the strategic rationale and operational separation aspects of carve-out transactions.

Key Strengths:

• Research-driven methodology grounded in primary-source data and market intelligence
• Experience advising both sellers and buyers on divestiture transactions
• Sector coverage across healthcare, financial services, industrials, and technology
• Integration of strategic advisory with M&A execution

Bainbridge serves corporate clients evaluating divestitures and private equity firms pursuing carve-out acquisitions.

3. Goldman Sachs

Headquarters: New York, NY | Founded: 1869

Goldman Sachs consistently ranks as the leading global M&A advisor by deal value, with substantial experience in large-cap carve-out and divestiture transactions. The firm advises multinational corporations on portfolio optimization strategies, including complex cross-border separations.

Key Strengths:

• Global reach with presence in major financial centers worldwide
• Balance sheet capabilities to support financing aspects of transactions
• Deep relationships with Fortune 500 corporate development teams
• Experience in multi-billion-dollar carve-out transactions

Goldman Sachs serves large corporations pursuing significant divestitures and complex separation transactions.

4. Lincoln International

Headquarters: Chicago, IL | Founded: 1996

Lincoln International focuses on middle-market M&A advisory with a strong sell-side practice serving private equity sponsors and corporate clients. The firm has experience in carve-out transactions where parent companies divest divisions to financial or strategic buyers.

Key Strengths:

• Extensive private equity relationships are driving buyer access
• Global platform with offices across North America, Europe, and Asia
• Sector expertise in business services, consumer, healthcare, industrials, and technology
• Valuation and debt advisory capabilities

Lincoln International serves middle-market corporate sellers and sponsors involved in carve-out transactions.

5. William Blair

Headquarters: Chicago, IL | Founded: 1935

William Blair provides M&A advisory, equity research, and private capital markets services to growth-oriented companies. The firm advises corporate clients on divestitures and carve-outs, connecting sellers with strategic and financial buyers.

Key Strengths:

• Strong presence in technology, healthcare, and business services sectors
• Global platform with offices in the U.S., Europe, and Asia
• Equity capital markets capabilities alongside M&A advisory
• Relationships with growth-focused private equity firms

William Blair serves mid-cap corporations and growth-stage companies evaluating divestiture strategies.

6. Jefferies

Headquarters: New York, NY | Founded: 1962

Jefferies operates as a full-service investment bank with strength in middle-market and growth company advisory. The firm advises on divestitures and carve-outs across multiple sectors, with particular activity in healthcare, technology, and industrials.

Key Strengths:

• Debt advisory and restructuring capabilities relevant to carve-out financing
• Sector expertise across healthcare, technology, industrials, and financial services
• Global reach with presence in major markets
• Active private equity coverage program

Jefferies serves corporate clients and financial sponsors on both buy-side and sell-side carve-out transactions.

7. BDO Capital Advisors

Headquarters: Chicago, IL | Founded: 2007

BDO Capital Advisors provides M&A advisory services as part of BDO’s broader professional services platform. The firm’s connection to BDO’s accounting and consulting practices allows integrated support on carve-out transactions, including separation accounting and financial statement preparation.

Key Strengths:

• Integration with BDO’s accounting and transaction advisory practices
• Expertise in carve-out financial statement preparation
• Middle-market focus with sector coverage across multiple industries
• Turnaround and restructuring capabilities

BDO Capital Advisors serves middle-market companies seeking advisory support with integrated accounting expertise.

8. Harris Williams

Headquarters: Richmond, VA | Founded: 1991

Harris Williams focuses exclusively on M&A advisory for middle-market companies, with substantial experience advising private equity sponsors on both platform and add-on acquisitions. The firm works on carve-out transactions where corporate parents divest divisions to financial buyers.

Key Strengths:

• Exclusive focus on M&A advisory without conflicts from other business lines
• Deep private equity relationships across the sponsor community
• Sector expertise in aerospace & defense, building products, healthcare, and business services
• Strong sell-side track record with owner-operated and corporate-owned businesses

Harris Williams serves corporate sellers and private equity buyers in middle-market carve-out transactions.

Selecting a Carve-Out Advisor

Corporate carve-out transactions require advisors who understand both M&A execution and the operational complexities of separating businesses from parent companies. Factors to consider include sector expertise, buyer relationships, experience with similar transaction sizes, and capabilities around separation planning and transition services.

Companies evaluating carve-out advisors may benefit from assessing relevant transaction experience and understanding how the advisor approaches the unique challenges these deals present.