How we ranked the firms
The list is written for the owner of a company in the Minneapolis and St. Paul metro who is weighing an M&A advisor. A firm qualified only if its own website shows an office in the metro: Minneapolis, St. Paul, Bloomington, Edina, Minnetonka or Wayzata. ProCloser Research publishes the page and assigned the tiers using three criteria.
How tiers were assigned
Deal focus. Whether M&A advisory is the firm's core business or one practice inside a full-service bank.
Disclosed deal count. A transaction count stated on the firm's own site. Tier A firms state one and focus on M&A. Tier B firms are full-service banks. Tier C firms focus on M&A but publish no count.
Sector breadth. The industries and sector groups the firm names on its own pages, used to route owners in the routing table.
Excluded: firms whose own site did not show a metro office, any claim without a public page behind it, and press coverage on its own. Within a tier, firms are ordered by how specific the published record is. Counts are the firms' own statements and have not been audited by ProCloser.
Where a page carries no date or role, the entry says so rather than guess. Facts are as published on each firm's site as of October 2026, and every page is linked in the Sources section.
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| Rank | Firm | Best For | Twin Cities Office (Own Site) | Deal Record as Published | Tier |
|---|---|---|---|---|---|
| 1 | Hennepin Partners | Owners of founder, private equity or corporate owned companies who want a Minneapolis firm with a long published record across several industries. | 650 3rd Ave S, Suite 1500, Minneapolis, MN 55402 | Team has executed "hundreds of transactions comprising more than $50 billion in aggregate transaction value" | A |
| 2 | Cherry Tree & Associates | Business owners who want a firm with more than four decades of history and a competitive bidding process. | 301 Carlson Parkway, Suite 103, Minnetonka, MN 55305 | Leadership has "worked on hundreds of transactions over more than four decades"; advised on "over $4 billion" of M&A and financing | A |
| 3 | Quazar Capital | Owners of lower-middle market companies who want a boutique that does only M&A advisory. | 505 Hwy 169, Suite 595, Minneapolis, MN 55441 | "Over 100 successful transactions"; operating "over 30 years" | A |
| 4 | True North M&A | Owners who want an M&A-only firm that covers both buyers and sellers across industries. | 1300 Godward Street NE, Suite 6500, Minneapolis, MN 55413 | "Hundreds of buy-side and sell-side transactions across multiple industries" | A |
| 5 | Piper Sandler | Larger companies, sponsor backed businesses and sellers in technology, healthcare, consumer or services who want a full-service bank. | 350 North 5th Street, Suite 1000, Minneapolis, MN 55401 | "1,100+ M&A transactions valued at over $600B" (as of January 2026, past 5 years) | B |
| 6 | Craig-Hallum | Founder and family owned companies, and sponsor owned or public companies, in industrial, business services, consumer, technology and healthcare. | 323 N Washington Ave, Suite 300, Minneapolis (office list: Minneapolis, Chicago, Boston, Philadelphia, San Francisco) | No firm-wide count; named bankers publish personal counts such as "200+" financings and public and private M&A transactions | B |
| 7 | Lingate Financial Group | Owners of privately held companies with $5 to $50 million in revenue who want a long-established local firm. | 7575 Golden Valley Road, Suite 100, Minneapolis, MN 55427 | No transaction count stated; says it has operated since 1945 | C |
| 8 | Lakeside Partners | Owners in business services, consumer and retail, food and agriculture, industrials, specialty distribution or technology. | Minneapolis (office list: Minneapolis, Seattle, Sioux Falls) | No transaction count stated; links to a select transactions section | C |
| 9 | Madeira Partners | Owners of manufacturing and services companies who want a small team on the west side of the metro. | 315 Manitoba Avenue, Suite 100, Wayzata, MN 55391 | No transaction count stated; says "over two decades of proven experience" | C |
Which Firm for Which Owner
Use this table to shortlist by industry and size. The last column is the evidence on the firm's own site.
| Situation | Start With | The Tell |
|---|---|---|
| Software and technology companies | Hennepin Partners, Piper Sandler, Craig-Hallum, Lakeside Partners | Each lists technology as a named industry or sector group on its own site. |
| Distribution, industrial and manufacturing | Hennepin Partners, Lakeside Partners, Madeira Partners | Hennepin and Lakeside list distribution and industrials as industries. Madeira's transactions page groups targets under manufacturing and services. |
| Healthcare | Hennepin Partners, Piper Sandler, Craig-Hallum | Hennepin and Piper list healthcare as a sector. Craig-Hallum names co-heads of healthcare investment banking. |
| Privately held companies with $5 to $50 million in revenue | Lingate Financial Group, Quazar Capital, Madeira Partners | Lingate states the $5 to $50 million band. Quazar calls itself a lower-middle market bank. |
| Larger, sponsor backed or public companies | Piper Sandler, Craig-Hallum | Both name sponsor, institutional or public company clients on their own pages. |
| Owners who want local, M&A-only coverage of both buyers and sellers | True North M&A, Quazar Capital, Lingate Financial Group, Lakeside Partners | Each describes buy-side and sell-side advisory on its own site. |
Tier A: M&A-focused firms with a disclosed deal count
These four firms do M&A advisory as their business and each states a deal count on its own site. The counts are the firms' own claims, so verify them with references.
1 Hennepin Partners
Minneapolis investment bank whose site lists industry coverage across software and technology, distribution, healthcare, energy, industrial products and business services.
Best for: Owners of founder, private equity or corporate owned companies who want a Minneapolis firm with a long published record across several industries.
Hennepin Partners lists its Minneapolis office at 650 3rd Ave S, Suite 1500. Its homepage says the team has executed "hundreds of transactions comprising more than $50 billion in aggregate transaction value" and names three client types: entrepreneurs, private equity firms and corporations. The industry list on the site runs from software and technology to distribution, healthcare, energy and industrial products.
The transactions page lists target companies such as SPS Commerce, Elliott Equipment, Printware, Gartner Refrigeration and Superior Boiler. The listing carries no dates and does not state the firm's role, so the count above is the firm's own summary rather than something this guide could total. The team page names a bench of Managing Directors, among them Steve Beck, Jim Clancy and Chris Geyer.
| Twin Cities office | 650 3rd Ave S, Suite 1500, Minneapolis, MN 55402 |
| Deal record as published | Team has executed "hundreds of transactions comprising more than $50 billion in aggregate transaction value" |
| Tier | A |
Considerations: No dates or stated roles on the transaction listing. Ask for the closes from the last 24 months in your industry and which Managing Director ran each one.
Firm pages: Hennepin Partners homepage; Hennepin Partners transactions; Hennepin Partners team
2 Cherry Tree & Associates
Minnetonka firm founded in 1980 that advises business owners, financial sponsors and corporations on M&A, funding and advisory work.
Best for: Business owners who want a firm with more than four decades of history and a competitive bidding process.
Cherry Tree's contact page lists its investment banking office at 301 Carlson Parkway, Suite 103 in Minnetonka, inside the metro. Its about page says the firm was founded in 1980 as a private equity and venture capital firm and that its leadership team has worked on hundreds of transactions over more than four decades.
The about page also says the firm has advised on over $4 billion of M&A and financing transactions, and it describes work for business owners, financial sponsors and large corporations, including previewing potential buyers and running a competitive bidding process. The page does not name staff or state a deal size range.
| Twin Cities office | 301 Carlson Parkway, Suite 103, Minnetonka, MN 55305 |
| Deal record as published | Leadership has "worked on hundreds of transactions over more than four decades"; advised on "over $4 billion" of M&A and financing |
| Tier | A |
Considerations: The $4 billion figure covers M&A and financing together. Ask how much of it was sell-side M&A and for the three closes nearest your size.
Firm pages: Cherry Tree about page; Cherry Tree contact page
3 Quazar Capital
Minneapolis boutique, lower-middle market investment bank focused on sell-side and buy-side M&A advisory.
Best for: Owners of lower-middle market companies who want a boutique that does only M&A advisory.
Quazar's homepage lists its address as 505 Hwy 169, Suite 595, Minneapolis, and says the firm has completed over 100 successful transactions. Its about page calls the firm a "boutique, lower-middle market investment bank" and lists sell-side advisory and buy-side advisory as separate services.
The site says the firm has operated for over 30 years and that its results span all industries, naming past companies from flooring, industrial bags, metal fabrication, packaging, marketing and food. It states no deal size range.
| Twin Cities office | 505 Hwy 169, Suite 595, Minneapolis, MN 55441 |
| Deal record as published | "Over 100 successful transactions"; operating "over 30 years" |
| Tier | A |
Considerations: A broad all-industries record means less sector signal. Ask which of the 100-plus closes match your industry.
Firm pages: Quazar homepage; Quazar about page
4 True North M&A
Minneapolis M&A advisory firm that says it has completed hundreds of buy-side and sell-side transactions across multiple industries.
Best for: Owners who want an M&A-only firm that covers both buyers and sellers across industries.
True North M&A lists its Minneapolis office at 1300 Godward Street NE, Suite 6500. Its about page says the firm was spun out of Sunbelt Business Advisors in September 2021 and describes its leaders as former middle-market C-level executives and successful entrepreneurs.
Its transactions page says the firm has completed hundreds of buy-side and sell-side transactions across multiple industries. The page shows its deals as images with no readable seller, buyer or date, and it names no individual bankers.
| Twin Cities office | 1300 Godward Street NE, Suite 6500, Minneapolis, MN 55413 |
| Deal record as published | "Hundreds of buy-side and sell-side transactions across multiple industries" |
| Tier | A |
Considerations: The firm dates itself to September 2021, so ask how many of the hundreds of deals closed under the current firm and which ones you can call for a reference.
Firm pages: True North M&A about page; True North M&A transactions
Tier B: Full-service banks with an M&A practice
These two are full-service banks with a published M&A practice. They score on breadth and named teams rather than on an M&A-only focus.
5 Piper Sandler
Minneapolis headquartered investment bank with sector franchises and a published M&A track record.
Best for: Larger companies, sponsor backed businesses and sellers in technology, healthcare, consumer or services who want a full-service bank.
Piper Sandler's locations page lists 350 North 5th Street, Suite 1000, Minneapolis. Its investment banking page calls the firm "a leading M&A advisor" and states 1,100+ M&A transactions valued at over $600B, measured as of January 2026 over the past five years.
The page lists sector franchises that include technology, healthcare, consumer, financial services, financial sponsors and services and industrials. It is a full-service bank, so M&A is one practice among equity, debt and other work, which is why it sits in Tier B on deal focus.
| Twin Cities office | 350 North 5th Street, Suite 1000, Minneapolis, MN 55401 |
| Deal record as published | "1,100+ M&A transactions valued at over $600B" (as of January 2026, past 5 years) |
| Tier | B |
Considerations: The count is firm-wide and global, not Minneapolis specific, and deal sizes are not broken out. Ask whether your sale would be led by a banker who has closed deals your size.
Firm pages: Piper Sandler locations; Piper Sandler investment banking
6 Craig-Hallum
Minneapolis investment bank whose M&A page covers private founder and family owned companies, sponsor owned companies and public companies.
Best for: Founder and family owned companies, and sponsor owned or public companies, in industrial, business services, consumer, technology and healthcare.
Craig-Hallum's contact page lists 323 N Washington Ave, Suite 300 for its Minneapolis office, and its investment banking page lists Minneapolis first among its offices. The M&A page names three client types: private founder or family owned companies, private equity or institutionally owned companies, and public companies. Services include sell-side advisory, divestitures, recapitalizations, take-private transactions and buy-side advisory.
The page names Rick Hartfiel as Head of Investment Banking and lists Managing Directors with their sector coverage, including industrial, business services, consumer, technology and healthcare. Joe Dews is shown with 200+ financings and public and private M&A transactions. The firm publishes no firm-wide M&A count on the pages reviewed.
| Twin Cities office | 323 N Washington Ave, Suite 300, Minneapolis (office list: Minneapolis, Chicago, Boston, Philadelphia, San Francisco) |
| Deal record as published | No firm-wide count; named bankers publish personal counts such as "200+" financings and public and private M&A transactions |
| Tier | B |
Considerations: Counts are personal, not firm-wide, and mix financings with M&A. Ask the Managing Director who would lead your sale for the M&A closes alone.
Firm pages: Craig-Hallum investment banking; Craig-Hallum contact page
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Get Matched →Tier C: M&A-focused firms with no deal count published
These three are M&A-focused firms with a confirmed metro office that publish no transaction count on the pages reviewed. Treat them as worth a call, and ask for the record in writing.
7 Lingate Financial Group
Minneapolis firm that says it has helped people buy and sell companies since 1945, aimed at privately held businesses with $5 to $50 million in revenue.
Best for: Owners of privately held companies with $5 to $50 million in revenue who want a long-established local firm.
Lingate's site lists its address as 7575 Golden Valley Road, Suite 100, Minneapolis. The about page says the firm "began helping people buy and sell companies way back in 1945" and that it represents both buyers and sellers of privately held businesses with annual revenue of $5 to $50 million.
The page names Mike Hannon and Greg Loeschke as Managing Principals and Pat Nooney as Vice President. It states no number of completed transactions.
| Twin Cities office | 7575 Golden Valley Road, Suite 100, Minneapolis, MN 55427 |
| Deal record as published | No transaction count stated; says it has operated since 1945 |
| Tier | C |
Considerations: No deal count is published. Ask for a list of closes from the last five years in your revenue band, with references.
Firm pages: Lingate homepage; Lingate about page
8 Lakeside Partners
M&A advisory firm with offices in Minneapolis, Seattle and Sioux Falls covering six industries.
Best for: Owners in business services, consumer and retail, food and agriculture, industrials, specialty distribution or technology.
Lakeside Partners lists Minneapolis, Seattle and Sioux Falls as its offices in the site footer. Its site describes sell-side and buy-side M&A services and lists six industries: business services, consumer and retail, food, beverage and agriculture, industrials, specialty distribution and technology.
The pages reviewed state no street address, deal size range or transaction count, and name no bankers. The site links to a select transactions section and a team section.
| Twin Cities office | Minneapolis (office list: Minneapolis, Seattle, Sioux Falls) |
| Deal record as published | No transaction count stated; links to a select transactions section |
| Tier | C |
Considerations: The Minneapolis office is listed without a street address, and no count is published. Ask for the team that would run your sale and recent closes in your industry.
Firm pages: Lakeside Partners homepage; Lakeside Partners about page
9 Madeira Partners
Wayzata M&A advisory firm with more than two decades of experience and a transactions page spanning manufacturing and services targets.
Best for: Owners of manufacturing and services companies who want a small team on the west side of the metro.
Madeira Partners lists its office at 315 Manitoba Avenue, Suite 100 in Wayzata, inside the metro. Its about page describes a small M&A advisory firm with over two decades of experience and names Justin Besikof, Jake Fishman and Tom Astrup, without titles.
The transactions page lists targets such as Infinity Precision and Lake Air Companies and names the buyer or new owner for each, for example a group led by Brass Ring Capital and The Mendota Group. It gives no dates and does not state Madeira's role, and no total count.
| Twin Cities office | 315 Manitoba Avenue, Suite 100, Wayzata, MN 55391 |
| Deal record as published | No transaction count stated; says "over two decades of proven experience" |
| Tier | C |
Considerations: The transactions page does not state the firm's role or dates. Confirm it advised the seller on each deal you care about.
Firm pages: Madeira Partners homepage; Madeira Partners about page; Madeira Partners transactions
How to Choose
Three questions separate the firms quickly.
- Which closes of yours can I call? Ask each firm for three sales near your revenue and industry, with the buyer and a reference on each. Counts on a website are claims until a seller confirms them.
- Who runs my process? Several sites name senior bankers. Ask whether that person, not a junior team, leads your sale and how many mandates they run at once.
- Which buyers will you call first and why? A good advisor names strategic buyers, sponsors and regional competitors by pattern, not from a generic list.
For a starting range before you call anyone, run the ProCloser business valuation calculator.
What the ProCloser Deal Index Shows for Minneapolis
The index has under 10 Minneapolis deals. It records the target's country, not its city, and a text search for Minneapolis, Minnesota, St. Paul, MN and six metro suburbs returned no deals. That sample is too small to support a metro valuation multiple or a buyer mix, so this guide states neither. Browse the ProCloser deal index for the sectors it does cover.
Frequently Asked Questions
Who are the best M&A advisors in Minneapolis?
Hennepin Partners, Cherry Tree & Associates, Quazar Capital and True North M&A lead this guide because they are M&A-focused and state a deal count on their own sites. Piper Sandler and Craig-Hallum follow as full-service banks with named M&A teams. Lingate Financial Group, Lakeside Partners and Madeira Partners complete the list with a confirmed metro office and no published count. Use the routing table to match a firm to your industry and size.
Which Minneapolis M&A advisor states the largest deal record?
Piper Sandler states 1,100+ M&A transactions valued at over $600B as of January 2026, over the past five years, but that is firm-wide and global. Hennepin Partners states hundreds of transactions comprising more than $50 billion in aggregate transaction value. Both are the firms' own figures, linked in Sources.
Which firms have a boutique focus on M&A advisory only?
Quazar Capital calls itself a boutique, lower-middle market investment bank, and True North M&A, Lingate Financial Group, Lakeside Partners and Madeira Partners describe M&A advisory as their work. Hennepin Partners and Cherry Tree & Associates also center on M&A and related advisory. Piper Sandler and Craig-Hallum are full-service banks.
What revenue size does each firm say it targets?
Lingate says it serves privately held companies with $5 to $50 million in revenue. Quazar describes itself as lower-middle market. Piper Sandler and Craig-Hallum name sponsor owned, institutional and public companies. The other firms in this guide state no size range on the pages reviewed, so ask each one directly.
Which firms are outside the city of Minneapolis but inside the metro?
Cherry Tree & Associates lists its investment banking office in Minnetonka and Madeira Partners lists its office in Wayzata. Both are in the Minneapolis and St. Paul metro. Lakeside Partners and Craig-Hallum list Minneapolis offices as well.
Do any of these firms publish named deals?
Hennepin Partners lists targets such as SPS Commerce, Elliott Equipment and Printware, without dates or roles. Madeira Partners lists targets such as Infinity Precision and Lake Air Companies with the buyer named. True North M&A shows its deals as images with no readable names. Treat any listing without a stated role as a lead to verify, not proof of an advisory mandate.
How do I verify an advisor's record?
Open the firm's own page and check four things: the seller was a company like yours, the firm's role is stated as seller side, the buyer is named and the date is shown. Then call the seller or the buyer for a reference. Where a page has no date or role, as several in this guide do, ask the firm in writing.
Should I pick a local firm or a national bank?
A local firm can offer more senior attention on a smaller sale. A full-service bank brings a larger buyer network and sector teams. Both groups appear here. The deciding factors are your size, your industry and who personally leads your process.
What does the ProCloser deal index show for Minneapolis?
The index has under 10 Minneapolis deals. The index holds 2,211 technology and software acquisitions, dated October 31, 2026. It records target country, not city. A text search for Minneapolis, Minnesota, St. Paul, MN and six metro suburbs returned no deals, so this guide states no multiple and no buyer mix for the metro.
What should I expect a valuation to depend on?
Industry, size, growth, margin quality and buyer demand drive it more than the city. Use the ProCloser business valuation calculator for a starting range, then ask each advisor to explain how they would price your company and which buyers set that price.
How is this list ranked?
Firms are tiered on three criteria: deal focus, the deal count disclosed on the firm's own site, and sector breadth. A firm qualified only if its own website shows an office in the Minneapolis and St. Paul metro. The tiers are explained in the methodology section, and ProCloser publishes the page.
Is ProCloser an M&A advisor, and does it benefit from this list?
ProCloser is not an M&A advisor, runs no sale processes and takes no success fee on any transaction. It operates a matching service that introduces sellers to advisory firms and may receive compensation when you connect through it. That is a conflict, so read the disclosure at the bottom and verify each advisor yourself.
Sources
Every firm fact in this guide comes from the firm's own pages below, as published in October 2026. Index figures come from the ProCloser deal index, data date October 31, 2026.
- Hennepin Partners: Hennepin Partners homepage
- Hennepin Partners: Hennepin Partners transactions
- Hennepin Partners: Hennepin Partners team
- Cherry Tree & Associates: Cherry Tree about page
- Cherry Tree & Associates: Cherry Tree contact page
- Quazar Capital: Quazar homepage
- Quazar Capital: Quazar about page
- True North M&A: True North M&A about page
- True North M&A: True North M&A transactions
- Piper Sandler: Piper Sandler locations
- Piper Sandler: Piper Sandler investment banking
- Craig-Hallum: Craig-Hallum investment banking
- Craig-Hallum: Craig-Hallum contact page
- Lingate Financial Group: Lingate homepage
- Lingate Financial Group: Lingate about page
- Lakeside Partners: Lakeside Partners homepage
- Lakeside Partners: Lakeside Partners about page
- Madeira Partners: Madeira Partners homepage
- Madeira Partners: Madeira Partners about page
- Madeira Partners: Madeira Partners transactions
- ProCloser: ProCloser deal index
Where ProCloser Fits
ProCloser is not an M&A advisor, does not run sale processes and does not take a success fee on any transaction. We operate a matching service that introduces sellers to advisory firms, some of which may appear above.
That last clause is a conflict and you should treat it as one. Read the editorial disclosure at the bottom of the page. Then check each advisor's record yourself, because the opinion that should decide your mandate is the one you form after calling references.