Buyer list

A buyer list is the curated set of strategic and financial parties an advisor identifies as potential acquirers for a company being sold.

Building the buyer list is one of the most consequential judgment calls on the sell-side. Too narrow and the process leaves value on the table; too broad and confidentiality frays as the teaser circulates. The list is tiered — strategics who fit the thesis, sponsors with relevant platforms, and the occasional wildcard.

Sponsors appear on many of these lists precisely because they are hunting for an add-on acquisition to bolt onto a portfolio company. For M&A advisors, the quality of the buyer list — and the discretion with which it is worked — is a large part of what a client is actually paying for under the engagement letter.