Lincoln International Expands Footprint with Acquisition of MarshBerry

Lincoln International, a Chicago-based global investment bank specializing in services to private capital markets, is expanding its presence through the acquisition of Northeast Ohio investment bank and consulting firm MarshBerry. The deal, set to close in the fourth quarter of this year pending regulatory approvals, will grow Lincoln's staff to around 1,100 employees and add 31 offices, including six overseas locations. MarshBerry, which has about 230 employees and specializes in the insurance distribution and wealth management industries, will continue to operate under its own name and maintain its brand equity.

Key Takeaways:

• Lincoln International is acquiring MarshBerry, a Northeast Ohio investment bank and consulting firm, expanding its presence in the private capital markets.
• The acquisition will grow Lincoln's staff to around 1,100 employees and add 31 offices, including six overseas locations.
• MarshBerry, with about 230 employees, specializes in the insurance distribution and wealth management industries and will continue to operate under its own name.
• MarshBerry's CEO, John Wepler, will remain in his role and take a seat on Lincoln's global executive committee.
• The firm has been supported by New York-based private equity firm Atlas Merchant Capital, which acquired a minority equity stake in MarshBerry in 2022.
• MarshBerry reported $83.1 million in revenues for 2023, marking a five-year growth rate of 102%.

Statistics:

• Lincoln International staff: 970 (current) → 1,100 (post-acquisition)
• Number of offices: 25 (current) → 31 (post-acquisition)
• Overseas locations: 3 (current) → 6 (post-acquisition)
• MarshBerry employees: 230
• MarshBerry revenues (2023): $83.1 million
• Five-year growth rate (MarshBerry): 102%
• Years of platform growth through acquisitions (MarshBerry): 5-6

Sources:

• "Lincoln International to acquire MarshBerry" by Tom Phillips, Crain's Chicago Business, [2025]
• Crain's Data Center, [2024]