M&A Advisors in Poland: How to Choose the Right One in 2026

Poland has ranked #1 in Central and Eastern Europe by M&A deal volume for most of the past decade. The market recorded 299 deals in 2025, well above the decade’s median of 253, with foreign acquirers now behind 51% of all transactions. US, UK, and German buyers lead the inbound flow, drawn most heavily to software, business services, and energy.

If you’re selling a Polish business or buying into one, the advisor you pick shapes the price, the timeline, and the buyer pool you reach. Polish M&A advisors split into three groups: boutique firms, the Big-4, and bulge bracket banks. They are not interchangeable. Most founders sell to whoever shows up. The right advisor changes that.

This guide walks through how to choose, with a side-by-side comparison, fee structure breakdown, and the questions every founder should ask before signing an engagement letter.

M&A Advisors in Poland at a Glance

Advisor type	Typical mandate size	Sector focus	Fee structure	Polish presence	Senior attention
Boutique M&A	Lower mid-market	Often sector-specialized	Retainer + success fee	Local team, partner-led	High
Big-4 (KPMG, Deloitte, EY, PwC)	Mid-market to large	Generalist, cross-service	Higher retainer, success fee	Large local teams	Mixed
Bulge bracket (Goldman, JPM, Morgan Stanley)	Largest deals	Generalist	Lower retainer, success fee	No permanent Polish bankers	Low (fly-in)

Quick rule: for lower mid-market deals, boutiques tend to be the right fit. For mid-market to large deals, the choice depends on whether you need sector expertise (boutique) or a recognized brand for cross-border credibility (Big-4 or a boutique with a global network). For the largest deals, bulge brackets start to make sense, though they have no permanent Polish presence.

For a full breakdown of how retainer fees, milestone fees, success fees, and scaled percentage structures work, see our report on M&A advisor fee structures.

Understanding the Role of an M&A Advisor

An M&A advisor serves as a trusted partner who provides professional guidance and expertise throughout the complex M&A process. They possess comprehensive knowledge of the local market, regulatory landscape, and industry trends, making them invaluable in navigating the intricacies of buying or selling a business in Poland. Here are some compelling reasons why you need an M&A advisor:

a. Expertise and Experience

M&A advisors bring specialized skills and experience to the table. They possess a deep understanding of valuation techniques, deal structuring, due diligence, and negotiation strategies. M&A advisors also know the local market well, including regulations, accounting rules, and legal requirements. Relying on their support helps mitigate risks and ensures a smoother transaction process.

b. Access to Networks

M&A advisors have extensive networks of potential buyers, sellers, investors, and other industry professionals. These connections can open doors to strategic partnerships, facilitate introductions, and attract qualified investors, enhancing the chances of finding the right match for your business.

c. Deal Execution

M&A transactions involve numerous complex tasks, such as identifying potential acquisition targets, screening and evaluation, financial analysis, and documentation. M&A advisors streamline these processes, ensuring efficiency, accuracy, and compliance with local regulations.

Choosing the Right Advisor for You in Poland

Once you decide to engage a local M&A advisor, it’s time to pick the firm you want to work with. There are tens of M&A advisory firms in Poland to choose from, which can be divided into three categories: Boutique M&A Advisors, Big-4 Accountancy Companies, and Bulge Bracket Investment Banks. Each of these groups has its unique advantages as well as disadvantages which we analyze below:

a. Boutique M&A Advisors

Boutique M&A firms specialize in M&A advisory services, catering to niche markets or specific industries. In Poland, there are around 20 boutique M&A firms that you can consider for your M&A deal. They typically offer personalized attention, tailored strategies, and an intimate understanding of sector-specific dynamics. Here are the pros and cons of working with a boutique investment bank in Poland:

Pros:

• Niche Expertise: Boutique firms often focus on specific industries, allowing them to possess in-depth knowledge and understanding of the unique challenges and opportunities within those sectors.
• Personalized Approach: Due to their smaller size, boutique M&A advisors in Poland provide more personalized attention and custom-tailored strategies to meet their clients’ specific needs.
• Flexibility and Agility: Boutique firms can often adapt quickly to changing market conditions and offer greater flexibility in deal structuring.

Cons:

• Limited Resources: Compared to larger institutions, boutique M&A firms may have fewer resources at their disposal, which can impact their capacity to handle large-scale and complex transactions.
• Potential Reach: While boutique firms may excel within their niche, they may have a more limited reach in terms of access to global markets and potential buyers or sellers.

b. Big-4 Companies

The Big-4 accounting firms (KPMG, Deloitte, EY, PwC), known for their comprehensive professional services, also provide M&A advisory services. Here are the pros and cons of working with a Big-4 company:

Pros:

• Breadth of Services: Big-4 companies offer a wide range of services, including auditing, tax advisory, legal counsel, and M&A consulting. This breadth allows them to provide integrated solutions and address various aspects of the M&A process.
• Global Presence: Big-4 firms have a robust international network, providing access to a vast pool of potential buyers or sellers worldwide.
• Regulatory Knowledge: With their expertise in accounting and compliance, Big-4 firms thoroughly understand local and international regulations, ensuring compliance throughout the transaction.

Cons:

• A potential lack of focus on M&A advisory services: While they have extensive resources, their primary focus may be on other service lines, such as auditing or tax advisory, which could impact the level of dedicated attention given to your specific M&A needs.

c. Bulge Bracket Investment Banks

Bulge bracket investment banks are large financial institutions that offer a broad range of financial services, including M&A advisory. Here are the pros and cons of working with a bulge bracket investment bank:

Pros:

• Global Reach: Bulge bracket banks have a vast global network, enabling them to tap into international markets and attract a wide range of potential buyers or sellers. They have extensive resources and relationships with major institutional investors, private equity firms, and strategic buyers worldwide.
• Deal Execution Capability: These banks have a robust infrastructure and experienced deal teams that can handle large-scale and complex transactions. They possess a deep understanding of the M&A process and can efficiently execute deals.
• Brand Reputation: Bulge bracket banks often have established brands and a strong reputation in the financial industry. This can provide credibility and instill confidence among potential buyers or sellers.

Cons:

• Less Personalized Service: Due to their size and the volume of transactions they handle, bulge bracket banks may provide a less personalized approach than boutique firms. The client may have less direct access to senior advisors and be assigned to junior team members.
• Higher Costs: Working with a bulge bracket bank can be more expensive, as their fee structures are often higher than boutique firms or Big-4 companies. These banks typically charge a percentage of the transaction value as their advisory fee.
• Lack of Physical Presence in Poland: Large investment banks have no investment bankers permanently based in Poland, as deals suitable for them are rare. Therefore their local expertise may be limited.

Why Aventis Advisors

Most founders sell to whoever shows up. We change that.

Aventis Advisors is a boutique M&A firm based in Warsaw and New York, focused exclusively on technology and growth companies. We’ve closed 20+ transactions worth over EUR 300M in aggregate value, advising founders, family offices, and private equity funds on sell-side mandates, buy-side searches, and capital raises in Poland and across Central and Eastern Europe.

We take on 8 to 10 mandates per year by design. Every client works directly with Marcin and Filip from day one.

What sets us apart:

• 300,000 investors in our proprietary global database, continuously updated. We don’t guess who might be interested in your company. We map every acquirer by stated investment thesis, recent transaction history, current portfolio gaps, and active acquisition mandates, then approach the 60 to 80 most relevant buyers in a sequenced, confidential outreach.
• Cross-border reach through Globalscope. Our alliance of independent advisors operates in 40+ countries. For Polish sellers, this matters because foreign acquirers now account for 51% of Polish M&A activity, led by US, UK, and German buyers.
• Partner-led, every mandate. Marcin and Filip run every engagement from first call through closing. No handoff to a junior team after the pitch.
• AI-native execution. AI-assisted financial benchmarking, AI-driven buyer identification, and automated outreach close the gap between you (doing this once) and corporate acquirers (running BD continuously). Your team stays focused on the business.
• Proprietary valuation data. We publish the SaaS Valuation Multiples report (4.7x median revenue multiple, 2,000+ deals analyzed), the Software Valuation Multiples report, the Tech Company Valuation Multiples report, and IT Services M&A benchmarks (11.1x median EBITDA multiple), used by founders, investors, and competing advisors.
• Success-aligned fees. Retainer covers preparation and research costs. The success fee is where we earn. We are not incentivised to close fast. We are incentivised to close well.
• A boutique that tells you the truth. If the market or your metrics don’t support your valuation target right now, we will tell you to wait. We do not believe in deals for their own sake.

Typical mandate profile: technology and IT services companies with EUR 5M to EUR 100M enterprise value, $3M+ in ARR or $500K+ in EBITDA, in Poland or CEE, considering a sale, capital raise, or strategic acquisition.

Recent transactions: CKSource sold to Tiugo Technologies, ISOCERT acquired by Apave, Omeko sold to Harbour Investment, Impresta Drukarnia sold to Van de Velde Group. See our full transactions list.

“For CKSource, the transaction was a major milestone. The Aventis Advisors team handled the entire M&A process seamlessly, allowing us to maintain our focus on scaling the core business. Thanks to their expertise and strategic approach, we secured a partnership with an excellent investor.”

Wiktor Walc, CEO, CKSource

Book a Confidential Consultation | Explore Our Sell-Side Process | Explore Buy-Side Advisory

How M&A Advisor Fees Work in Poland

When engaging an M&A advisor in Poland, one important consideration is understanding the fee structure and associated costs. M&A advisory fees can vary depending on factors such as the complexity of the transaction, the scope of services provided, the advisor’s reputation, and the deal size. Here are the key fee structures to understand:

a. Retainer Fees: M&A advisors typically charge a retainer fee, which is an upfront payment for their services, usually paid monthly and capped at six to 12 months. Retainer fees cover significant pre-deal work, such as market research, financial analysis, and valuation. This fee helps cover the advisor’s initial costs and demonstrates the client’s commitment to the transaction.

b. Success Fee: The success fee is the main compensation for an M&A advisor and is contingent upon the successful completion of the transaction. It is typically structured as a percentage of total transaction value or enterprise value, and aligns the advisor’s incentives with the seller’s. Common structures include flat percentage, scaled percentage (where higher portions of the sale price earn higher percentages), fixed fee, fixed fee plus bonus, and minimum fee. Scaled percentage is generally the strongest incentive structure for maximizing sale price.

c. Milestone Fees: Some M&A advisors offer milestone fees as a substitute for retainer fees. These are payments made at specific points throughout the sale process, such as upon signing the Letter of Intent, completing due diligence, or delivering a draft of the purchase agreement. Milestone fees help align the advisory team with the client’s objectives and provide structure through measurable progress.

d. Hourly or Fixed Fee: In certain situations, M&A advisors may charge an hourly or fixed fee for specific tasks or projects within the overall transaction, such as due diligence or valuation. Hourly or fixed fees can provide more transparency and control over costs, especially for smaller transactions or when the scope of work is well-defined.

e. Expenses: Apart from the advisory fees, clients should also consider the expenses associated with engaging an M&A advisor. These expenses can include travel costs, legal fees, valuation fees, data room costs, and other out-of-pocket expenses incurred during the transaction process. It is important to discuss and clarify which expenses will be covered by the advisor and which will be the client’s responsibility.

When engaging an M&A advisor, it is essential to have open and transparent discussions about the fee structure. Clients should carefully evaluate the advisor’s value proposition and consider the expected benefits and outcomes of the transaction. It is also best to compare fee structures and proposals from multiple advisors to ensure a fair and competitive arrangement.