Ziegler

What Ziegler does

Ziegler is a privately held, Chicago-headquartered specialty investment bank founded in 1902, operating across four integrated divisions: Investment Banking, FHA/HUD Mortgage Lending (via wholly-owned subsidiary Ziegler Financing Corporation, a licensed FHA/HUD lender since 1970), Capital Markets (sales & trading and research), and Principal Investments & Fund Management (including the Ziegler Link•Age Longevity Fund). The Investment Banking division is organized into dedicated practice areas covering Healthcare Organizations (hospitals and health systems, healthcare services and outsourcing, healthcare information technology, physician groups, radiology), Senior Living (multi-site, single-site, and senior housing & care), Educational Institutions (charter schools, K-12 private schools, colleges and universities, religious institutions), and General Municipal & Structured Finance (state and local governments, agencies, data center developers, solar and waste-to-energy developers).

The firm generates revenue through a mix of professional services fees (M&A advisory, strategic advisory), transaction fees (tax-exempt bond underwriting, private placements, FHA/HUD loan origination), recurring servicing income (FHA/HUD loan servicing, mortgage servicing), trading commissions and spread earnings (Capital Markets), and returns on proprietary capital deployment (Link•Age Longevity Fund). Pricing is not publicly disclosed; engagements are negotiated, quote-based, and sized to transaction complexity. Ziegler employs 101–250 people across 15+ U.S. offices, with bankers carrying deep personal transaction ledgers (multiple senior bankers with $5B–$40B+ in career transactions). Distribution relies on direct relationship-based field sales supported by thought leadership (the co-published LeadingAge Ziegler 200 ranking, Z-News, CFO Hotline reports, the 2026 CCRC Default Study) and deep ties to industry associations such as LeadingAge and RBMA.

The company serves primarily nonprofit senior living providers (CCRCs/Life Plan Communities), nonprofit and for-profit healthcare services and HCIT companies, educational and faith-based institutions, and state and local governmental entities in the United States. Customer mix is diversified at the individual client level but concentrated at the vertical level, with senior living tax-exempt bond underwriting representing the dominant revenue engine. Leadership has been stable, with Dan Hermann serving as President & CEO and Head of Investment Banking since 2018.

Name

Ziegler

Legal name

B.C. Ziegler and Company

Website

https://ziegler.com

Company type

Private

Founded year

1902

Operating status

Operating

Headcount range

251–500 employees

Short description

Ziegler is a privately held, Chicago-based specialty investment bank founded in 1902 serving healthcare, senior living, education, and municipal sectors through investment banking, FHA/HUD mortgage lending (via Ziegler Financing Corporation), capital markets sales & trading, and the proprietary Link•Age Longevity Fund.

Ownership category

akta.pro rank

Product category

Specialty Investment Banking

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940), Finance and Insurance (52)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Industry-Specialist / Sector-Focused M&A Advisory (FSAEAGAJ)

akta.pro secondary industries

Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps) (FSAEAGAE), Direct Lending — Specialty Finance (Consumer/SME Lending Platforms) (FSAHAJAF), Investment-Grade Corporate Credit (FSAAAHAB)

Keywords

• Specialty investment banking
• Senior living finance
• Healthcare capital markets
• FHA mortgage lending
• Education sector finance

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices15 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Banking Advisory: Strategic advisory services for mergers and acquisitions, capital raising, and corporate finance transactions for healthcare, senior living, and educational institutions. Revenue generated through advisory fees, success fees, and transaction-based compensation.
2. Capital Markets: Equity and fixed income sales & trading, and research services. Revenue generated through trading commissions, spread earnings, and research-related fees.
3. FHA/HUD Mortgage Lending: Ziegler Financing Corporation (ZFC) provides government-insured mortgage loans for senior housing, multifamily, and healthcare facilities. Revenue generated through loan origination fees and servicing income.
4. Proprietary Investments: Principal investments and fund management through the Ziegler Link•Age Longevity Fund, generating returns on firm capital deployment.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Ziegler is a privately held specialty investment bank providing investment banking advisory (M&A, capital raising, strategic consulting), FHA/HUD mortgage lending through Ziegler Financing Corporation, capital markets sales & trading and research, and proprietary investments and fund management (including the Ziegler Link•Age Longevity Fund). The firm specializes in healthcare, senior living, and education sectors as well as general municipal and structured finance, raising capital for clients via tax-exempt and taxable bonds, private placements, FHA-insured loans, and direct bank placements.

Product overview

Ziegler is a specialty investment bank offering a integrated suite of financial services organized into four main divisions: Investment Banking, FHA/HUD Mortgage Lending, Capital Markets, and Principal Investments & Fund Management. The firm specializes in healthcare, senior living, and education sectors with dedicated practice areas providing M&A advisory, capital raising through bond issuances and private placements, and specialized FHA/HUD government-insured loan programs. The Investment Banking division encompasses Healthcare Investment Banking, Senior Living Finance, Education Finance, and General Municipal & Structured Finance practices, each offering sector-specific advisory and financing expertise. The FHA/HUD Mortgage Lending operation through Ziegler Financing Corporation provides government-insured financing for senior housing, multifamily, and healthcare facilities. Capital Markets provides sales, trading, and research services, while Principal Investments manages proprietary investments including the Ziegler Linkage Longevity Fund.

Differentiator

Problem solved

Functional benefit

Brands

• Ziegler Financing Corporation (ZFC): A licensed FHA/HUD lender subsidiary providing low-cost, highly leveraged, non-recourse, long-term fixed-rate financing solutions for nursing homes, intermediate care facilities, board and care homes, memory care facilities, and assisted-living projects nationwide.

Products and services

• Investment Banking — Healthcare Organizations
• Investment Banking — Senior Living
• Investment Banking — Educational Institutions
• Investment Banking — General Municipal & Structured Finance
• FHA/HUD Mortgage Lending
• Capital Markets — Sales & Trading
• Principal Investments & Fund Management — Ziegler Link•Age Longevity Fund

Quantifiable outcome

• Over 120 years of continuous operation since 1902
• +3 more outcomes

Named customers29 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered major, minor and core.

• Cancer Care Specialists of RenomajorStrategic or Co-development Partner · 22 April 2026Cancer Care Specialists of Reno partnered with Cancer Center Oncology Medical Group and Levitate Ridge Capital to create a combined oncology platform. Ziegler advised CCOMG on this partnership.
• RBMA (Radiology Business Management Association)minorStrategic or Co-development Partner · 11 April 2025Andrew Colbert, senior managing director at Ziegler, presented key trends in radiology M&A at the 2025 RBMA annual meeting.
• LeadingAgecoreStrategic or Co-development PartnerLeadingAge is an industry association with which Ziegler co-publishes the annual LeadingAge Ziegler 200 ranking of senior living communities. Ziegler also partners with LeadingAge on technology surveys and industry research.
• FHA/HUDcoreStrategic or Co-development PartnerZiegler Financing Corporation is a licensed FHA/HUD lender providing government-insured mortgage loans for senior housing and healthcare facilities.
• LeadingAge Center for Aging Services TechnologiescoreStrategic or Co-development PartnerZiegler and the LeadingAge Center for Aging Services Technologies released a joint survey on senior living technology priorities, finding that operational efficiency and resident care are primary technology drivers.
• Fannie MaeminorChannel Partner/ Reseller/ DistributorFannie Mae provides financing programs that Ziegler facilitates for senior housing clients through multifamily lending.
• Freddie MacminorChannel Partner/ Reseller/ DistributorFreddie Mac provides financing programs that Ziegler facilitates for senior housing clients.
• Ziegler Link•Age Longevity FundcoreStrategic or Co-development PartnerZiegler manages the Link•Age Longevity Fund, one of the first investment funds focused on the aging market and companies providing innovative products and services for seniors.
• M&T Realty Capital CorporationminorChannel Partner/ Reseller/ DistributorM&T Realty Capital Corporation is a Fannie Mae DUS lender and Freddie Mac Optigo lender that Ziegler partners with for certain refinancings.

Scale indicators30 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• William Blair: William Blair is a Chicago-based boutique investment bank with a healthcare investment banking practice and strong municipal fixed income capabilities. As a fellow Chicago-based specialty firm, it competes with Ziegler for talent, healthcare mandates, and municipal bond underwriting opportunities in the Midwest and beyond.
• Houlihan Lokey: Houlihan Lokey is a global investment bank with dedicated healthcare M&A, capital markets, and financial restructuring practices. While much larger and more diversified than Ziegler, it competes for middle-market healthcare and senior living advisory mandates and shares the relationship-driven, sector-specialist model that defines Ziegler's investment banking franchise.
• Piper Sandler: Piper Sandler is a middle-market investment bank with a dedicated healthcare investment banking group covering services, IT, and senior living. Multiple Ziegler alumni previously worked at Piper Sandler, and the firm competes directly for healthcare M&A, capital raising, and senior living financing mandates that Ziegler targets.
• Raymond James: Raymond James has a healthcare investment banking practice that covers services companies, healthcare IT, and senior housing. Several Ziegler senior bankers (Chamberlain, Weeks) previously held senior roles at Raymond James, indicating direct talent and mandate competition in the healthcare and senior living sectors.
• Jefferies: Jefferies is a global investment bank with a dedicated healthcare services and technology M&A practice. It competes with Ziegler for healthcare services, healthcare IT, and senior living mandates, particularly at the larger end of the middle market where Jefferies' capital and distribution capabilities provide a structural advantage.
• Stifel Financial: Stifel is a diversified middle-market investment bank with a healthcare investment banking practice and a strong public finance division that competes with Ziegler's tax-exempt bond underwriting and K-12 education finance practices. Stifel offers broader product breadth and a stronger public finance distribution platform.

Direct peers

• Cain Brothers (KeyBanc Capital Markets): Cain Brothers is a healthcare-specialist investment bank acquired by KeyBanc that provides M&A advisory, capital raising, and asset management exclusively to healthcare organizations. It is the closest direct peer to Ziegler's Healthcare Investment Banking practice, with deep overlap in services, target client base (hospitals, health systems, physician groups), and deal profiles.
• HJ Sims: HJ Sims is a specialty investment bank focused on senior living and healthcare financing, providing investment banking, FHA/HUD lending, and capital markets services to not-for-profit senior living providers. It is the most direct competitor to Ziegler's Senior Housing & Care Finance practice, with several former Ziegler bankers (Gall, Mallen, Himel) on its team historically.
• Hammond Hanlon Camp (H2C): H2C is a healthcare-specialist investment bank providing M&A advisory and capital markets services to hospitals, health systems, and senior living providers. It competes directly with Ziegler's not-for-profit healthcare and senior living finance practices and shares the boutique, sector-focused model.
• TripleTree: TripleTree is a healthcare-specialist investment bank focused exclusively on healthcare services and technology M&A advisory. It competes directly with Ziegler's Healthcare Investment Banking practice for sell-side and buy-side mandates, IPO advisory, and growth-stage healthcare technology and services companies.

Market position

Strengths6 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ziegler_co
• YouTubeyoutube.com/channel/UCtM5YGl2gqfIQrdo8GHg32g
• Facebookfacebook.com/BCZiegler
• LinkedInlinkedin.com/company/ziegler

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments49 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ziegler