What Millstein & Co does

Millstein & Co. is a financial services firm that developed advisory solutions for complex corporate and public finance issues, with core service lines spanning corporate restructuring, mergers and acquisitions, and liability management transactions. Founded in 2011 and headquartered in New York with 101-250 employees, the firm served a horizontally diversified client base consisting of companies, institutional investors, governments, and other stakeholders involved in complex financial transactions. The firm operated as a boutique advisory practice rather than a productized or technology platform, relying on senior relationship managers and bespoke engagement delivery.

The business model was professional services revenue, with fees generated through quote-based engagement arrangements that are not publicly disclosed and typical of bespoke investment banking mandates. Go-to-market was direct enterprise advisory: senior teams engaged corporate boards, institutional investors, and public-sector entities directly, with no consumer-facing marketing channels and reliance on reputation, professional networks, and referrals as the primary sources of new client engagements. Customer segmentation was horizontal across Companies, Investors, Governments, and Other Stakeholders, with restructuring, M&A, and liability management advisory as the principal use cases across all segments.

Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, has completed its acquisition of Millstein & Co., integrating the firm's restructuring, M&A, and liability management advisory capabilities into the broader Guggenheim Securities platform. Following the acquisition, Millstein & Co. no longer operates as an independent entity, and its capabilities are delivered through the combined Guggenheim Securities organization.

Name

Millstein & Co

Legal name

Millstein & Co.

Website

https://millsteinandco.com

Company type

Private

Founded year

2011

Operating status

Acquired

Headcount range

101–250 employees

Short description

Millstein & Co. is a New York-based financial advisory firm specializing in restructuring, mergers and acquisitions, and liability management for companies, investors, and governments. The firm was acquired by Guggenheim Securities and no longer operates as an independent entity.

Ownership category

akta.pro rank

Product category

Financial Advisory Services

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

M&A Advisory (Buy-side/Sell-side) (BPAHADAC)

akta.pro secondary industries

Distressed M&A & Special Situations Advisory (BPAHADAN), Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Financial advisory services
• Restructuring advisory
• Mergers and acquisitions
• Liability management
• Investment banking advisory

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. Financial Advisory Services: Revenue generated from providing advisory services on complex financial issues including restructuring, mergers and acquisitions, and liability management transactions. Services are delivered to companies, investors, governments, and other stakeholders.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Millstein & Co. is a financial advisory firm providing expert counsel to companies, investors, governments, and other stakeholders on complex financial issues. Its core offerings span corporate restructuring advisory, mergers and acquisitions (M&A) advisory, and liability management transaction advisory, delivered as professional services engagements. The firm has been acquired by Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, and now operates as part of that platform.

Product overview

Millstein & Co. is a financial advisory firm that has been acquired by Guggenheim Securities. The company advises companies, investors, governments, and other stakeholders on complex financial issues including restructuring, mergers and acquisitions, and liability management transactions. The firm operates as a financial advisory service rather than a technology product platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Corporate Restructuring Advisory
• Mergers and Acquisitions Advisory
• Liability Management Advisory

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Guggenheim Securities (Guggenheim Partners)coreOthersGuggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, has completed its acquisition of Millstein & Co. This acquisition integrates Millstein & Co.'s advisory capabilities into the Guggenheim Securities platform, enhancing services in restructuring, M&A, and liability management for the combined entity.

Recent moves1 record

Expansion highlights1 record

Broad incumbents

• Stifel (Miller Buckfire): Stifel's Miller Buckfire subsidiary is a recognized restructuring and special situations advisory practice within a broader full-service broker-dealer. It competes with Millstein in liability management and distressed advisory mandates.
• Lazard: Lazard is a global financial advisory and asset management firm with premier M&A and restructuring practices. It is a broader incumbent that competes with Millstein across restructuring and M&A mandates while also offering asset management at scale.
• Evercore: Evercore is a leading independent advisory firm with large-scale M&A, restructuring, and capital markets practices. It competes with Millstein across mandates and serves as a benchmark for independent advisory franchise economics.
• Guggenheim Securities: Guggenheim Securities is the investment banking division of Guggenheim Partners and Millstein's parent company. It provides broader investment banking, capital markets, and securities capabilities into which Millstein's restructuring and M&A advisory practice is now integrated.

Direct peers

• Moelis & Company: Moelis is a global independent advisory firm offering M&A, restructuring, and capital markets advisory. It directly competes with Millstein across M&A and liability management mandates, particularly for mid- and large-cap corporate clients.
• PJT Partners: PJT Partners is a boutique advisory firm built around a top-tier restructuring franchise and expanding M&A practice. It competes head-to-head with Millstein for distressed and special situations advisory mandates from corporates, creditors, and sponsors.
• Houlihan Lokey: Houlihan Lokey is a global independent advisory firm with a market-leading restructuring practice and a sizeable M&A franchise. It directly competes with Millstein for restructuring, liability management, and M&A advisory mandates across corporates, creditors, and sponsors.
• Alvarez & Marsal: Alvarez & Marsal is a global professional services firm best known for restructuring advisory and interim management. It directly competes with Millstein in distressed advisory mandates, often serving creditors, sponsors, and corporates in special situations.
• Rothschild & Co: Rothschild & Co is a global financial advisory firm specializing in M&A, restructuring, and strategic advisory. It is one of Millstein's closest peers given overlapping practices in restructuring and M&A advisory for corporates and governments.
• Lincoln International: Lincoln International is a global mid-market advisory firm providing M&A, debt advisory, and restructuring services. It is comparable to Millstein as a specialized advisor serving mid- and large-cap corporates, sponsors, and creditors on complex transactions.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat2 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

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

M&A2 records

Investments1 record

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

Frequently asked questions about Millstein & Co