Lilja & Co

What Lilja & Co does

Lilja & Co. is an independent equity capital markets (ECM) advisory firm headquartered in Zurich, Switzerland, founded in 2004 by Robert Lilja. The firm advises company owners, founders, management teams, private equity sponsors, and large corporations on IPOs, follow-on equity offerings, secondary sell-downs, dual track exit processes, and other equity-related transactions. It operates a single-service model — offering only ECM advisory — which the firm positions as a structural advantage over multi-service investment banks because it eliminates conflicts of interest between advisory and underwriting or principal activities. The firm is owned by its partners and operates offices in Zurich, Frankfurt, and Paris.

Service delivery is organized into three interconnected lines: Equity Offerings Advisory (IPOs, spin-offs, follow-ons, capital increases, secondary sell-downs, and equity-linked offerings), Dual Track Advisory (managing simultaneous IPO and trade sale processes), and Specialised Financial Advisory (exit readiness assessments, early company preparation, governance advice, investor perception studies, and investor targeting using a proprietary investor database). In recent years, Lilja & Co. has advised on more than 50 transactions with total value exceeding €75 billion, establishing it as a market-leading independent advisor in the DACH region and one of the leading players in Europe.

Revenue is generated through transaction-based professional advisory fees, with no publicly disclosed pricing. Go-to-market is entirely sales-led and relationship-driven, relying on partner networks, repeat mandates, and reputational capital rather than marketing or channel partners. Distribution of advisory services is direct partner engagement only, with no intermediaries. The core partner team has worked together continuously since 2007, and in 2026 the firm added Valéry Barrier (former Head of ECM EMEA at Citigroup) as Managing Partner and transitioned Stefanie Berlinger into the Managing Partner role, while also forming a partnership with ICR Capital LLC to extend coverage into US capital markets for European issuers. Notable clients include BC Partners, Cinven, CVC Capital Partners, EQT, Apax Partners, Permira, Carlyle Group, Partners Group, Brenntag, TeamViewer, Synlab, Ottobock, and Evonik.

Name

Lilja & Co

Legal name

Lilja & Co. AG

Website

https://liljaco.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Lilja & Co. is an independent equity capital markets advisory firm advising company owners, founders, PE sponsors, and large corporates on IPOs, follow-ons, and dual track exits across Europe, with offices in Zurich, Frankfurt, and Paris.

Ownership category

akta.pro rank

Product category

Equity Capital Markets Advisory

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

M&A / Corporate Finance Finders (Deal Origination) (FSAEAMAD)

Keywords

• Equity capital markets advisory
• IPO advisory services
• Dual track exit advisory
• Follow-on equity offerings
• Independent financial advisory

Headquarters

HQ city

Zürich

HQ country

Switzerland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Capital Markets Advisory Fees: Lilja & Co. generates revenue through advisory fees for equity capital markets transactions including IPOs, follow-on equity offerings, secondary sell-downs, and dual track exit processes. Revenue is derived from professional services rendered to company owners, founders, and management teams seeking equity market transactions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Lilja & Co. is an independent equity capital markets advisory firm advising company owners, founders, and management teams on IPOs, follow-on equity offerings, secondary sell-downs, and equity-linked transactions. It manages dual track exit processes that run simultaneous IPO and trade sale tracks and provides specialised supporting services such as capital markets readiness assessments, corporate governance advice, investor perception studies, and proprietary investor targeting for publicly listed clients.

Product overview

Lilja & Co is a financial advisory firm offering a single-service model focused exclusively on equity capital markets advisory. The firm provides three interconnected service offerings: Equity Offerings Advisory (covering IPOs, follow-ons, and equity-linked offerings for both private and public companies), Dual Track Advisory (managing simultaneous IPO and trade sale exit processes), and Specialised Financial Advisory (complementary services including readiness assessments, governance advice, and investor targeting). These services are delivered through a unified advisory approach without a software product component.

Differentiator

Problem solved

Functional benefit

Products and services

• Equity Offerings Advisory Advisory services for privately-owned companies on IPOs, spin-offs, and alternative value crystallization strategies, and for publicly-listed companies on follow-ons, capital increases, secondary sell-downs, and equity-linked offerings. Targets company owners, founders and management teams executing equity capital markets transactions.
• Dual Track Advisory Advisory services managing the simultaneous pursuit of IPO and trade sale exit processes, including defining track types, aligning both tracks, incentivising banks and management, and selecting the optimal exit option. Built for company owners and PE sponsors weighing IPO against a strategic sale.
• Specialised Financial Advisory Specialised advisory leveraging capital markets transaction experience, including exit and capital markets readiness assessments, early company preparation, going-public workshops, corporate governance advice, investor perception studies, investor targeting via a proprietary database, and situational M&A services. Targets private and publicly-listed companies in pre- and post-IPO phases.

Quantifiable outcome

• Advised on 50+ transactions with total value exceeding €75bn in recent years

Named customers28 records

Segments4 records

Ideal customer profiles2 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.

• ICR Capital LLCcoreStrategic or Co-development PartnerLilja & Co. AG has entered into a partnership with ICR Capital LLC, a leading independent capital markets advisory firm in the U.S. The partnership aims to provide best-in-class advice from European and U.S. perspectives to European issuers and shareholders exploring access to U.S. capital markets, including U.S. listings or capital markets transactions. The combined offering provides seamless service with independent and unbiased advice in the best interest of clients. The ICR Capital team is headed by Steve Parish (Managing Partner).

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• PJT Partners: Independent US-listed advisory firm with a strong ECM and strategic advisory franchise. Comparable as a pure-play, conflict-free advisory platform serving corporates and sponsors on IPOs, follow-ons, and M&A, though at significantly larger scale and global footprint.
• Evercore: Independent US-listed advisory firm with significant European ECM and capital markets advisory capabilities. Comparable as a senior-led, independent advisor focused on issuer-friendly advice across IPOs, secondaries, and strategic transactions.
• Rothschild & Co: Independent, family-controlled global advisory firm with strong European ECM, IPO, and M&A coverage. Comparable as an independent advisory firm serving European mid- and large-cap issuers and sponsors, competing for similar mandates.
• Greenhill & Co: Independent global M&A and capital markets advisory firm. Comparable as a pure-play, conflict-free advisor, although now operating at smaller scale following recent transactions and leadership changes.
• ICR Capital: US-based independent capital markets advisory firm (Lilja & Co.'s strategic US partner). Comparable as an independent ECM advisory boutique serving issuers and sponsors, particularly for US capital markets access.
• Moelis & Company: Independent global advisory firm offering M&A, restructuring, and capital markets advisory. Comparable as a publicly listed, independent advisory platform with European coverage, competing for ECM and capital markets mandates.
• Centerview Partners: Elite US-based independent advisory firm serving large-cap corporates and sponsors. Comparable as a senior-led, independent advisory boutique competing for high-end ECM and strategic advisory mandates.
• Perella Weinberg Partners: Independent global advisory firm with M&A and capital markets advisory practices. Comparable as an independent, partner-led boutique competing for ECM and strategic advisory mandates from European issuers.
• Robey Warshaw: Elite London-based independent advisory firm focused on large-cap M&A and selected ECM situations. Comparable as a small, partner-driven, independent advisory boutique serving European corporates and sponsors, though more weighted to UK M&A.

Broad incumbents

• Lazard: Global financial advisory and asset management firm with a leading European ECM and IPO advisory practice. Comparable as a deep ECM advisor to European issuers and sponsors; differs by being a much larger, publicly listed, multi-service firm and Robert Lilja's former employer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lilja-co

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Lilja & Co