On the latest episode of Behind the Buyouts, JPMorgan Chase & Co. managing director Bob Berkus discussed the firm’s evolving approach to mid-cap investment banking and the current landscape for consumer and retail transactions.

JPMorgan’s U.S. mid-cap investment banking team has scaled to nearly 250 professionals with an emphasis on industry specialization across verticals. The team works “hand in glove” with the firm’s large-cap investment banking unit as part of its differentiated approach to client relationships, Berkus said.

Berkus predominantly focuses on the consumer and retail market and is optimistic about a rebound in the indistry’s M&A following tariff volatility and inflation.

“Things are as busy as they’ve been in a really long time and that doesn’t mean that everything’s about to sign, announce and ultimately close, but [it’s] the amount of dialog that we’re having right now,” Berkus said. “Some of that’s years of pent-up demand and pent-up supply — assets that maybe came to market and it wasn’t the right time, or buyers just didn’t have conviction or they wanted to continue to see the financial performance post-Covid — all of that supply is waiting there to trade.”

JPMorgan’s mid-cap team has advised on deals such as Black Rock Coffee Bar Inc.’s (BRCB) September IPO; Barry’s Bootcamp LLC‘s January sale to Princeton Equity Group LLC and L Catterton Management Ltd.‘s March 2024 acquisition of AmaWaterways.

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