Q2 & First Half 2020 SPAC IPO Auditor League Tables
Below are the newly released SPAC Auditor League Tables for the second quarter of 2020 and the first half of the year. As you can see below, the Auditor League is dominated by just two auditing firms – Marcum LLP and WithumSmith+Brown (“Withum”). So each quarter is generally just a look into how close these two competitors come to edging each other out.
As for the results, the first half of 2020 was no different. Both WithumSmith+Brown, PC, and Marcum LLP, were dead even at 16 auditing assignments each, with Withum having the slight edge this time due to larger average deal size of $352 million to Marcum’s $293 million.
Pricewaterhousecoopers LLP, KPMG LLP, BPM LLP, and Marcum Bernstein & Pinchuk LLP, had one deal a piece through June 2020. However, as the SPAC market has gotten more attention, you can be sure other auditing firms will be looking to participate in this asset class too. So perhaps we can expect to see some new names in the third quarter rankings. Nonetheless, Withum and Marcum have the most experience with these vehicles and it will be very difficult to chip away at their market share.
We still have two more quarters to go before the end of the year and given the sheer volume of SPACs looking to IPO right now, it will be interesting to see if both Marcum and Withum can keep up with the pace and if they eventually get a serious third challenger. It’s going to be a busy quarter, so anything could happen.
You can find all of the published League Tables by clicking here.
Ranked by Volume
(All data is sort-able using the arrow keys located in the header cells)
1H 2020
| Rank | Auditor | Volume ($mm) | Deal Count (Total) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | WithumSmith+Brown, PC | 5,631.6 | 16 | 352.0 | 48.1% |
| 2 | Marcum LLP | 4,688.7 | 16 | 293.0 | 40.1% |
| 3 | Pricewaterhousecoopers LLP | 700.0 | 1 | 700.0 | 6.0% |
| 4 | KPMG LLP | 425.0 | 1 | 425.0 | 3.6% |
| 5 | BPM LLP | 200.0 | 1 | 200.0 | 1.7% |
| 6 | Marcum Bernstein & Pinchuk LLP | 57.5 | 1 | 57.5 | 0.5% |
Q2 2020
| Rank | Auditor | Volume ($mm) | Deal Count (Total) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | WithumSmith+Brown, PC | 3,933.0 | 9 | 437.0 | 50.6% |
| 2 | Marcum LLP | 2,944.7 | 12 | 245.4 | 37.9% |
| 3 | Pricewaterhousecoopers LLP | 700.0 | 1 | 700.0 | 9.0% |
| 4 | BPM LLP | 200.0 | 1 | 200.0 | 2.6% |
Q1 2020
| Rank | Auditor | Volume ($mm) | Deal Count (Total) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | Marcum LLP | 1,744.0 | 4 | 436.0 | 44.4% |
| 2 | WithumSmith+Brown, PC | 1,698.6 | 7 | 242.7 | 43.3% |
| 3 | KPMG LLP | 425.0 | 1 | 425.0 | 10.8% |
| 4 | Marcum Bernstein & Pinchuk LLP | 57.5 | 1 | 57.5 | 1.5% |
Source: SPACInsider, Ranked by volume
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