Having spent a couple of years in M&A and capital markets, I can attest that this is absolutely true. In most cases, most top M&A buldge bracket firms and even

Having spent a couple of years in M&A and capital markets, I can attest that this is absolutely true. In most cases, most top M&A buldge bracket firms and even top M&A boutiques, will look to work on sell-side deals that are $500mm+. Probability of a successful close is so low and opportunity cost is high (process is long and it's a ton of work), it rarely makes sense to look at something unless the fee opportunity is in millions. Simply put, $10mm deal doesn't move the needle for top firms. There are exceptions, of course, primarily for relationships and future business potential, for example when spinning off a smaller division of a larger business or when dealing with financial sponsors.