MacDonald & Associates is an independent investment banking firm providing high-quality, impartial advice to private and listed businesses, institutional investors and family offices. Our core focus is Mergers and Acquisitions (M&A) advisory services, covering broadly sales and acquisitions of businesses, strategic investments and joint ventures, asset divestitures and spin-offs. The firm also has experience with private equity placements as well as mezzanine and debt capital raises.

Our firm was founded in 2020 by Mr. Edward MacDonald, a senior investment banker who prior to setting up MacDonald & Associates was majority owner and a founder and managing partner of CAG, one of the most prominent corporate finance advisory firms in Central Europe with a track record of over 60 completed transactions since its inception in 1999.

Before founding CAG, Mr. MacDonald worked at the investment banking department of Donaldson, Lufkin & Jenrette (now Credit Suisse) in New York City and San Francisco, advising some of the most consequential global technology companies such as Oracle, Symantec and Sequoia Systems. Mr. MacDonald has also worked as Director at the Warsaw branch of ABN Amro Corporate Finance and at the Polish American Enterprise Fund (now Enterprise Investors).

With over 30 years of experience in investment banking and strategic advisory, Mr. MacDonald is an industry veteran who has advised on more than 100 completed transactions spanning Central Europe and the United States.

Supporting Mr. MacDonald is a team of dedicated professionals upholding the highest ethical standards and with deep experience in investment banking, corporate finance and strategic advisory.

Focusing exclusively on providing independent advice, we are not burdened by any actual or perceived conflicts of interest. Our firm was founded with a simple mission – to become the trusted advisor to our clients by providing them with high-quality, bespoke and unbiased advice in order to establish deep and lasting relationships.


We specialize in complex situations

Mr. Edward MacDonald and the team embrace challenging assignments and complex situations, confident that we can bring to bear best practices and lessons learned from personally overseeing the completion of a significant number of deals in the region. Owning to historical legacy, Central and Eastern Europe (CEE) economies present unique opportunities and challenges compared to their developed and mature western counterparts. In parallel to the region’s unprecedented economic, societal and political advances achieved in recent decades, with a much shorter reign of liberalized markets, CEE countries are witnessing progressing maturation of regulatory frameworks and business practices, converging to those that facilitate transactions elsewhere in highly developed economies. To this end, we invest the time and resources to understand the client, their business and the unique factors influencing the situation, leveraging this knowledge with our unique understanding of the local transaction environment to provide truly valuable advice that serves the long-term interests of our clients and results in deals being completed on the best terms possible and the right time for the client, not for the advisor.

We understand our clients and their challenges being entrepreneurs ourselves

Operating as a partnership, we have a deep understanding of the business reality our clients face both day-to-day and when making long-term strategic decisions. Compared to counterparts at global franchises, professionals at MacDonald & Associates rely exclusively on corporate finance revenues generated from satisfied clients, with our entrepreneurial spirit and economic incentives being directly aligned with our clients’ interests. The result has been a long history of repeat business with clients regularly returning to us to advise on subsequent transactions, often from an industry different from that we originally advised on. Such clients place less value on a long marketing list of completed transactions that a large corporate finance firm may have advised on in general, and more value on the actual knowledge and experience of a dedicated and trusted team who is responsible for closing a specific deal that is crucially important to them.

Focus on highly transparent, organized and effective transaction processes and free of any conflicts of interest

We provide strategic and financial advice across many industries, including consumer & retail, healthcare, industrials, telecom and technology. As a result, professionals at MacDonald & Associates have accumulated a wealth of knowledge of these markets. But the highest value-added derives from our deep experience in completing a high volume of different types of transactions across such a wide range of sectors. The result is a deep understanding of the many organizational and behavioral factors that translate into a successful deal that surpasses client expectations on a regular basis. Not being focused narrowly on specific sectors has enabled us to become experts in the transaction process itself and accumulate unique insights and practices which apply universally across industries.

Furthermore, we do not provide sales, trading nor equity research services. Our only focus has always been, and will always be, strategic financial advisory. As such, we are not encumbered by any actual, potential or perceived conflicts of interest.

Wide experience in the region

The MacDonald & Associates team has supported multiple clients and companies on a wide range of corporate finance assignments primarily in Poland, Romania, Ukraine, Serbia and Moldova. Our experience encompasses both domestic market and cross-border capabilities in a wide range of sell-side M&A, buy-side M&A and capital raising assignments.

Uncompromised integrity

Our legal name, Advisory Trust Group, proudly summarizes our core philosophy – consistently providing disinterested advice as a team, ensuring the long-term trust and confidence of our clients. The decision to trademark the firm as “MacDonald & Associates” results from the input of multiple historic satisfied clients, all of whom had highly positive associations with Mr. Edward MacDonald and the many team members he has worked with in over 30 years of investment banking. The focus is always to provide a team of professionals who put the interests of the clients first, taking pride in the fact that professional reputations ultimately rest on integrity in every aspect of business dealings. A long track record of successfully completed deals and repeat business is the satisfying result.