Information Arbitrage (a great read by the way) had a post regarding the future of Investment Banks. The whole post is worth a read, but a tidbit that we certainly agree with:

Investment Banking 2.0 will be the re-emergence of the boutique, the focused, nimble, high-touch firm that was the bedrock of capital formation in the early years of the stock market boom. Because these mega-firms being created at the urging of the Treasury are not sustainable.

This couldn't be more true for mid-market companies.  The bulge bracket banks have been focused on returns trading complex products on their own account.  And while M&A is always a fee multiplier in a bulge bracket bank, more recently other products have taken center stage.

As a middle market company, your needs are different.  You need a "high touch" firm that can offer expertise when you need it - namely when you need to recap, or are working through an acquisition.  The boutique is just what the doctor ordered.