This year’s Counselor Top 40 is defined just as much by who isn’t on the list as by who is. On the distributor side, perennial Counselor Top 40 company AIA (asi/109480), which recorded nearly $155 million in 2023, is absent, having been acquired by iPROMOTEu (asi/232119) last year in what was one of the largest distributor M&A deals ever. It’s a sign that consolidation is continuing at the highest levels of the industry.
