Affinity Ventures Research
Advisory Approach
Affinity Ventures is a nationally recognized M&A advisory firm serving the lower middle market since 1994. Founded by Bruce Burns, the firm operates with a client-centric thesis: successful exits require exhaustive buyer outreach combined with personalized, one-on-one attention throughout the entire sales process. Unlike larger bulge bracket banks where clients may feel like small fish in a big pond, Affinity Ventures positions itself as a trusted partner that devotes significant attention to each engagement while maintaining the resources and buyer network to handle complex transactions.
The firm's approach is grounded in the belief that business owners selling $5M-$50M companies deserve the same caliber of advisory services as large corporations, but with the personal touch and accessibility that only a specialized boutique can provide. Their sweet spot is founder-owned businesses in manufacturing, healthcare, transportation, and business services where operational complexity creates valuation challenges that their team's operational experience can unlock.
Sector Focus
Affinity Ventures has deep expertise across multiple industry verticals, with particular strength in manufacturing, healthcare, and transportation/logistics. The firm's team includes former operators and CEOs who understand the nuances of running businesses in these sectors, which gives them credibility with both sellers and buyers.
Within manufacturing, they specialize in precision machining, sheet metal fabrication, nutraceutical/supplement manufacturing, and building materials. Their healthcare practice spans home healthcare, behavioral health, mental health services, and infusion services. In transportation, they focus on trucking, logistics, and RV/power sports dealerships. They also maintain active practices in construction/specialty trades, IT services, software/SaaS, and distribution.
Deal Track Record
Affinity Ventures has completed over 250 transactions representing more than $2 billion in aggregate transaction value. Their Axial profile documents 57 specific deals from 2011-2025, providing a comprehensive view of their transaction activity across industries and buyer types.
Recent representative transactions include:
- NDS (manufacturing/fabrication) sold to private equity, September 2025
- NuAge Builders (construction) sold to private equity, March 2024
- Herbs, Etc. (nutraceutical manufacturing) sold to Rosewood Private Investments, January 2024
- Sweetwater Medical (medical equipment distribution) sold to strategic buyer, March 2023
- Infusion Ventures (healthcare services) sold to private equity firm, September 2022
- Aloha RV (RV dealership) sold to RV Retailer, LLC, November 2021
- Nebraska Salt & Grain Co. (agriculture/distribution) sold to Instar Holdings, August 2020
- Hoffmann Homecare Pharmacy (pharmacy) sold to CVS, May 2017
- A Plus Health Care (home healthcare) sold to Addus HomeCare, July 2020
- Cabrillo Hoist (industrial equipment) sold to Brand Safway, January 2019
The firm has closed dozens of deals in electrical services (L&K Electric, Action Electric, Patriot Electric, Monahan Electric, Brads Electric, K&S Electric), healthcare (Ruidoso Homecare & Hospice, Abundant Home Care, Red Rock Medical), and manufacturing (Diamondback Steel, AMP, Advantage Metal Products). Their buyer network includes strategic acquirers like CVS, Addus HomeCare, and Brand Safway, as well as numerous private equity groups.
Process & Fee Structure
Affinity Ventures follows a structured 5-step facilitation process:
Phase 1 - Evaluation (30 Days): Market valuation preparation, expectation alignment, engagement agreement execution, and pre-due diligence check.
Phase 2 - Preparation (45 Days): Confidential Information Memorandum (CIM) development, buyer list identification, blind profile/teaser creation, confidentiality agreements, and management presentation preparation.
Phase 3 - Campaign (90-120 Days): Campaign launch, confidentiality agreements and CIM distribution, buyer discussions, management presentations, and facility tours.
Phase 4 - Negotiation (90-120 Days): Indication of Interest (IOI) management, controlled facilitation process, Letter of Intent (LOI) negotiation, and buyer selection.
Phase 5 - Closing (90 days from LOI): Due diligence management, data room oversight, Quality of Earnings coordination, purchase agreement negotiation, and closing.
Total timeline typically ranges from 9-15 months from engagement to close. The firm emphasizes creating competitive tension through multiple offers—their testimonials consistently mention receiving 15-20+ offers and closing 20-30% above initial valuations.
Fee structure is success-based with retainers credited against success fees. While specific percentages are not publicly disclosed, this is standard industry practice for lower middle market advisors (typically modified Lehman or similar success-based structures).
Buyer Network
Affinity Ventures maintains a proprietary database of over 500,000 strategic and financial buyers. Their buyer network spans:
Private Equity: Strong relationships with lower middle market and middle market PE firms across industries. Recent transactions include deals with Rosewood Private Investments, Hillcrest Capital Partners, private equity groups in healthcare, and numerous PE buyers in electrical services, manufacturing, and trucking.
Strategic Buyers: Proven ability to identify and close transactions with strategic acquirers including CVS (pharmacy transactions), Addus HomeCare (healthcare services), Brand Safway (industrial equipment), RV Retailer (RV dealerships), and various regional and national strategic buyers.
Family Offices & Private Investors: Active network of family offices and high-net-worth individual buyers, demonstrated in transactions like Trucks Unique (private investor) and multiple smaller healthcare services deals.
International Buyers: Capability to access international buyers, particularly in manufacturing and distribution sectors.
Competitive Positioning
Affinity Ventures differentiates through several key factors:
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Operational Experience: Principals have been CEOs and operators. Bruce Burns founded and sold 8 privately held businesses and led the $1.1B merger forming Apria Healthcare. John Bessone managed a $45M co-investment fund. This operational credibility resonates with founder-sellers.
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Industry Recognition: Bruce Burns is one of only 85 accredited M&A Master Intermediaries in North America (M&AMI designation). The firm is affiliated with Alliance of M&A Advisors, ACG, IBBA, M&A Source, and CBC industry groups.
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Exhaustive Buyer Outreach: Their database of 500,000+ buyers and multi-team member approach per transaction ensures comprehensive market coverage. Clients consistently report receiving 15-20+ offers.
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National Footprint with Regional Focus: With team members across 12+ states (NM, AZ, CA, MN, GA, OH, VA, MT, SD, FL, IL, NY/CT), they combine national reach with local market knowledge.
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Proprietary Facilitation Process: Their structured 5-step process with defined timelines and deliverables creates predictability for sellers navigating their first transaction.
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Performance Track Record: Testimonials and case studies consistently demonstrate closings 20-30% above initial valuation expectations, with multiple competitive offers and record-close timelines.
Not a Fit If
Affinity Ventures typically declines:
- Businesses below $5M TEV (their minimum engagement threshold)
- Startups or pre-revenue companies (they focus on operating businesses with financial track records)
- Pure asset sales or liquidations (they specialize in going-concern enterprises)
- Founders wanting a limited process or off-market sale (their value is in exhaustive buyer outreach)
- Businesses with significant unresolved legal or financial issues (they focus on clean, sellable assets)
Team
Bruce Burns – President & Founder. M&A Master Intermediary (M&AMI), CMAI, CBI. Founded Affinity Ventures in 1994 after leading the $1.1B merger that formed Apria Healthcare. Has been involved in M&A transactions since 1986. Previously VP of M&A at Abbey Home Healthcare. Has founded and sold 8 privately held businesses. Serves on 10 private company boards. BS Business Administration & Economics, Northern State University. University of Chicago Executive MBA program.
John Bessone – Managing Director. 30+ years M&A experience. Previously managed $45M Co-Investment Fund for State of New Mexico at Fort Washington Capital Partners. Closed $500M+ in M&A transactions throughout career. BA Williams College. Active in ACG and Directors Guild of America.
Cody Clemens – Director. Leads marketing and business development. Cited in client testimonials for excellence in company marketing and offer management.
Senior Advisors & Affiliates: The firm has 12+ senior advisors and affiliates across 12 states, providing local market presence and industry expertise.
Geographic Coverage
Headquartered in Albuquerque, New Mexico with team members and affiliates across the United States: Arizona, California, Minnesota, Georgia, Ohio, Virginia, Montana, South Dakota, Florida, Illinois, and New York/Connecticut. While headquartered in the Mountain West, the firm executes transactions nationally and has capability for cross-border deals.