Alexander Hutton Research
Advisory Approach
Alexander Hutton is a boutique middle market investment banking firm founded in 1986, serving entrepreneurs and family businesses in the Pacific Northwest. The firm's core thesis is that business owners deserve advisors who have walked in their shoes—the entire leadership team consists of former business operators who have founded, acquired, scaled, and sold companies. This operator empathy distinguishes Alexander Hutton from generalist investment banks that lack hands-on operating experience.
The firm believes that the best outcomes for sellers come from competitive, high-touch processes that identify the right partner—not just the highest price. They prioritize cultural fit and structural terms alongside valuation, recognizing that successful transactions require alignment between buyer and seller beyond the economics. With over 220 completed transactions since 1986, Alexander Hutton has refined a process that generates multiple qualified options for clients while providing the guidance needed to evaluate trade-offs between price, structure, and partnership fit.
Sector Focus
Alexander Hutton's transaction history demonstrates deep expertise across the lower middle market, with particular strength in founder-owned businesses in the Western United States. The firm has completed 30+ trackable transactions across multiple sectors, with significant concentration in:
Manufacturing & Industrial: Precision machining (TowHaul, Visilift), contract manufacturing (Formula Corp), industrial equipment, and marine infrastructure (Marine Floats). The firm's operators have background in chemical manufacturing and aerospace, enabling them to understand complex operational businesses.
Home Services & Restoration: HVAC services (Cardinal Heating & Air), disaster restoration (Quick Dry Restoration, Dayspring Restoration, PureDry Restoration). These businesses often require nuanced understanding of regional markets and operational complexity.
Healthcare Services: Physical therapy practices (Olympic Physical Therapy, Apple Physical Therapy, Highline Physical Therapy), home health and medical staffing (Ro Health), and healthcare software (TranSenda).
Business Services: IT consulting (Madrona Solutions Group, Project Canopy), marketing agencies (The Domain Group), property management (Pinnacle Property Management), and specialized B2B services.
Distribution & Logistics: Tire distribution (Whalen Tire), ocean transportation (Polynesia Line), and industrial logistics (R.H. Brown).
Deal Track Record
Alexander Hutton has completed 220-231 successful transactions since 1986, making it one of the most established middle market investment banks in the Pacific Northwest. Notable recent transactions include:
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Formula Corp → San Francisco Equity Partners (2025): Exclusive financial advisor on the sale of a leading formulator and contract manufacturer of cleaning products, a business founded in 1983 with 60+ employees in Auburn, WA.
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Cardinal Heating & Air → SE Capital (2024): Sell-side advisor on the acquisition of a leading Seattle-area HVAC services provider founded in 1991 by Mike Hastings and Rory Richardson.
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Quick Dry Restoration → Guardian Restoration Partners/Alpine Investors (2024): Advisor on the sale of a rapidly growing restoration services provider with locations in Idaho, Washington, and Coeur d'Alene.
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TowHaul Corporation → Federal Signal Corporation (2025): Sell-side advisor on the $46.1M cash acquisition of a leading manufacturer of off-road towing and hauling equipment for the mining industry. The 40-year-old Montana-based company had 70+ employees and customers on six continents.
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Marine Floats → Branford Castle Partners (2023): Advisor on the strategic partnership/recapitalization of a Tacoma-based marine infrastructure company designing and manufacturing custom marinas and dock systems since 1976.
The firm's historical transactions span aerospace & defense (Damar AeroSystems, Unitech), consumer products (J.L. Darling/Rite in the Rain, Tsue Chong Company), food & beverage (Apex Family of Wines, Sun Luck), and technology/software sectors. This breadth reflects the firm's belief that operator-to-operator advisor value transfers across industry boundaries—the core M&A process disciplines of competitive auction management, buyer outreach, and structural negotiation apply regardless of sector.
Process & Fee Structure
Alexander Hutton runs institutional-quality sell-side processes tailored to lower middle market companies. The firm's process includes:
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Comprehensive Analysis: In-depth financial and strategic analysis to identify value creation opportunities and positioning strategies.
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Buyer Identification & Outreach: Leveraging trusted relationships within the PE and strategic buyer communities to identify and contact 200-400 potential acquirers per engagement.
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Competitive Auction Process: Creating structured competition among qualified bidders to optimize for price, structure, and cultural fit.
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Negotiation & Close: Managing complex transaction terms, due diligence coordination, and closing mechanics.
Typical engagement timeline is 6-9 months from engagement to close. The firm requires exclusivity and focuses on companies with at least $10M in transaction value.
Fee structure follows industry norms for lower middle market M&A advisors: retainer fees credited against success fees, with success fees structured on a percentage of transaction value. The firm employs modified Lehman or similar success fee structures common in the $10M-$250M transaction range.
Buyer Network
Alexander Hutton maintains relationships with 2,000+ active private equity firms and strategic acquirers, with particular strength in:
Private Equity: San Francisco Equity Partners, Alpine Investors (via Guardian Restoration Partners), SE Capital, Branford Castle Partners, Trinity Hunt Partners, Trivest Partners (via HighGround), Bastion Solutions, CID Capital, Acorn Growth Equities, Federal Signal (strategic buyer with PE-style approach).
Strategic Buyers: Federal Signal Corporation (environmental and safety solutions), Savaria Corporation (mobility/accessibility), Central Garden & Pet, Senior plc (aerospace manufacturing), and numerous regional strategic acquirers in HVAC, restoration, healthcare, and industrial sectors.
Geographic Reach: Strong buyer network across Western U.S. markets with ability to access national and international buyers through PE firm relationships.
Competitive Positioning
Alexander Hutton differentiates through:
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Operator Perspective: Entire leadership team are former operators who have built and sold companies. This creates empathy and credibility with founder-owners skeptical of Wall Street types.
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Regional Depth: 38+ years serving Pacific Northwest businesses, with deep understanding of regional economic dynamics, buyer pools, and local market conditions.
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Transaction Experience: 220+ completed transactions provide pattern recognition across industries, economic cycles, and transaction structures.
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Long-tenured Team: Several team members have worked together for decades, providing institutional knowledge and seamless client service.
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Entrepreneur Advocacy: Firm positions itself as "the entrepreneur's advocate to the capital markets," not just a transaction facilitator.
Not a Fit If
Alexander Hutton typically declines:
- Transactions below $10M in enterprise value
- Businesses outside the firm's geographic focus (Western U.S.)
- Sellers wanting limited buyer outreach or rushed processes
- Pure asset sales or liquidations (firm focuses on going-concern enterprises)
- Startups or pre-revenue companies (firm focuses on profitable, established businesses)
Team
James Thompson – Managing Director & CEO Rejoined Alexander Hutton in 2019 as Managing Director after serving as CFO and then CEO of HaloSource, where he led the team that completed an $80M oversubscribed IPO in 2010 and subsequent sale to Strix PLC. Has closed 40+ transactions and raised $250M+ in growth capital. Board member of Brown Strauss, Inc. ($600M revenue steel distribution business) and the Montana Ambassadors. BBA from Gonzaga University, MBA in Entrepreneurship from University of Washington Foster School.
Tony Richardson – Managing Director Technology entrepreneur and M&A advisor with deep experience in technology transactions.
Stephen Humphreys – Managing Director Led the Formula Corp transaction and has significant experience in manufacturing and industrial sectors.
Scott Hardman – Chairman Third-generation Seattle resident, trustee for UWMC-Northwest and member of Seattle Pacific Executive Advisory Board.
Shane Jansen – Director/Vice President Worked on Cardinal Heating & Air transaction and other home services deals.
Strategic Advisors: Kent Johnson (Technology), Henry Lin (Technology), Guillermo Guzman (Water), Fredrik Andreasson (Healthcare), Roei Ganzarski (Aerospace), Sean Thompson (Software), Mike Kichline (Business Services).
The firm's team size is approximately 15-20 professionals including analysts, associates, directors, and managing directors.
Geographic Coverage
Primary focus on Western United States, particularly:
- Washington (Seattle, Bellevue, Tacoma, Spokane, and statewide)
- Montana (Billings, Bozeman, Missoula)
- Oregon (Portland)
- Idaho (Boise, Coeur d'Alene)
Secondary coverage across Western U.S. for the right opportunities. The firm's Smith Tower location in downtown Seattle provides central access to Northwest business communities.
Additional Information
- Founded: 1986 (38+ years in business)
- Total Transactions: 220-231 completed transactions (self-reported)
- FINRA Registration: Not currently registered as a broker-dealer. Alexander Hutton Capital, LLC was previously registered with FINRA from 1995-2000 but that registration lapsed. The firm operates as an M&A advisor not requiring broker-dealer registration for its transaction advisory services.
- Team Size: ~15-20 professionals
- Address: Smith Tower, 506 2nd Ave #1825, Seattle, WA 98104
- Phone: 206-341-9800