ASG Partners Research
Advisory Approach
ASG Partners operates with a clear thesis: middle-market business owners deserve specialized M&A advisory from professionals who understand manufacturing, distribution, and service company economics at an operational level. Unlike national M&A firms or business brokers, ASG Partners has spent 30+ years focusing exclusively on sellers in the $3M-$100M revenue range. Their sweet spot is founder-owned manufacturing and distribution businesses where the owners are ready to maximize value through a disciplined, confidential process.
The firm's approach emphasizes what they call "leverage" in the sale process: applying process discipline and buyer network depth to multiply the value owners can realize. They believe the best outcomes come from engaging multiple qualified buyers in a competitive dynamic, combined with institutional-grade documentation (Confidential Business Review/Offering Memorandum) and meticulous attention to confidentiality.
Sector Focus
ASG Partners maintains particular depth in three core sectors:
Manufacturing & Industrial Services: Precision tooling, specialty manufacturing, industrial equipment distribution, metal fabrication, and mechanical engineering services. Their team includes professionals with operational backgrounds—former plant managers and operators who understand plant-level economics, capacity constraints, and margin drivers. This operational grounding differentiates them from financial engineers.
Distribution & Logistics: They have deep experience with wholesale distributors, parts distribution, and supply chain companies serving manufacturing and construction sectors. They understand vendor relationships, inventory dynamics, and customer concentration risk—the operational issues that impact valuation.
Business Services & Staffing: They advise employment staffing agencies, business consulting firms, and facility management companies. They understand recurring revenue models, key person dependency, and client concentration issues unique to service businesses.
Their deal track record reflects this focus: manufacturing and industrial deals dominate their tombstone list, with notable transactions including metal fabrication, tool manufacturing, printing, electronics, and food processing.
Buyer Network & Deal Track Record
ASG Partners has built an extensive buyer network over 30+ years. Their documented transactions show relationships with:
- Private Equity Firms: Recorded multiple deals with PE buyers across industrial sectors
- Strategic Acquirers: Manufacturing consolidators, distribution roll-ups, and industrial services platforms
- Family Offices: Investor family offices seeking operating companies
- Management Teams: ESOP and management recapitalization transactions
Their tombstone page lists 30+ successful transactions including:
- Lakeside Grocery (Alaska) acquired by The North West Company
- Garden Works (specialty products distributor) acquired by The Earthly Way
- Macro Technologies (proprietary parts manufacturer) - private investor
- J.L. Brooks Welding (steel fabrication) - private investor
- SECO Construction Equipment (rental) - Hertz
- Pacific Torque (transmission/diesel remanufacturer) - PTI Acquisition
- Central Oregon Building Supply - GTS Interior
- Bloom Manufacturing (mattress) - Pacific Mattress Company
Recent activity (2023-2024) includes:
- Curtis Consulting (Issaquah, WA) - business process and technology consulting - sold September
- Electrode Store (Buckley, WA) - medical electrode manufacturer - sold June
- Specified Fittings - West Coast/Canadian pipe fitting manufacturer - sold July
- Western Industrial Tooling (Redmond, WA) - specialty tools and injection molds - sold June
Their buyer relationships span regional and national consolidators, PE investors, and strategic acquirers. The mix of PE, strategic, and private investor buyers reflects their broad network.
Process & Fee Structure
ASG Partners operates a disciplined 7-step process for sell-side engagements:
- Discovery & Objective Setting: Detailed conversation about owner's goals (price, terms, tax structure, buyer fit)
- Pre-Sale Consulting: Optional planning phase to build value before marketing (billed hourly)
- Company Analysis & CBR Preparation: Comprehensive analysis, financial documentation, operating narrative
- Buyer Profile Development: Define ideal buyer types (PE, strategic, financial, family office)
- Confidential Outreach: Proactive contact with target buyers via confidential outreach, screening qualified interest
- Qualified Buyer Process: Qualified buyers receive full Confidential Business Review (CBR/Offering Memorandum), due diligence support
- Negotiation & Close: Lead negotiations, manage LOI through close
Fee Structure: ASG Partners charges:
- Pre-sale consulting: Hourly billing for value-generation and preparation work
- M&A Advisory: Success fee model (exact % not disclosed on website, but typical for LMM is modified Lehman or flat percentage)
- Alignment incentive: Success fee means ASG only gets paid if deal closes, creating strong incentive alignment
Process Characteristics:
- Emphasis on confidentiality (explicitly stated: business at risk if employee/customer/supplier awareness)
- Multiple buyer engagement (contrasts with limited process)
- 6-9 month typical timeline
- Institutional-grade documentation
- Retainer: Appears to be optional based on engagement type
Competitive Positioning
ASG Partners differentiates from competitors through:
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Deep Manufacturing Operations Knowledge: Several principals have operational backgrounds (former COOs, plant managers). This matters—they understand manufacturing unit economics, not just financial engineering.
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Focus: 30+ year focus exclusively on $3M-$100M revenue sellers. They've refined their process, they know their buyer network, they understand what works in this market.
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Regional/National Hybrid: Based in Pacific Northwest but with buyer relationships across US and internationally (referenced Canadian deals).
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No Conflicts: Exclusively represent sellers. This clarity matters to owners worried about dual relationships.
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Process Discipline: Documented CBR/Offering Memorandum process, structured buyer screening, managed confidentiality.
Not a Fit If
ASG Partners typically focuses on:
- Businesses above $3M revenue (below this, process-heavy approach may not pencil)
- Stable, profitable operations (distressed situations less common)
- Seller-primary alignment (they represent sellers exclusively)
- Business owners committed to institutional process
Not ideal for:
- Sellers wanting a quick/limited process
- Highly distressed operations requiring turnaround
- Businesses below $3M where advisory fees are prohibitive
Team
The firm's principals bring 100+ combined years of M&A and operating experience:
Paul Keller (Founder/Principal): Background as founder and executive in privately-held companies. Holds P&L responsibility for $80M+ in revenue across multiple business units. Managed acquisitions and international expansion. MBA (Marquette), BA (St. Olaf College).
Cindy Hunston (Principal): 20+ years M&A experience, Pacific Northwest focused. Described as "top producer in the M&A profession." Prior business ownership (construction). Strong community relationships and referral network. MBA (Texas State University), BA (University of Texas).
Barry Evans (Principal): Extensive M&A consulting, emphasis on manufacturing/service/distribution. 10-year Wall Street career (Dean Witter, Reynolds Securities account executive and partnership roles). Board member and investor in multiple private companies ($23M+ aggregate revenue). Extensive finance/banking education.
Mike Grubb (Principal): Unique combination of operations and M&A. Prior: Head of $65M consumer subscription business (sold to NASDAQ buyer for $100M+). Managed P&L, product, marketing for 2M+ subscribers. Prior corporate development roles. BA (University of Washington).
Geographic Coverage
Headquartered in Bellevue, WA. Documented history in Washington (Bellevue, Issaquah, Buckley, Redmond, Spokane) and Pacific Northwest (Alaska, Oregon). Recent activity suggests regional focus but capability for national transactions.
Market Position
ASG Partners appears in national lists of boutique/middle-market M&A advisors (Wall Street Prep, Axial rankings). Recognized as a leading Pacific Northwest advisor. Industry articles reference the firm as a known player in LMM M&A. Media contributions suggest thought leadership in the LMM space.