Baker Tilly Capital Research
Advisory Approach
Baker Tilly Capital is a nationally-recognized investment banking and financial advisory firm specializing in mergers, acquisitions, capital sourcing, and transaction advisory services for middle market companies. With a philosophy centered on institutional-quality process management and deep industry expertise, Baker Tilly Capital believes that business owners achieve the best outcomes when guided by experienced investment bankers who understand both the transaction mechanics and the specific operational dynamics of their industry. The firm's thesis emphasizes that maximizing value in an exit requires a combination of rigorous market exposure, strategic buyer identification, and sophisticated negotiation—not just financial engineering.
Sector and Industry Focus
Baker Tilly Capital maintains active M&A practices across a diverse range of industries, with particular depth in healthcare services, manufacturing and distribution, food and beverage, technology, retail, construction, gaming, and financial services. Within healthcare, the firm advises on acquisitions and recapitalizations of physician practice management groups, skilled nursing facilities, senior care providers, and specialty healthcare platforms. In manufacturing, the team focuses on discrete manufacturing, process industries, contract manufacturing, and specialty distribution, with notable transaction experience in precision machinery, construction equipment, telecommunications infrastructure, and industrial products. The firm's food and beverage practice spans food processing, beverage manufacturing, and specialty food distribution. Technology transactions include software companies, IT services, and data solutions businesses. This broad sector coverage reflects the firm's institutional approach to building industry expertise and maintaining relationships across multiple buyer communities.
Deal Track Record and Transaction Experience
Baker Tilly Capital has completed hundreds of middle market M&A transactions throughout its history. Recent transactions document the firm's consistent activity and sector expertise. In construction, Baker Tilly Capital advised White Construction Company, a telecom-focused, self-perform construction specialist with expertise in fiber-to-the-home and fiber optic projects, on a complex recapitalization with Crestview Partners-backed Congruex LLC, a national telecom engineering and construction provider. This transaction allowed the White Construction co-owners to achieve significant liquidity while retaining equity participation in the combined business on a tax-deferred basis.
In HVAC and distribution, Baker Tilly Capital partnered with Glacier Group LLC, a Wisconsin-based HVAC manufacturers' representative firm, to execute an exclusive sell-side process that identified Ambient Enterprises as the optimal strategic buyer. The firm also advised Midwest Mechanical Solutions on its sale to AIR Control Concepts.
In wastewater and environmental services, Baker Tilly Capital served as exclusive financial advisor to Mehall Contracting, LLC, a provider of wastewater system services and environmental infrastructure, executing a successful transaction that maximized shareholder value.
In healthcare, the firm has facilitated multiple transactions including the sale of Cortland Acres, a skilled nursing facility, to Hill Valley Healthcare; the acquisition of Ohio Valley Nursing Home by WVU Medicine Camden Clark Medical Center; and the sale of specialty healthcare assets to established healthcare operators.
In food and beverage, Baker Tilly Capital advised on the sale of Metcalfe's Market, a family-owned specialty food business, to SpartanNash, a major national food wholesaler. The firm also executed the acquisition of Kaufhold's Kurds by Sky Island Capital.
In technology, Baker Tilly Capital advised BornTec on its sale to Transaction Network Services (TNS), and facilitated the transaction of Proforma Screening Solutions, LLC to AccuSourceHR, backed by established private equity sponsors.
Additional notable transactions include the sale of Progressive Video Lottery; Northeast Traffic Control Services to Helix Traffic Solutions (Nonantum Capital Partners portfolio); A.P. Nonweiler Company to Renovo Capital; Instrument Associates to Motion & Control Enterprises; and numerous automotive dealership transactions including sales to Fox Motors and Penske Automotive.
Process, Timeline, and Fee Structure
Baker Tilly Capital conducts institutional-grade M&A processes tailored to each client's objectives and timeline. The firm's standard approach for sell-side engagements includes developing a comprehensive confidential information memorandum, executing targeted buyer outreach, managing multiple parallel conversations with qualified buyers, structuring competitive process mechanics, and negotiating final transaction terms. Process timelines typically range from 6-9 months from engagement to closing, though timelines can be compressed for time-sensitive situations. Baker Tilly Capital's team of investment bankers works closely with clients' accounting, tax, and legal advisors to ensure comprehensive deal execution support.
Fee structure information indicates the firm employs modified Lehman formulas for many engagements, with typical retainers ranging from $10,000 to $25,000 monthly, credited against success fees. The firm maintains flexibility to structure fees based on engagement complexity, transaction size, and strategic importance.
Buyer Network and Relationship Base
Baker Tilly Capital maintains relationships with a broad base of private equity firms, family offices, strategic acquirers, and financial buyers. Transaction history demonstrates relationships with established PE platforms including Crestview Partners, Nonantum Capital Partners, Housatonic Partners, Renovo Capital, Wynnchurch Capital, and others. The firm's strategic buyer relationships span Fortune 500 industrials, regional and mid-market operators, and consolidators in specialized sectors. International deal experience reflects access to European manufacturers, Japanese conglomerates, and global strategic acquirers.
Competitive Positioning and Differentiation
Baker Tilly Capital differentiates from other middle market advisors through several key capabilities: (1) deep industry expertise developed through long-standing client relationships and transaction experience across multiple sectors; (2) integration with Baker Tilly's broader advisory ecosystem, providing access to accounting, tax, valuation, and restructuring specialists; (3) institutional process discipline, ensuring comprehensive buyer outreach and competitive tension; (4) operational understanding—many team members have direct business or finance background enabling practical business insight; (5) national footprint with offices across major metropolitan areas, supporting both local and cross-regional transactions.
Not a Fit If
Baker Tilly Capital typically focuses on transactions within the middle market context, with particular attention to deals where institutional-quality process and industry expertise drive value. Very small businesses, simple asset sales, or situations requiring highly specialized expertise outside the firm's core industries may be referred to other advisors.
Team Structure and Key Professionals
Baker Tilly Capital's M&A team includes approximately 180+ professionals across its practice. Key team members include:
Michael Demers — Managing Director. Experienced in multi-sector transactions with deep involvement in middle market deal execution.
Paul Johnson — Managing Director. Brings significant M&A advisory experience and client relationship management.
William A. Chapman — Principal. Central US Managing Partner oversight and transaction leadership. Formerly leading the Central region, Chapman brings extensive experience in manufacturing and industrial transactions.
Michael Milani — Principal. Senior transaction advisor with focus on deal sourcing and client relationships.
Lisa M. Van Lieshout — Managing Director. Healthcare and specialized services expertise.
Nate Voss — Principal. Technology and innovation-focused transaction experience.
These professionals are supported by a larger team of directors, associates, and analysts who manage deal execution, financial modeling, and client communications throughout transaction cycles.
Geographic Coverage and Footprint
Baker Tilly Capital maintains offices across major U.S. metropolitan areas including Chicago (headquarters), Milwaukee, Madison, New York, Philadelphia, and other regional centers. The firm supports local, regional, and cross-border transactions, with particular strength in Midwest and Eastern markets. International capabilities through Baker Tilly's global network support cross-border transactions for U.S. clients seeking buyers or assets in Europe, Canada, and other regions.
Market Position and Industry Recognition
Baker Tilly Capital ranks among the leading middle market investment banks by transaction volume and client satisfaction. The firm has been recognized by third-party sources including Dealroom.net, Mergr, Axial, and Capital-Riesgo for leadership in buy-side advisory and M&A services. Baker Tilly International's broader platform has been recognized by LSEG as among the world's leading M&A advisors, with particularly strong positioning in technology, healthcare, and manufacturing sectors.