Artemis Transaction Advisors Research
Advisory Approach
Artemis Transaction Advisors, LLC (formerly Billow Butler & Company) is a Chicago-based, middle-market investment banking firm with over 26 years of specialized expertise in sell-side M&A advisory transactions. The firm's core thesis centers on the belief that maximizing value for business owners requires a combination of exhaustive buyer outreach, institutional-quality deal process management, and senior-level engagement from experienced Managing Directors. Rather than deploying junior analysts to manage deals, Artemis operates with a commitment that every transaction receives direct hands-on leadership from a seasoned MD, ensuring clients benefit from decades of combined M&A expertise and market relationships. The firm famously states: "WE'RE CLOSERS - Firms do not close deals. Dealmakers close deals." This philosophy reflects their focus on execution excellence and the ability to navigate complex, challenging transactions to successful completion.
Sector Focus and Industry Expertise
Artemis maintains deep, specialized practices across six primary industry verticals. In industrials and equipment manufacturing, the firm has completed 30+ transactions involving precision machining, contract manufacturing, plastics production, OEM automotive suppliers, and industrial service providers. The industrial practice is led by John Lahti, a 24-year M&A veteran who previously led deal teams at Stout and Wall Street firms, bringing operator-level understanding of plant economics and manufacturing complexity. Within consumer products and food & beverage, Artemis has advised branded and private-label companies, with notable closings including Original Bagel & Bialy Co. (acquired by Tribute Baking Company), Biscotti Brothers Bakery (acquired by Shore Capital-backed Main Street Gourmet), China Mist Brands (acquired by Farmer Bros.), Kelly Eisenberg (acquired by Home Market Foods), and Butterfield Color (acquired by Sika). This subsector work demonstrates expertise in supply chain complexity, brand valuation, and strategic buyer identification.
The transportation and logistics practice has closed 20+ transactions spanning warehousing, 3PL, freight, and B2B shipping services. Recent work includes Grand Worldwide Logistics (acquired by American Fast Freight) and ongoing expertise in logistics sector trends and consolidation dynamics. E-commerce and distribution has seen 20+ completed transactions involving online retailers, fulfillment platforms, and distribution businesses. The education and technology practice is newly formalized under Alexander Hicks, a 20+ year banking veteran who brings expertise from TD Cowen's education banking group. This practice spans for-profit education, EdTech platforms, software developers, hardware OEMs, and SaaS providers. Healthcare expertise includes patient services, diagnostic products, facility services, and elder care properties.
Deal Track Record and Buyer Network
Artemis has completed substantial transaction volume across the 26-year history of the firm. The transactions page lists 70+ individual deals with representations in each industry vertical. Recent closings include Bolt & Screw Supply (recapitalization with GradeEight Supply, Feb 2026), Central Steel Fabricators (acquired by Live Ventures, May 2024), Lowe Electric Supply (acquired by Crescent Electric, Nov 2022), and Outdoor Product Innovations (acquired by Feradyne Outdoors, Oct 2022). Historical deal volume includes Precision Plating Company (acquired by publicly traded Aalberts N.V., June 2019), A. Lava & Son (acquired by Piston Group/Vinnie Johnson's Irvin Products, Feb 2021), and Carey Electric Contracting (recapitalized by Alaris Royalty in a $17M transaction, June 2020). This breadth of experience spans strategic acquirers, private equity sponsors, family offices, and recapitalizations, demonstrating versatility in buyer sourcing and process design.
The firm maintains professional relationships with thousands of C-level executives, PE firms, family offices, strategic acquirers, lenders, lawyers, and accountants. This network provides real-time market intelligence, pricing data, emerging industry trends, and access to active buyers—a cornerstone advantage in maximizing competitive tension and valuation outcomes.
Process and Senior-Level Engagement
Artemis differentiates through deliberate selectivity in client engagement. The firm takes on only a select number of transactions at any given time, ensuring each deal is actively managed by a Managing Director rather than junior staff. The leadership team includes five Managing Directors: founder Darrell Butler (33+ years, 200+ transactions, Series 7 licensed), Aaron Nowak (10+ years, 30+ closings, MBA Booth), John Lahti (24 years, Head of Industrials), Andrew Winick (25+ years, prior Morgan Stanley/Merrill Lynch), and Alexander Hicks (20+ years, Head of Education/Tech). This deep bench of senior talent, combined with disciplined case selection, ensures clients receive institutional-quality advising and relationship-based buyer access.
The firm creates an individualized deal process for each transaction, clearly identifying objectives and obstacles, assigning order to tasks and timelines, and managing expectations. A well-organized deal closes sooner with higher valuations and reduced stress—a principle Artemis applies consistently. Engagement typically involves comprehensive quality-of-earnings support, management presentation coaching, and structured data room preparation.
Competitive Positioning
Artemis differentiates from larger bulge-bracket banks through deep middle-market focus, responsive senior leadership, and genuine industry specialization. Unlike national firms that rotate junior bankers through multiple industries, Artemis has Managing Directors who specialize deeply—a manufacturing expert leads industrials, an education banking veteran heads EdTech, a logistics specialist leads transportation. This continuity and depth, combined with founder-led culture emphasizing integrity and clear communication, positions Artemis as a trusted advisor rather than a transactional service provider. The firm is FINRA registered (Artemis Securities Clearing, LLC, CRD# 125473), enabling direct securities clearing relationships and capital markets access.
Geographic Coverage and Team
The firm operates offices in Chicago (headquarters, 225 W. Wacker Drive), Atlanta (Georgia Tech graduate Aaron Nowak leading Southeast expansion), and Dallas. Geographic breadth combined with a senior team averaging 20+ years of experience enables national deal sourcing while maintaining client intimacy. The team of approximately 40-50 professionals includes CFO Marci Butler (CPA, former Miller Cooper principal), seven Managing Directors and Directors, and dedicated transaction professionals.
Not a Fit If
Artemis typically declines transactions below $5M-$10M TEV, as the firm's value proposition centers on exhaustive buyer process, institutional advising, and senior engagement—economics that don't work below certain minimums. The firm also focuses on going-concern sell-side transactions rather than asset sales or situations requiring aggressive tactical financing.