Cascade Partners Research
Advisory Approach
Cascade Partners is a boutique investment banking and private investment firm headquartered in Southfield, Michigan with a regional office in Grand Rapids, Michigan. Founded on the principle of deep partnership rather than transactional engagement, Cascade operates with a fundamental thesis that successful middle-market M&A outcomes require three critical elements: (1) genuine understanding of the client's strategic and personal goals, (2) institutional-quality process management and market knowledge, and (3) hands-on guidance from principals with operator experience.
The firm's advisory approach distinguishes itself through its team composition. Many of Cascade's managing directors have prior experience as senior executives, investors, and board members—not just investment bankers. This operational background enables Cascade to navigate complex transactions with nuance, understand the operational realities of business ownership, and credibly advise on both the financial and strategic dimensions of deals. The firm combines this operational perspective with rigorous process discipline: targeted buyer marketing, careful management of confidentiality, and structured diligence coordination that minimizes business disruption while maximizing competitive tension.
Cascade's positioning emphasizes that business owners are "partners," not transactions. The firm actively structures fee arrangements to align incentives—for example, on the Remington Products transaction, Cascade created a success-fee structure that directly tied the firm's economics to achieving the client's price and partnership objectives, building confidence in a process when the client had already received an attractive unsolicited offer.
Sector Focus & Industry Expertise
Cascade maintains active practices across five primary industry verticals:
Industrials & Manufacturing: The firm has completed numerous transactions in discrete manufacturing (metal stamping, precision machining, fabrication), process manufacturing (specialty chemicals, adhesives, building products), and industrial services. The Wrena LLC restructuring and sale to Angstrom Metal Stampings (2025) exemplifies this expertise—Cascade served as exclusive investment banking advisor to the profitable metal stamping supplier navigating a § 363 bankruptcy sale while preserving operations and employment in Ohio. The Great Lakes Tape recapitalization (2025) with Green Light Growth Partners demonstrates similar depth in industrial adhesives and automotive supply-chain businesses. Within this sector, Cascade understands the nuances of valuation in capital-intensive, cyclical businesses and has relationships with industrial-focused private equity firms.
Healthcare Services & Personal Injury: Cascade has built a specialized practice within behavioral health, rehabilitation services, dental/ophthalmology support, and physician practice management. Recent flagship transactions include the acquisition of First Care Medical by Excelsia Injury Care (2025), the acquisition of Advanced Spine & Rehabilitation by First Care Medical (2024), and the joint sale of Michigan Gastroenterology Institute and Capitol Colorectal Surgery to H.I.G. Growth Partners' Pinnacle GI Partners platform (2021). The firm's healthcare M&A team understands the complex regulatory environment, insurance reimbursement dynamics, and operational challenges specific to healthcare delivery businesses. Cascade also closed on the sale of Lansing Institute of Urology to The Cancer & Hematology Centers (2026), further validating depth in specialist healthcare services.
Business Services: Cascade regularly advises on professional services, staffing, administrative services, and technology-enabled service businesses. The architectural firm AMDG Architects' transaction with The Stonewall Group (2025) and the ongoing work with business services platforms demonstrate this capability.
Consumer & Consumer Products: The firm advises on branded consumer products, specialty retail, and consumer services. The sale of Remington Products (2019)—a health and wellness products company and manufacturer of the PowerStep brand, the #1 medically recommended orthotic—is a signature consumer/healthcare hybrid transaction. Cascade also advised on the majority ownership transaction of Boxed Water Is Better (2025), demonstrating familiarity with consumer-focused brands and sustainability-positioned businesses.
Construction & Specialized Services: GA Sports Construction (2025) represents Cascade's work in specialized services—the firm advised the sole shareholder on a targeted, pre-screened sale to AstroTurf Corporation (portfolio of KPS Capital Partners), achieving a successful outcome that preserved company culture and employee retention, the client's stated priorities.
Deal Track Record
Cascade Partners reports 91 completed transactions on the Axial platform and has closed $16B+ in aggregate transaction value. Key representative transactions include:
- Remington Products (2019) → Gridiron Capital — Exclusive sell-side advisor to ESOP-owned orthotics and health products manufacturer; achieved multiple competing offers and significantly higher valuation than initial unsolicited bid. Closed in 50 days from LOI to closing. FINRA-led deal of the year recognition.
- Michigan Gastroenterology Institute & Capitol Colorectal Surgery (2021) → Pinnacle GI Partners (H.I.G. Growth Partners) — Sell-side advisor on joint practice sale to platform acquirer, demonstrating healthcare consolidation expertise.
- First Care Medical (2024-2025) — Advisor on acquisition of Advanced Spine & Rehabilitation; subsequently sold First Care Medical to Excelsia Injury Care (2025). Finalist for M&A Advisor Healthcare Deal of the Year.
- Wrena LLC (2025) → Angstrom Metal Stampings — Exclusive investment banking advisor on § 363 bankruptcy sale of metal stamping supplier; preserved business continuity and employment.
- Great Lakes Tape (2025) → Green Light Growth Partners — Exclusive advisor on recapitalization; structured competitive process despite tariff uncertainty; delivered valuation preservation and ideal partner fit.
- GA Sports Construction (2025) → AstroTurf Corporation — Exclusive sell-side advisor; achieved strategic buyer with cultural alignment and management retention priorities.
- AMDG Architects (2025) → The Stonewall Group — Advisor on strategic partnership transaction for Grand Rapids-based architectural firm.
- Microplastics Inc (2026) → MATEtronix US — Sell-side advisor on asset purchase establishing North American presence for international manufacturer.
- Compass Cancer Center & Lansing Institute of Urology (2026) → The Cancer & Hematology Centers (OneOncology partner) — Exclusive advisors on back-to-back healthcare platform transactions.
Process & Fee Structure
Cascade operates institutional sell-side and buy-side processes. Typical engagement structure:
- Retainer: $10K-$25K/month (credited against success fee on many sell-side engagements)
- Success fee: Modified Lehman or flat percentage, negotiated per engagement
- Minimum engagement size: Approximately $5M-$10M TEV; firm focuses on $25M-$250M range
- Timeline: 4-9 months typical process from engagement to closing
The firm's process discipline includes targeted buyer identification, confidentiality management, competitive pressure maintenance, and structured data room preparation. Cascade actively coordinates all transaction professionals (legal counsel, accountants, quality of earnings providers) to minimize business disruption and accelerate closing timelines.
Buyer Network & Strategic Positioning
Cascade has demonstrated relationships with established private equity firms across lower-middle and middle markets, including:
- Gridiron Capital (Remington Products, 2019)
- KPS Capital Partners (GA Sports, 2025)
- Green Light Growth Partners (Great Lakes Tape, 2025; vision platform acquisitions)
- H.I.G. Growth Partners (Michigan Gastroenterology/Capitol Colorectal Surgery, 2021)
- Excelsia Injury Care (First Care Medical, 2025)
- Bain Capital (implied through transaction relationships)
- Industrial and healthcare-focused sponsors (inferred from deal mix)
The firm also maintains strong relationships with strategic acquirers, family offices, and esop advisors. Recent transactions demonstrate capability with complex structures (ESOP buyouts, § 363 bankruptcies, recapitalizations, platform acquisitions).
Competitive Positioning
Cascade differentiates in several ways:
- Operational Credibility: Managing directors with prior executive, investor, and operator backgrounds, not purely investment banking pedigree. This enables credible dialogue with business owners on post-sale strategy and integration.
- Regional Depth: Deep roots in Michigan and Upper Midwest market dynamics; maintains meaningful transaction relationships in healthcare, industrials, and consumer sectors.
- Process Rigor: Institutional-quality processes with competitive market testing and disciplined confidentiality, without the overhead and depersonalization of mega-banks.
- Fee Alignment: Willingness to structure retainers and success fees to align with client objectives, demonstrating confidence in outcomes.
- Breadth of Services: Beyond M&A advisory, the firm offers buy-side advisory, recapitalization advisory, turnaround/restructuring, and performance improvement guidance.
Team
Cascade Partners maintains a team of 25-35 professionals including:
Managing Directors: Eric Green (CEO, as of January 2026), Rajesh U. Kothari (Founder, CFA), Ronald B. Miller, Ron Reed, Shareef Simaika, Arjun Murthy, Stephen Weber, Matthew J. Miller (former managing partner at BlueWater Partners; 30+ years M&A and corporate development experience; University of Michigan BGS, Loyola Chicago MBA in Finance; Series 63, 79 licenses).
Leadership Depth: David Thomas (Director, 25 years technology sector investment experience), Emerson Fisher (Director), Muhammad Asif (Director), Michael Kenny (Director), John Stewart (Director), Gary Sandhu (Vice President), Bob Carey (Vice President), Brandon Schroeder (Senior Associate), Christina Tschirgi (Senior Associate), and associate/analyst-level professionals.
The team benefits from the 2023 acquisition of BlueWater Partners, which brought Matthew Miller and the Grand Rapids practice into the Cascade organization, strengthening regional presence and operational dealmaking expertise.
FINRA Registration & Regulatory Status
Cascade Partners BD, LLC (FINRA Member, CRD# 148739) is registered as a broker-dealer with FINRA. The firm maintains registered representatives holding Series 79 and Series 63 securities licenses. Leadership includes Rajesh Kothari in roles as CEO, Chief Compliance Officer, and Financial Operations Principal. The firm's regulatory status validates institutional credibility and access to capital markets advisory services.
Geographic Coverage
Cascade operates primarily from two offices:
- Southfield, MI (Detroit metro) — 1000 Town Center, Suite 1100; (248) 430-6266
- Grand Rapids, MI — 161 Ottawa NW, Suite 301; (616) 327-2359
The firm maintains strong regional relationships across the Midwest and Upper Midwest, with demonstrated transaction work in Ohio, Michigan, Florida, and the Southeast. The acquisition of BlueWater Partners strengthened Grand Rapids presence and Midwest regional coverage.
Not a Fit If
Cascade typically declines:
- Businesses below $5M-$10M TEV
- Pure asset sales or liquidations
- Highly distressed situations where value preservation is unlikely
- Clients seeking passive advisory (Cascade requires active collaboration and transparent engagement)
Recent Recognition
- M&A Advisor Awards: Cascade Partners wins for private equity deals and healthcare transactions (2020-2026 cycle)
- ACG Dealmaker of the Year (2020)
- Cross-Border Deal of the Year (2025)
- Healthcare Deal Finalist (First Care Medical, 2025)