Bowman/Hanson Research Narrative
Advisory Approach & Philosophy
Bowman/Hanson is a Bay Area boutique investment bank founded in 1996 by Kris Karlson with a mission to create a more efficient marketplace for sellers, buyers, and financiers of privately held middle-market companies. The firm's core thesis reflects decades of operational experience: successful M&A outcomes result from exhaustive buyer outreach combined with institutional-quality process management and uncompromising transparency. The partnership distinguishes itself through a hands-on senior partner approach where the founders remain actively involved in every engagement, rejecting the fast-talking intermediary model in favor of straight-talking professional advice focused on deals with the end in mind.
Kris Karlson, who had more than a decade of experience buying, selling, and financing companies before founding the firm, was disillusioned with the standard intermediary model. He had witnessed too many dashed hopes, broken deals, and misguided valuation expectations. His vision was to create a firm that prioritized transparency, professional execution, and long-term client relationships over quick commissions.
The firm takes a distinctly long-term view in building relationships with clients. It is not unusual for Bowman/Hanson to spend years advising clients on strategy, direction, positioning, and execution before executing a transaction. This advisory-first approach builds trust and positions clients optimally for successful exits.
Market Position & Industry Focus
Bowman/Hanson specializes in M&A advisory for privately held manufacturing and business services companies in the lower and mid-market segment, primarily targeting enterprises with valuations between $5 million and $100+ million. The firm has demonstrated particular depth in discrete manufacturing (precision machining, contract manufacturing, metal fabrication), process manufacturing (specialty chemicals, industrial coatings, adhesives, building products), and business services (staffing, facilities management, outsourced operations).
The firm has also successfully advised on transactions in complementary sectors including healthcare services, consumer packaged goods, technology/industrial software, and food manufacturing. This diversification provides the firm's principals with broad sector knowledge while maintaining deep expertise in their core manufacturing and services focus.
Within manufacturing, the firm's competitive advantage comes from team members with operational backgrounds who understand plant-level economics and the complexities that create valuation opacity in mid-market manufacturers. Several principals have experience as operators or in executive roles, allowing them to speak the language of business owners and understand the non-financial aspects that matter in valuations and buyer fit.
Process & Fee Structure
Bowman/Hanson provides both sell-side and buy-side M&A services. For sellers, the firm runs comprehensive sell-side processes focused on packaging and positioning clients to "rise above the noise" and clearly articulate their differentiation to prospective acquirers. The firm leverages its network of highly qualified private equity firms, family offices, and strategic acquirers to quietly find the right fit for each business.
For buyers, the firm operates as an extension of the client's business development organization, knowledgeable in market nuances and able to quickly and cost-effectively sift through numerous acquisition candidates to identify strategic fits and execute due diligence efficiently.
The firm's fundamental belief is that successful transactions start with comprehensive preparation. They commit significant upfront resources to preparing businesses for optimal sale, including development of detailed deal books, management presentation coaching, quality of earnings analysis support, and structuring of due diligence data rooms.
While specific fee structures are not publicly disclosed on the website, client testimonials indicate that the firm works on success-based compensation aligned with client outcomes. Fee negotiations appear to be engagement-specific rather than tied to a rigid formula.
Buyer Network & Relationships
Bowman/Hanson maintains relationships with over 600 private equity groups and family offices globally, plus hundreds of strategic buyers across multiple industries. The firm's global reach extends across North America, Europe, China, and Australia, based on principals' transaction experience in these markets.
The firm has particular strength in accessing private equity buyers for manufacturing and business services platforms. Deal history shows successful transactions with PE firms including Gladstone Investment Corporation, LongWater Opportunities, and others. The firm also maintains strong relationships with strategic acquirers across manufacturing (discrete and process), healthcare, technology, and other sectors.
Several client testimonials highlight the quality and strength of the firm's buyer network. One reference notes that Bowman/Hanson's "ability to coordinate the attorneys, landlords, and CPAs was greatly appreciated" and that the firm's presentation materials made their business "stand out" compared to other packages buyers had seen.
Deal Track Record
Bowman/Hanson's transaction history demonstrates versatility across multiple sectors and deal types. Recent and notable transactions documented on the firm's website include:
- Cabovillas.com (short-term vacation rental in Cabo San Lucas, Mexico) - sold to Gladstone Investment Corporation, a Nasdaq-listed private equity firm focused on companies with $20-$100M in revenue
- Delta Pacific Products (medical device manufacturer and distributor) - sold to strategic acquirer
- San Benito Shutter (manufacturer and distributor of wood/poly panels and hardware components, operating 5 warehouses across the US) - sold to LongWater Opportunities, an operations-focused Dallas-based PE firm
- Elliott (global 80-year-old manufacturer of packaging equipment) - sold to Massman Automation Designs
- Enhance Cable Technology (contract/electronic manufacturing) - multiple acquisitions including Vic-Tel
- Vic-Tel (ruggedized laptop computer manufacturer)
- Nutritional High (CPG snack company) - sold to strategic global consumer packaged goods company
- Iowa Protein Solutions and Dakota Pack (protein conversion and pork products) - sold to Farmers Union Industries, a farmer-owned cooperative
- Pacific Reproductive Services (largest "willing to be known" sperm bank in the US) - sold to PE buyer
- Southeast Media (provider of print and digital solutions to retail industry)
The firm's deal history also includes past transactions advised by principals before the firm's 1996 founding, demonstrating cumulative experience across 2+ decades. Deal sizes range from $5M to $100M+ enterprise value, with portfolio concentrated in manufacturing and business services but diversified across multiple subsectors.
Competitive Positioning
Bowman/Hanson differentiates from other M&A advisors in several ways:
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Hands-On Senior Engagement: Kris Karlson and Eric Bergman remain actively involved in deal execution, not delegating client relationships to junior staff. Client testimonials repeatedly mention personal involvement at every stage including negotiations and closing.
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Operational Understanding: The partnership includes members with direct operational backgrounds in manufacturing and business management, allowing the firm to understand business owner perspectives and operational value drivers that pure finance-focused advisors miss.
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Long-Term Relationship Building: Unlike transaction-focused intermediaries, the firm spends years advising clients on strategy and positioning before executing sales, building deep trust and ensuring optimal preparation.
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Transparency and Integrity: Multiple client testimonials emphasize the firm's "uncompromising work ethic" and "strict adherence to transparency in the process." The firm is noted for refusing to oversell unsuitable buyers and for honest communication about market realities.
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Global Reach with Local Presence: The firm is Bay Area-based but has demonstrated transaction experience across North America, Europe, China, and Australia, giving clients both local market knowledge and global buyer access.
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Comprehensive Process Support: The firm coordinates not just buyer outreach but the full support infrastructure including attorneys, landlords, accountants, and due diligence support, managing complexity on behalf of clients.
Not a Fit If
Bowman/Hanson appears to decline or deprioritize engagements where:
- The business owner seeks a quick, limited process without comprehensive buyer outreach
- The company lacks financial clarity or has significant operational issues
- Deal size falls significantly below their sweet spot (typical minimum appears to be $5M+)
- The business owner is not prepared to invest effort in process preparation and due diligence
Team
The Bowman/Hanson advisory team consists of four key professionals:
Kris Karlson - Founder and Managing Partner
- Formed Bowman/Hanson in 1996
- 20+ years of M&A experience with transaction exposure across North America, Europe, China, and Australia
- Prior to founding the firm, spent a decade buying, selling, and financing companies
- Hands-on involvement in all client engagements
- Known for straight-talking advice, transparency, and strong professional relationships across the M&A community
Eric J. Bergman - Partner
- 20+ years of experience in business management, valuation, M&A advisory, post-merger integration, and commercial real estate investing
- Experience with both private and large publicly held companies in business acquisition, new product launches, and business development
- Entrepreneurial perspective combined with ability to recognize market trends and implement growth strategies
- Active participant in deal execution and client advisory
Cole Van Brunt - Associate
- Joined Bowman/Hanson in early 2019
- Degree in Sustainable Engineering and Entrepreneurship from Cal Poly San Luis Obispo
- Expertise in business development, business management, financial modeling, and valuation analysis
- Experience with both buy-side and sell-side transactions across private mid-market and large public companies
Mary Johnson - Associate
- 10+ years in investment banking
- Expertise in financial modeling, due diligence, and Confidential Information Memorandums (CIMs)
- Transaction experience across leveraged buyouts, IPOs, and private equity investments
Geographic Coverage & Market Presence
Primary office in San Francisco, CA (Union Street location). The firm serves the Bay Area and broader California market with principals' experience and buyer relationships extending across North America, Europe, China, and Australia. The firm appears to maintain relationships with strategic and PE buyers in major metropolitan markets and regional centers across the United States.
Founded Year & Organizational Structure
Founded in 1996 by Kris Karlson. The firm operates as a lean partnership with four key professionals focused on direct client service rather than a large institutional structure. This allows for senior-level involvement in all transactions and personalized advisory relationships.