Bristol Group Research
Advisory Approach
Bristol Group is a national M&A advisory and business brokerage firm headquartered in Boise, Idaho, specializing in lower-middle market transactions under $10M. Founded in 1996 with a major expansion in 2005, the firm has grown to operate 15+ offices across the United States with over 20 advisors. Their thesis is straightforward: business owners deserve institutional-quality M&A advisory at the sub-$10M level, combining local market knowledge with disciplined sell-side process management. They believe that the best outcomes come from understanding each buyer type (strategic, PE, family office, ESOP) and matching sellers with the right acquisition partners.
Sector Focus
Bristol Group maintains a truly diversified practice across industrials, construction, manufacturing, healthcare services, food & hospitality, and business services. Within industrials, they have particular depth in mechanical contractors (HVAC, plumbing), custom fabrication, and machine shops. They are equally active in construction trades (finish carpentry, roofing, landscaping), healthcare services (physical therapy, mental healthcare, dental), and food manufacturing/restaurants. Their team includes brokers with deep operator backgrounds in their respective verticals, allowing them to provide value-added guidance on operational improvements and buyer fit.
Deal Track Record
Bristol Group's Axial profile shows 80+ tracked transactions spanning from 2014 to 2026, with recent activity demonstrating consistent deal-making capability. Named deals include: Idaho Construction Company (water/sewer line contractor, sold to Saturn Five Private Equity, August 2025); Mesa Tile and Stone (building materials, sold to FloForm, November 2022); Clearwater Landscaping (landscape design and construction, sold to W Holdings LLC, August 2023); TNT Forest Products (forestry and logging, sold to Snowball 7.0, July 2021); Recreation Today (recreation/amusement, sold to IdaForm, September 2021). Their deal portfolio spans manufacturing (automotive parts, machine shops, metal fabrication, precision machining), construction trades (carpentry, roofing, HVAC), distribution (industrial equipment, plumbing supplies), healthcare services, landscaping, food/hospitality, and business services.
The firm is ranked #7 on Axial's 2024 Top 25 Lower Middle Market Business Brokers—a ranking that measures buyside demand, seller process effectiveness, and deal outcomes. Their deal frequency in 2025 alone shows they are closing 1-2 transactions per month across their national footprint. While exact transaction value data is not publicly available, their focus on the $2M-$25M TEV range (inferred from deal history) indicates they manage $100M+ in aggregate annual transaction value.
Process & Fee Structure
Bristol Group runs disciplined sell-side processes designed for business owners unfamiliar with M&A. The typical engagement flow is: (1) Initial valuation and market assessment; (2) Business preparation and documentation; (3) Buyer identification and targeting; (4) NDA/teaser distribution to qualified buyers; (5) Confidential Information Memorandum (CIM) to interested parties; (6) LOI negotiation; (7) Due diligence support and data room management; (8) Purchase agreement negotiation; (9) Closing coordination.
Fee structure follows industry-standard business broker economics: success-based commission of 5-15% of total purchase price (with 10% being typical). No retainer is typically required, though some engagements may involve modest upfront fees for valuation and business preparation work. The firm has published that they provide "clear insight into current market trends, best practices for preparing your business for sale, and expert guidance on valuation, pricing" — suggesting a hands-on advisory approach beyond transactional brokerage.
Typical engagement length is 6-12 months from engagement to close, depending on deal complexity and buyer availability.
Buyer Network
Bristol Group's deal history reveals strong relationships across multiple buyer categories: strategic acquirers (family-owned roll-ups, bolt-on acquisitions by larger platforms), middle-market private equity (Saturn Five Private Equity, W Holdings LLC, and others), family offices, and other independent buyers. Named PE buyers in their deal record include Saturn Five Private Equity. Their buyer network appears geographically diverse (national) with particular strength in the Industrial/Manufacturing and Healthcare verticals. The firm's national footprint and 20+ advisors suggests they have developed regional buyer relationships in their 15+ office locations.
Competitive Positioning
Bristol Group differentiates through several advantages: (1) Operator experience: Many brokers have been business owners, operators, or executives, allowing them to speak credibly about operational improvements and post-acquisition integration; (2) Vertical specialization: While generalist on surface, individual brokers often specialize in specific industries (HVAC, landscaping, healthcare) allowing for deeper buyer relationships within those verticals; (3) Process rigor: Their Axial ranking suggests they manage high-quality processes that produce positive outcomes for sellers—they advance buyers from initial contact through full CIM distribution more effectively than average brokers; (4) National platform, local execution: Multiple office locations mean they have local market knowledge while leveraging a national buyer network.
Not a Fit If
Bristol Group typically focuses on the sub-$10M market. Sellers with businesses below $2M TEV or above $25M TEV may not be an ideal fit. The firm appears to focus on going-concern operating businesses rather than real estate or pure asset sales. Complex international transactions, highly regulated industries (financial services, healthcare providers with significant regulatory burdens), or sellers seeking minority-stake transactions are less likely to be ideal engagement targets.
Team
The firm has 20+ advisors across 15+ offices. Key leadership includes: Jeffrey Kott, Managing Partner (since 1986, overseeing overall strategy and firm operations); Trevin Rasmussen, Managing Partner, M&A Advisor & Business Broker (managing partner in one of the primary offices, with deep involvement in the M&A practice); Jesse Aldous, VP of Acquisitions (buy-side focused, deep background in acquisitions and finding buyers for sellers); Justin O'Donnell, M&A Broker (managing transactions); Kelly Shaw, Senior team member; Royce Yorgason, Bristol Group Business Broker (regional advisor); Mahen Gundecha (leadership in marketing/public-facing business development). The team represents a mix of long-time operators and proven M&A professionals.
Geographic Coverage
Bristol Group operates 15+ offices across the United States, with particular concentration in the Mountain West (headquartered in Boise), Midwest, Southeast, and Southwest. Recent deals show activity in Idaho, Utah, and across the national map. The firm's national footprint allows them to connect sellers with buyers regardless of geographic location—a key advantage over regional business brokers.
Market Recognition
Bristol Group's #7 ranking on Axial's 2024 Top 25 Lower Middle Market Business Brokers places them in an elite cohort of high-performing advisors. This ranking is based on rigorous analysis of process quality, buyer satisfaction, deal outcomes, and platform activity—making it one of the most credible third-party endorsements in the business brokerage industry. Their Axial profile with 80+ deals indicates they are active, productive dealmakers with a track record of closing transactions.