C.V. Lemmon & Co. Research
Advisory Approach & Positioning
C.V. Lemmon & Co. is a 43-year-old boutique M&A advisory firm headquartered in Dallas, Texas, specializing in on-demand hourly consulting for sellers and buyers who have already identified a transaction counterparty. Founded in 1983, the firm operates under a distinctive advisory model that positions itself as an experienced, independent mentor for business owners and acquirers navigating complex M&A transactions. Rather than building full-process capabilities or maintaining a dedicated deal team, C.V. Lemmon & Co. provides technical expertise, strategic counsel, and negotiation support on a flexible, hourly basis. This model serves a specific market need: sellers and buyers who need experienced guidance to structure, value, negotiate, and close transactions without the overhead cost of traditional investment banking retainers. The firm's thesis is that business owners—even skilled executives—lack the specific expertise necessary to successfully evaluate, structure, negotiate, and execute acquisitions or sales, and that independent, impartial advisory from a seasoned veteran significantly improves outcomes.
Sector Focus & Industry Expertise
C.V. Lemmon & Co. brings deep, practical experience across a diverse portfolio of industries spanning manufacturing, distribution, business services, and financial services. The firm's client roster demonstrates expertise in manufacturing at both discrete and process levels—including precision manufacturing for aerospace customers, specialty chemicals, building products, and contract manufacturing. Within manufacturing, the firm has executed notable transactions including K&D Plastics (a custom aircraft seat parts manufacturer acquired by Lone Star Growth Capital after revenues nearly tripled during ownership) and Indicom Buildings (a 21-year-old modular building manufacturer acquired by Sunbelt Modular to create the largest commercial modular builder in the United States). The firm also maintains strong capabilities in distribution and wholesale operations, exemplified by the Triangle Supply transaction—a 33-year-old independent plumbing and electrical distributor sold to Ferguson Enterprises (a Wolseley PLC subsidiary with $3.5B in revenue). Beyond manufacturing and distribution, C.V. Lemmon & Co. has advised on transactions across printing, graphics, staffing, real estate services, electronics, software, financial services, professional services, and healthcare. From the firm's documented client experience, industries where they have particular depth include manufacturing (discrete and process), distribution & logistics, business services, professional services, and financial services.
Process & Advisory Model
C.V. Lemmon & Co.'s engagement model is fundamentally different from traditional investment banking. Rather than charging success fees tied to transaction value or retainers of $10K-$25K/month, the firm operates on an hourly basis at $350/hour with optional retainers of $5K (representing approximately 14.25 hours of service credit). Clients pay for advisory time as they use it, with retainers replenished as needed. This model allows business owners to access world-class M&A expertise without multi-month commitments or percentage-based fees that might create misaligned incentives. The firm serves in multiple capacities: as a supporting advisor providing guidance on specific issues (valuation, structure, financing, strategy) or as lead negotiator managing the entire transaction process. For sellers, the firm provides pre-transaction planning, assists with valuation and pricing, helps structure the selling process, designs comprehensive buyer outreach programs, and manages negotiations through closing. For buyers, the firm advises on valuation and financing, helps coordinate among attorneys, accountants, lenders, and multiple other advisors, and manages the Letter of Intent and transaction structure process. Transactions have historically closed within months of LOI signing (the Triangle Supply transaction closed just 45 days after LOI).
Buyer Network & Track Record
C.V. Lemmon & Co. has completed transactions with a diverse range of acquirers including private equity firms (Lone Star Growth Capital, Source Data Acquisition L.P.), strategic acquirers (Ferguson Enterprises/Wolseley PLC, Sunbelt Modular), founder/management buyouts, and recapitalizations. The firm's advisory relationships with these buyer types have been built over 43 years of consistent dealmaking. The firm has publicly documented advisory work on approximately 45+ transactions spanning startup to $3.5B acquirers, demonstrating relationships across buyer types. Specific documented deals include acquisitions by growth capital investors (K&D Plastics), strategic manufacturers seeking synergies (Indicom Buildings/Sunbelt Modular), large national distributors (Triangle Supply/Ferguson), and financial investors (Source Data Partners). The firm's transaction experience includes acquisitions, recapitalizations, management buyouts, and equity placements. Based on documented client testimonials, the firm is known for technical competency, confidentiality, persistence in negotiations, attention to detail, and honest representation of market value.
Competitive Positioning
C.V. Lemmon & Co. differentiates through several key dimensions. First, founder-led continuity: Charlie Lemmon has built and continues to lead the firm, bringing 43 years of accumulated market knowledge and relationships. Second, independence: as a non-registered broker-dealer with no conflicts from underwriting businesses or principal investing, the firm's advice is uncompromised. Third, practical experience: the firm's leadership has deep, battle-tested expertise in deal structuring, valuation, negotiation, and risk management rather than theoretical or template-based approaches. Fourth, confidentiality and discretion: the firm emphasizes its ability to operate invisibly when needed, protecting client intentions from market leakage. Fifth, pricing model: the hourly fee structure is dramatically more transparent and cost-efficient than traditional investment banking retainers, allowing smaller deal sizes to be economically viable. The firm explicitly positions itself as not replacing full-process investment bankers but rather complementing them for clients who need tactical advisory without the overhead.
Not a Fit If
C.V. Lemmon & Co. is not structured for sellers seeking comprehensive buy-side process management, broad buyer outreach campaigns with 200+ contacts, or firms requiring regulatory compliance consulting. The firm focuses on defined two-party advisory (seller/identified buyer or buyer/identified seller), not competitive processes with unidentified counterparties. Additionally, the hourly model means engagement economics work best for deals where advisory time is episodic and focused rather than requiring months of full-time coverage.
Team
The firm is led by Charles Lemmon (Charlie Lemmon), Founder and Principal. Based on public information, Charlie has 40+ years of restructuring, corporate finance, and M&A advisory experience. No additional team member names are publicly disclosed on the website or LinkedIn company page, though the firm indicates it has 2-10 employees total. The firm operates as a small, founder-led advisory boutique.
Geographic Coverage & Market Position
C.V. Lemmon & Co. is headquartered in Dallas, Texas (9203 Moss Farm Lane, Dallas TX 75243) and has served clients across Texas and nationally. The firm's client roster includes companies from Texas (majority), Ohio, Kentucky, and Louisiana. The firm is recognized on boutique M&A advisor databases and is listed among recognized middle-market investment banks and advisory firms in educational materials on middle-market M&A (e.g., Grinnell College, Notre Dame MBA career materials).