Caber Hill Advisors Research
Advisory Approach
Caber Hill Advisors was founded in 2014 by Craig Castelli to solve a critical problem facing small and middle-market business owners: a lack of qualified, experienced advisory firms willing to serve the lower middle market. The firm operates with a clear thesis—that private company owners deserve the same level of institutional-quality M&A advisory that large corporations receive, but with a personalized, relationship-driven approach that recognizes the emotional weight of selling a business built over decades.
The firm's sweet spot is privately-held businesses with enterprise values typically between $2 million and $50 million, though they have completed transactions both above and below this range. Their primary focus is on sell-side M&A advisory, where they level the playing field between individual business owners and sophisticated institutional buyers through their proprietary structured auction process. Caber Hill believes that exhaustive buyer outreach combined with expert process management creates competitive dynamics that drive optimal outcomes for sellers.
Sector Focus
Caber Hill has developed deep expertise across four primary verticals, though their team has advised companies in 44 different industries:
Healthcare: This is the firm's deepest vertical, led by CEO Craig Castelli who closed his first healthcare M&A transaction in 2005. Within healthcare, they specialize in dental support organizations (DSOs), orthodontics, audiology & ENT practices, behavioral health platforms, veterinary practices, and ophthalmology/optometry. Their healthcare practice has completed numerous transactions with both strategic buyers and healthcare-focused private equity firms, and they understand the unique clinical, regulatory, and operational considerations that distinguish healthcare M&A from general transactions.
Facility Services: Led by Managing Director Peter Holton, this vertical includes HVAC, commercial janitorial, landscaping and lawn care, fencing, paving, and roofing contractors. The firm has completed numerous transactions in facility services and understands the recurring revenue dynamics, customer concentration issues, and labor management considerations specific to these businesses.
Industrial: Led by Managing Director Jordan Gerber, this practice covers metal fabrication, machining, stamping and tooling, building materials, manufacturing, and wholesale distribution. The industrial team includes former operators and CPAs who understand plant-level economics, supply chain dynamics, and the operational factors that drive valuation in manufacturing businesses.
Business Services: This includes distribution businesses, specialized contractors, and B2B service companies. Examples from their transaction history include flooring contractors serving commercial real estate and electrical equipment distribution.
Deal Track Record
Caber Hill Advisors has completed 205+ transactions representing over $400 million in aggregate transaction value. The firm reports that 38% of their clients receive multiple offers at or above expectation, reflecting their ability to create competitive auction dynamics that drive favorable outcomes.
Notable Recent Transactions (2021-2026):
February 2026: Advised a multi-site, multi-state Dental Support Organization (DSO) in its sale to a healthcare-focused private equity fund. The transaction was led by CEO Craig Castelli and highlights sustained demand for scaled dental platforms.
November 2025: Advised Noland Sales Corporation, a nearly 50-year-old flooring contractor serving educational institutions and athletic facilities, in its sale to VersaPath Partners. The seller had previously attempted to sell to local competitors without success; Caber Hill's process identified a financial buyer within 10 months.
August 2025: Advised CLC Lubricants, an ISO 9001:2015-certified manufacturer of industrial oils, metalworking fluids, and cleaners headquartered in Geneva, Illinois, in its sale to BECHEM, a global leader in specialty lubricants. The transaction established BECHEM's first wholly-owned U.S. production facility and preserved 21 jobs.
December 2024: Advised Dental Alliance Group (DAG), a leading provider of dental lab products with customers in 48 states, in its recapitalization by Centerfield Equity. The deal marked Centerfield Equity's second platform investment in lower-middle market companies.
May 2024: Advised Vaughan & Bushnell Manufacturing Co., a producer of innovative hand tools since 1869, in its sale to MARSHALLTOWN Hammer. The transaction aligned with MARSHALLTOWN's strategy of expanding its selection of American-made tools.
Q3 2024: Advised Advance Switchboard Distribution (ASD), a manufacturer of power distribution systems with a facility in Elk Grove Village, Illinois, in its acquisition by N3 Capital Management, which acquired a majority interest and brought executive expertise for growth.
May 2023: Advised Integrated Facilities Services Group (IFS), a Charleston-based commercial cleaning services provider, in its sale to Kleen-Tech, a janitorial services provider with 1,000+ employees servicing over 20 million square feet of facilities.
November 2023: Advised K-Display Corporation, a custom metal fabrication company producing products for large corporations, in its sale to Schmotan Investments, which invests in and operates manufacturing businesses in the Greater Chicago Area.
November 2023: Represented Dr. Jashank Sampat in the sale of three Philadelphia-area dental practices (Ambler Dental Care, Bear Valley Dental Care, and York Dental Care) to Guided Practice Solutions (GPS Dental).
December 2021: Advised Cornerstone Dental Partners in its acquisition by P1 Dental Partners.
Process & Fee Structure
Caber Hill runs a structured five-step sell-side process:
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Discuss Your Goals: They begin by listening to understand the owner's objectives—whether retiring soon, raising capital to grow, or pursuing other strategic outcomes.
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Initial Due Diligence: They conduct extensive analysis of the company before going to market to maximize value and avoid unpleasant surprises.
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Market Your Business: They weave the company information into a compelling narrative that tells the real value—where the business has been, where it stands today, and what promise its future holds.
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Cultivate a Competitive Auction: They solicit a deep pool of potential buyers who must compete for a winning offer, allowing sellers to dictate terms and maintain control in transactions with large institutional investors.
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Close Without Surprises: They remain with clients throughout the process to ensure a seamless closing experience, preparing owners, their businesses, and teams for what's next.
Fee structure information is not explicitly published on their website. The firm requires exclusivity on engagements and typical timeline from engagement to close is 6-12 months depending on market conditions and transaction complexity.
Buyer Network
Caber Hill maintains relationships with strategic buyers and private equity firms across their focus industries. Based on their transaction history, they have closed deals with:
- Healthcare-focused private equity funds (for dental DSOs and healthcare services)
- Industrial PE firms and family offices (for manufacturing and distribution businesses)
- Strategic buyers in facility services (large janitorial and building services companies)
- International strategic buyers (such as BECHEM's global expansion)
- Regional buyers looking for platform acquisitions or add-ons
Their process of cultivating competitive auctions suggests they systematically identify and contact qualified buyers rather than relying on pre-existing relationships alone.
Competitive Positioning
Caber Hill differentiates from other lower middle market M&A advisors through:
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Vertical Specialization: Deep expertise in healthcare, facility services, and industrial rather than generalist approach.
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Founder's Operational Background: Craig Castelli has 20+ years of M&A experience and previously worked at Siemens Healthcare, giving him perspective from both sides of transactions.
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Team Composition: Includes former operators (Jordan Gerber successfully started and sold three businesses), CPAs, and professionals with Big 4 accounting experience.
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Proprietary Process: Structured auction process designed to create competitive dynamics, with 38% of clients receiving multiple offers at or above expectation.
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Relationship-Driven Approach: Client testimonials consistently emphasize the team's accessibility, patience in explaining complex topics, and focus on owner goals rather than just closing transactions.
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Content Leadership: The Close M&A Podcast hosted by Craig Castelli provides educational content that establishes thought leadership and attracts potential clients.
Not a Fit If
Based on their positioning and stated focus, Caber Hill is typically not a fit for:
- Businesses with enterprise values below $1-2 million (they focus on lower middle market, not micro-cap)
- Public companies or very large transactions (their expertise is privately-held businesses)
- Transactions requiring public company advisory services or capital raising beyond sell-side/buy-side M&A
- Sellers seeking a limited process rather than comprehensive buyer outreach
Team
The firm has approximately 10-12 professionals across advisory and support roles:
Craig Castelli, Founder & CEO: 20+ years of M&A experience, closed first healthcare M&A transaction in 2005, previously Managing Director at Bridge Ventures (founding its Chicago office) and Manager of U.S. Business Development at Siemens Hearing Instruments. Bachelor's in Business Administration from Marquette University, licensed Illinois Business Broker, Certified Transaction Advisor. Serves on non-profit boards including Erie Neighborhood House.
Maria G. Melone, Managing Director: Leads healthcare M&A practice, previously VP at Goldman Sachs healthcare banking.
Peter J. Holton, Managing Director: Leads facility services and industrial practices. Expert in facilities services space with numerous transactions in HVAC, janitorial, landscaping, and related sectors.
Jordan Gerber, Managing Director: CPA since 1992 with 25+ years of experience across diverse industries. Successfully started and sold three financial services firms, served as CFO for over 50 businesses helping owners sell to strategic and private equity buyers. BS in Accounting from University of Illinois.
Brian Steffens, Managing Director: Over 10 years of M&A executional experience covering buy-side, sell-side, and strategic development. Previously led buy-side M&A at G2 Capital Advisors. B.A. in Accounting and Finance from Indiana University, Certified M&A Advisor (CM&AA).
Additional Team: David Ogurek (Director), Samuel Knowles (Vice President), Martin Curinka (Associate & Sponsor Coverage Lead), Kendall Napier (Associate), Richard Curry (Director of Business Development).
Geographic Coverage
Headquartered in Chicago's West Town neighborhood, Caber Hill serves clients nationally but has particular density in the Midwest. Recent transactions span Pennsylvania (Philadelphia-area dental practices), South Carolina (IFS), Illinois (multiple manufacturing and services businesses), and nationwide businesses (Dental Alliance Group with customers in 48 states).