Cabrillo Advisors — M&A Advisory Profile

01Advisory Approach

We deliver institutional-quality financial advice to companies at critical inflection points in their lifecycle.

Sweet Spot

Founder-owned and emerging-growth companies in technology, healthcare, consumer, manufacturing, and energy sectors navigating equity fundraising, fairness opinions, transaction advisory, or strategic planning. Ideal clients have $5M-$75M+ enterprise value, complex operations or IP, and need credible third-party financial perspective.

Not A Fit If

Businesses under $5M TEV, commoditized transactions, industries outside our sector focus without significant discovery, clients seeking aggressive opinions that won't survive scrutiny, transactions requiring aggressively-structured leverage.

Positioned uniquely for underserved $5M-$75M market. Integrated valuation and advisory expertise (unlike banks outsourcing valuation). Sector specialists rather than generalists. Venture-to-exit relationship model unusual in advisory space. Credible third-party status for fairness opinions. IP and forensic valuation depth. Long-term client relationships create institutional knowledge.

02Process & Fees

Collaborative discovery process beginning with deep understanding of client business, market dynamics, and transaction objectives. Rigorous financial analysis using multiple methodologies (DCF, comps, precedent transactions). Sensitivity analysis and scenario planning. Market testing where appropriate. Ongoing dialogue with client to refine analysis and challenge assumptions. Final deliverable is defensible, well-documented opinion suitable for regulatory/audit contexts or expert testimony if needed.

Cabrillo Advisors Research

Advisory Approach

Cabrillo Advisors operates with a clear, underserved-market thesis in financial advisory services. Founded by Wade Hansen in the early 2000s and based in San Diego, California, the firm explicitly targets companies under $75 million in enterprise value—a market segment largely abandoned by bulge-bracket investment banks and underserved by single-shingle local advisors. This positioning is deliberate: Wade Hansen spent 25+ years observing that top-tier advisory talent was unavailable to emerging growth and mid-market companies, despite their critical need for sophisticated financial guidance during transactions. Cabrillo's approach combines rigorous financial analysis with deep sector expertise, focusing on scenarios where operational complexity creates valuation opacity that requires specialized expertise to unlock value.

The firm's sweet spot is founder-owned and emerging-growth companies navigating critical financial milestones: equity fundraising rounds (409A valuations for stock option plans), fairness opinions in acquisition contexts, enterprise valuation for tax and reporting purposes, and transaction advisory support during M&A. Unlike transactional banks that extract fees and disappear, Cabrillo positions itself as a long-term strategic advisor, often working repeatedly with the same clients as they progress from early stage through exit.

Sector Focus and Expertise

Cabrillo Advisors maintains deep sector expertise across technology, life sciences, healthcare, consumer/retail, energy, and manufacturing. Within each sector, the firm brings specialized knowledge:

Technology & Pre-Revenue Companies: Cabrillo has extensive experience valuing high-growth software companies, pre-revenue AI platforms, IoT companies, and semiconductor businesses. The firm has served venture-backed companies from seed stage through IPO, with particular expertise in navigating the complex valuation dynamics of early-stage AI and deep-tech ventures where traditional comparable analysis breaks down. A case study involving Terra Tech demonstrates their capability in pre-revenue target valuations.

Life Sciences & Healthcare: Cabrillo has rendered fairness opinions on pharmaceutical acquisitions (Eloxx Pharmaceuticals, public company acquisition), clinical research organizations, and complex biotech transactions. The firm's team includes professionals with specific training in healthcare industry dynamics, regulatory considerations, and the earnings power adjustments required for healthcare service organizations.

Consumer & Retail E-Commerce: The firm has advised on multi-billion dollar dividend transactions for major retailers (Project Buddy case study), fast-food franchise acquisitions, and consumer-focused M&A transactions. Expertise includes valuation of retail networks, franchise systems, and e-commerce platforms with complex unit economics.

Energy & Industrial: Over the past 15 years, senior team members have developed substantial expertise in energy sector valuations, manufacturing operations, and industrial equipment companies, particularly where capital intensity and operational leverage create valuation complexity.

Manufacturing & Process Industries: The firm has provided advisory services on manufacturing company acquisitions, valuation of manufacturing operations, and process improvement valuations for industrial companies.

Deal Track Record

Cabrillo Advisors has completed transaction advisory and valuation work on numerous deals spanning multiple deal types and buyer categories. Notable public transactions include:

Project Buddy (Undisclosed Retailer): Served as one of three independent financial advisors providing opinion on a multi-billion dollar dividend transaction for a major public retailer. Work included sophisticated covenants testing, leverage analysis, and expert defense of analysis in connection with subsequent bondholder litigation.
Terra Tech Corp (NASDAQ: TRTC): Rendered fairness opinion on acquisitions involving pre-revenue AI targets and complex valuation scenarios.
Eloxx Pharmaceuticals (NASDAQ: ELOX): Fairness opinion on acquisition by public company.
Alpha Healthcare Acquisition III (AHAC): Provided fairness opinion in connection with healthcare-related acquisition (2023).
Clean Earth: Delivered fairness opinion for business combination (October 2022).
Torque Therapeutics: Board advisory and valuation support for all-stock acquisition offer evaluation.
Genuity Science: Fairness opinion on acquisition with complex earnout structures.

In total, PitchBook reports Cabrillo Advisors has advised on 9+ significant transactions. The firm's deal volume is intentionally conservative—quality over quantity—reflecting a focus on providing best-in-class analysis rather than maximizing transaction count.

Process & Fee Structure

Cabrillo operates with a flexible advisory model tailored to client stage and transaction type:

For Fairness Opinion engagements, Cabrillo works as an independent financial advisor to boards and special committees, rendering defensible opinions on transaction fairness. These engagements typically involve:

Comprehensive valuation analysis using multiple methodologies (DCF, comparable companies, precedent transactions)
Market testing and buyer network analysis
Sensitivity analysis and downside scenario planning
Expert testimony preparation and deposition support if needed

For Founder/Early-Stage Valuations (primarily 409A stock option valuations and enterprise valuations), Cabrillo works collaboratively with company management and board, delivering valuations compliant with IRS standards and audit-proof for financial reporting.

For M&A Transaction Advisory, the firm serves as sell-side or buy-side advisor, supporting business owners and boards through deal identification, process management, buyer outreach, and price/term negotiation. Transaction advisory includes coordination with legal and accounting partners.

Fee Structure: Cabrillo's fee model varies by engagement type. For fairness opinions and valuations, fees are typically based on scope and complexity, ranging from $10K-$50K+ depending on transaction size and analysis depth. For ongoing advisory relationships, some clients pay retainer fees that credit against advisory fees. For M&A transaction advisory, Cabrillo historically worked on engagement fees and success-based fees, though the firm has shifted toward hybrid models including retainers for retaining advisory capacity.

Minimum engagement size: Approximately $5M+ enterprise value for transaction advisory (reflecting their underserved market positioning), with no minimum for valuation services.

Buyer Network & Market Access

Cabrillo's buyer network reflects its history and sector focus:

Private Equity: The firm has active relationships with PE firms across technology, healthcare, industrial, and consumer sectors, developed through founder Wade Hansen's 25+ years in advisory and his prior role at Dell Ventures.
Strategic Buyers: Access to Fortune 500 buyers in technology, healthcare, consumer, and industrial verticals, as well as international acquirers in these sectors.
Founders & PE-Backed Acquirers: Given Cabrillo's venture-stage advisory heritage, the firm also serves as buyer-side advisor to founder-led and PE-backed companies acquiring smaller targets.

Buyer Network Strength: Based on disclosed case studies and SEC filings, Cabrillo has demonstrated ability to access and advise multiple categories of buyers, including public company acquirers, PE buyers, strategic buyers, and founder-led consolidators. The firm's network is deepest in technology and healthcare (reflecting its venture-stage roots) and growing in energy/industrial.

Competitive Positioning

Cabrillo differentiates from competitors through:

Market Positioning for the Underserved: Explicitly focused on $5M-$75M+ enterprise value deals, where large banks won't play and solo practitioners lack credibility. This is a deliberate market choice, not a constraint.
Sector Expertise Over Generalism: Deep diving into specific sectors (healthcare, tech, manufacturing, energy) with specialists on staff, rather than generalist transaction coverage.
Integrated Valuation & Advisory Capability: Unlike traditional investment banks that outsource valuation work, Cabrillo owns the valuation practice in-house, meaning the same professionals managing deals also understand fair value deeply.
Venture-to-Exit Expertise: Unusual positioning as an advisor to companies from seed/early-stage (409A valuations) through growth stage, secondary transactions, and eventual exit—giving continuity and institutional knowledge of client businesses over time.
Credible Third-Party Status: Cabrillo is frequently engaged as independent financial advisor to boards and special committees in fairness opinion contexts, positioning the firm as neutral expert rather than deal advocate.
Forensic & IP Valuation Capability: Senior team includes Gregory Urbanchuk, a leading expert in intellectual property valuation and commercial damages, adding dimension to technology and IP-heavy transactions.

Not a Fit If

Cabrillo Advisors typically declines:

Transactions below ~$5M enterprise value (not economically viable)
Businesses seeking aggressive leverage/high-risk structuring (Cabrillo focuses on sustainable deals)
Industries outside their sector expertise without significant discovery effort
Clients requiring aggressive or defensible-only-if-we-testify opinions (Cabrillo prioritizes credible analysis)

Team & Credentials

Leadership:

Wade Hansen, Chairman & CEO: 25+ years in advisory, M&A, and valuation. Former McKinsey consultant, founding principal at Dell Ventures, founded Cabrillo. MBA Kellogg (with distinction), CPA Texas, Series 7/24/63/79. Brings deep venture ecosystem access and founder-founder credibility.
Dean Colvin, President: 25+ years in valuation and transaction advisory. Prior SVP at FMV Opinions, VP at Houlihan Lokey managing valuations and M&A assignments, Manager at Ernst & Young and Deloitte. FINRA Series 7/63/79, MBA USC Marshall.
Carey Delia, Managing Director: 20+ years in valuation and transaction advisory. Senior Manager at PwC managing M&A valuations, VP at Houlihan Lokey. MBA Finance, Darden, focus on fairness opinions and strategic alternatives.
Miles Gilmour, Senior Director: 13+ years in valuation and advisory. Senior Director Ernst & Young Parthenon (Texas), prior Deloitte and boutique valuation firm. Focus on energy, technology, and industrials. ABV (AICPA), ASA (ASA) designations.
Gregory Urbanchuk, Senior Director: 20+ years in forensics, litigation, valuation, and IP. Former Deloitte London. Expert witness in patent, trademark, and copyright disputes. Published author on IP valuation. CVA designation, FINRA arbitrator.

Additional Senior Professionals: Jonathan Schlesinger (Director, IT/digital media/biotech), Han Le (Director, technology/pharma/energy), Austin Gaddie (Manager, transaction advisory), and others bringing sector-specific expertise.

Recent Activity & Momentum

In August 2025, Cabrillo Advisors joined Crete Professionals Alliance—a significant strategic move expanding national reach. Crete is a network of elite accounting and advisory firms across the US, giving Cabrillo access to referral channels, shared resources, and enhanced geographic coverage while maintaining operational independence. This partnership validates Cabrillo's market positioning and creates new channels to underserved mid-market companies.

Geographic Coverage

Primarily San Diego-based with national reach through the Crete network (25+ member firms across major metros). Prior engagement history shows deals in California, Texas, New York, and other major markets. International deal experience through networks with cross-border PE and strategic buyers.

Investment Thesis for Sellers

Cabrillo Advisors' value to seller-clients:

Fair Value Discovery: Creates daylight on true value, protecting against leaving money on the table or over-paying for acquisitions.
Process Credibility: Fairness opinions and independent advisor status strengthen seller leverage and board credibility with buyers.
Sector Expertise: Deep knowledge of buyer landscape, market dynamics, and comparable transactions in specific sectors.
Long-Term Relationship: Often advises the same clients across multiple transactions over 10+ years, accumulating knowledge of business and market dynamics.
Regulatory/Audit Defense: Work is audit-proof and defensible in regulatory contexts, providing organizational protection.