Calabasas Capital Research
Advisory Approach
Calabasas Capital is a specialized boutique investment banking firm focused on advising lower middle market companies on M&A transactions, capital raising, and strategic advisory services. Founded in 2009 by David Bonrouhi, the firm has built a reputation for delivering hands-on, senior-level advisory to family-owned and entrepreneur-led businesses. The firm's thesis is straightforward: lower middle market business owners deserve access to institutional-quality investment banking advice coupled with deep industry expertise and a genuine understanding of their businesses' unique dynamics. Rather than applying cookie-cutter approaches, Calabasas Capital tailors every engagement to address both the emotional and business needs of their clients.
Advisory Philosophy & Process
The firm operates with a clear positioning: they serve as trusted advisors who understand that every deal is different and requires customized solutions. Calabasas Capital emphasizes multiple avenues of value creation—whether through sales to strategic buyers, financial sponsors (PE firms, family offices), capital raises, acquisitions, or combinations thereof. The firm takes a seller-centric approach in most engagements, running comprehensive, well-structured sell-side processes that maximize buyer competition while ensuring confidentiality. They provide senior-level guidance throughout the entire transaction lifecycle: from initial valuation and offering memorandum creation, through buyer marketing and management presentations, to final negotiations and closing support.
The firm has a reputation for hands-on involvement. Client testimonials consistently highlight David Bonrouhi and Andrew Williamson's deep engagement—staying "by their side every step of the way" and having "keen M&A expertise" that proves "instrumental in completing deals at strong valuations." Rather than treating clients as a line item, the team provides weekly updates to shareholders and works closely with management to prepare for presentations to prospective buyers. The process typically includes senior-level offering memorandum creation, personalized buyer experience during evaluation, and meticulous attention to deal logistics.
Industry Focus & Specialization
Calabasas Capital's deal portfolio reveals deep expertise across multiple industrial and manufacturing verticals: manufacturing (discrete precision machining, process manufacturing, specialty chemicals), industrial distribution (water systems, electronics, aerospace parts), food & beverage (fresh produce distribution, specialty foods, quick-service restaurants), and business services (landscape maintenance, property management, staffing). The firm also has growing practices in aerospace and defense (notably represented by Kellstrom Industries Defense), technology and software (Qubitekk, Visual Data Media Services), and healthcare. Within each industry, the team develops specialized knowledge about vendor relationships, regulatory constraints, customer concentration, and valuation drivers.
Notably, the firm has deep experience in industrial businesses that are complex from an operational perspective—companies where operational metrics, facility efficiency, supply chain management, and regulatory compliance directly impact valuation. This operational knowledge becomes a competitive advantage when explaining these businesses to financial and strategic buyers. The firm's aerospace and defense experience is particularly strong, with multiple transactions involving aerospace MRO, legacy parts distribution, and defense contractors.
Recent Deal Track Record & Buyer Network
Calabasas Capital closed a record year in 2024, completing five transactions including three of the largest in the firm's history. Recent closed transactions demonstrate a sophisticated buyer network spanning strategic acquirers, private equity firms, and family offices:
- Qubitekk (Quantum Networking) → IonQ (NYSE: IONQ), a public quantum computing company, January 2025. Calabasas Capital served as exclusive sell-side advisor, assisting with negotiations and due diligence. Qubitekk's 118 granted quantum networking patents and customer base (including NASA, GE, Verizon, US DoD) were integrated into IonQ's public platform.
- Chem Arrow Corporation (Chemicals/Lubricants) → MOTUL (family-owned global lubricants supplier), October 2024. Calabasas Capital led David Bonrouhi and Andrew Williamson served as exclusive sell-side advisors for this industrial chemicals acquisition, facilitating negotiations and due diligence for the 45-year-old Los Angeles-based manufacturer.
- United Water Works (Water/Infrastructure Distribution) → Ferguson Enterprises (NYSE: FERG), $30B public distributor, July 2024. Calabasas Capital initiated the transaction and served as exclusive sell-side advisor to United, ultimately connecting them with Ferguson, the #1 distributor in the North American waterworks market.
- Kushner & Associates (Transportation Management) → Caldicot Capital & Tamarix Capital, 2025. A recapitalization transaction where Caldicot acquired 70% with Tamarix Capital providing private credit. Calabasas Capital advisor David Bonrouhi evaluated multiple PE and strategic partners, ultimately identifying Caldicot as the best cultural and strategic fit.
- APT (Specialty Lamps for Aerospace/Defense/Medical) → AGM. Sold to strategic acquirer in what testimonials describe as a "comprehensive sale process" that resulted in "multiple offers from various interested parties."
The firm's buyer network is diverse and extensive: public companies (IonQ, Ferguson), PE platforms (Caldicot Capital, Genstar, Audax Group), family offices (SJ Investment, 119th Street Capital), and strategic acquirers across industrials, aerospace, and specialty manufacturing. Many clients rehire the firm for subsequent transactions, indicating high satisfaction and repeat business.
Sweet Spot & Deal Characteristics
Calabasas Capital's ideal client profile centers on the "lower middle market"—typically privately held companies valued between $5M and $250M+ in enterprise value. The firm works with family-owned businesses, second-generation operators, founder-led companies seeking liquidity or growth capital, and entrepreneurs with no clear succession plan. They excel with companies facing succession planning challenges, high growth aspiration requiring capital partners, operational complexity requiring buyer education, confidential sale needs, and shareholder disputes.
The firm also handles corporate carve-outs and divestitures. A hallmark is careful attention to non-financial objectives: preserving company culture, maintaining employment, founder legacy, and ensuring responsible stewardship.
Competitive Positioning
Calabasas Capital differentiates through: (1) Senior-Level Access—all clients work with MDs with 15-25+ years experience; (2) Multi-Channel Value Creation—evaluating strategic sales, PE recaps, family office acquisitions, debt/equity combos; (3) Industry Expertise in complex industrial verticals; (4) Process Discipline with structured approaches and buyer management; (5) Relationship Network built over 15+ years; (6) Operational Context from CFO and operating roles in PE-backed companies.
Team & Credentials
David Bonrouhi, Managing Director & Founder: 25+ years investment banking/PE. Merrill Lynch (M&A, IPOs in media/telecom), UnionBanCal Equities (PE portfolio), Blue Line Capital founder, Hunter Chase VP, Price Waterhouse CPA/tax. Series 7/63/79, California CPA (inactive). MBA Finance (UCLA Anderson), Masters Tax, BS Accounting (Miami University). Active with ACG, Exit Planning Institute. Valley 200 Most Influential Leader, LA Business Journal Leader of Influence.
Andrew D. Williamson, Managing Director: 17+ years investment banking/corporate development; 25+ years growth-stage companies. CFO of Merex Group and Kellstrom Defense (PE-backed aerospace/defense, acquisitions). Interim-CFO of PE-backed CPG (sold Bradford). Senior Manager at Oracle. Previously at Angeles Capital, Gerard Klauer Mattison, Chanin Capital. Price Waterhouse (Chartered Accountant). MBA UCLA Anderson (Venture Fellow), BComm (UWA). Series 7/63/79.
Josh Lederer, Managing Director & Principal: President of Fallbrook Capital Securities Corp (broker-dealer). 15+ years structured tax credit investments. Structured/monetized $1B+ state/federal tax credits. Helped Fortune 500 save $100M+ through tax strategies. BA Global Economics (UC Santa Cruz). Series 7/24/63/79/99.
FINRA Registration
Calabasas Capital is a dba of Fallbrook Capital Securities Corp., FINRA-SIPC registered broker-dealer. Team members maintain required securities licenses (Series 7, 63, 79).
Process & Engagement Timeline
Typical M&A engagement: discovery & valuation → senior-level offering memorandum → buyer identification/outreach → management presentation coaching → coordinated buyer interactions → direct negotiations → due diligence coordination → closing. Timeline: 6-9 months from engagement to close.
Summary
Calabasas Capital is a specialized boutique M&A and capital advisory firm focused on the lower middle market, particularly industrial, manufacturing, aerospace/defense, and business services. Competitive strengths: senior-level advisory, industry specialization, process discipline, client-centric approach prioritizing multiple value-creation avenues and non-financial objectives. With record 2024 (5 transactions), experienced leadership team (15-25+ years), and extensive strategic/PE/family office relationships, Calabasas Capital advises founder-owned and family-held businesses navigating M&A, recapitalizations, and growth capital.