Calder Capital LLC Research
Advisory Approach
Calder Capital, founded in 2013 and based in Grand Rapids, Michigan, is a nationally recognized lower middle-market M&A advisory firm specializing in mergers and acquisitions for business owners, entrepreneurs, and investors across the United States. The firm's core thesis centers on creating robust, competitive markets for business sellers while providing buyers with proprietary, off-market deal flow. Unlike traditional investment banks or business brokers that rely on limited buyer networks and minimal outreach, Calder has built a technology-driven, marketing-intensive platform leveraging a proprietary database of 350,000+ potential buyers. This differentiated approach enables their clients to receive an average of 15 competitive offers per transaction, often resulting in sale prices that exceed initial valuations by 20% or more.
Calder's sweet spot is seller-owned companies with enterprise values between $1 million and $100 million across manufacturing, construction, distribution, business services, and service industries. The firm excels at serving founder-owned businesses with operational complexity, valuation opacity, and multi-state or multi-location operations. For buyers, Calder offers Buy-Side Gold—the only program in the U.S. that guarantees 10 proprietary seller leads matching industry, geography, and size criteria.
Sector Focus and Buyer Appetite
Calder's practice demonstrates deep expertise across diversified industries. In 2025, the firm closed 58 transactions totaling more than $155 million in enterprise value advised, with deal volume increasing 26% year-over-year. The transaction mix reflects meaningful shifts in market demand:
Service Businesses (approximately 50% of 2025 closings): Ranging from commercial cleaning and janitorial services to specialized staffing, outdoor landscaping, and facility management. Calder has proven strength connecting service business owners with PE-backed consolidators and strategic acquirers seeking recurring-revenue models.
Manufacturing (just over 30% of 2025 closings): A core pillar including precision machining, sheet metal fabrication, tool and die, specialty chemicals, and industrial products. Calder's manufacturing practice demonstrates particular depth in companies with defensible niches, operational scale, and strong unit economics.
Construction (meaningful contributor): Electrical contracting, commercial and industrial general contracting, excavation, and specialty construction services.
Distribution & Logistics (diversification): Asset-heavy, logistics-driven businesses including specialized distribution, automotive parts supply, and supply chain services.
Deal Track Record and Momentum
Calder closed 58 transactions in 2025, combining both sell-side and buy-side activities. The sell-side team completed 30 transactions, while the buy-side team participated in 28 acquisitions. Transactions spanned 16 states (California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Ohio, Pennsylvania, Texas, Utah, and Virginia), reflecting nationwide scope. Aggregate transaction experience includes 300+ historical transactions across the firm's operating history.
Representative closed transactions include BCU Electric (Ohio electrical services) to Meptagon Group (Israel-based strategic buyer, cross-border transaction), Bauer Sheet Metal & Fabricating (Michigan manufacturing, 100+ years old) to BSM Acquisition LLC (Ohio investor group), Portland Products (Michigan manufacturing), Midstates Elevator (Indiana), Double O (Grand Rapids) to Integrated Manufacturing Group (Michigan), Ace Screen Repair & More (Florida), The Rental Branch (Michigan), and numerous precision machining, staffing, janitorial, landscaping, and facility management transactions across Midwest and nationwide.
Process and Fee Structure
Calder runs institutional-quality sell-side processes tailored to maximize buyer interest and valuation. Standard engagement structure includes variable retainers based on seller profile, success fees typically structured as modified Lehman or flat percentage on enterprise value, and process timelines averaging 6-9 months from engagement to close. Buyer outreach leverages the proprietary database of 350,000+ potential buyers with targeted, personalized marketing and multi-touch follow-up systems. Process components include comprehensive quality of earnings support, management presentation coaching, and structured data room preparation.
For buy-side clients, Calder's Gold program guarantees proprietary off-market seller leads. Buy-side clients increased from 41 in late 2024 to 73 by year-end 2025, reflecting strong demand for off-market acquisition opportunities.
Buyer Network and Market Access
Calder maintains relationships across PE firms, strategic acquirers, family offices, and management teams. 2025 deal mix reflects robust buyer diversity including private equity involvement in platform acquisitions and add-ons, strategic buyers ranging from Fortune 500 industrials to international acquirers, entrepreneurial buyers and search funds, and family offices with acquisition capital.
Competitive Positioning
Calder differentiates through technology-driven marketing with automated engagement systems, scale of outreach leveraging 350,000+ proprietary database vs. typical firm reliance on 50-100 buyers, integrated sell-side and buy-side expertise, efficient deal execution (Portland Products case: buyer engagement within 2 months, close in 5 months), national scope with regional strength, industry-specific expertise in manufacturing/construction/service/distribution, and consistent recognition (Inc. 5000 #2,296, Axial Top 10 LMMM Advisor).
Not a Fit If
Calder typically declines highly limited processes, businesses with pending material litigation, distressed/liquidation scenarios, or highly constrained timelines.
Team
Max Friar (Founder, Managing Partner, CEO); Garrett Monroe (Managing Director, Sell-Side); Sam Scharich (Managing Director, Buy-Side); Jonathan Dykstra (Sell-Side Director); Matthew Baas (Senior M&A Advisor); Patrick Robey (Buy-Side M&A Advisor); Hannelore Jones (Director of Operations); plus 25+ additional M&A advisors, analysts, and support professionals across sell-side, buy-side, and operations functions.
Geographic Coverage
Headquarters in Grand Rapids, Michigan. Offices nationwide. 2025 closings spanned California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Ohio, Pennsylvania, Texas, Utah, and Virginia.
2025 Momentum
Closed 58 total transactions (30 sell-side, 28 buy-side), 26% increase in deal volume from 2024's 46 closings. Sell-side enterprise value advised exceeded $155 million. Revenue increased 15% year-over-year despite market headwinds. Strategic team expansion including new Buy-Side Managing Director, Sell-Side Managing Director, and Operations Director.