Carl Marks Advisors Research
Advisory Approach
Carl Marks Advisors (rebranded to CMA in January 2026) is a nearly 100-year-old merchant banking firm that brings a unique owner's mindset to middle-market M&A advisory. Founded in 1925 by Carl Marks as a foreign securities exchange business, the firm has evolved into a hybrid investment bank-consultancy that pairs transactional expertise with operational restructuring capabilities. The firm operates with a thesis that former owners and operators make the best M&A advisors—team members have collectively built, led, and sold businesses themselves, giving them genuine empathy for what founders experience during a sale process.
The firm's sweet spot is family-owned and closely held businesses in the $10M-$250M enterprise value range, where leadership is navigating a complex, often emotional first-time sale. CMA distinguishes itself through exhaustive buyer outreach, typically contacting 200-400 potential acquirers per engagement versus the industry average of 50-100. The firm is particularly known for persistence in challenging transactions—deal case studies include navigating pandemic disruptions, industry price declines, and multi-year sale processes that would have caused many other advisors to abandon the engagement.
Sector Focus
CMA's investment banking practice concentrates on three core industries: Industrial Technology & Manufacturing, Consumer Products, and Business Services. Within manufacturing, the firm has particular depth in precision machining, metal fabrication, scrap metal recycling, and building products. The consumer products practice spans food & beverage distribution, pet products, pool equipment distribution, and personal care. In business services, CMA has completed transactions across transportation & logistics, life sciences consulting, healthcare services, and specialized distribution.
The firm's turnaround & restructuring practice covers a broader spectrum: Business Services, Consumer & Retail Products, Energy Services, Food & Beverage, Healthcare, Manufacturing & Industrials, Restaurant, and Transportation & Logistics. This restructuring heritage gives CMA unique credibility with buyers in complex situations, as the firm can credibly represent operational improvements and turnaround potential.
Deal Track Record
CMA has completed dozens of middle-market transactions across sell-side M&A, recapitalizations, and strategic advisory engagements. Recent representative transactions include:
- Royal Products to Heartwood Partners (2024): CNC machine tool performance accessories manufacturer sold to private equity, with management investing alongside
- Gulf Coast Scientific to SSI Diagnostica Group (2025): H. pylori diagnostic testing company sold to global infectious disease diagnostics leader
- HealthTronics recapitalization with Secretariat Capital (2025): Kidney stone management services provider recapitalized with new investment partner
- JDC Power Systems $190M recapitalization with Madison River Capital (2024): Data center power systems provider recapitalized to fuel AI-driven growth
- Roane Metals to Commercial Metals Company (2023): Scrap metal recycling facility sold to NYSE-listed strategic buyer despite seven months of declining industry prices
- Cornerstone Treatment Facilities Network to Aurora Health (2022): Employee-owned addiction treatment provider sold after multi-year process beginning in 2019
- Colonial Distributing to National Convenience Distributors (2023): Florida convenience-store distribution leader merged into expanding platform
- WE Transport to Beacon Mobility: 2,000-vehicle student transportation company sold after six decades of family ownership
- Tribeca Oven to C.H. Guenther & Son: Artisan bread manufacturer sold to global baked-goods platform
- Pet Qwerks to Petmate: Nylon dog chew brand sold during pandemic
- Jet Line Products to Pool Corporation: Pool equipment distributor sold to industry leader
- PowerTown Line Construction to Entregado Group: Utility construction services provider sold to AEA Investors portfolio company
- Hawkins Point Partners to Verista & Lightview Capital: Life sciences consulting firm sold with founder alignment
The firm's process often succeeds where others would have walked away. The Roane Metals transaction closed despite seven consecutive months of declining scrap prices, with CMA preserving the buyer's initial offer. The Cornerstone sale process began in 2019, navigated pandemic disruptions, and completed in 2022—all while maintaining alignment with ESOP employee-owners.
Process & Fee Structure
CMA runs institutional-quality, high-touch sale processes with partner-level attention throughout. The firm emphasizes quarterbacking the entire transaction from preparation to closing, with no "bait and switch" where junior staff handle client relationships. Typical engagement structure includes:
- Retainer: Monthly fee (credited against success fee)
- Success fee: Market-standard percentages on completed transactions
- Process timeline: 6-9 months from engagement to close, though complex situations can extend longer
- Buyer outreach: 200-400 targeted buyers per engagement
- Exclusivity required: Yes, the firm requires exclusive representation
CMA's sweet spot minimum is approximately $10M TEV. The firm typically declines pure asset sales, businesses below $10M, and situations where founders want to run a limited process—the firm's value is in exhaustive outreach.
Buyer Network
CMA maintains relationships with thousands of potential acquirers across strategic buyers, private equity firms, and family offices. Recent transactions demonstrate access to:
Private Equity: Heartwood Partners, Madison River Capital, Secretariat Capital, AEA Investors (via Entregado), Lightview Capital, Verista
Strategic Buyers: SSI Diagnostica Group (Denmark-based global diagnostics leader), Commercial Metals Company (NYSE: CMC), Aurora Health, National Convenience Distributors, Pool Corporation, Petmate, C.H. Guenther & Son, Thomas Concrete Group AB (Sweden), Beacon Mobility
The firm's cross-border capabilities are evidenced by transactions with European buyers (SSI Diagnostica Group, Thomas Concrete Group AB). The industrial manufacturing buyer network is particularly strong, with successful exits to both strategic acquirers and PE firms.
Competitive Positioning
CMA differentiates from other lower middle market banks through several key attributes:
- Owner's mindset: Senior professionals have owned, operated, and sold businesses themselves, creating authentic founder empathy
- Hybrid model: Seamless integration of investment banking with turnaround & restructuring capabilities, enabling the firm to handle complex situations that pure-play M&A advisors cannot
- Persistence: Willingness to see transactions through multi-year processes, industry downturns, and unprecedented challenges
- No bait and switch: Partner-level service throughout with no handoff to junior staff
- Exhaustive outreach: 200-400 buyer contacts per engagement versus industry 50-100 average
- Cross-border capability: International buyer relationships and successful transactions with European acquirers
- Heritage and stability: Nearly 100-year history with family ownership creates trust with family business sellers
Not a Fit If
CMA typically declines:
- Businesses below $10M TEV
- Pure asset sales (the firm focuses on going-concern enterprises)
- Founders who want to run a limited process—CMA's value is in exhaustive outreach
- Transactions requiring rushed timelines without proper preparation
- Situations where founder values and culture don't matter—this is central to CMA's matchmaking philosophy
Team
The firm has approximately 20-30 professionals across its investment banking and turnaround & restructuring practices. Key leadership includes:
Investment Banking Leadership:
- Evan Tomaskovic – Managing Partner & CEO of Carl Marks Securities LLC (30+ years experience, former RBS Greenwich Capital SVP and Lehman Brothers VP)
- Warren H. Feder – Partner (former CEO of family-owned health and beauty aid manufacturing business, successfully sold his own company)
- Christopher Parisi – Partner (25+ years M&A experience)
- Brian Williams – Managing Partner (20+ years oil & gas industry experience)
- Mark Claster – Partner (40+ years experience, Immediate Past President of Carl Marks & Co.)
- Jonathan Bushnell – Managing Director (15+ years capital markets investment banking experience)
Other Team Members: Ben Godbout (Managing Director, Head of Strategic & Transaction Advisory), Michael Gordon (Director, 10+ years experience), David Mintz (Vice President), Jon Roberts (Director/CCO), and several Associates and Analysts.
Geographic Coverage
Headquartered in New York, NY (900 Third Avenue, Suite 1003), with additional offices in Bedminster, NJ; Charlotte, NC; and Houston, TX. The firm serves clients nationally across the United States and has completed cross-border transactions with international buyers.