Carleton McKenna & Company — M&A Advisory Profile

01Advisory Approach

Sweet Spot

Middle-market privately-held businesses, particularly family-owned and founder-led companies in manufacturing, healthcare, business services, and consumer sectors. Likely focus on companies with enterprise values between $10M and $250M, particularly those with EBITDA between $8M and $40M.

Not A Fit If

Companies seeking a templatized, process-driven engagement without senior-level attention. Businesses below the lower middle market or requiring pure asset sales.

Operational expertise (former CEOs, operators, and private equity investors on team), custom processes (rejection of templatized approaches), senior attention (every transaction led by senior professionals with decades of experience), Cleveland base with deep Midwest relationships, Strategic Advisory option to help owners prepare before selling.

02Process & Fees

Custom-fit sell-side and buy-side M&A processes including financial and strategic alternatives analysis, valuation analysis, due diligence management, acquirer identification, transaction structuring, negotiation support, and closing. For clients not ready to sell, offers Strategic Advisory including M&A Market Testing, valuation analysis, and gap identification to maximize exit value. Typical transaction types: M&A, divestitures, leveraged buyouts, recapitalizations, ESOPs, management buyouts, internal transitions, joint ventures, and strategic alliances.

Carleton McKenna & Company Research

Advisory Approach

Carleton McKenna & Company is a Cleveland-based independent boutique investment bank founded in 2001, providing M&A advisory, capital raising, and strategic consulting services to middle-market privately-held businesses. The firm operates with a core philosophy that no business is "cookie-cutter" and therefore rejects templatized processes in favor of custom-fit transaction solutions tailored to each client's unique needs and goals.

The firm's approach emphasizes senior-level banker attention throughout every stage of the deal process. Their team comprises finance and accounting experts, entrepreneurs and operators, C-Suite and Board professionals, lawyers, consultants, and marketing professionals who collectively bring operational expertise to complement traditional investment banking capabilities.

Sector Focus

Carleton McKenna concentrates on four primary industry verticals:

Industrials & Manufacturing: The firm has particular depth in custom manufacturing, engineered components, material handling and automation, and value-added distribution. Notable transactions include Webster Industries (engineered class chain and vibratory conveyors), Allor-Plesh Manufacturing (steel industry replacement components), Commercial Fluid Power (fluid power distribution), and Precision Components (aerospace precision machining). The firm's team includes former operators and manufacturing CEOs who understand plant-level economics.

Business-to-Business Services: Active in business process outsourcing, environmental services, healthcare operational services, and systems engineering. Representative deals include AFIMAC Global (business continuity and crisis response), Millman (land surveying services), CIG & Sharpe (engineering solutions for food processing), and FormFire (SaaS health insurance integration).

Healthcare: Focus spans healthcare facilities, medical devices, digital health, and clinical information management. Transactions include Within3 (life sciences management platform), Neuros Medical (bioelectric medical devices), TherEx (rehabilitation therapy staffing), and Centura Imaging (radiological imaging equipment).

Consumer: Experience in food & beverage manufacturing, craft breweries, specialty retail, and consumer experience. Notable deals include Platform Beer Co. (acquired by Anheuser-Busch InBev), Malley's Candies (recapitalization with Promise Holdings), Water Safari Resort (campground and amusement park), and multiple craft brewery transactions.

Deal Track Record

Carleton McKenna has completed 50+ transactions across sell-side M&A, recapitalizations, capital raises, and strategic advisory engagements. The firm's transaction history spans multiple decades, with founders Paul Carleton and Christopher McKenna bringing 40+ years of combined investment banking experience.

Representative transactions include:

Allor-Plesh Manufacturing: Strategic investment by MPE Partners (July 2024)
AFIMAC Global: Sale to New State Capital Partners (August 2022)
Webster Industries: Recapitalization and ESOP exit with MPE Partners (February 2024)
Emerald Built Environments: Sale to Crete United
Commercial Fluid Power: Sale to National Tube Supply (July 2023)
McClintock Electric: Sale to Kelso Industries
Millman: Sale to CBRE (NYSE: CBRE)
Platform Beer Co.: Sale to Anheuser-Busch InBev (NYSE: BUD)
Malley's Candies: Recapitalization with Promise Holdings
Precision Components: Sale to Ohio Gratings (February 2023)
Premier Hydraulics: Sale to PTR Group (December 2022)
CIG & Sharpe: Sale to Cornerstone Industrial Group
Cartridge Brewing: Sale to Saucy Brew Works
Water Safari Resort: Sale to Innovative Attraction Management
FormFire: Sale to AgencyBloc (portfolio of Resurgens Technology Partners)

The firm maintains active buy-side advisory capabilities, having represented Webster Industries in the acquisition of Action Vibratory Equipment and ongoing buy-side mandates for corporate clients.

Process & Fee Structure

Carleton McKenna rejects templatized processes, instead customizing each engagement to the client's specific situation. Their sell-side process includes comprehensive financial and strategic alternatives analysis, valuation analysis, due diligence management, acquirer identification and assessment, transaction structuring advisory, and negotiation support.

For clients not immediately ready to sell, the firm offers Strategic Advisory services including M&A Market Testing, valuation analysis, and gap identification to help owners maximize enterprise value before a transaction.

Transaction types: Mergers & Acquisitions, Sale or Divestitures, Leveraged Buyouts & Recapitalizations, ESOPs & Management Buyouts, Internal Transitions, Joint Ventures, and Strategic Alliances.

Buyer Network

Carleton McKenna maintains relationships with private equity firms, strategic acquirers, and family offices. The firm's transaction history demonstrates successful exits to:

Private Equity Buyers: MPE Partners, New State Capital Partners, Kelso Industries, Cornerstone Industrial Group, PTR Group, Resurgens Technology Partners, Summit Partners, Kindred Healthcare, Liberty Company Insurance Brokers, Promise Holdings, and others.

Strategic Buyers: Anheuser-Busch InBev, Crete United, National Tube Supply, CBRE, Ohio Gratings, AgencyBloc, Saucy Brew Works, Innovative Attraction Management, and various corporate acquirers across manufacturing, healthcare, and business services.

The firm's buy-side advisory work and Managing Directors' private equity backgrounds provide deep insight into buyer motivations and decision-making processes.

Competitive Positioning

Carleton McKenna differentiates through:

Operational Expertise: Team members include former manufacturing CEOs, private equity investors, and operators who understand business operations beyond financial statements.
Custom Processes: Rejection of templatized approaches in favor of engagement-specific solutions.
Senior Attention: Every transaction led by senior M&A professionals with decades of experience, not junior bankers.
Cleveland Base: Deep relationships in the Midwest manufacturing and business services communities, with national transaction capability.
Strategic Advisory Option: Ability to help owners prepare for exits through value-creation initiatives before engaging a sale process.

Not a Fit If

Carleton McKenna typically focuses on middle-market companies. While specific minimum deal size thresholds are not publicly disclosed, the firm's transaction history and private equity relationships suggest a focus on businesses with enterprise values likely in the $10 million to $250 million range, particularly those with EBITDA between $8 million and $40 million.

Team

The firm has approximately 16 professionals (as of 2025). Key team members include:

Paul H. Carleton – Founder & Managing Partner. 40+ years of corporate and investment banking experience. Previously founder and Senior Managing Director of Carleton, McCreary, Holmes & Company (acquired by KeyCorp). Serves on multiple corporate and not-for-profit boards including E & H Family Group, Breuer Premium Pet Food, Baldwin Wallace University (former Chair), and Playhouse Square Foundation. MBA from Northwestern University, honorary doctorate from Baldwin Wallace University.

Christopher J. McKenna – Managing Partner. Previously partnered with a private equity firm to acquire a Cleveland manufacturing business where he served as President and CEO. Former Director of Financial Analysis at MacLean-Fogg Company. Began career at Manufacturers Hanover Trust and Security Pacific Business Credit. BA in Economics from Dartmouth College, MBA with High Distinction from University of Michigan. FINRA Series 6, 7, 24, 79, 63 licensed.

Nora T. Mahoney – Managing Director. Experienced in securities regulation, corporate governance, and broker-dealer registrations. Focuses on capital raisings, private placements, and M&A advisory for B2B Services and Manufacturing clients. FINRA registered.

Charles "Chuck" Fenske – Director. Leads day-to-day transaction execution with focus on engineering and construction industries.

Alexis – Vice President. Manages M&A and capital raise transactions, handling marketing materials, financial analysis, and buyer identification.

William "Bill" Caster – Director. 40+ years in financial services, focusing on high-net-worth individuals, families, and business owners.

Michael C. Adams – Director. 30+ years M&A experience, 50+ transactions completed as principal investor and advisor. Former Chairman of Wahl Refractory Holdings and Swiss-Tech. Founded Cornerstone Industrial Group in 1997.

E.M. de Windt, Jr. – Director. 30 years private equity experience investing in middle-market manufacturing and business service companies. Former founder and managing partner of Gates Group Advisors.

Andrew S. Gelfand – Managing Director. Managing Member of The Gelfand Group LLC, an independent investment banking firm. Joined Carleton McKenna as Managing Director in 2020.

Associates: Brandon S. Novak, David T. Jeziorowski, Joseph G. Belz III support industry research, buyer list creation, and transaction materials.

Ryan P. Smith – Chief Compliance Officer, Carleton McKenna Advisors, LLC.

Geographic Coverage

Headquartered in Cleveland, Ohio at 1801 East Ninth Street, Suite 1425. The firm serves clients nationally with particular concentration in the Midwest and Great Lakes regions. Transactions span coast-to-coast including New York, Tennessee, Georgia, Wisconsin, Pennsylvania, Ohio, and other states.

Regulatory Registration

Securities placed through Carleton McKenna Advisors, LLC, a registered broker-dealer and member of FINRA (CRD#: 159230) and SIPC. Key registered individuals include Christopher J. McKenna (CRD#: 1704158) and Nora T. Mahoney (CRD#: 6547793).