Carriage Hill — M&A Advisory Profile

01Advisory Approach

Sweet Spot

Privately owned middle market companies with $10M-$250M in enterprise value, particularly founder, family, and employee-owned businesses where operational complexity creates valuation opacity and confidentiality is paramount.

Not A Fit If

Businesses below $10M TEV, sellers wanting broad auction processes, situations where confidentiality is not a priority, transactions requiring public marketing.

Confidentiality-first narrow processes, deep expertise in personal care contract manufacturing (repeat transactions in CDMO space), senior banker involvement throughout engagements, independence from institutional conflicts, operational experience as former operators and entrepreneurs.

02Process & Fees

Highly customized, narrow processes targeting specific relevant buyers rather than broad auctions. 6-9 month timeline with active senior banker involvement from inception through closing. Emphasis on confidentiality to protect employee, customer, and supplier relationships.

Fee Structure

Carriage Hill Research

Advisory Approach

Carriage Hill is a boutique M&A advisory firm founded in 2007 that specializes in privately negotiated transactions for privately held middle market companies. The firm operates with a distinctive philosophy: rather than running broad auction processes that spread confidential information to competitors, customers, and employees, Carriage Hill executes highly-customized, targeted processes focused on selecting the most relevant counterparties for each transaction. This narrow, non-auction approach prioritizes confidentiality and discretion from inception through closing—a core priority that resonates with founder, family, and employee-owned businesses.

The firm's thesis is that privately negotiated transactions deliver superior outcomes for sellers who value confidentiality and targeted buyer outreach over broad market exposure. Their sweet spot is privately owned middle market companies (typically $10M-$250M in enterprise value) where operational complexity creates valuation opacity and where founders seek discreet exits without disrupting employees, customers, or suppliers.

Sector Focus

Carriage Hill maintains a generalist practice with particular depth in several industries based on their transaction history:

Manufacturing & Industrial Services: The firm has completed multiple transactions in precision machining, industrial heat treatment, contract manufacturing, and specialty chemicals. Their Industrial Thermal Services/On-Site Stress Relieving Services transaction (2025) demonstrates expertise in post-weld heat treating and stress relief services for the refining, petrochemical, manufacturing, and energy sectors.

Personal Care & Consumer Products: Carriage Hill has developed a strong niche in personal care contract manufacturing, having advised 220 Laboratories (sold to PLZ Aeroscience, 2021), Arizona Natural Resources (invested by CORE Industrial Partners, 2020), and DMI Personal Care (invested by TruArc Partners, 2024). They also represented Bentley Laboratories in its recapitalization by Riverside Company (2016) and subsequent acquisition of Alliance Packaging. This cluster of transactions demonstrates deep expertise in beauty and personal care contract development and manufacturing (CDMO).

Telecommunications & Infrastructure: The firm advised Tower Engineering Solutions on its acquisition by Congruex (2022), a transaction in wireless tower infrastructure and telecommunications engineering services.

Food & Beverage: Carriage Hill advised Bardstown Bourbon Company on its acquisition by Pritzker Private Capital (2022), demonstrating capabilities in the craft spirits and branded consumer products space.

Deal Track Record

Since its founding in 2007, Carriage Hill has completed over 100 engagements, with clients capturing billions of dollars in enterprise value. The firm's publicly disclosed transactions include:

Recent Transactions (2020-2025):

Industrial Thermal Services acquires On-Site Stress Relieving Services (May 2025)—Carriage Hill advised ITS, a provider of industrial heat treatment services
TruArc Partners invests in DMI Personal Care (December 2024)—Carriage Hill served as financial advisor to DMI, a beauty and personal care contract manufacturer
PLZ Aeroscience acquires 220 Laboratories (July 2021)—Carriage Hill served as exclusive advisor to 220 Labs, a personal care contract manufacturer
CORE Industrial Partners invests in Arizona Natural Resources (July 2020)—Carriage Hill represented ANR, a personal care contract manufacturer
Tower Engineering Solutions acquired by Congruex (May 2022)—Carriage Hill served as financial advisor to TES
Pritzker Private Capital acquires Bardstown Bourbon Company (March 2022)—Carriage Hill acted as advisor

Earlier Transactions:

Riverside Company recapitalizes Bentley Laboratories (February 2016)—Carriage Hill introduced Riverside and advised Bentley
Bentley Laboratories acquires Alliance Packaging—Carriage Hill represented Bentley in identifying and executing this strategic acquisition
Clock Spring Company acquires Advanced Valve Technologies and Citadel Technologies—Carriage Hill served as exclusive M&A advisor

The firm's transaction history demonstrates repeat engagements in personal care manufacturing, indicating deep sector expertise and client relationships in this niche.

Process & Fee Structure

Carriage Hill's process is characterized by:

Highly customized, narrow processes targeted at specific, relevant buyers rather than broad auctions
Emphasis on confidentiality to protect employee, customer, and supplier relationships
Privately negotiated transactions that avoid public marketing and widespread information distribution
Active senior banker involvement from inception through closing
Typical engagement timeline: 6-9 months (industry standard for lower middle market transactions)

Fee structure information is not publicly disclosed. Like most lower middle market M&A advisors, Carriage Hill likely employs a modified Lehman or similar tiered fee structure based on transaction value, with a monthly retainer during the engagement period. The firm requires exclusivity and typically targets engagements above $10M in enterprise value.

Buyer Network

Carriage Hill's deal history reveals relationships with:

Private Equity Firms: Riverside Company (global PE focused on transactions up to $400M), Pritzker Private Capital (family direct investing), CORE Industrial Partners (lower middle market industrial focus), TruArc Partners (middle market private equity), Amberjack Capital Partners (invested in Industrial Thermal Services), Crestview Partners (partnered with Congruex).

Strategic Buyers: PLZ Aeroscience (North America's largest independent specialty aerosol and liquid product manufacturer), Congruex (national digital network infrastructure provider).

Based on disclosed transactions, Carriage Hill's buyer network strength includes significant private equity deal experience (6 of 9 tracked transactions involve PE buyers), with some strategic buyer representation (3 transactions).

Competitive Positioning

Carriage Hill differentiates through:

Confidentiality-first approach: Their narrow, non-auction processes appeal to founders who prioritize discretion over broad market exposure
Personal care contract manufacturing expertise: Repeated transactions in beauty and personal care CDMO indicate specialized knowledge in this sector
Senior banker involvement: Managing Partners Stephen Klein and Charles Compo maintain active roles throughout engagements
Independence: As an independent firm free from institutional affiliations, they offer unbiased advice without conflicts of interest
Operational experience: Team members have backgrounds as operators and entrepreneurs, bringing practical business-building experience to transactions

Not a Fit If

Carriage Hill typically declines:

Businesses below $10M in enterprise value
Sellers who want broad auction processes (the firm's value is in targeted, confidential processes)
Situations requiring public marketing or widespread disclosure
Transactions where confidentiality is not a priority

Team

Stephen Klein—Managing Partner: Joined Carriage Hill in 2008 and leads the firm's buy-side and sell-side M&A advisory practices. Previously Managing Director and Group Head of Asset-Based Lending at CapitalSource (grew from startup to $20B in assets), Senior Vice President at GE Capital Healthcare, and M&A attorney at Skadden, Arps, Slate, Meagher & Flom LLP. Holds JD (summa cum laude) from American University Washington College of Law, MBA from Pennsylvania State University, and BA in Economics from Dickinson College. Email: sklein@carriagehill.com, Office: 301-263-0492.

Charles Compo—Managing Partner: Thirty years of extensive business experience as both principal and advisor in debt and equity financings, acquisitions, and corporate restructurings across healthcare, packaging, energy, logistics, and software. Co-founded Iridium Partners (M&A advisory firm and merchant bank) before establishing Carriage Hill. Previously affiliated with Haley Capital and Acquisition_PARAMS. Has served as operating partner and director for multiple companies including Experience Design, Industrial Products Enterprises, and Alfa Medical. Completed Program on Negotiation at Harvard Law School and Executive Certificate in Innovation and Strategy from MIT Sloan School of Management. Email: compo@carriagehill.com, Office: 212-769-6884, Cell: 914-450-7009.

Bob Myers—Vice President: Focuses on transaction execution and business development.

John Favre—Vice President: Senior VP of Business Development.

The firm's team size is approximately 10-15 professionals based on public listings, with Managing Partners who average 25+ years of transactional experience.

Geographic Coverage

Headquartered at 100 Park Avenue, 16th Floor, New York, NY 10017. The firm serves clients nationwide across multiple industries, with particular presence in the Northeast and Mid-Atlantic regions. Transaction history includes companies based in New Jersey, California, Arizona, Texas, Colorado, Pennsylvania, and other states.