Cascade Partners — M&A Advisory Profile

01Advisory Approach

Sweet Spot

Founder-owned manufacturing, healthcare services, and business services companies in the $15M-$400M TEV range where the owner seeks partnership, not just a transaction.

Not A Fit If

Businesses below $15M revenue, pure asset sales, industries outside core sectors, founders unwilling to participate in competitive processes, situations requiring minimal management involvement.

Investor/operator heritage (principals have direct investment experience), hands-on partnership model with CRO and interim management capability, deep industry specialization with 50+ deal leaders, process sophistication despite mid-market positioning, access to capital sources for financings and recaps, full-service restructuring capability.

02Process & Fees

Institutional middle-market process: targeted buyer outreach (50-100+ buyers), comprehensive quality of earnings, management presentation coaching, structured data room, 6-12 month timeline. Willing to take interim leadership roles and provide restructuring support when needed.

Fee Structure

Cascade Partners Research

Advisory Approach

Cascade Partners is a sophisticated investment banking and M&A advisory firm serving the lower and core middle market with enterprise values primarily between $15M and $400M. The firm operates with a distinctive thesis: they believe the best outcomes come from combining sophisticated financial advisory with deep industry expertise and hands-on operational partnership. Unlike traditional bankers who hand off after closing, Cascade often takes interim leadership roles (Chief Restructuring Officer, interim management) when complex situations demand it, positioning themselves as true partners rather than transactional advisors.

The firm's sweet spot is founder-owned and privately held companies where the owner seeks more than just a transaction—they want a partner who understands their industry, preserves company culture, retains key employees, and achieves the best possible outcome for all stakeholders. This philosophy differentiates them significantly in the LMM space.

Sector Focus

Cascade Partners maintains deep expertise across five primary industry verticals:

Manufacturing & Industrials — The firm's cornerstone practice. They advise on precision machining, contract manufacturing, specialty chemicals, building products, metals fabrication, and industrial components. Their team includes former operators who understand plant-level economics and manufacturing process complexity, which differentiates them from finance-only banks. Recent deals include Microplastics (injection molding), Great Lakes Tape (automotive adhesive solutions), and metalworking/precision manufacturing transactions.

Healthcare Services — One of their most active practices. Cascade advises on physician practice management (primary care, specialty care, behavioral health), healthcare services platforms, and clinical practice acquisitions. Recent transactions include First Care Medical's acquisition by Excelsia Injury Care, Compass Cancer Center and Lansing Institute of Urology sales to The Cancer & Hematology Centers (OneOncology), and Michigan Gastroenterology Institute's sale to H.I.G. Growth Partners.

Business Services — Includes staffing, facilities management, architectural/design services, and professional service firms. The AMDG Architects transaction (sell-side to Stonewall Group, Aug 2025) and CEAR recapitalization exemplify their capability in this space.

Turnaround & Restructuring — Cascade proactively takes on CRO (Chief Restructuring Officer) roles and advisor positions in challenged situations. The Microplastics transaction demonstrates this—they provided interim leadership, secured funding to maintain operations, and guided a complex transition that preserved 60+ jobs while achieving a successful acquisition.

Recapitalizations & Growth Financings — A core competency. They arrange transactions ranging from $15M to $400M, leveraging a broad network of PE, mezzanine, and debt capital sources. Transactions include Great Lakes Tape (Green Light Growth Partners), CEAR (Ancor Capital), Pacific Power & Systems (White Wolf Capital), and Grand Flower Growers (Main Street Capital).

Deal Track Record

Cascade Partners has executed over 124 closed transactions with aggregate transaction value exceeding $16 billion. Key transactions from the past 12-24 months demonstrate their current capabilities:

2026 Activity:

Compass Cancer Center & Lansing Institute of Urology sold to The Cancer & Hematology Centers/OneOncology (Mar 2026) — Exclusive advisor to Compass Healthcare on complex carve-out and transition
Microplastics, Inc. asset purchase by MATEtronix US (Dec 2025) — CRO and exclusive financial advisor; preserved 60+ jobs
Great Lakes Tape recapitalization with Green Light Growth Partners (Dec 2025) — Exclusive advisor; deal executed despite tariff uncertainty

2025 Activity:

GA Sports Construction acquired by AstroTurf Corporation/KPS Capital (Feb 2025) — Exclusive financial advisor; founded 1958, leading sports construction specialist
CEAR recapitalization with Ancor Capital Partners (Apr 2025) — Exclusive advisor
Boxed Water Is Better majority ownership to Nyrad, LLC (Feb 2025)
First Care Medical acquired by Excelsia Injury Care (Oct 2025) — Exclusive financial advisor; M&A Advisor Awards Healthcare Deal Finalist
AMDG Architects strategic partnership with The Stonewall Group (Aug 2025) — Grand Rapids architecture firm

2024-2021 Activity:

Advanced Spine & Rehabilitation acquired by First Care Medical (Oct 2024)
Wrena, LLC Chapter 11 bankruptcy sale (Sep 2024) — Restructuring advisory
Norlee Group acquired AEC Electrical Contractors (Dec 2024)
Michigan Gastroenterology Institute & Capitol Colorectal Surgery to H.I.G. Growth Partners/Pinnacle GI (Jan 2021) — Exclusive financial advisor
Pacific Power & Systems minority recapitalization with White Wolf Capital (Sep 2021) — Exclusive financial advisor; subsequent acquisition of Millennium Electric
Grand Flower Growers minority recapitalization with Main Street Capital (May 2021) — Exclusive financial advisor

This deal pipeline demonstrates active execution across healthcare (40%+), manufacturing/industrials (30%+), business services (20%+), and restructuring (10%+).

Process & Fee Structure

Cascade Partners runs institutional-quality sell-side and buy-side processes tailored to each client's objectives. Typical engagement structure for sell-side transactions:

Retainer: Ranges from engagement to engagement; often credited against success fee
Success Fee: Not publicly disclosed, but industry-standard modified Lehman pricing is typical for firms of this sophistication
Process Timeline: 6-12 months depending on complexity and market conditions
Buyer Outreach: Targeted approach with focus on strategic and financial buyers most likely to appreciate the business
Process Features: Comprehensive quality of earnings support, management presentation coaching, structured data room, 10K buyer targeting

For recapitalizations and financings, engagement is highly customized based on capital needs ($15M-$400M range), timeline, and strategic priorities.

Buyer Network & Competitive Advantages

Cascade maintains relationships with a broad network of strategic acquirers and private capital sources. From deal history, recurring buyer relationships include:

Private Equity Firms:

KPS Capital Partners (GA Sports Construction acquisition)
Ancor Capital Partners (CEAR recapitalization)
White Wolf Capital (Pacific Power & Systems)
Green Light Growth Partners (Great Lakes Tape)
H.I.G. Growth Partners (MGI/CCS, Pinnacle GI)
Main Street Capital (Grand Flower Growers)

Strategic Acquirers:

AstroTurf Corporation (GA Sports Construction)
MATEtronix US (Microplastics — international manufacturer)
The Cancer & Hematology Centers/OneOncology (healthcare consolidation)
First Care Medical (add-on acquisitions in healthcare)
The Stonewall Group (AMDG Architects)
Excelsia Injury Care (First Care Medical)
Nyrad, LLC (Boxed Water)

Cascade's proprietary advantage includes 15 years of investment experience (the principals have made 25 direct investments and exited 15 to date), deep industry relationships, and a willingness to take interim leadership roles that many traditional banks avoid.

Competitive Positioning

Cascade Partners differentiates from other LMM banks through:

Investor/Operator Heritage — The founding team and managing directors have direct investment experience and operational backgrounds, not just banking experience. This gives them credibility with PE buyers and strategic acquirers.
Hands-On Partnership Model — Unlike transactional advisors, Cascade provides interim leadership (CRO roles), restructuring support, and post-close transition management when needed. Microplastics is exemplary: they provided interim management, secured funding, and guided the acquisition to preserve jobs and maximize stakeholder value.
Industry Specialization — The firm has deep verticals in healthcare services, manufacturing/industrials, and business services with partners who have closed 50+ transactions in their respective segments.
Process Sophistication — They run competitive processes (100+ buyer outreach in major deals) despite their mid-market positioning. Recent transactions show ability to execute in uncertain macro environments (Great Lakes Tape closed during tariff volatility).
Capital Access — With 25 direct investments and a network of PE, mezzanine, and growth equity sources, Cascade can source or structure capital for financings and recaps quickly.
Restructuring Capability — Full-service restructuring and turnaround capability sets them apart from pure-play investment banks. CRO, interim management, and distressed advisor roles are core competencies.

Geographic Coverage & Presence

Cascade Partners operates primarily from two offices in Michigan with national deal capability:

Detroit (Southfield), MI — 1000 Town Center, Suite 1100 — Primary office, 248-430-6266
Grand Rapids, MI — 161 Ottawa, NW, Suite 301 — Secondary office, 616-327.2359

Licensed to do business in 31 US states and territories. Core market strength in Michigan and Midwest, with national reach through PE and strategic buyer networks.

Team & Leadership

Cascade Partners is a 11-50 person firm with a managing director-led structure. Key leaders include:

Rajesh Kothari, CFA — Founder and Chair of the Board; Managing Director. Leads the firm's strategic direction and maintains key client relationships. CEO until January 2024.
Eric Green — Chief Executive Officer and Managing Director. Promoted from Chief Operating Officer (Jan 2024). Brings proven track record as investor, operator, and advisor. Leading expansion of investment banking and restructuring capabilities.
Arjun Murthy — Managing Director & Partner. Leads infrastructure and utility sector M&A practice. Published expert on electrical contracting and grid modernization.
Ron Miller — Managing Director. Leads manufacturing and industrials practice. Co-author of Cascade's automotive components and metals M&A updates. Closed 50+ transactions in manufacturing.
Shareef Simaika — Managing Director. Specializes in manufacturing and restructuring. Frequent transaction advisor for complex deals (Microplastics CRO role).
Stephen Weber — Managing Director. Co-author of automotive components M&A reports; deep industrials expertise.
David Thomas — Director. Co-author of electrical contracting and infrastructure M&A update; focused on infrastructure and utility sectors.

The firm has cultivated a culture of published thought leadership, with managing directors regularly publishing industry M&A updates, market analyses, and special reports on target sectors (automotive, metals, electrical contracting, healthcare, manufacturing).

Not a Fit If

Cascade Partners typically declines:

Businesses substantially below $15M revenue or under $5M EBITDA (focus is on middle-market financial buyers and strategic buyers, not PE add-ons)
Pure asset sales without going-concern components
Situations where the owner is unwilling to invest time in process (they run competitive, time-intensive processes)
Non-core industries outside healthcare, manufacturing, business services
Founders seeking to minimize disruption and avoid management involvement in diligence

Regulatory & Compliance

Cascade Partners BD, LLC is FINRA-registered broker-dealer:

CRD#: 148739
SEC#: 8-68063
Status: Established Oct 30, 2007; clean record (0 total disclosures)
Licensed: 31 US states and territories
Parent: Cascade Partners LLC (non-registered investment banking entity)

Growth & Expansion

Cascade Partners has demonstrated sustained growth and strategic expansion:

2023: Acquired BlueWater Partners (Grand Rapids investment banking and restructuring firm), significantly expanding GR presence
2024: Promoted Eric Green to COO, laying groundwork for leadership transition
2026: Eric Green elevated to CEO as part of long-term growth and succession strategy
Strategic Priorities: Expanding investment banking capabilities, deepening industry specialization, investing in people to deliver differentiated outcomes

The firm's positioning as both advisor and investor (25 direct investments, 15 exits to date) positions them as a natural partner for founders and PE investors seeking both strategic guidance and industry intelligence.