Cascadia Capital Research
Advisory Approach
Cascadia Capital is one of the largest independent advisory-only investment banks in the United States, serving founder, family-owned, and private equity-backed companies with enterprise values up to $1 billion. Founded in 1999 by Michael Butler, the firm operates with a distinctive thesis: growth sells, and Cascadia knows how to sell it. Their approach combines deep sub-vertical industry expertise with creative storytelling and traditional process rigor to deliver optimal outcomes outside market norms on valuation, terms, and qualitative aspects.
The firm's philosophy centers on long-term partnership over transactional engagement. Cascadia prioritizes building relationships that often span years before a transaction, advising clients on the right timing to finance or monetize their businesses. This partnership-first approach means they often provide value before an engagement is even formalized, helping clients prepare for eventual liquidity events.
Sector Focus
Cascadia Capital organizes its practice around seven core industry verticals, each with specialized sub-vertical expertise:
Technology: Enterprise software with focus areas including vertical applications, back-office and front-office software, infrastructure (cybersecurity, DevOps, analytics), and supply chain/logistics. Notable counterparties include Oracle, Salesforce, IBM, Microsoft, Google, and PE firms like Vista Equity, Accel-KKR, TA Associates, and Great Hill Partners.
Consumer, Retail & E-Commerce: Digitally-native brands, digital marketplaces, ecommerce retail, specialty retail, apparel/footwear/accessories, home furnishings, recreational products, luxury goods, and pet products. The team has deep expertise in beauty & wellness, restaurants, and health & wellness services.
Food, Beverage & Agribusiness: Full supply chain coverage from inputs and production to processing, manufacturing, branded products, and distribution. Specialized areas include ingredients, contract manufacturing, private label, food service, AgTech, animal feed & health, companion animal, and seafood.
Healthcare: Services-focused practice with expertise across physician practice management, behavioral health platforms, and specialty healthcare services.
Industrials: Advanced manufacturing, aerospace & defense, specialty electronics, interconnect solutions, and industrial technology. The Industrials group brings particular strength in mission-critical and harsh environment applications.
Business Services: Staffing, facilities management, and operational services across manufacturing and other sectors.
Energy Transition & Climate Tech: Emerging practice focused on sustainability and clean technology transitions.
Deal Track Record
Cascadia Capital has completed 550+ transactions since 1999, including 300+ M&A advisory engagements across a wide variety of industry sub-verticals. The firm's deal momentum has remained strong through 2025-2026, with notable recent transactions including:
- Interconnect Solutions Company (aerospace/defense electronics) → Cogenuity Partners (2026)
- FlavorSum (specialty ingredients) → Warburg Pincus (2025)
- Corkcicle (consumer products) → Private Investor Group (2025)
- Retinal Diagnostic Center → Retina Consultants of America (2026)
- Black Box Limited acquisition of 2s (2026)
- Mana Products → Prime Matter Labs (2026)
- Eastridge Workforce Management → Workwell (2025)
- S. Freedman & Sons → Imperial Dade (2025)
- Enviromatic Systems → Windpoint Partners (2025)
The firm maintains relationships with 2,000+ active private equity firms and strategic acquirers, with particular strength in connecting middle-market companies to appropriate financial and strategic buyers.
Process & Fee Structure
Cascadia runs institutional-quality sell-side processes with exhaustive buyer outreach. Their process typically involves:
- 200-400 targeted buyer contacts per engagement (significantly above industry average of 50-100)
- 6-9 month timeline from engagement to close
- Comprehensive preparation including quality of earnings support, management presentation coaching, and structured data room preparation
- Team-based service model delivering full firm resources to each client
The firm requires exclusivity and typically focuses on businesses above $10M TEV. Fee structure follows industry standard modified Lehman formula with monthly retainers credited against success fees, though specific terms vary by engagement complexity.
Buyer Network
Cascadia maintains deep relationships across the buyer spectrum:
Private Equity: Strong connections with middle-market and growth equity firms including Warburg Pincus, The Riverside Company, Windpoint Partners, Cogenuity Partners, TA Associates, Accel-KKR, Vista Equity, Great Hill Partners, and Providence Equity. The firm's Financial Sponsors Group, led by Scott Ames, actively cultivates these relationships.
Strategic Buyers: Access to Fortune 500 corporations, international strategic acquirers, and industry-specific buyers. Recent transactions show success with strategic acquirers like Oracle, Salesforce, IBM, Microsoft, Google, and sector-specific strategics.
Family Offices and Other Capital: The firm's Equity Capital Solutions practice, launched in 2026, provides deal-by-deal capital formation and advisory capabilities.
Competitive Positioning
Cascadia differentiates through several key advantages:
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Sub-Vertical Expertise: Bankers are experts in specific industry niches, not generalists. This enables precise positioning and authentic buyer dialogue.
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Scale with Independence: One of the largest independent advisory-only banks, combining full-service platform capabilities without conflicts of interest from trading, research, or proprietary investing.
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Geographic Reach: National presence with offices in Seattle, New York, Los Angeles, Austin, Nashville, and Atlanta, plus London capability for international buyer access.
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Thought Leadership: Extensive industry report production shapes market dialog and informs both seller and buyer strategies.
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Conference Platform: Cascadia Connect conference series brings together growth companies and investors in Advanced Manufacturing & Industrial Tech, Food & Beverage, and Private Equity Summit.
Not a Fit If
Cascadia typically declines:
- Businesses below $10M TEV
- Transactions requiring limited buyer outreach
- Situations demanding rapid transaction timeline
- Founders seeking minimal process involvement
Team
Michael Butler – Chairman & CEO, Co-founder (1999). Leads the firm and previously co-led the Robotics, Automation & AI practice.
Scott Ames – Managing Director, Head of Financial Sponsors Group. Joined in 2022 to lead sponsor coverage and institutionalize PE relationships.
Michael Del Pero – Managing Director, Industrials group. Joined in 2024, leads transaction origination and execution in industrials.
George Sent – Managing Director, Food & Beverage & Agribusiness. Leads branded food & beverage, ingredients/chemicals, protein and bakery sectors.
William Susman – Managing Director, Consumer, Retail & E-Commerce. Focuses on fashion & lifestyle brands, beauty & wellness, and industry disruptors.
Jonathan Cantwell – Head of Technology Investment Banking, Managing Director. Appointed October 2025 to lead the technology practice.
Aarti Kapoor – Managing Director, Consumer Practice. Joined December 2025, focuses on health, wellness & beauty services, restaurants, and pet products.
Katie Bellows – Managing Director, Investment Banking Services group.
Kerri Hagen – Managing Director, Financial Sponsors Group (promoted January 2026).
The firm employs investment banking professionals with specific sub-vertical industry expertise, totaling 100+ professionals across multiple offices.
Geographic Coverage
Headquartered in Seattle, WA (920 5th Avenue, Suite 1500) with additional offices in:
- New York, NY
- Los Angeles, CA
- Austin, TX
- Nashville, TN
- Atlanta, GA
- London, UK (for European buyer access)
The firm is registered in 14 U.S. states and territories, serving clients nationally and internationally.
Additional Information
- Founded: 1999
- FINRA Registered: Yes (CRD# 101020, SEC# 8-52064)
- Total Transactions: 550+ completed since inception
- M&A Transactions: 300+ completed
- Team Size: 100+ investment banking professionals
- Phone: (206) 436-2500
- Website: www.cascadiacapital.com
- Strategic Investment: Atlas Merchant Capital investment (2022) to accelerate growth