Chaffe & Associates Research
Advisory Approach
Chaffe & Associates is a New Orleans-based middle market investment bank with over 40 years of experience serving business owners, boards, and executive officers across the Gulf South region. Founded in 1982 by D.B.H. Chaffe III on the core principles of quality, confidentiality, and integrity, the firm has established itself as a premier financial advisory firm in Louisiana and the Southeast. The firm operates with a unique dual competency model: combining corporate finance expertise with valuation services that set them apart in the market.
Chaffe's investment banking philosophy centers on understanding that M&A transactions are life-changing events for business owners, not just business deals. The firm manages each transaction with care, focusing on delivering superior outcomes that align with clients' objectives whether that means preserving legacy, sustaining growth, or focusing on other priorities. Their approach emphasizes building long-term relationships, client confidentiality, attention to detail, and highly tailored personal services.
Sector Focus
Chaffe has developed broad industry knowledge through decades of experience in M&A, capital formation, and valuations across diverse sectors. The firm's core industry strengths include:
Energy & Utilities: Deep expertise in upstream oil & gas, energy services, LNG, refining, and power generation. The firm has advised on numerous energy sector transactions including Chapter 11 restructurings and asset sales, with particular strength in Gulf Coast energy assets.
Industrials & Manufacturing: Extensive experience in precision machining, contract manufacturing, industrial equipment, railroad services, insulation contractors, and industrial services. The team understands the operational complexities of manufacturing businesses and their unique valuation dynamics.
Healthcare Services: Active in healthcare services including pharmacy benefit management, cancer care centers, medical clinics, cannabis dispensaries, and healthcare technology platforms. The firm combines healthcare operational knowledge with financial structuring expertise.
Maritime & Transportation: Specialized expertise in marine fender systems, vessel services, offshore helicopter transportation, tugboats, and maritime logistics. The firm's New Orleans location provides natural advantages in serving Gulf Coast maritime industries.
Distribution & Logistics: Experience with industrial distributors, food distribution, and logistics providers. The team understands the scalability factors and operational metrics that drive value in distribution businesses.
Financial Services: Significant track record in bank mergers, financial institution acquisitions, and fintech transactions. The firm has advised on numerous community bank consolidations across Louisiana and the Gulf South.
Business Services: Broad experience across environmental services, mosquito control, professional services, and government contracting. The firm values recurring revenue models and contract-based businesses.
Deal Track Record
Chaffe & Associates has completed 52+ transactions since its founding, with deal sizes spanning the lower middle market to mid-market segments. The firm manages $5.2 billion in total assets under management for clients. Recent notable transactions include:
2024: Trimont Energy Chapter 11 restructuring and sale of Garden Island Bay and East Bay upstream oil & gas assets to Spectrum AR and Torrent Gulf Coast; Fluid Process & Pumps sale to KKR's Flow Control Group; Saber Power Services acquisition of inoLECT.
2023-2024: Multiple energy sector bankruptcies and restructurings including Viceroy Petroleum asset sales and Insulations Incorporated recapitalization.
2017: HNZ Group Inc. acquisition by Don Wall and PHI, Inc. for CAD$242.4 million in a complex helicopter services transaction.
2013: Britton & Koontz Capital Corporation acquisition by Home Bancorp for $34.5 million, consolidating community banking franchises in Louisiana and Mississippi.
The firm has particular strength in complex restructurings, Chapter 11 bankruptcy sales, and distressed M&A, having guided numerous companies through successful reorganizations and asset sales. Michael H. Schmidt alone has participated in approximately 190 transactions totaling more than $31 billion in aggregate value throughout his career.
Process & Fee Structure
Chaffe runs institutional-quality sell-side processes with exhaustive buyer outreach. The firm's typical engagement structure includes:
- Retainer: Monthly retainer for work performed, credited against success fee at closing
- Success Fee: Modified Lehman or industry-standard success fee percentages based on transaction value
- Process Timeline: 6-12 month typical engagement period from initiation to closing
- Buyer Outreach: Targeted outreach to strategic buyers, private equity firms, and family offices with sector-specific expertise
- Support Services: Comprehensive quality of earnings coordination, management presentation preparation, data room management, and deal negotiation support
The firm requires exclusivity on sell-side mandates and typically focuses on businesses with $5 million to $250 million in transaction value. Their restructuring capabilities add unique value for distressed situations and special committee engagements requiring fairness opinions.
Buyer Network
Chaffe maintains extensive relationships across the buyer spectrum:
Private Equity: KKR (Flow Control Group), Water Street Healthcare Partners, J.F. Lehman & Company (maritime/defense focus), Encore Oilfield Services, and numerous lower middle market PE firms with energy, industrial, and healthcare specializations.
Strategic Buyers: Fortune 500 industrials, European manufacturers, Japanese conglomerates, and domestic strategic acquirers seeking add-on acquisitions in the firm's core sectors.
Family Offices: Regional family offices including Mr. BEN Marine LLC and other single-family offices with roots in Louisiana and the Gulf South.
Financial Sponsors: Bridge Investment Group, real estate capital providers, and specialized financing sources for recapitalizations and growth equity investments.
The firm's deep Gulf Coast roots provide unique access to regional buyer networks that other national banks often miss.
Competitive Positioning
Chaffe differentiates from other lower middle market banks through several key advantages:
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Dual Competency: The firm's combination of corporate finance and valuation expertise creates unique analytical rigor—MDs understand fair value deeply and can defend valuations in transaction and litigation contexts.
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Restructuring Strength: Few regional banks have Chaffe's depth in Chapter 11 restructurings and distressed M&A, providing capabilities that generalist advisors cannot match.
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Gulf Coast Focus: Four decades of Louisiana and Gulf Coast market knowledge provides deep buyer relationships and understanding of regional industries that national firms lack.
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Institutional Quality with Regional Focus: The firm delivers Wall Street-caliber analytical rigor with New Orleans-based relationship focus and cost efficiency.
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Long-Term Relationships: Average client relationships span decades, not single transactions, creating trusted advisor status and repeat business.
Not a Fit If
Chaffe typically declines:
- Businesses below $5 million in transaction value
- Startups or pre-revenue companies lacking operating history
- Pure real estate transactions (they focus on operating businesses)
- Founders seeking limited processes or不愿意 to run comprehensive buyer outreach
- Situations requiring national retail industry expertise outside their core geography
Team
The firm is led by experienced professionals with deep industry expertise:
Vanessa Brown Claiborne, President & CEO, has over three decades of experience in business valuation and financial advisory. A CPA/ABV and ASA, she specializes in complex valuation, estate and succession planning, and fairness opinions. She provides strategic leadership while remaining actively involved in client engagements.
Michael H. Schmidt, President of Chaffe Securities and Head of Investment Banking, brings 18+ years of experience with approximately 190 transactions totaling $31+ billion in aggregate value. His expertise includes distressed M&A, restructurings, and energy sector transactions. Previously a Partner at Seaport Global Securities, he co-headed the Energy Investment Banking practice.
G.F. Gay LeBreton, Managing Director and COO of Chaffe Securities, founded the Corporate Finance Group and has 40+ years of transaction experience. She has worked on over 250 mandates primarily in M&A, appearing as expert witness on bank and corporate valuation matters. A Tulane MBA, she began her career at Bankers Trust in New York before joining Chaffe in 1987.
Whit Slocum, Managing Director, joined in 2011 and specializes in valuations, company sales, buy-side advisory, and capital raises. He has been involved in completed M&A and debt financings valued at over $1 billion, working with manufacturers, service providers, and project-oriented companies. A member of Chaffe's Fairness Opinion Committee, he previously was Associate Director at UBS's Fund Services Department.
Marc Katsanis, Senior Vice President, leads the Valuation Advisory group with 20+ years of experience. A CFA, ABV, and CPVA, he created the Valrex model for valuing non-traded employee stock options and specializes in purchase price allocations, intellectual property valuations, and ESOP valuations.
Nene Glenn Gianfala, Senior Vice President, has 17+ years of business valuation experience and was recognized by Forbes as a Top CPA in Valuation in 2025. She specializes in IP and intangible asset valuations for ASC 805 purchase price allocations and ASC 350 impairment testing.
The team includes additional professionals with FINRA Series 7, 63, 79 licenses and diverse backgrounds in investment banking, valuation, public accounting, and law.
Geographic Coverage
Chaffe is headquartered in New Orleans, Louisiana with primary focus on the Gulf South region including Louisiana, Mississippi, Alabama, Texas, and the Florida Panhandle. The firm's deep roots in the region provide unique market intelligence and buyer relationships. While concentrated on the Southeast, the firm has completed transactions nationwide and maintains relationships with national strategic buyers and private equity firms.
The firm's 201 St. Charles Avenue location in the heart of New Orleans' business district positions it at the center of Gulf Coast commerce, with easy access to energy corridor hubs in Houston, industrial centers along the Mississippi River, and maritime ports throughout the Gulf of Mexico.