Chapman Associates Research
Advisory Approach
Chapman Associates is one of the most established middle market M&A advisory firms in the United States, with over 70 years of continuous operation since 1954. The firm operates with a distinctive thesis: business owners selling lower middle market companies deserve the same level of sophisticated representation that large corporations receive, but without the burdensome upfront fees that many competitors charge. This philosophy has guided their practice for seven decades and resulted in over 2,400 successful transactions.
The firm's positioning is built on three pillars that differentiate them from competitors: (1) senior-level attention on every transaction—no delegation to junior staff, (2) no upfront fees or retainers for qualified companies—they work on a pure success-fee basis, getting paid only when they deliver results, and (3) a proprietary "making a market" methodology that creates competitive tension among buyers through exhaustive outreach.
Chapman's sweet spot is founder-owned businesses with enterprise values between $3 million and $150 million, though they've completed transactions ranging from $3 million to over $100 million. They are particularly selective about the companies they represent, accepting only a limited number of engagements per year. This selectivity ensures that buyers respect the quality of Chapman-sourced deals, which translates to faster closings and higher valuations for sellers.
Sector Focus
Chapman Associates maintains deep industry expertise across six core sectors, with transportation being their flagship practice. Since 1977, they have sold over 250 motor carriers, making them one of the most active advisors in trucking and logistics. Their transportation practice encompasses motor carriers (dry van, flatbed, temperature-controlled, heavy haul, bulk), freight brokerages, third-party logistics providers, and specialized transportation services.
In information technology, Chapman has established itself as an industry leader with particular strength in IT services, managed services providers, systems integrators (especially EMC and Cisco partners), value-added resellers, and software companies. Their IT transactions have included sell-side engagements for companies ranging from $5 million to $100 million in value, with buyers including strategic acquirers like ConvergeOne Holdings Corp., Hostway Corporation, and private equity firms such as Alpine Investors and Blue Loop Capital.
Manufacturing represents another core competency, with transactions spanning discrete manufacturing (precision machining, metal fabrication, aerospace components), process manufacturing (plastics, food processing, chemicals), and building products. Their manufacturing clients benefit from Chapman's understanding of operational complexity and the specialized language of industrial transactions.
Beyond these three primary focus areas, Chapman maintains active practices in healthcare and medical services, food and beverage (including a dedicated Managing Director with Fortune 150 food company executive experience), energy, insurance, business services, and wholesale distribution. This multi-sector focus enables cross-pollination of buyer relationships—an industrial PE firm that bought a trucking company through Chapman may be interested in a manufacturing opportunity.
Deal Track Record
Chapman Associates' transaction history is among the most substantial in the lower middle market, with over 2,400 completed transactions since 1954. Their publicly documented deals provide a window into their market positioning and buyer relationships.
In transportation, recent representative transactions include: Sky Country Transportation Service (motor carrier freight brokerage) sold to a private investor group; Freight Shakers USA (freight brokerage) sold to EPES Logistics Services; Midwest Logistics sold to PGT Trucking; NEPW Logistics (logistics/warehouse) sold to a private equity group; and over 60 additional motor carrier, logistics, and transportation services transactions. Buyers in their transportation deals include strategic acquirers like United Road Services, C.H. Robinson Worldwide, and logistics companies like NFI Industries and PGT Trucking.
Information technology transactions include: Yuxi Pacific Group LLC (big data technology consulting) sold to Blue Loop Capital LLC; PowerTel Technologies LLC (call center inbound) sold to Alpine Investors, LP; Rana Enterprises LLC (call center) sold to Target Interact; Dynaquest Technologies (cloud, virtualization, IT support) sold to Terralogic Solutions; and multiple IT services, managed services, and systems integration transactions. Notable buyers include Hostway Corporation, ConvergeOne Holding Corp., and strategic buyers in IT services.
Manufacturing transactions span: R-V Metal Fabricating (aircraft parts) sold to Cornerstone Capital Holdings; Central Florida Hot Mix (asphalt products) sold to The Lane Construction Corporation; Aztec Wire (automotive electronics) sold to Pinewood Industries; American Plastics Company (foam plastics) sold to Dubit Enterprises; and over 30 additional manufacturing transactions across diverse subsectors. Buyers include private equity firms like Cornerstone Capital Holdings, Grey Mountain Partners, and strategic buyers in industrial manufacturing.
Beyond individual deals, Chapman's aggregate statistics demonstrate market leadership: over 2,400 completed transactions since 1954; 250+ motor carrier sales since 1977; billions of dollars in aggregate transaction value; deals across 40+ states and international markets. Their transaction tombstones show consistent activity through economic cycles, indicating durability and market acceptance.
Process & Fee Structure
Chapman Associates runs a structured sell-side process designed to create competitive tension among qualified buyers. Their "making a market" methodology is proprietary and built on 70+ years of transaction experience. The firm has developed a one-of-a-kind infrastructure that maintains millions of confidential communications pertaining to middle market business sales, leveraging time-tested processes to retrieve relevant confidential information and access spontaneous market data.
Typical engagement timeline is 6-9 months from engagement to closing, though this varies by market conditions and business complexity. Their process includes comprehensive business analysis, preparation of marketing materials, identification and outreach to qualified buyers, management presentations, due diligence coordination, negotiation support, and closing assistance.
A key differentiator in Chapman's fee structure is their no-upfront-fee policy for profitable companies that meet their basic listing requirements. While many M&A firms charge $30,000 or more for valuations or marketing retainers, Chapman believes M&A professionals should only get paid when they deliver results. Their total commissions are described as generally lower than comparable M&A firms, enabled by their selectivity and the efficiency that comes from buyers respecting the quality of Chapman-sourced opportunities.
Buyer Network
Chapman Associates has cultivated relationships with thousands of potential buyers over seven decades in business. Their buyer network includes private equity firms (Quantum Equity Partners, Blue Loop Capital, Alpine Investors, Cornerstone Capital Holdings, Grey Mountain Partners, Buckingham Capital Partners), strategic corporate buyers (C.H. Robinson Worldwide, United Road Services, EPES Logistics Services, Lane Construction Corporation, Heico Corporation, Hostway Corporation), high-net-worth private investor groups, and international buyers.
Analysis of Chapman's transaction tombstones reveals strong relationships across buyer types. Private equity firms appear frequently as buyers, particularly in transportation and IT transactions. Strategic buyers are well-represented, especially larger logistics companies acquiring smaller carriers, and IT services firms consolidating the market. Private investor groups play a meaningful role, particularly for smaller transactions under $20 million where the structure and timeline align with individual buyer preferences.
Competitive Positioning
Chapman Associates differentiates from other lower middle market M&A advisors through several factors. First, their longevity and transaction volume—70+ years and 2,400+ deals—provide unparalleled experience and market credibility. Second, their pure success-fee model eliminates financial risk for qualified sellers. Third, their senior-level-only service ensures clients work directly with experienced Managing Directors, not junior staff. Fourth, their sector depth—particularly in transportation, where they've sold 250+ motor carriers—creates unique expertise that generalist firms cannot match.
The firm's "making a market" methodology is described as time-tested and proprietary, creating competitive tension through exhaustive buyer outreach. Their infrastructure for maintaining confidential communications and market data represents a significant asset that newer firms cannot replicate. Perhaps most importantly, their selectivity—they accept only a limited number of engagements per year—signals to buyers that Chapman-sourced opportunities are worth serious consideration.
Not a Fit If
Chapman Associates typically declines engagements outside their $3 million to $150 million enterprise value sweet spot. Businesses below $3 million in value generally do not justify the intensive process Chapman employs. They also avoid pure asset sales, focusing instead on going-concern enterprises where operational continuity and customer relationships create value. Companies with significant pending litigation or regulatory issues may not meet their selectivity criteria. Sellers wanting a limited process or quick close without proper market exposure are not a fit—Chapman's value proposition is in exhaustive buyer outreach and competitive tension creation.
Team
Chapman Associates' team is led by experienced Managing Directors with diverse operational backgrounds. Ian Davies is a dynamic executive who scaled a national beverage import business to multi-state operations before joining Chapman; he focuses on food & beverage and transportation. Jason Robledo brings 19 years of acquisition search experience for Wall Street firms including Credit Suisse, Morgan Stanley, and Bear Stearns; he leads Chapman's Nashville office and represents clients in business services, distribution, insurance, manufacturing, and transportation. Raymond Steitz spent 30+ years as a Fortune 150 food and beverage executive before forming a global consulting practice; he represents clients in food, beverage, IT, energy, and transportation from St. Louis. Jason Toffolo had a 25-year automotive industry career and 8 years as a business owner in construction tools and supply; he focuses on manufacturing, wholesale distribution, transportation, and business services. The firm's legacy includes Joe Denny, who had 45+ years of experience and arranged 200+ transactions before passing in 2024, and Patricia Breslin Denny, who continues the family tradition.
Geographic Coverage
Chapman Associates is headquartered in Schaumburg, Illinois (1100 East Woodfield Road, Suite 434, Schaumburg, IL 60173) with regional offices providing nationwide coverage. The Chicago office serves the Midwest, the Nashville office (opened 2017) covers the Southeast, and the St. Louis office provides regional presence. Their transaction history includes deals across 40+ states, reflecting national capabilities. International reach is demonstrated through transactions involving Canadian buyers and cross-border transportation and logistics deals.