CIBC Cleary Gull Research
Advisory Approach
CIBC US Middle Market Investment Banking (formerly CIBC Cleary Gull) is a middle-market investment banking firm with deep expertise in the lower and core middle market, serving business owners with enterprise values between $20 million and $500 million. The firm operates as a specialized subsidiary of CIBC, one of North America's largest financial institutions, combining boutique-level attention with global resources.
The firm's thesis is grounded in the belief that successful M&A outcomes require exhaustive buyer outreach combined with institutional-quality process management. Their sweet spot is founder-owned and privately-held businesses in the industrial, business services, and consumer sectors where operational complexity and specialized knowledge create valuation opacity that their team is uniquely positioned to unlock.
Sector Focus
CIBC Cleary Gull maintains one of the leading middle-market industrial M&A practices in the United States. Their bankers hold decades of experience achieving outcomes for industrial products and services businesses. The firm's five primary industry verticals reflect deep domain expertise:
Industrials: This is their flagship practice with particular strength in precision machining, foundry and forging, metal fabrication and processing, machinery and capital equipment, aerospace and defense, building products, and engineered products. The team has completed numerous transactions across HVAC, material handling, transportation equipment, and agricultural technology.
Business Services: As a services business themselves, they understand the value proposition of trusted outsourced partners. Their expertise spans business process outsourcing, distribution and logistics, environmental services, facility services, marketing services, staffing, and technology-enabled business services.
Consumer: The team has a pulse on diverse consumer markets including food and beverage, sporting goods and leisure equipment, hobby products, outdoor recreation, pet products, and household goods. They excel at conveying brand value to strategic and financial buyers focused on consumer spaces.
Software & Technology: A growing practice area covering software (SaaS and traditional), IT services and MSPs, and technology hardware. The team works with companies across various business models in software and broader technology sectors.
Healthcare: Experience in healthcare services, healthcare products, healthcare IT, and dental/veterinary services. The team understands the unique complexities healthcare companies face and how these factors drive buyer interest and valuation.
Deal Track Record
CIBC Cleary Gull has established an impressive track record with more than 200 completed middle market transactions in the last five years representing over $20 billion in aggregate transaction value. The firm has been recognized with multiple M&A Atlas Americas Awards, including Americas Industries Manufacturing Deal of the Year (Middle Market).
Recent Representative Transactions:
- PowerParts Group (Jan 2026): Advised portfolio company of Mangrove Equity Partners on sale to JLL Partners—a designer and manufacturer of heavy-duty aftermarket parts for agricultural and construction equipment
- Acme Industries (Dec 2025): Exclusive financial advisor on sale to Owner Resource Group—a manufacturer of precision-machined components and industrial products
- Wausau Tile (Jan 2026): Advised on sale to Two Road Partners in partnership with management—a manufacturer of architectural concrete products and architectural paving systems
- Torginol (Aug 2025): Exclusive financial advisor on sale to GreyLion Partners LP—a manufacturer of decorative flakes, quartz and products for resinous flooring systems
- Total Mechanical (Jun 2025): Advised leading provider of commercial HVAC repair, retrofit, installation and maintenance services on sale to Symbiome Capital
- L.B. White (Jun 2025): Advised portfolio company of Mason Wells on sale to Modine (NYSE: MOD)—a leader in specialized heating technology for agriculture and portable heating
- PFI InStore (Dec 2023): Advised portfolio company on sale to Onward Capital and Merit Capital Partners—a designer and manufacturer of custom point-of-purchase displays for consumer packaged goods companies
- Shur-Co (Jul 2021): Exclusive financial advisor on sale to Behrman Capital—manufacturer of truck tarps, roll tarps, and commercial covering systems with four manufacturing facilities across US, Canada, and UK
- GT Golf Holdings (Jan 2023): Exclusive financial advisor on sale to Kinzie Capital Partners—wholesale golf supplies distributor offering 3,000+ SKUs from 150+ vendors
- EDCO Health Information Solutions (Nov 2019): Exclusive financial advisor on sale to BV Investment Partners—leading provider of automated unstructured data indexing solutions for healthcare providers
- Ligchine International (Jul 2022): Advisor on sale to RAF Industries—designer and manufacturer of laser-guided boom screeds for concrete placement
Process & Fee Structure
CIBC Cleary Gull runs institutional-quality sell-side processes with rigorous discipline. Typical engagement structure:
Process Timeline: 6-9 months from engagement to close for sell-side transactions
Buyer Outreach: The firm maintains relationships with hundreds of financing sources and active buyers, with outreach typically extending to 200-400 targeted buyers per engagement
Service Offerings:
- Mergers & Acquisitions advisory (typically $20M-$500M transactions)
- Private capital placement ($10M-$250M raises)
- Financial advisory and strategic alternatives analysis
- Sponsor coverage for private equity portfolio companies
- Special situations advisory (accelerated M&A, restructurings, recapitalizations)
Fee Structure: The firm employs market-standard middle market fee structures, typically using modified Lehman or similar scales. M&A transactions generally involve monthly retainers with success fees based on transaction value. The firm requires exclusivity and typically focuses on transactions above $10M in enterprise value.
Buyer Network
CIBC Cleary Gull maintains an extensive buyer network combining CIBC's global platform with deep middle-market relationships. The firm has closed transactions with:
Private Equity Buyers: Mason Wells, JLL Partners, Behrman Capital, Mangrove Equity Partners, GreyLion Partners, Symbiome Capital, Kinzie Capital Partners, BV Investment Partners, Onward Capital, Merit Capital Partners, RAF Industries, and many others
Strategic Buyers: Modine (NYSE), Owner Resource Group, Two Road Partners, and various corporate acquirers across industrial and business services sectors
The firm's database captures comprehensive buyer interaction history, past investments, transaction structures, pricing, and behavior patterns. As a member of Orion International Advisors (a collaborative network of investment banking firms worldwide), they can access international buyers through partner firms in Asia, Australia, Europe, and North and South America.
Competitive Positioning
CIBC Cleary Gull differentiates from other middle-market banks through several key advantages:
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Global Resources, Local Focus: As a CIBC subsidiary, they combine boutique-level client attention with the resources, balance sheet, and global network of a major North American financial institution
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Industrial Practice Depth: Their industrial M&A practice is recognized as one of the leading middle-market practices, with bankers averaging 18+ years of transaction experience in industrial sectors
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Process Rigor: The firm applies highly refined transaction processes with exhaustive buyer outreach (200-400 contacts per engagement vs. industry average of 50-100)
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Operational Understanding: Several team members have backgrounds as operators, CPAs, and consultants, giving them deeper insight into operational complexities that create value
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Awards Recognition: Multiple M&A Atlas Americas Awards including Manufacturing Deal of the Year validate their transaction expertise
Not a Fit If
CIBC Cleary Gull typically declines:
- Transactions below $10M in enterprise value
- Businesses with significant pending litigation or regulatory issues
- Pure asset sales or liquidations (they focus on going-concern enterprises)
- Founders seeking limited-process sales without comprehensive buyer outreach
- Industries outside their five vertical focus areas where they lack domain expertise
Team
The firm has approximately 25 professionals led by Managing Directors with extensive transaction experience. Key leadership includes:
- Ronald D. Miller – Managing Director and Head, grew Cleary Gull 70% before negotiating sale to CIBC in 2019
- Patrick J. Bremmer – Managing Director
- Ryan C. Chimenti – Managing Director
- Christopher J. Larsen – Managing Director, recognized as rising star dealmaker (Global M&A Network 2021)
- James E. Olson – Managing Director, joined in 2006 with over 18 years of transaction experience
- Ryan A. Olsta – Managing Director, 23 years transaction experience, CPA and CFA, focuses on business services and foundry/forging industries
- Allison N. Reinke – Managing Director
The team also includes Executive Directors, Directors, Associates, and Analysts supporting transaction execution. Team members hold credentials including CPA, CFA, and various FINRA registrations (Series 79, 63, etc.).
Geographic Coverage
Headquarters: Milwaukee, Wisconsin (411 East Wisconsin Avenue)
Primary Markets: Midwest and Central United States with strong presence in Wisconsin, Illinois, Minnesota, Iowa, and surrounding states
National Reach: Active across the United States with transactions completed on both coasts and throughout the country
International Capability: Through CIBC's global network (offices in North America, Latin America, Europe, and Asia) and Orion International Advisors partner relationships
CIBC Cleary Gull represents an attractive option for lower middle-market and middle-market business owners seeking institutional-quality process with boutique-level attention, particularly in industrial, business services, and consumer sectors. Their combination of CIBC's global resources, deep sector expertise, and rigorous process methodology makes them a strong choice for sellers seeking maximum value through comprehensive buyer outreach.