City Capital Advisors Research
Advisory Approach
City Capital Advisors is a Chicago-based middle market investment bank founded in 2006, providing senior-level corporate finance advice and execution services to leading middle market companies throughout North America. The firm operates with a clear thesis: the best outcomes for sellers come from combining deep market knowledge with disciplined transaction processes and exhaustive buyer outreach. Each Managing Director brings more than 20 years of investment banking experience, and collectively the principals have completed more than 500 transactions totaling over $60 billion in value.
The firm's sweet spot is privately held and family-owned businesses with enterprise values between $50 million and $500 million. City Capital has particular expertise working with multi-generational family businesses, understanding the unique considerations these owners face when considering a sale or recapitalization. The firm's Managing Directors work directly with clients throughout the entire process, providing the judgment and transaction management expertise honed from decades of deal experience.
Sector Focus
City Capital Advisors has deep transaction experience across six major industry verticals:
Agriculture & Food Processing: The firm has completed numerous transactions in processed and packaged foods, agribusiness, flavorings and ingredients, and restaurants. Notable deals include Double B Foods (frozen handheld dough products), New Carbon Company (Golden Malted® waffle mix), Hospitality Mints, and advisory for Nearside's restaurant-focused FinTech platform.
Industrial Manufacturing: Strong presence in manufacturing, building products, and industrial distribution. Recent transactions include Pro-Seal (pumping systems and fluid sealing), Royal Metal Powders (metal powders), Dehco (RV/marine parts), and Lindholm Construction (metal roofing).
Healthcare Products: Active in medical devices, healthcare products, and pharmaceutical testing equipment. The firm advised Proveris Scientific Corporation, a leader in pharmaceutical testing instrumentation for OINDP products, on its sale to Investindustrial.
Software & SaaS: Focus on FinTech, software services, and technology-enabled business services. Deals include Nearside (SMB financial services), BCV Social (hospitality SaaS sold to RateGain), and various technology platforms.
Business Services: Extensive experience in construction & engineering services, distribution & supply chain, and real estate advisory. Recent deals include Research Products Corporation's acquisition of EWC Controls.
Consumer Products: Transactions in apparel, household products, and retail/eCommerce. The J&J Snack Foods acquisition of Thinsters cookies exemplifies the firm's buy-side capabilities.
Deal Track Record
City Capital Advisors has completed 44 deals as of January 2026 (34 M&A transactions and 10 funding rounds). Recent representative transactions include:
2026: Proveris Scientific Corporation to Investindustrial (healthcare products/testing equipment)
2025: Lindholm Construction to Pinnacle Home Improvements (Boyne Capital portfolio); Research Products Corporation acquires EWC Controls
2024: Double B Foods to The Anderson Group; J&J Snack Foods acquires Thinsters (buy-side); Pro-Seal to DXP Enterprises; Royal Metal Powders assets to Kymera International
2022: Nearside to Plastiq for $130 million (FinTech)
2019: BCV Social to RateGain Technology; Welcome Dairy Holdings recapitalization with New Heritage Capital
2018: Dehco to Patrick Industries for $53 million; Hospitality Mints to Mount Franklin Foods
2012: New Carbon Company and four distributors to PNC RiverArch Capital
The firm has completed additional transactions across food, beverage, industrial, technology, and business services sectors, with buyers including strategic acquirers, private equity groups, and family offices.
Process & Fee Structure
City Capital runs institutional-quality sell-side processes with disciplined transaction management. Typical engagement structure involves:
- Comprehensive buyer outreach to strategic and financial buyers
- Quality of earnings support and financial analysis
- Management presentation preparation and coaching
- Structured data room and due diligence management
- Negotiation support through closing
The firm requires exclusivity and focuses on businesses above $10M TEV. Process timelines typically run 6-9 months from engagement to close. The team leverages long-standing relationships with private equity funds and strategic acquirers to connect business owners with appropriate partners.
Buyer Network
City Capital Advisors maintains relationships with 2,000+ active private equity firms and strategic acquirers. Recent deal counter-parties include Investindustrial (European PE), The Anderson Group (operationally-oriented PE), Boyne Capital (Florida-based lower middle market PE), PNC RiverArch Capital, and strategic buyers such as DXP Enterprises, Patrick Industries, J&J Snack Foods, and RateGain Technology. The firm is particularly well-connected in the industrial PE, food & beverage, and healthcare services spaces.
Competitive Positioning
City Capital differentiates through:
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Senior Attention: Each engagement is managed exclusively by experienced Managing Directors, not junior bankers
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Family Business Expertise: Deep understanding of multi-generational family business dynamics and transition considerations
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Operating Directors: Successful entrepreneurs and CEOs provide industry-specific expertise and strategic guidance
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Process Discipline: 20+ years of experience with disciplined transaction processes and institutional-quality execution
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Cross-Border Capability: Experience with international buyers, particularly European private equity firms like Investindustrial
Not a Fit If
City Capital typically declines:
- Businesses below $10M TEV
- Pure asset sales (focus on going-concern enterprises)
- Founders wanting limited process—the firm's value is in exhaustive buyer outreach
- Transactions requiring financing the firm cannot reasonably arrange
Team
The firm has 14 Managing Directors plus Operating Directors and support staff. Co-Founders Richard M. King and Mark A. Timmerman lead the firm, with each bringing 25+ years of investment banking experience from William Blair & Company. Key team members include:
- Richard M. King (Co-Founder & Managing Director): 30+ years experience, previously at William Blair & Company and BMO Harris Bank
- Mark A. Timmerman (Co-Founder & Managing Director): 20+ years experience, previously at William Blair & Company
- Timothy C. Coleman (Managing Director): 25 years experience, completed 100+ transactions
- Stewart B. Davis, M.D. (Managing Director): Healthcare sector specialist
- P. Nicholas Hurtgen (Managing Director): Led the EWC Controls transaction
- Rachel Corn Kluge (Managing Director): Healthcare services focus
- Scott H. Lang (Managing Director): Technology and software transactions
- Matthew A. Phillips (Managing Director): Food & beverage specialist
Operating Directors include successful entrepreneurs and CEOs who provide operational expertise and industry relationships.
Geographic Coverage
Headquartered at 444 North Michigan Avenue, Suite 3200, Chicago, Illinois 60611. The firm serves clients throughout North America with specific deal activity in Florida (Lindholm Construction), Texas (Double B Foods), Massachusetts (Proveris), Michigan (Pro-Seal), Tennessee (Royal Metal Powders), Indiana (Dehco), New Jersey (EWC Controls), North Carolina (Hospitality Mints), and California. FINRA registered in California, Florida, Illinois, Minnesota, New York, and Wisconsin.