Concord Financial Advisors Research
Critical Business Model Clarification
Concord Financial Advisors is NOT a traditional M&A advisory firm. They are a specialized debt placement firm that sources creative financing solutions for middle-market companies. While their website mentions "Select M&A transactions," a 2022 ABF Journal profile explicitly states that Concord "outsources" M&A advisory work to "friends of the firm" or affiliate relationships. Concord positions itself as "the debt guys" or "the debt doctors"—their core competency is debt capital sourcing, not sell-side M&A representation.
Business owners seeking to sell their company should work with a dedicated M&A advisor. Concord may be appropriate for acquisition financing or debt restructuring, but they are not the right partner for managing a sell-side process.
Advisory Approach
Concord's thesis is that middle-market companies need expert guidance navigating the complex debt capital markets. Their value proposition is threefold: (1) deep relationships with 300+ capital providers nationwide, (2) direct access to decision-makers at these institutions, and (3) a proven process that has closed 95% of retained assignments since 2001. They describe their approach as "high touch" with around-the-clock client dedication.
Unlike traditional investment banks that charge Lehman-scale success fees, Concord's compensation model is primarily retainer-based with the principle that their fees should be "a small share of the savings" they negotiate—meaning their service often pays for itself through improved financing terms.
Sector Focus
Concord is primarily industry-agnostic with a "generalist approach" to debt financing. They work across manufacturing, distribution, business services, healthcare, and even emerging sectors like cannabis. Their Axial profile highlights particular depth in manufacturing/distribution and select B2B service companies.
Notable debt transactions span precision machining (automotive components), food manufacturing, electronics manufacturing, transportation/logistics, scrap metal processing, granite and marble distribution, and business services. They handle both cash flow and asset-based lending transactions, with a recognized specialty in turnaround ABL situations—companies exiting special assets groups or transitioning away from existing ABL relationships.
Track Record
Since founding in 2001, Concord has executed 180+ transactions totaling over $2 billion in senior debt raised. Their Axial profile lists 13 representative transactions including: a $16 million senior cash flow facility for a television broadcaster (CBS/FOX affiliates acquisition), $15.6 million in credit facilities for a point-of-sale manufacturer, $14.8 million for a locomotive manufacturer, $7.545 million for Netcom Inc., and $8.2 million ABL facility for a PE-sponsored manufacturer.
Transaction sizes range from $2 million minimum to $80 million historically. Client companies typically have $20-$500 million in annual revenue and seek $2-$150 million in credit facilities.
Services & Fee Structure
Concord offers a one-stop debt advisory approach:
- Debt Advisory & Placement: Primary service—sourcing and negotiating senior debt, mezzanine financing, unitranche facilities
- Credit Market Advisory: Guidance on financing options and market conditions
- Debt Restructuring: Recapitalizations and refinancing for distressed companies
- M&A & Equity Deals: Outsourced to affiliate relationships (not done in-house)
Fee Structure: Retainer-based model (transitioned from pure contingent in early years). The firm states that fees are typically covered by savings negotiated from lenders—making their service cost-neutral or accretive for clients. Specific retainer ranges and success fee percentages are not publicly disclosed.
Process
Concord's proprietary process starts with complimentary upfront screening using a "deal teaser" approach—they qualify lenders and obtain preliminary feedback at no cost before being retained. Once engaged, they tap into their nationwide network of bank and non-bank lenders, running a targeted process (not a broad auction) to identify the best financing partner.
Typical timeline: 45-60 days to close, as evidenced by their Purr-Ferred PetFood transaction which closed in 45 days and CoreCentric Solutions which closed in 60 days.
Buyer Network
Concord's network is lender-focused, not buyer-focused. They maintain relationships with 300+ diversified capital providers including regional banks, money center banks, credit unions, and non-bank lenders (fintechs, specialty finance companies, debt funds). This lender network is their primary asset—unlike M&A advisors who maintain relationships with PE firms and strategic buyers.
For clients seeking acquisition financing or buy-side capital, Concord can facilitate introductions to capital sources, but they do not maintain a traditional PE buyer network for sell-side processes.
Competitive Positioning
Concord differentiates through:
- Debt specialization: They chose to focus exclusively on debt financing rather than trying to be "all things to everyone"
- Turnaround expertise: Recognized strength in distressed ABL situations and special assets exits
- Credibility: 20+ year track record with 95% close rate gives them instant credibility with lenders
- Efficiency: No-cost upfront screening and targeted lender approach saves time
- Economic model: Fees structured as a share of savings, not a net cost
Not a Fit If
Concord typically declines:
- Companies seeking sell-side M&A representation (they outsource this)
- Transactions below $2 million in credit facility size
- Industries outside their lending relationships' comfort zones
- Clients expecting a broad buyer auction process (their lender approach is targeted)
Team
Thomas E. Jones, Managing Partner: 39+ years of corporate finance experience. Career began at Prudential Bache Capital Funding (1986) structuring LBO and M&A financing. Later at Prudential Capital (Chicago) focusing on $5-50 million private placements. GE Capital Commercial Finance experience (received Prism Award for top producers). Founded Concord in 2001. BBA Finance from University of Notre Dame. Board Member of Turnaround Management Association and Catholic Charities of Chicago.
Gary Bilsland, Managing Director: 46+ years of corporate finance experience with NYSE-listed and private companies. Assistant Treasurer at Anacomp Inc. (raised $1.1 billion senior debt, $900 million subordinated debt). Treasurer at LDI Ltd. (raised $500+ million senior credit). VP of Finance at Hulman & Company (Indianapolis Motor Speedway parent). MBA Finance and BS Industrial Engineering from Purdue University.
Combined team experience: 100+ years in corporate finance and debt advisory.
Geographic Coverage
Headquartered in Chicago, IL (200 S. Wacker Drive, Suite 3100). Serves clients nationwide with particular presence in Midwest (Illinois, Wisconsin, Indiana, Ohio) and coastal markets.
Registration
Concord Financial Advisors is NOT FINRA-registered as a broker-dealer. They are not members of FINRA and do not hold Series 79 (M&A) licenses. Their focus is debt placement, which does not require broker-dealer registration in the same way as M&A advisory services.