Copper Run Capital Research
Advisory Approach
Copper Run Capital was founded in 2008 with a mission to serve the underserved middle market for M&A advisory services. The firm's founding thesis centers on the belief that businesses in the $10M-$250M transaction range are often overlooked by large Wall Street firms while being overserved by small, local advisors lacking institutional expertise. Copper Run occupies this "Goldilocks" position with institutional-quality M&A advisory combined with Midwestern accessibility and values. The firm explicitly rejects a one-size-fits-all approach, instead emphasizing deeper assessment of client needs, strategically focused buyer outreach, and proprietary deal identification through proprietary lists and relationships. Founder Andy Hays has personally completed over $11 billion in transactions and has built a team of experienced professionals across three Ohio cities and growing national reach.
Copper Run's core philosophy is that better deal flow results from a better approach—not just broader outreach, but smarter, more intentional targeting. This is evident in their buy-side practice, where they've completed 62 add-on acquisitions for PE clients since 2020 (with 70% client retention), and their sell-side practice, where they've earned repeated referrals and testimonials from satisfied sellers. The firm values growth ("growth is good and success has the power to transform lives"), culture and ethics ("culture is as important as profit and ethics are as important as enrichment"), and right-sizing ("right size in a middle market underserved by firms too big to pay attention or too small to provide expertise").
Sector Focus & Industry Expertise
Since its founding in 2008, Copper Run has completed nearly 200 buy-side and sell-side transactions across six core industries. The firm has deepest strength in fire and life safety services, business services, and industrials—but maintains active practices in consumer, healthcare, natural resources, and technology.
Fire & Life Safety Services represents a primary platform practice for Copper Run. The firm has advised multiple private equity firms (notably The Riverside Company and CertaSite, a Riverside platform) on dozens of roll-up transactions, including Advanced Fire Protection Systems (2023), Copp Systems (2023), Fire Systems Professionals (2024), and numerous others. This sector represents recurring PE relationships and deep operational knowledge of consolidation dynamics in a highly fragmented industry.
Business Services is Copper Run's largest buy-side vertical, with over 70 completed transactions. The firm's experience spans facilities services (Marsden Services acquisition of Feldkamp for HVAC expansion), staffing, tax and audit services, insurance broking, and outsourced operational services. This vertical demonstrates Copper Run's ability to source proprietary deal flow and manage complex multi-party negotiations.
Industrials & Manufacturing includes precision machining, contract manufacturing, building products, HVAC and plumbing solutions, home services, and logistics and distribution. Copper Run has advised both strategic buyers (like Tecta America's acquisition of M.B. Roofing Systems in 2022) and PE firms on manufacturing and industrial consolidation.
Healthcare Services is an emerging practice area with growing activity in physician practice management, behavioral health, medical devices, and laboratories. The firm's healthcare expertise is led by dedicated managing directors and expanding through targeted client relationships.
Technology & SaaS represents a newer but increasingly important vertical. The firm successfully advised Bytecurve (SaaS school bus dispatch platform) on its sale to Transit Technologies in 2024, demonstrating capability in software and technology exits alongside their traditional manufacturing and services focus.
Consumer includes automotive aftermarket, digital marketing, and consumer services. Natural Resources spans conventional and shale oil and gas in Appalachia and the Rockies, metals, mining, aggregates, chemicals, and alternative energy.
Process & Deal Track Record
Copper Run has developed a repeatable M&A playbook across buy-side and sell-side engagements:
Buy-Side Process: For PE firms and strategic acquirers, Copper Run goes beyond deal sourcing to provide full buy-side M&A advisory. The firm manages target identification and qualification, financial modeling, valuation analysis, outreach and negotiation support, and due diligence guidance. Since 2020, Copper Run has closed 6 platform investments and 62 add-on acquisitions for 10 PE and family office clients, with 70% of clients using Copper Run on multiple engagements. This high repeat rate signals client satisfaction and trust. Key PE relationships include Riverside Company (major fire and life safety consolidator), Rockbridge Growth Equity (home services platform), and CenterOak Partners (business services and financial services platforms).
Sell-Side Process: For business owners exiting, Copper Run delivers structured sell-side processes emphasizing preparation, process transparency, and buyer alignment. The firm helps owners understand their business valuation, prepare operational and financial documentation, manage buyer outreach, and navigate diligence and negotiation. Recent examples include Bytecurve (SaaS sale), M.B. Roofing (Tecta America acquisition), and Marsden's acquisition of Feldkamp. Client testimonials consistently highlight "smooth processes," thorough execution, and attention to detail. The firm's sell-side team is led by experienced managing directors including Marc Fleagle (Cleveland, Series 79/63) and Shawn Byerly, both of whom bring deep M&A experience and relationship networks.
Strategic Advisory: Copper Run also advises on valuation, pre-sale preparation, industry positioning, and strategic alternatives for business owners, boards, and family offices.
Buyer Network & Relationships
Copper Run's buyer network strength is demonstrated by deal history:
- Private Equity Relationships: Riverside Company (multiple platform companies and add-ons), Rockbridge Growth Equity (environmental services, technology), CenterOak Partners, Greater Sum Ventures, Genstar, Berkshire Partners, Argonne Capital Group, Inverness Graham
- Strategic Buyers: Marsden Services, Tecta America, Transit Technologies, and numerous mid-market strategic consolidators across industrials, services, and consumer
- Family Offices & Institutional Investors: Active buy-side practice serving family offices on acquisition strategies
The firm's deal record from 2022-2025 reflects strong PE alignment: roughly 70% of recent deals involve PE buyers (platforms and add-ons), 25% involve strategic acquirers, and 5% involve other structures (recaps, ESOP, family office). Geographic coverage is national with primary strength in the Midwest (Ohio, Michigan, surrounding states) and growing activity in other regions through national PE relationships.
Competitive Positioning
Copper Run differentiates from regional boutiques and larger national firms through:
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Right-Sized Expertise — Not too big to care, not too small to be credible. With 40+ deal professionals and 15+ years of track record, the firm combines institutional quality with boutique flexibility.
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Sector Specialization — Deep vertical expertise in fire/life safety (through Riverside consolidation platform), business services (70+ transactions), and industrials. This vertical knowledge drives better diligence and smarter buyer targeting.
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Repeat Relationships — 70% client retention in PE book signals ongoing trust and results. Multiple PE firms have done 5+ deals with Copper Run, indicating proven execution.
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Founder-Led Culture — Founder Andy Hays remains active in major transactions, lending credibility and personal accountability. This is different from institutional banks where a founder's involvement signals prestige.
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Balanced Book — Active in both buy-side and sell-side work, giving Copper Run insight into both sides of the table and deeper understanding of buyer/seller tensions and deal dynamics.
Not a Fit If
Based on Copper Run's stated positioning and transaction history, the firm typically does not pursue:
- Transactions significantly below $10M TEV (below their minimum)
- Transactions above $250M (strategic fit and team capacity)
- Pure asset sales or non-going-concern businesses
- Highly specialized or technical industries outside their core sectors
- Clients requiring extensive regulatory/securities expertise in capital markets transactions
Team & Organizational Strength
Copper Run is led by founder Andy Hays (CEO) and co-founder Scott Chapman (Partner). The firm maintains a deep managing director bench including Michael Shaw, Marc Fleagle, Shawn Byerly, Jason Kraynak, and Matt Mueller—all of whom have 10+ years of M&A experience and proven deal track records.
Key team leaders:
- Andy Hays (CEO & Founder) — Founded firm in 2008; completed $11B+ in transactions across multiple industries. Directly involved in strategy and major client relationships.
- Scott Chapman (Co-Founder, Partner) — Partner-level responsibilities; leads business development and major engagements. FINRA Series 79/63 licensed.
- Michael Shaw (Managing Director) — Develops sector relationships and originates transactions across PE and strategic buyer bases.
- Marc Fleagle (Managing Director, Cleveland) — Leads sell-side practice; specialized in founder exits and M&A strategy. Series 79/63 licensed.
- Shawn Byerly (Managing Director, Business Development) — Brings deep PE relationships and buy-side execution expertise.
- Jason Kraynak (Managing Director) — Drives business development and client engagements with focus on both sides of transactions.
- Matt Mueller (Managing Director, Cleveland) — 20+ years serving privately-held companies and PE firms across industrials and services.
- Lizabeth Roth (Director, Cleveland) — JD-licensed director focused on transaction execution and regional business development. Series 63/79.
- Zane Laws, CFA (Vice President) — Valuation and financial modeling expertise.
- Brandon Kelly, Sean Sward (Vice Presidents) — Client relationship and deal execution leaders.
The firm employs 40+ professionals across Columbus, Cleveland, and Cincinnati offices. Supporting the deal team are research director Shyam Mohan and a team of analysts and specialists focused on target identification, financial analysis, and outreach.
Geographic Coverage & Market Position
Copper Run is headquartered in Columbus, Ohio with offices in Cleveland and Cincinnati—reflecting Midwestern roots and local market depth. However, the firm has achieved national reach through PE relationships and multi-state transaction activity. Recent transactions span:
- Ohio (multiple Marsden, Riverside, and other client acquisitions)
- Michigan (Rockbridge GE relationships)
- Appalachia and Rockies (natural resources expertise)
- Multi-state coverage through PE platform and add-on consolidations
The firm markets itself as a "different kind of investment bank" bringing Midwestern values and integrity alongside institutional M&A rigor. This positioning has proven successful in the lower-middle market where founders and business owners value trustworthiness and hands-on service.
Competitive Advantages & Deal Examples
Copper Run's transaction history demonstrates:
- PE Platform Building — Multiple Riverside Company acquisitions show deep expertise in fire/life safety roll-ups
- Buy-Side Sourcing — Rockbridge GE platform demonstrates proprietary deal sourcing (RAdata, Radon Be Gone, subsequent add-ons)
- Seller Advocacy — Bytecurve and Feldkamp testimonials highlight structured, high-touch sell-side processes
- Cross-Industry Competence — Deals span healthcare IT (Bytecurve), industrial services (Marsden/Feldkamp), environmental services (Rockbridge), fire protection (Riverside/CertaSite), and more
- Repeat PE Relationships — Multiple multi-year, multi-deal relationships with same PE sponsors
Since founding in 2008, Copper Run has established itself as a credible, reputable middle-market advisor with strong PE relationships, balanced buy/sell capability, and sector specialization driving consistent deal flow and client satisfaction.