DHG Corporate Finance Research
Advisory Approach
DHG Corporate Finance, now operating as Forvis Mazars Capital Advisors following the 2022 merger of BKD and DHG, has established itself as a premier middle-market M&A advisor with an unparalleled focus on serving the diverse needs of private equity firms, founder-owned businesses, and portfolio companies. The firm's core thesis centers on the belief that middle-market transactions require deep industry expertise, institutional-quality process discipline, and a pragmatic understanding of how to bridge sophisticated institutional investors with founder-owned and emerging growth companies. With roots dating back to DHG's founding in 1959 and the launch of the dedicated Corporate Finance practice in 2015-2017, the firm has built a sophisticated practice specifically calibrated to the speed, complexity, and relationship-driven nature of lower and core middle-market M&A.
Service Offerings and Advisory Platform
Forvis Mazars Capital Advisors operates as a FINRA-registered broker-dealer (CRD# 43427) and SEC-registered investment banking firm headquartered in Charlotte, North Carolina. The team provides comprehensive sell-side M&A advisory services, strategic transaction structuring, buyer identification and outreach, quality of earnings analysis, financial due diligence, tax diligence, valuation services, and post-transaction advisory support. The platform is uniquely positioned to serve middle-market companies valued between $1 million and $600 million in enterprise value, as well as private equity funds with assets under management ranging from $500 million to $20 billion.
Sector Focus and Industry Specialization
The firm operates a deliberately broad, multi-industry platform encompassing healthcare services, healthcare products, business services, financial services, professional services, manufacturing discrete, manufacturing process, construction and engineering, technology (software/SaaS and IT services), senior living communities, distribution and logistics, real estate, and other specialized verticals. The firm's transaction advisory services practice has completed in excess of 350 deals annually, with meaningful transactional experience across more than 20 distinct industries. This breadth allows the firm to serve both generalist private equity funds pursuing buy-and-build strategies and industry-focused sponsors. The firm leverages a team of more than 350 dedicated professionals in transaction advisory services across five major metropolitan markets, supported by a private equity practice comprising more than 100 dedicated audit, tax, and advisory professionals.
Deal Track Record and Client Portfolio
The investment banking team at Forvis Mazars Capital Advisors brings deep, active experience in middle-market sell-side M&A advisory, having served as lead advisor on numerous transactions across diverse industries. The firm has advised on transactions ranging from $10 million to $600+ million in enterprise value, working with founder-owned businesses, recapitalizations, secondary transactions, and strategic acquisitions. The firm maintains strong relationships with leading private equity firms, family offices, and strategic buyers across North America. Notable industry focus areas include senior living operators, healthcare service platforms, business services companies, manufacturing and industrial businesses, professional services firms, and specialty finance providers.
Competitive Positioning and Differentiation
Forvis Mazars Capital Advisors differentiates itself through several key competitive advantages. First, the firm operates as a truly integrated platform where the investment banking team works seamlessly with audit, tax, valuation, and advisory professionals—enabling comprehensive transaction support from pre-sale readiness through post-closing integration. Second, the team brings deep operational understanding of the middle market, with professionals who have worked extensively with private equity sponsors and understand the mechanics of add-on acquisitions, platform development, and buy-and-build strategies. Third, the firm brings institutional process discipline combined with pragmatic, relationship-driven engagement—avoiding the "big team with boilerplate data requests" approach that overwhelms small-to-mid-market companies. Fourth, the firm maintains deep relationships with capital providers—including active relationships with a broad spectrum of private equity sponsors, family offices, mezzanine funds, and strategic buyers.
Process and Timeline
The firm's typical M&A engagement for a sell-side mandate includes: (1) comprehensive business assessment and valuation perspective; (2) targeted buyer universe development with PE and strategic buyer outreach; (3) management presentation preparation and coaching; (4) marketing materials and data room coordination; (5) process management from initial buyer meetings through final execution; and (6) post-closing coordination with transaction services and integration teams. Typical timelines range from 6-12 months depending on complexity, deal size, and market conditions. Quality of earnings and tax diligence engagements typically close within 3-4 weeks, allowing for rapid capital deployment by buying sponsors.
Team and Organization
The firm is led by a team of seasoned professionals including Scott Linch, Managing Partner and National Industry Leader for Private Equity practice, who oversees the private equity and M&A advisory platform. Ben Redman serves as Managing Partner of Transaction Advisory Services, overseeing quality of earnings, due diligence, and valuation engagements. Blythe McAulay leads investor relations and strategic initiatives for the private equity practice. The investment banking team comprises experienced directors and managing directors with 15-25+ years of middle-market M&A experience. The broader team includes more than 100 dedicated private equity professionals and 350+ transaction advisory specialists.
Geographic Coverage
The firm serves clients across all 50 U.S. states and maintains offices in major metropolitan areas including Charlotte, Atlanta, Nashville, Chicago, and additional regional markets. International transaction experience includes advising on cross-border transactions and working with multinational strategic buyers and PE sponsors.
Market Position and Track Record
As part of Forvis Mazars—a top-10 professional services firm with combined revenues exceeding $5.7 billion—DHG Corporate Finance benefits from deep institutional resources while maintaining a nimble, deal-focused approach. The firm was recognized in 2019 as a best place to work and among the best of the best firms in consulting and professional services. The transaction advisory services practice conducts 350+ engagements annually, with the investment banking team actively managing 20-50+ concurrent M&A mandates across the middle market.