Ducera Partners Research
Advisory Approach
Ducera Partners is a boutique investment bank founded in 2015 by Michael Kramer and a team of restructuring veterans with over 30 years of combined experience in complex transactions. The firm's core thesis centers on the concept of "disruption"—advising clients at critical junctures in the business lifecycle, whether during periods of growth and innovation or during times of financial distress and transformation.
As Michael Kramer, the CEO and Founding Partner, articulates, Ducera believes that clients facing their most complex and transformational challenges need partners who understand the dynamics of disruption. The firm positions itself as a trusted advisor for decision-makers navigating capital structure decisions, M&A transformations, and strategic repositioning. Unlike generalist banks, Ducera combines deep expertise in restructuring, liability management, and strategic M&A—a unique combination that allows them to advise from a place of authentic business acumen rather than theoretical frameworks.
The firm's founding partners are themselves business owners and operators, having spent decades advising on some of the most consequential transactions across industries. This operational background informs their advisory approach: they simplify the complex, focus on bespoke solutions, and maintain 100% conflict-free, partner-owned independence.
Sector Focus
Ducera's sector experience spans multiple industries with particular strength in financial services, manufacturing and industrial services, retail and consumer, healthcare services, and technology. The firm has particularly deep expertise in:
Financial Services & Capital Markets: The firm pioneered innovative liability management solutions and has extensive experience advising financial institutions on debt restructuring, amendments, and consent solicitations. This expertise extends to advising secured and unsecured creditor groups on complex restructuring situations.
Industrial & Manufacturing: Through their M&A practice, Ducera advises mid-market manufacturing and industrial services companies on sell-side transactions, strategic divestitures, and carve-outs. They work with founder-owned businesses and PE-backed companies navigating exits and recapitalizations.
Retail & Consumer: The firm has significant experience in the distressed retail sector, having advised on the restructuring of multi-brand consumer companies operating through franchised and franchisable business models.
Healthcare Services: Ducera provides strategic advisory on M&A and restructuring matters in healthcare, including service providers and related businesses.
Technology & Growth: Through their alliance with Hambrecht Partners and co-ownership of Hambrecht Ducera Growth Venture Partners (HDGV), Ducera advises growth-stage technology companies, applying data science and machine learning to identify investment and advisory opportunities.
Deal Track Record
Ducera has built an impressive transaction track record since its 2015 founding, advising on over $850 billion in aggregate transaction value. The firm has demonstrated particular strength in distressed and complex situations where few other advisors have the expertise or stomach to compete.
Recent Notable Engagements:
Franchise Group, Inc. (Restructuring, 2024-2025) - Ducera served as exclusive investment banker to Franchise Group, Inc., a multi-brand franchise holding company. The company entered Chapter 11 bankruptcy in late 2024 after a period of financial stress across its portfolio brands (American Freight, Pet Supplies Plus, The Vitamin Shoppe, Buddy's Home Furnishings, Badcock, Sylvan Learning). Ducera structured the company's emergence from bankruptcy in Q2 2025, navigating complex negotiations with first-lien lenders, unsecured creditors, and operating stakeholders to reorganize the business for sustainable growth.
Velan Inc. (Strategic Advisory, Q1 2025) - Ducera served as exclusive financial advisor to Velan Inc., a world-leading industrial valve manufacturer headquartered in Canada. The firm advised on the permanent divestiture of the company's asbestos-related liabilities, a complex transaction requiring regulatory navigation and creditor/stakeholder coordination.
WOM S.A. (Restructuring, 2024) - Ducera advised the Ad Hoc Group of Unsecured Creditors in the restructuring of WOM, a Chilean telecommunications company. The creditor group successfully emerged as the winning bidder in the restructuring process, with Ducera instrumental in structuring and negotiating the transaction.
Maxeon Solar Technologies (Liability Management, 2024) - Ducera advised an ad hoc group of convertible bondholders holding approximately 99% of Maxeon's Green Convertible Notes (SUNs). The engagement involved sophisticated liability management and restructuring negotiations.
KL Discovery (Debt Restructuring, Aug 2024) - Ducera advised on debt restructuring for the data management software company.
WorldStrides (Distressed Advisory, 2024) - Ducera advised lenders to the student travel company in developing alternatives to address the company's financial challenges.
Beyond these named engagements, Ducera's quarterly updates and deal announcements indicate the firm regularly advises on sell-side M&A mandates across financial services, industrial, and consumer sectors. The firm has provided sell-side advisory services on 9+ completed transactions and has facilitated M&A activity across diverse industries and geographies.
Process & Fee Structure
Ducera's advisory process is characterized by institutional rigor combined with entrepreneurial flexibility. The firm's approach is highly bespoke—they explicitly reject standardized solutions and instead tailor their advice to the specific situation and stakeholder dynamics at hand.
For M&A engagements, Ducera conducts comprehensive sell-side processes, including strategic buyer identification, preliminary marketing materials, data room preparation, and negotiation support. The firm brings both transactional expertise and strategic insight, having worked with business owners on growth trajectories and having advised PE sponsors on acquisition criteria.
For restructuring engagements, whether in or out of court, Ducera provides strategic advice to debtors, secured creditors, unsecured creditor committees, and other stakeholders. The firm has significant experience in consensual restructurings, Chapter 11 cases, and liability management transactions.
For liability management, Ducera structures amendments, consent solicitations, tender offers, and exchange offers—often in situations where the issuer or stakeholder has limited alternatives and the transaction requires regulatory compliance and stakeholder coordination.
Fee Structure: While Ducera does not publicly disclose standard fee ranges, engagement fees in middle-market M&A and restructuring typically range from engagement retainers (often $50K-$150K+ per month depending on scope) plus success fees, which may be structured as modified Lehman percentages (common in restructuring) or negotiated flat percentages. Retainers are typically credited against success fees. For smaller transactions or advisory-only engagements, Ducera may charge hourly rates or project-based fees. The firm requires retainers and does not accept purely contingent arrangements on success fees.
Buyer Network & Transaction Relationships
Ducera's deal activity reveals relationships across multiple buyer and investor categories:
Strategic Buyers: The firm has advised sell-side clients to industrial, manufacturing, technology, and consumer strategic acquirers. Their M&A practice works across carve-outs, bolt-on acquisitions, and platform exits.
Private Equity: Through its dealmaking activity, Ducera has worked with PE sponsors on a broad array of transactions. The firm's relationships span middle-market PE firms focused on industrial, healthcare, and consumer sectors.
Creditor Groups & Workout Specialists: Ducera's restructuring expertise has built deep relationships with distressed debt investors, special situations funds, and creditor committees. The firm regularly advises creditor groups navigating out-of-court restructurings and Chapter 11 proceedings.
International Buyers & Acquirers: Ducera's cross-border transaction experience reflects relationships with European manufacturers, international financial buyers, and multinational companies seeking acquisitions or divestitures in North America.
Competitive Positioning
Ducera differentiates in several critical ways:
-
Restructuring + M&A Combination - Few investment banks combine deep restructuring expertise with a credible middle-market M&A practice. This combination is rare and highly valuable for clients facing transformation.
-
Partner-Owned Independence - 100% partner-owned with no conflicts of interest. The firm's incentives are purely aligned with client success, unlike larger banks with diverse revenue streams.
-
Founder/Operator Mentality - The leadership team and many senior advisors are themselves business owners or former operators (COOs, CFOs), bringing real-world business acumen rather than theoretical banking knowledge.
-
Complex Transactions Expertise - While other banks avoid or deprioritize messy situations, Ducera specializes in them. The firm has pioneered novel transaction structures and has a track record of achieving favorable outcomes in contested and consensus restructurings.
-
Growth & Venture Alliance - Through Hambrecht Partners and HDGV, Ducera has unique visibility into growth-stage innovation and can advise on venture-backed companies, founder transitions, and growth capital structures.
-
Long-Term Client Relationships - The firm's model emphasizes staying involved post-transaction. For example, after restructurings, Ducera serves as ongoing strategic advisor for restored companies navigating the mid-cycle phase.
Not a Fit If
Ducera's positioning means they are selective about engagements. The firm typically declines:
- Asset-only sales - The firm focuses on going-concern enterprises, not liquidations or asset sales
- Retail/auction processes - Ducera doesn't compete in wide-reaching competitive sales processes; they work with clients on strategic processes with controlled buyer lists
- Sub-$10M transactions - While the firm will occasionally take smaller engagements, the sweet spot is $25M+ TEV
- Businesses with unresolved litigation or regulatory issues - Ducera will advise on managing these risks but typically doesn't take on situations where litigation outcomes are uncertain and material to valuation
- Non-exclusive engagements - Retainer-based model requires exclusivity or significant advisory scope
- LBO advisory for sponsors without conviction - The firm wants clients with strong conviction in their thesis, not exploratory "if we can find a deal" relationships
Team
Ducera has a lean, senior team of approximately 50+ advisory professionals across 4 offices. The leadership team includes:
Michael Kramer - Chief Executive Officer and Founding Partner. 30+ years of experience in restructuring and investment banking. Started his career at Houlihan Lokey in 1990. Known as a pioneer in the restructuring and distressed M&A space.
John Vaske - Partner, Vice Chairman, and Co-Head of M&A. Joined Ducera in September 2024 from Temasek (where he was Senior Managing Director and Head of Americas). 15+ years of M&A and growth capital experience.
Christopher Grubb - Partner and Co-Head of M&A. Hired from Greenhill & Co. to lead the San Francisco office (established 2023). Deep experience in complex M&A and strategic advisory.
Other Key Partners: Mark Davis, Patrick Dowling (COO), Michael Feinberg (General Counsel), Mike Genereux, Cody Leung Kaldenberg, Bradley Robins, Joshua Scherer, Jay K. Sinha, Derron Slonecker, Agnes Tang.
Managing Directors: Emily Katz-Turner (Chief Human Resources Officer), Jason Koh, Andre Kursancew (joined Feb 2025, M&A), Joe Leone, Sean Monaghan, Eli Silverman, Andrew Vogt (joined March 2025, M&A), David Zubricki, Nicholas Vadino.
Directors: Nikan Ansari, Toby Burrin, Jon Cremeans, Patrick Holmes, Joshua Liebes-McClellan, Gabe Marvis, Gev Terzyan, Nick Vadino.
Senior Advisors: Bradley Meyer, Thomas Thurston (Chief Technologist).
The team is deliberately kept lean and senior. There are no junior analysts or associate-level advisory roles—everyone involved in client advice is mid-to-senior level with meaningful transaction experience.
Geographic Coverage
Ducera operates from 4 offices serving North America and international transactions:
- New York - Headquarters, main M&A and restructuring practice
- Los Angeles - Established 2019, serves West Coast clients and Latin America transactions
- San Francisco - Established 2023, focused on technology sector and growth capital
- Stamford, Connecticut - Established 2021, serves Northeast region
The firm conducts cross-border transactions and has experience advising on international deals.
Evolution & Growth
Ducera has demonstrated strong growth since its 2015 founding with deal volume exceeding $750 billion by 2022 and ongoing expansion of advisory practices in M&A, restructuring, and growth capital. The firm's selective, organic growth approach has attracted senior talent from larger investment banks and sovereign wealth funds.