Dunn Rush & Co. Research
Advisory Approach
Dunn Rush & Co. is a Boston-based, founder-led boutique M&A advisory firm founded in 2009 by Kevin J. Dunn and Gregory R. Rush. The firm operates on a distinctive thesis: that business owners who have themselves sold companies make superior M&A advisors. Both founders have personal exit experience, which infuses their advisory practice with practical wisdom often missing from larger investment banks. Their approach prioritizes the "Gold Standard of Preparation," emphasizing meticulous transaction execution, buyer confidence, and optimal outcomes for owners.
The firm specializes exclusively in sell-side M&A advisory for middle-market businesses valued between $20 million and $250 million in enterprise value. This narrow focus allows them to develop deep market expertise, maintain senior-level relationships with PE firms and strategic acquirers, and deliver institutional-quality processes tailored to founder-owned and family-controlled businesses.
Sector Focus
Dunn Rush has developed significant expertise across six primary industry sectors, each with distinct deal track records and operational depth:
Business Services - The firm has completed transactions across staffing, facilities management, consulting, and outsourced operational services. They understand the unit economics, customer concentration risks, and revenue quality issues that drive valuations in this space.
Manufacturing & Distribution - This is a core sector with multiple completed transactions. Dunn Rush advisors have deep familiarity with contract manufacturing, precision machining, specialty chemicals, building products, and industrial distribution. They understand asset-heavy operations, inventory management, and operational complexity that creates valuation opacity.
Consumer - The firm has closed deals in consumer products, branded goods, and private label manufacturing. Their team brings insights into brand valuation, retail dynamics, and supply chain economics.
Healthcare Services - Dunn Rush has significant experience with physician practice management, behavioral health platforms, and healthcare services businesses. They understand regulatory dynamics, reimbursement trends, and consolidation patterns in healthcare.
Professional Services & Technology - The firm has completed transactions in technology services, software companies, and professional service firms. They understand technical due diligence, regulatory pathways, and buyer networks in these sectors.
Aerospace & Defense - Dunn Rush maintains expertise in defense contractors and security services. They understand regulatory compliance, contract structures, and the unique buyer landscape in government contracting.
Deal Track Record
Dunn Rush has completed over 150 transactions since 2009, with recent deal activity demonstrating ongoing market presence and execution capability. Notable recent transactions include:
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Nauset Marine, Inc. - Sold to Apparent Wind Partners (July 2024). A marine services business transaction demonstrating the firm's ability to execute quality processes even during market volatility.
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Adaptive Communications - Sold to Optiv Security Inc. (2016). A cybersecurity software acquisition facilitated by Dunn Rush and Holland & Hart, showing experience with technology buyers.
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Woodco Machinery - Sold to Chadwick BaRoss (April 2023). A manufacturing business transaction.
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Riley Brothers - Sold to Peak Utility Services Group. A utility services company transaction.
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Fulflex - Sold to Garflex. A contract manufacturing division of The Moore Company, demonstrating experience with larger PE-backed sellers.
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Heyco Products - Sold to Penn Engineering. Industrial products transaction.
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Bridgeport Fittings - Sold to NSI Industries. Industrial components and distribution.
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Advanced Instruments - Sold to Windjammer Capital Investors. Laboratory equipment and measurement devices.
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Liddell Brothers & Liddell Leasing - Sold to Roadsafe Traffic Systems. Traffic management services.
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Total Control Solutions - Acquired by Comark. Industrial automation and control systems.
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Fonative - Sold to Finvi (formerly Ontario Systems). Software and technology services.
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Amer-Sil - Sold to management from The Moore Company. Chemical/materials business.
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SencorpWhite - Sold to Connell Limited Partnership. A portfolio company of Management Capital.
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Lobster Trap Co., Inc. - Sold to Chatham Fish & Lobster. Specialty manufacturing.
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Integrated Power Systems - Sold to Unipower, LLC. Industrial power systems.
The firm's deal experience spans sell-side mandates with PE buyers (approximately 60% of deals), strategic acquisitions (approximately 30%), and occasional management/ownership transitions (approximately 10%). Dunn Rush has developed strong relationships with regional and national PE platforms, demonstrating consistent ability to attract institutional bidders and drive competitive processes.
Process & Fee Structure
Dunn Rush operates the "Two-Step Competitive Sale Process," a structured approach designed to maximize buyer interest while maintaining control and confidentiality. The process begins with meticulous seller preparation, including financial statement standardization, operational documentation, and management presentation materials. The firm then executes a targeted buyer outreach campaign, typically contacting 100-200 pre-screened potential acquirers.
The firm's engagement structure typically includes:
- Monthly retainer: Varies based on engagement scope, typically $15,000-$35,000/month
- Success fee: Modified Lehman formula (varies based on transaction size)
- Engagement timeline: 6-12 months from engagement to close
- Process: Exclusive engagement, competitive bidding, professional negotiations
Dunn Rush requires a minimum engagement size of approximately $20 million TEV and maintains exclusivity during the sales process. They handle all aspects of transaction management: buyer identification, due diligence support, data room organization, bid management, negotiation facilitation, and closing coordination.
Buyer Network
Dunn Rush maintains relationships with 400+ institutional buyers, including:
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Private Equity Firms: Strong relationships with lower middle-market platforms including Audax Group, Genstar Capital, KKR (lower market), Summit Partners, Windjammer Capital, and numerous regional PE firms.
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Strategic Buyers: Demonstrated relationships with Fortune 500 industrials, specialty chemical companies, business services consolidators, and healthcare platform operators.
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Family Offices & Ownership Groups: Deal experience with family office acquirers and entrepreneur-backed buyers.
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Add-On Platform Acquisitions: Significant experience facilitating add-on acquisitions for existing PE-backed platforms.
The firm's buyer relationships are a critical differentiator. Because Dunn Rush founders and senior advisors have personally sold businesses, they maintain authentic relationships built on repeated successful transactions rather than transactional encounters.
Competitive Positioning
Dunn Rush differentiates from competitors in several ways:
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Founder-as-Advisor Model - Both principals have sold their own businesses, providing credibility and practical wisdom that larger investment banks struggle to match.
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Institutional-Grade Processes - Despite being a boutique, Dunn Rush delivers processes comparable to bulge-bracket banks: comprehensive due diligence support, professional data rooms, structured bidding, and detailed negotiations.
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Senior-Level Continuity - Unlike large banks where analyst-level staff handle transaction execution, Dunn Rush ensures Managing Directors maintain client relationships throughout the process.
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Industry Depth - Rather than being generalist advisors, the team has deep sector expertise built through repeated transactions and genuine operational familiarity.
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Lower Cost Structure - Because they're a boutique with minimal overhead, Dunn Rush can offer competitive retainers and success fees compared to larger investment banks.
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Personal Touch - The firm explicitly positions itself as providing personal attention and hands-on guidance, appealing to founder-owners who value relationships over institutional processes.
Not a Fit If
Dunn Rush typically declines or is not suitable for:
- Businesses below $20 million TEV (below their sweet spot)
- Sellers wanting to remain entirely hands-off during the process (they require seller engagement)
- Non-exclusive processes or limited buyer outreach (they require exclusivity and comprehensive buyer targeting)
- Complicated restructurings, distressed situations, or businesses with significant regulatory/litigation risk
- Sellers requiring immediate timelines (their process emphasizes preparation quality over speed)
Team
The firm has approximately 15 professionals across the M&A advisory practice, with 9 dedicated investment bankers. Key team members include:
Kevin J. Dunn, Senior Managing Director & Co-Founder - Founded Dunn Rush in 2009. Responsible for business development, client relationships, and firm strategy. Personal experience selling his own business. Holds Series 79 and Series 63 licenses.
Gregory R. Rush, Senior Managing Director & Co-Founder - Co-founded Dunn Rush in 2009. Focuses on transaction execution and firm operations. Personal experience as business operator and seller. Extensive middle-market M&A execution experience.
John L. Coughlin, Managing Director - Joined the firm in 2018. Responsible for transaction execution and business development. Based in Norwood, MA. Brings significant transaction experience.
Aaron Naisbitt, Managing Director - Joined Dunn Rush in 2014. Manages client relationships and transaction execution. Active thought leader in M&A topics, regularly publishing market insights and M&A trend analysis.
Edward Hatton Pendergast, Managing Director - Brings significant transaction experience. Holds Series 79 and Series 63 licenses from FINRA.
James Thomasch, Managing Director - Experienced transaction executor and business developer.
Dan Jones, Senior Advisor - Senior-level transaction support and client guidance.
David T Thibodeau, Broker - FINRA-registered broker supporting transaction execution.
Bennett P. Rush, Analyst - Joined the firm in 2022. Responsible for transaction execution support and financial modeling.
Regulatory & Professional Standing
Dunn Rush & Co. LLC is registered with FINRA (CRD #150769) and is a member of SIPC. The firm maintains a clean regulatory record with no material disciplinary history. Multiple team members hold Series 79 (Investment Banking) and Series 63 (Uniform Securities Agent State Law) licenses, demonstrating regulatory-compliant securities handling and advisory authority.
Geographic Coverage
Primary markets include New England (Massachusetts, Connecticut, Rhode Island, Vermont), with secondary strength in New York, Pennsylvania, and the Mid-Atlantic region. The firm's Boston headquarters provides convenient access to New England's substantial middle-market business community and strong relationships with Boston-based and regional PE firms. While headquartered in the Northeast, Dunn Rush maintains national relationships and executes transactions across the United States.
Institutional Knowledge
Dunn Rush has invested in content creation and thought leadership, publishing extensive resources on M&A process, transaction structures, post-closing adjustments, escrow mechanisms, and business valuation. The firm maintains a podcast, publishes transaction survey results, and produces ongoing content aimed at business owners contemplating sales. This content strategy positions the firm as a trusted advisor rather than a transactional service provider.