EBIT Associates Research
Advisory Approach
EBIT Associates is a boutique, relationship-driven M&A advisory firm with a singular focus on lower middle market transactions. Founded in 1999, the firm has built its reputation on delivering institutional-quality advisory services to family-owned and private businesses in the $2-$250M revenue range. The firm's thesis is straightforward: successful M&A outcomes in the lower middle market require deep industry expertise, unwavering attention to detail, and a process-oriented approach that treats every deal as if it were their own. Rather than try to serve all market segments, EBIT has deliberately chosen to specialize, allowing them to develop deep pattern recognition and operational insight specific to the businesses and buyers in this segment.
The firm operates with a commitment to transparency, integrity, and measurable results. Their 75% closing ratio—far exceeding the national average of 3-25%—reflects a disciplined approach to buyer qualification, deal structuring, and process management. EBIT's advisory approach emphasizes comprehensive due diligence, rigorous buyer evaluation, and careful attention to non-financial deal factors that often determine whether transactions close successfully.
Sector Focus
EBIT Associates brings deep expertise across multiple lower middle market verticals, with particular strength in manufacturing, healthcare services, business services, and specialized sectors. Within manufacturing, the firm has advised on precision machining operations, sheet metal fabrication, and engineered product companies. Healthcare is a significant practice area, with transaction experience spanning behavioral health platforms, clinical education providers, medical processing, and specialized healthcare services.
The firm also actively advises in business services, professional services, and specialized verticals including food and beverage, insurance and financial services, facilities management, and technology-enabled services businesses. This vertical diversification allows EBIT to bring cross-industry patterns and buyer network insights to clients across different sectors.
Deal Track Record
EBIT Associates has completed numerous transactions across a broad range of industries and deal types. Notable transactions include:
- Sybaris Club International - Sale to Divyesh Dave Patel (2023) - leisure and hospitality transaction
- BrainBits LLC - Sale to MPG Equity Partners (2014) - research materials and life sciences services provider
- Deerfield's Bakery - Sale to Deerfield Patisserie LLC - food and beverage retail
- ProCE, Inc. - Sale to Clinical Education Alliance LLC - healthcare education services
- Suit2Recruit Incorporated - Sale to Illuminance Healthcare LLC - healthcare staffing and recruitment
- Impact Plastics, Inc. - Investment from Rockwood Equity Partners - manufacturing/materials
- Crosslake Sheet Metal, Heating & Air Conditioning - Sale to Bonfe (2022) - industrial services
- Sea Converting, Inc. - Sale to Michael & Pamela Sammons - manufacturing/converting
- Hawk Laboratories, Inc. / Beautiful Finishes, Inc. - Sale to Kestrel Capital Group - specialty manufacturing
- Casco Manufacturing Company / OLECO, Inc. (Globaltec) - Transaction involving Casco Manufacturing - manufacturing
- Manasota Capital, LLC / RGB Lights, Inc. - Sale to Rock Cap Venture I LLC - specialty manufacturing
- Salehjee & Sons, LLC (Allstate Insurance Agency) - Sale to Gehrisch Insurance & Financial Services - insurance services
- J.K. Williams Distilling, LLC - Stock transaction in spirits/beverage production
- Planeview-WMI, LLC - Acquisition of Wesso Metals - metals processing and distribution
The firm tracks a substantial portfolio of completed transactions spanning industries, deal sizes, and buyer types (family offices, PE firms, strategic acquirers). Across their transaction history, EBIT has developed particular expertise in navigating deals where operational complexity, valuation methodology, or buyer fit require sophisticated advisory support.
Process & Fee Structure
EBIT runs a consultative, process-driven engagement model. The firm begins with a comprehensive advisory meeting to understand the seller's goals, timeline, and constraints. From there, EBIT develops a customized transaction strategy that typically includes comprehensive valuation analysis, confidentiality documentation, buyer identification and qualification, and structured process management through close.
The firm emphasizes the importance of a rigorous buyer evaluation process early in the transaction—filtering for serious, qualified buyers with genuine acquisition intent and financial capacity. This is distinct from simply maximizing the initial buyer universe; EBIT's approach is to identify and prioritize the subset of buyers most likely to close and achieve the seller's objectives.
While specific fee information is not published on the firm's website, EBIT Associates operates in the lower middle market investment banking space where typical engagement structures include retainers (credited against success fees) and success-based compensation, typically structured as a percentage of transaction value. The firm structures engagements on a case-by-case basis to align advisor and seller incentives around achieving the best exit outcome.
Buyer Network
EBIT Associates has developed relationships with a broad range of lower middle market buyers, including private equity firms, strategic acquirers, family offices, and other investor types. Transaction evidence shows they have successfully closed deals with private equity buyers including Rockwood Equity Partners, Kestrel Capital Group, Rock Cap Venture I, MPG Equity Partners, and Genstar Capital. The firm's transaction history also demonstrates capability in identifying and executing transactions with strategic acquirers and individual/family office buyers.
The buyer network strength spans geographies and industries, allowing the firm to connect sellers with appropriate buyers regardless of sector focus. This is a key competitive advantage—the firm can credibly represent that they have buyer relationships in healthcare, manufacturing, business services, and other key verticals.
Geographic Coverage
EBIT Associates maintains physical presence across multiple U.S. regions with offices in Lake Forest, Illinois (headquarters), Wichita Falls, Texas, Scottsdale, Arizona, and New York. This geographic footprint allows the firm to serve business owners and buyers across regions while maintaining the relationship-intensive advisory model that defines their practice.
Competitive Positioning
EBIT differentiates from other lower middle market intermediaries through:
- Specialization in lower middle market only - Not a firm trying to serve all segments; focused exclusively on the $2-$250M revenue sweet spot
- Proven closing ratio - 75% success rate vs. 3-25% industry average reflects disciplined process and buyer qualification
- Multi-office platform - Geographic reach while maintaining boutique advisory model
- Process discipline - Emphasis on comprehensive due diligence, detailed documentation, and structured buyer engagement
- Professional certifications - Team members hold CM&AA (Certified M&A Advisor) designations and memberships in AM&AA (Alliance of Merger & Acquisition Advisors)
- Industry depth - Transaction experience across healthcare, manufacturing, business services, and specialized sectors
Not a Fit If
EBIT Associates typically focuses on:
- Businesses in the $2-$250M revenue range; very small asset sales (under $2M) or very large transactions (over $250M) would be outside their core focus
- Situations requiring pure asset sales rather than going-concern enterprise transactions
- Transactions where the seller needs a quick exit in a compressed timeframe (EBIT's institutional process typically requires 6-12 months)
- Situations with significant pending litigation, regulatory issues, or operational distress
- Sellers unwilling to participate actively in the transaction process (EBIT requires engaged seller involvement)
Team
EBIT Associates is a boutique firm with a core team of experienced M&A professionals. Key team members include:
- Todd Cushing (Principal) - Leads merger and acquisition advisory. Todd has deep experience in lower middle market transactions and holds multiple professional designations including CM&AA (Certified Merger & Acquisition Advisor), CMEA, SBA, FRC, BTS, and CBB. He brings particular expertise in transaction process management and buyer qualification.
- Alan Minks (Advisor) - MBA with CMAA (Certified M&A Advisor) designation. Contributes financial and valuation expertise.
- Paul Curtiss - Advisory and operational experience in transaction execution
- Zeeshan Salehjee - Team member contributing to transaction and valuation analysis
- Monty Walker (Director, Wichita Falls office) - Business tax, exit planning, and transaction expertise
The team averages 15-20+ years of lower middle market experience, with particular depth in transaction execution, buyer relationship management, and deal structuring.
Industry Background
EBIT Associates is an Illinois-registered investment banking and business brokerage firm specializing in lower middle market M&A. The firm is a member of the Alliance of Merger & Acquisition Advisors (AM&AA) and maintains CM&AA certifications among its team members. Founded in 1999, EBIT has survived multiple market cycles and has developed a reputation for institutional-quality advisory work at the lower middle market level where many pure financial buyers and strategic acquirers focus their acquisition strategies.