Emory & Co. Research
Advisory Approach
Emory & Co. is a boutique investment banking and business valuation firm that has served middle-market business owners for over 25 years. Founded in 1999, the firm operates with a thesis centered on institutional-quality M&A processes: they believe that business owners achieve premium valuations and favorable terms through disciplined, controlled auctions with a curated group of 4-6 serious final buyers who bid competitively against each other. The firm's positioning emphasizes process rigor, buyer network access, and valuation expertise derived from a deep bench of professionals with prior investment banking experience at major institutions like Robert W. Baird & Co.
Sector Focus
Emory & Co. maintains an active practice across manufacturing, distribution logistics, healthcare services, and business services. Their manufacturing practice focuses on discrete metalworking, precision manufacturing, and industrial components—sectors where operational complexity and capital intensity create significant valuation opacity that the firm's experienced bankers can help unlock. Their distribution and logistics practice specializes in regional food distribution and supply chain consolidation, sectors undergoing significant industry consolidation where they provide valuable buyer access. In healthcare services, they advise home medical equipment providers and related businesses navigating the industry's shift toward scale and consolidation. Additionally, they work with testing, inspection, and certification service businesses in compliance-driven verticals.
Deal Track Record
Emory & Co. has completed over 150 initiated managed transactions, with 110+ documented completed deals. Recent notable transactions include: Pritzlaff Wholesale Meats acquired by Whetstone Distribution (Shore Capital Partners platform) in May 2024—a strategic consolidation of a full-service meat distribution business serving restaurants and hotels across the Midwest; H&R Foods acquired by PAK Quality Foods in December 2025, expanding product offerings and customer reach in regional food distribution; PFS TECO (Testing, Inspection, and Certification company based in Wisconsin) acquired by NFPA Global Solutions in August 2025, bringing expanded compliance solutions expertise; Muza Metal Products acquired by The Jor-Mac Company in February 2024, a metal fabrication business; Home Care Medical (a Wisconsin-based home medical equipment provider founded in 1974 serving a 13-county region) acquired by Aerocare, bringing economies of scale to the sector; and Vehicle Security Innovators acquired by Capital For Business and Holleway Capital Partners. These transactions demonstrate consistent deal execution across manufacturing, distribution, and healthcare services sectors.
Process & Fee Structure
Emory & Co. runs institutional-quality sell-side processes. Their typical engagement includes preparation of a comprehensive Confidential Information Memorandum, screening and coordination of potential buyers, quality of earnings support, management presentation coaching, structured data room preparation, and coordination through closing. They organize controlled auctions with 4-6 final buyers who bid privately against each other, creating competitive tension that has repeatedly yielded premium valuations and favorable terms for sellers. The firm typically focuses on businesses with annual revenues between $5 million and $100 million, managing transactions from initial engagement through close over a timeline of 6-9 months. Fee structures are negotiable based on engagement size and complexity.
Buyer Network
Emory & Co. maintains access to a broad proprietary database of qualified buyers across multiple categories. Their deal history demonstrates relationships with private equity platforms (including Shore Capital Partners), strategic industrial acquirers, family offices, and operating company buyers. The firm's buyer network strength is validated by their ability to close deals with both financial and strategic buyers across manufacturing, distribution, and healthcare sectors. Their recent transaction data shows particular strength in accessing PE and strategic buyers in regional consolidation plays.
Competitive Positioning
Emory & Co. differentiates through: (1) valuation expertise—several team members have extensive prior experience in valuation-focused roles at major investment banks, enabling deep insights into fair value and buyer pricing; (2) process discipline—their commitment to controlled auctions with 4-6 final buyers creates competitive tension that drives premium pricing; (3) industry relationships built over 25 years in the Wisconsin/Midwest middle-market ecosystem; (4) operational understanding—several senior professionals have business ownership and operational experience, enabling credible conversations with both sellers and buyers about operational integration; and (5) accessibility—as a boutique firm, they provide hands-on service with senior-level involvement in every engagement.
Not a Fit If
Emory & Co. typically declines engagements involving: businesses below approximately $5 million in annual revenue, asset sales without going-concern enterprise value, sellers requiring expedited timelines that compromise process quality, situations with significant pending litigation, or founders unwilling to participate actively in the auction process and buyer meetings.
Team
John Emory Jr. serves as President, bringing 25+ years of M&A advisory experience and holding the CFA designation. Prior to co-founding the firm in 1999, he was a business attorney at Michael Best & Friedrich LLP, focusing on M&A and bank financing. F.R. Dengel is a Managing Director with 20+ years of investment banking experience, including extensive prior work at Robert W. Baird & Co., and has performed hundreds of valuations of closely held companies. Taylor Kotke is a Managing Director with 15 years of middle-market transaction experience and involvement in 750+ valuation engagements across diverse industries; he holds the CFA designation. Steve Becker is a Managing Director bringing 36 years of business experience as a company owner, senior executive, and consultant; he previously served as President & CEO of Becker Food Company, a leading meat and poultry products processor, making him a valued industry advisor on food sector transactions. John Emory Sr., the firm's Senior Advisor, has performed over 1,400 business valuations and previously spent 31+ years at Robert W. Baird in valuation-focused roles.
Geographic Coverage
Emory & Co. is based in Milwaukee, Wisconsin (250 E. Wisconsin Avenue, Suite 910) and operates primarily across the Midwest and Upper Midwest, with particular concentration in Wisconsin, Illinois, Minnesota, and Indiana. However, they have completed transactions across multiple US regions.
Founded Year & Firm Size
The firm was founded in 1999 through a combination of experience from Robert W. Baird & Co. (where several founders and team members had deep valuation and advisory expertise) and prior corporate law practice. The current team consists of approximately 8-10 professionals, enabling hands-on engagement and senior-level involvement in every transaction.