Evanston Partners Research
Advisory Approach
Evanston Partners LLC is a lower middle-market private equity investment firm founded on the principle of partnering with management teams to recapitalize, acquire, and build already-profitable small growth companies. The firm's core thesis centers on long-term value creation through operational partnership rather than financial engineering. They differentiate themselves from other lower-middle market PE investors through their willingness to pursue truly small companies that may not be attractive to larger PE firms—ideal opportunities have historical revenues of $5 million to $20 million with at least $500,000 in EBITDA. The firm seeks partners who demonstrate passion, integrity, and strong work ethic, and maintain an opportunistic approach while focusing on specific areas where they have deep expertise: food and food-related manufacturing and distribution, packaging, consumer products, and business services.
Sector Focus and Expertise
Evanston Partners has built exceptional investing experience in food and food-related businesses, which represents the majority of their portfolio activity. Their food-sector expertise spans manufacturing, distribution, specialty products, and consumer goods. Recent transactions demonstrate deep knowledge of food processing operations—Sinbad Foods represents the largest baklava and fillo dough producer in North America, Southern Seasonings specializes in authentic Cajun and Creole food products with multi-brand portfolio (Ragin' Cajun, Cajun's Choice, Bootsie's), and Felbro Food Products manufactures blended foods and beverages for foodservice, retail, and industrial channels. Beyond food, they have established track records in transportation and logistics (Auto Driveaway, vehicle relocation services founded 1952), specialty manufacturing (United Skylights, large-scale glass systems), commercial baking (Main Street Gourmet), and niche consumer services (Rainbo Sports figure skating, Wild Hare reggae venue, Atticus Brand music partnerships).
Deal Track Record
Evanston Partners has completed a substantial transaction history focused on lower-middle market buyouts and recapitalizations:
Completed Acquisitions:
- Auto Driveaway Systems (2014): Vehicle relocation services company founded 1952, acquired from management group led by President/CEO Rodney Ruth. The company operates 40+ company-owned and franchise locations across the U.S., serving major automotive leasing companies, corporate fleet operators, and package delivery companies. Subsequent add-on acquisition: J&J Driveaway and J&J Freight Brokers (2019).
- Sinbad Foods (April 2017): Largest baklava and fillo dough producer in North America, based in Madera, CA. Company maintains customer relationships with Costco, Sam's Club, Walmart, Aldi, BJ's Wholesale, Safeway, Kroger, and HEB. Previously named twice to Inc. 500 list of fastest-growing private businesses.
- Southern Seasonings/Acadian Kitchens (November 2017): Acquisition of Southern Seasonings, Inc., Broussard, LA, a leading Cajun and Creole food product manufacturer. Founder and CEO Tom Riggs retained as co-owner. Company markets products under Ragin' Cajun, Cajun's Choice, Bootsie's, and Southern Seasonings brands to retail, institutional, and foodservice customers.
- Lockhart Fine Foods (January 1, 2019): Food manufacturing acquisition as part of portfolio expansion.
- Felbro Food Products (March 2025, Co-Investment): Recapitalization with Clover Capital Partners of established food and beverage manufacturer (founded 1946). Felbro operates two production facilities in Los Angeles and Compton, CA, manufacturing liquid and dry blended foods, beverages, desserts, syrups, sauces, and soups. Customer base includes regional/national quick service restaurants, coffee and donut chains, national retailers, and foodservice suppliers. Transaction provided significant liquidity to founding Feldmar family; debt financing provided by Proterra Investment Partners.
Current Portfolio Companies: Auto Driveaway Systems, Sinbad Foods, United Skylights, Main Street Gourmet, Rainbo Sports & Skating, Atticus Brand Partners, Wild Hare Music
Recent Exit: Avli Foods (December 2024) - Greek restaurant group where Evanston Partners took control of stake in Fulton Market emerging restaurant concepts.
The firm has completed 10+ M&A transactions with 11+ portfolio companies (per Mergr data). Their deal activity spans approximately 15 years with consistent activity in food manufacturing sector, demonstrating deep operational expertise in LMM transactions.
Process and Engagement Approach
Evanston Partners operates with a patient-capital approach focused on operational partnership. They work with management teams to accelerate growth through capital infusion, strategic guidance, and execution support. The firm is willing to retain existing management (evidenced by Sinbad Foods founder/CEO retentions, Auto Driveaway management continuation) and takes active board roles. Engagement lengths vary but focus on long-term value creation rather than quick exits. The firm works with buy-side advisors and management teams to source deals—recent transactions involved support from specialized M&A advisors and management teams seeking growth capital.
Buyer Network and Institutional Relationships
Through their transaction history, Evanston Partners has built relationships with complementary capital providers and strategic partners. Recent co-investment with Clover Capital Partners on Felbro Food Products demonstrates ability to partner with other financial sponsors. Auto Driveaway obtained $12M debt financing from Granite Creek Capital Partners (December 2020). The firm's portfolio companies serve customer bases including Fortune 500 companies (Costco, Walmart, Sam's Club for food distributors; major automotive leasing firms for Auto Driveaway), which provides relationship depth in blue-chip channels.
Competitive Positioning
Evanston Partners differentiates in the lower-middle market through: (1) Specialization in truly small businesses ($5M-$20M revenue) overlooked by larger PE firms, (2) Deep operational expertise in food manufacturing and distribution with 15+ years of transaction history, (3) Patient capital approach with focus on long-term partnerships rather than financial returns, (4) Willingness to work with founder-led teams and retain management, (5) Hands-on involvement as active board members and operational partners, (6) Diverse portfolio (food, transportation, specialty manufacturing, consumer services) allowing syndication and cross-portfolio learning.
Not a Fit If
- Seeking rapid exit or financial-engineering-driven PE (Evanston focuses on long-term growth)
- Asset sales or non-operating businesses (they focus on going-concern enterprises)
- Businesses below $500K EBITDA (below their minimum)
- Management seeking passive financial partner (they take active board roles)
- Non-profitable businesses (they focus on already-profitable companies)
- Seeking large institutional capital deployment (they target LMM-scale investments)
Team
The firm operates with a lean partnership structure:
William V. Glastris, Jr. - Managing Member
- Spent entire career in lower-middle market private equity
- Lead investor/owner on multiple portfolio companies (Auto Driveaway Chairman, Acadian Kitchens/Southern Seasonings Chairman, Sinbad Foods investor/director)
- Based in Evanston, IL
- Contact: wglastris@evanstonpartners.com, (847) 868-3902
Jeffrey D. Ellis - Managing Member
- Principal since firm's operations (noted as Principal on early Southern Seasonings acquisition in 2017)
- Active on board roles (Felbro Food Products director/investor, Auto Driveaway director, other portfolio companies)
- Background in M&A transaction management
- Contact: jellis@evanstonpartners.com, (847) 868-3905
Both managing members serve as investor/directors across multiple portfolio companies, indicating hands-on operational involvement.
Geographic Coverage
Headquartered in Evanston, Illinois. Portfolio companies span geographic regions: Midwest (IL, OH, CA operations), with operations/customers across North America. Auto Driveaway operates 40+ locations across US; Sinbad Foods serves national retail and foodservice; food companies serve regional and national channels.
Investment Scale and Economics
Target Company Profile:
- Historical Revenue: $5 million to $20 million
- EBITDA Floor: $500,000+
- Status: Already profitable, growing
- Deal Types: Buyouts, recapitalizations, growth capital, add-on acquisitions
Investment Philosophy: Long-term value creation focus. Evanston retains founders/management when appropriate, takes operational board roles, and pursues add-on acquisitions and organic growth alongside buyouts. No published fee information available.
Firm Overview
Headquarters: 1563 Sherman Avenue, Suite 200, Evanston, IL 60201 Phone: (847) 868-3902 Fax: (224) 999-7373 Website: evanstonpartners.com FINRA Registration: Not FINRA-registered (typical for middle-market PE) Team Size: 2 managing members with support network for portfolio operations Transaction Count: 10+ completed M&A transactions Portfolio Companies: 11+ active portfolio companies Years Operating: 15+ years of consistent LMM transaction activity (Auto Driveaway 2014-present; active deal making 2014-2025)