Evergreen Advisors: Defense & Government Services Investment Banking Leader
Advisory Approach
Evergreen Advisors is a relationship-driven, results-focused middle-market investment bank and corporate advisory firm headquartered in Columbia, Maryland. The firm operates with a mission to partner with organizations throughout their company lifecycle—from growth and recapitalization to exit and liquidity strategies. Their philosophy emphasizes personalized advisory, deep sector expertise, and a collaborative approach that treats client objectives with institutional-level rigor and care. Unlike national Wall Street banks that operate transactionally, Evergreen maintains a founder-centric ethos, investing time to understand business models, operations, and owner goals before structuring transactions.
Sector Focus & Specialization
Evergreen Advisors has crystallized its market positioning around aerospace, defense, and government services (ADG)—a vertical that has received significant tailwinds from elevated defense spending, geopolitical tensions, and accelerating federal IT modernization. Their core competencies span:
Defense & Intelligence Services: Provision of engineering, cyber operations, systems integration, and technical solutions supporting Department of Defense, intelligence community (CIA, NSA), Special Operations Forces, and related government customers. This includes both prime contractors and specialized subcontractors serving cleared facilities and classified environments.
Space & Aerospace: Mission-critical components, materials, and systems for aerospace platforms; satellite operations and launch services; and specialized defense contracting across land, sea, air, and space domains.
Cybersecurity & Software: Mission-focused cyber development, reverse engineering, SIGINT systems, cloud services, and data analytics for federal agencies.
Government Modernization: Technology and process modernization, IT infrastructure, systems engineering, and shared services supporting federal civilian and military agencies.
The firm's investment banking practice, Evergreen Advisors Capital, specializes in sell-side advisory for technology-enabled government services companies, recapitalizations and secondary transactions, capital raises, and buy-side support for strategic acquirers and private equity firms seeking defense/intel assets.
Deal Track Record
Evergreen has completed dozens of ADG transactions, with 2024-2026 representing peak activity. Recent deals include:
2026: Served as financial advisor to Jovian Concepts (founded 2007, Maryland-based provider of intelligence and technical services) on a strategic investment by Blue Fire Equity. Jovian specializes in systems engineering, software development, SIGINT systems, and data privacy/compliance for classified intelligence community programs. The transaction positioned Jovian for scale into a leading middle-tier competitor.
2025: Advised Spathe Systems (special operations and defense technology firm) on merger with Quiet Professionals (McNally Capital portfolio company), creating a combined platform of 400+ professionals serving SOF and national security customers. Also advised QED Systems (defense/cyber firm) on exclusive sell-side transaction to Peerless Technologies Corporation, a mission engineering and modeling/simulation specialist.
2024: Guided sell-side transactions for Valley Forge (custom-forged titanium/steel for aerospace/defense/space OEMs) to STS Metals (Tinicum portfolio company); Secure-EE (mission-critical cybersecurity) to SIXGEN/Washington Harbour Partners; and SPYROS (cyber operations firm) to Synergy ECP/Falfurrias Capital.
Beyond individual transactions, the firm has advised on 498+ business valuations and served as outsourced CFO to 383+ companies, many in the government services space.
Institutional Strength & Buyer Network
Evergreen benefits from deep relationships with leading ADG-focused private equity sponsors: Arlington Capital Partners, Falfurrias Capital, Washington Harbour Partners, McNally Capital, Brightstar Capital, and others. The firm also regularly places deals with strategic acquirers including publicly traded defense primes (Lockheed, Northrop, Raytheon, General Dynamics, Booz Allen Hamilton, Jacobs Solutions), PE-backed platforms, and emerging government services consolidators.
Process & Fee Structure
The firm emphasizes institutional sell-side process discipline: comprehensive buyer outreach (targeting specific acquirers aligned with the business), quality of earnings support, management coaching, and structured data room preparation. Typical engagement structure for investment banking:
- Fee Model: Modified Lehman formula (most common for middle market). Structure varies by deal size, but typically 2-4% of enterprise value depending on TEV and deal complexity.
- Retainer: Engagement retainers (often $10K-$25K/month range, credited against success fee) are common for government services deals requiring extended buyer development.
- Minimum Deal Size: Typically $10M-$25M transaction value; will decline smaller transactions.
- Timeline: 6-12 months from engagement to close, depending on buyer universe size and regulatory/security clearance requirements (which can be material in ADG sector).
Team & Credentials
Key investment banking leadership:
- Rick Kohr (CEO, Evergreen Advisors): Oversees overall firm direction and client relationships
- Steve Prichett (President, Evergreen Advisors Capital): Leads M&A advisory practice; nearly two decades of strategic advisory and operational experience in technology, aerospace, defense, and government services
- Sam DiPaola (Managing Director): Senior advisor on ADG transactions
- Justin Horsman (Managing Director/Director): Deep expertise in government services and defense technology; leads many ADG transactions (CFA)
- Shelley Lombardo (President, Evergreen Advisors): Oversees enterprise advisory operations
Team members include 25+ investment bankers, analysts, and operations professionals with specialized expertise in defense contracting, security clearances, FINRA compliance, and government sales cycles.
Market Position & Scale
Evergreen Advisors claims $9B+ in aggregate transaction value across its M&A advisory practice and 498+ completed valuations. The 2024 Annual Report highlights 43.8% year-over-year growth in ADG M&A transactions market-wide, with Evergreen positioned as an active middle-market player in this expanding sector.
Member FINRA/SIPC; registered investment banker and broker-dealer.
Geographic Reach
Headquarters in Columbia, Maryland with office presence across the Baltimore-Washington D.C. metro area and remote team members across the U.S. Primary geographic markets: Maryland, Virginia, DC, Carolina, Texas, California, and key defense hubs.
Competitive Positioning
Evergreen differentiates through deep specialization in the ADG vertical—their team understands security clearance implications, IDIQ contract structures, prime/sub relationships, and the unique buyer universe (strategic primes and ADG-focused PE firms). Unlike generalist advisory firms, they maintain sector-specific research and market intelligence. Their relationship-driven approach and hands-on involvement in process management appeal to founder-owned and emerging growth companies seeking to scale within the government services ecosystem.