Exit Partners Research
Advisory Approach
Exit Partners is a boutique investment bank specializing in middle market mergers and acquisitions, with a positioning statement as "The Optimal Outcome Firm." Founded by Jon Mueller and Mike Stengle, the firm operates with a clear thesis: the best outcomes for sellers come from understanding not just what the owner hopes to achieve financially, but the motivation behind those goals. From this vantage point, they analyze the business, share assessments of valuation, structure, timing, and lifestyle implications, then develop and execute a transaction process designed to achieve specific objectives.
The firm's philosophy centers on delivering uncommonly effective negotiation, strategic insight, and transaction guidance throughout the entire M&A process. Unlike larger firms where clients work with analysts, Exit Partners provides Managing Partner-level attention throughout engagements. Their approach combines investment banking discipline with private equity perspective and operational experience—a differentiation that stems from the founders' backgrounds in private equity (Valesco Industries), corporate finance (ConocoPhillips), and executive leadership (Union Pacific).
Sector Focus
Exit Partners maintains expertise across six major industry categories, with particular depth in energy, industrial, and manufacturing sectors. The firm's principals have completed transactions involving buyers and sellers from across the United States as well as 15 other countries, demonstrating cross-border capability.
In energy and power, the firm has advised on oilfield services transactions, including the sale of 5J Oilfield Services and 5J Trucking to SMG Industries, a strategic consolidation in the midstream sector. This deal exemplifies their ability to close transactions despite sector headwinds and market volatility. In environmental services, Exit Partners advised VZ Environmental on the 100% acquisition of TitanLiner in 2024, creating VZT Solutions with enhanced manufacturing capabilities and expanded geographic reach across Bakken, Rocky Mountain, and traditional service regions.
Industrial and manufacturing represents a core competency, evidenced by the sale of Crimson Steel Supply, the leading independent full-service rebar fabricator in Oklahoma, to Argonaut Private Equity. The firm has also advised Linkage Design, a digital design services provider to the automotive industry, on its sale to Mechdyne Corporation, demonstrating subsector expertise in automotive technology and design services.
The technology and services practice includes the sale of Venture Development Center, a Big Data consultancy and thought leader founded in 1996, to Stirista (a marTech firm backed by Wavecrest Growth Partners). This transaction highlights Exit Partners' capability in technology-enabled services and data analytics. The firm also advised MIROC, a telecom components and accessories provider, on its sale to PUPCO (a WJ Partners portfolio company), representing a strategic add-on acquisition in telecommunications infrastructure.
In consumer products, Exit Partners represented brittle-brittle, a manufacturer of old-fashioned hand-dipped peanut brittle founded in 1988, in its sale to Azalea Capital. This transaction, a finalist for Deal of the Year (under $50 million category) by D CEO magazine, demonstrates the firm's ability to guide family-owned businesses through legacy sales processes. The firm also advised F-1 Firearms, a leading manufacturer of firearms and accessories based in Spring, TX, on its sale to WATCHTOWER Firearms—a transaction requiring navigation of industry-specific regulatory considerations.
Transportation and logistics expertise is evidenced by the sale of RSK Transport to Hazel's Expedited Freight, where Exit Partners found a perfect strategic partner and facilitated employee integration. RSK provides expedited industrial freight services across Texas, specializing in shipments for equipment rental, construction, agriculture, mining, and oil field services.
The firm maintains active practices in business services, healthcare, and other specialized sectors, with deal experience spanning professional services, technology, and industrial markets.
Deal Track Record
Exit Partners has completed 85+ transactions representing over $11 billion in aggregate transaction value. The firm's principals have maximized transactions involving buyers and sellers from across the U.S. as well as 15 other countries, demonstrating both domestic and international deal capability.
Recent completed transactions include:
2024: VZ Environmental acquisition of TitanLiner (buy-side advisory)
2023: Brittle-brittle sale to Azalea Capital (sell-side, Deal of the Year finalist); F-1 Firearms sale to WATCHTOWER Firearms (sell-side)
2022: MIROC sale to PUPCO/WJ Partners (sell-side, telecom infrastructure); RSK Transport sale to Hazel's Expedited Freight (sell-side, transportation); Linkage Design sale to Mechdyne Corporation (sell-side, automotive technology)
2021: Crimson Steel Supply sale to Argonaut Private Equity (sell-side, manufacturing/steel); Venture Development Center sale to Stirista (sell-side, Big Data/marketing technology)
2020: 5J Oilfield Services and 5J Trucking sale to SMG Industries (sell-side, oilfield services)
This track record spans sell-side and buy-side mandates, with transactions closed across economic cycles including the COVID-19 period (2020) and post-pandemic recovery (2021-2024).
Process & Fee Structure
Exit Partners runs institutional-quality processes tailored to middle market companies. Their typical engagement structure focuses on maximizing value through exhaustive buyer outreach while maintaining Managing Partner-level involvement throughout. The firm emphasizes understanding client objectives and motivations before developing transaction strategy, then executes processes designed to achieve specific goals rather than applying one-size-fits-all approaches.
The firm's typical client profile ranges from $10-$300 million in annual revenue and $3-$30 million in EBITDA. They target top performers in niche markets with solid financial performance and growth, where current ownership seeks to position the company for growth through strategic transactions.
While specific fee structures are not publicly disclosed, Exit Partners likely employs industry-standard middle market investment banking fee models, typically involving retainers credited against success fees. The firm's value proposition emphasizes Managing Partner attention rather than analyst-driven processes, exhaustive buyer outreach, and strategic insight from private equity and operational backgrounds.
Buyer Network
Exit Partners maintains relationships with strategic buyers, private equity firms, and family offices across the transaction types they advise. Their deal history shows successful transactions with:
Private Equity Buyers: Argonaut Private Equity (Crimson Steel Supply), WJ Partners via PUPCO platform (MIROC), Azalea Capital (brittle-brittle), and numerous other PE firms across their 85+ transactions.
Strategic Buyers: WATCHTOWER Firearms (F-1 Firearms), Mechdyne Corporation (Linkage Design), Stirista (Venture Development Center), Hazel's Expedited Freight (RSK Transport), SMG Industries (5J Oilfield Services), and VZ Environmental (TitanLiner acquisition).
The firm's principals have backgrounds in private equity (Valesco Industries) and corporate development (Union Pacific), providing them with direct insight into how buyers evaluate and execute acquisitions. This perspective enhances their ability to position companies effectively and navigate buyer-side processes.
Competitive Positioning
Exit Partners differentiates from other lower middle market investment banks through several key attributes:
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Managing Partner Attention: Clients work directly with Managing Partners (Jon Mueller, Mike Stengle) throughout engagements, not analysts or junior staff. This ensures strategic continuity and decision-maker access.
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Private Equity Perspective: Jon Mueller's background as a manager at Valesco Industries provides buy-side insight into how PE firms evaluate deals, enhancing sell-side positioning.
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Operational Credibility: Lynden Tennison's former role as Chief Strategy & Information Officer at Union Pacific, where he led technology acquisitions and played senior roles in $5+ billion transportation acquisitions, provides operating executive credibility with business owners.
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Track Record Recognition: The firm has been ranked #4 in Axial's Top 20 Lower Middle Market Investment Banks, and Jon Mueller was named Investment Banker of the Year by D CEO Magazine in 2024. The brittle-brittle/Azalea Capital transaction was a Deal of the Year finalist in 2024.
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Cross-Border Capability: Transactions involving buyers and sellers from 15 countries beyond the U.S. demonstrate international deal sourcing and execution capability.
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Sector Breadth with Depth: While maintaining core expertise in energy, industrial, and manufacturing, the firm has successfully closed transactions across technology, consumer products, transportation, and business services.
Not a Fit If
Exit Partners typically declines engagements where:
- Businesses fall below their target profile (under $10M revenue or under $3M EBITDA)
- Sellers seek limited processes or are not fully committed to exhaustive buyer outreach
- Founders want to run abbreviated processes that restrict market exposure
- Businesses require significant turnaround or have substantial undisclosed liabilities
- Ownership is not aligned on transaction objectives or timeline
The firm's emphasis on "optimal outcomes" suggests they prefer engagements where clients are motivated to achieve maximum value through thorough, professional processes rather than quick exits.
Team
Jon Mueller – Managing Partner. Named Investment Banker of the Year by D CEO Magazine in 2024 and recognized in the Dallas 500 for 2025. Previously Manager at private equity firm Valesco Industries (focused on deal origination, investment management, and transaction process management), Vice President and Research Director at a middle market investment banking firm, and held positions of increasing responsibility at ConocoPhillips. Holds MBA from Cox School of Business at Southern Methodist University and BBA in Finance from University of Oklahoma. Serves in professional and philanthropic organizations.
Mike Stengle – Managing Partner. Named Energy Industry Dealmaker of the Year by M&A International in 2007 and received Top North Texas Dealmakers Award from Dallas Business Journal in 2017. Previously Senior Vice President and Practice Leader at Capital Alliance Corporation, where he closed nearly 30 transactions. Before investment banking, served as National Sales Manager at Webb Cooley Company, guiding tenfold revenue increase over five years. Holds Bachelor's in Business Administration from University of Texas at Austin.
Lynden Tennison – Senior Vice President. Former Chief Strategy & Information Officer for Union Pacific Corporation, where he led teams that acquired several technology companies and played senior roles in 2 large transportation acquisitions representing over $5 billion in transaction value. During his tenure, Union Pacific increased market capitalization by over 10X. Previously led AI group at American Airlines and held technology leadership roles at LTV Aerospace and AT&T. Elected to CIO Hall of Fame in 2019. Holds Bachelor of Science from University of Texas-Arlington and Advanced Management Studies in Finance from University of Chicago Booth School.
Geographic Coverage
Headquartered in Plano, Texas (Dallas-Fort Worth metroplex), Exit Partners serves clients nationally with particular strength in Texas and the Southwest United States. Transaction history shows representation of companies in Texas (Corpus Christi, Spring, Oklahoma Panhandle region), New Mexico (Albuquerque), Michigan (Detroit metroplex), New Jersey (Ramsey), and multi-state transactions. The firm's principals have completed transactions involving buyers and sellers from 15 countries beyond the United States, demonstrating international capability. Core service regions include Texas (Dallas, Houston, Austin, San Antonio, Corpus Christi), Oklahoma, and the broader Southwest, with deal execution capability across North America and select international markets.