First Hill Partners Research
Advisory Approach
First Hill Partners is a boutique middle market investment bank founded in 2010 and headquartered in Denver, Colorado with operations in Seattle, Washington. The firm takes a high-touch, relationship-driven approach to M&A advisory and capital raising, with a strong emphasis on deep industry knowledge and personal executive involvement. Jeffrey Sussman, the co-founder and managing partner, has 25+ years of experience in boutique and middle market investment banking, including significant tenure at Cantor Fitzgerald's Technology Investment Banking Group and Cascadia Capital, where he specialized in technology and healthcare IT sectors. Richard Woods, the other co-founder, brings 25+ years of investment banking experience with particular expertise in private placements and cleantech sectors. Together, they established First Hill Partners with a thesis that middle market companies and their founders benefit from advisory teams with decades of operational sector knowledge, deep buyer networks, and the ability to lead transactions exclusively at the senior level. The firm's sweet spot is founder-owned and family-controlled businesses in the $10M-$100M+ enterprise value range seeking strategic buyers or private equity partnerships.
Sector Focus
First Hill Partners has meaningful expertise across six primary industry sectors: Technology (particularly software, IT services, and industrial software), Healthcare (healthcare IT and healthcare services), Industrial Technology & Manufacturing (precision manufacturing, advanced materials, and industrial automation), Business Services (staffing, consulting, and specialized services), Aerospace & Defense (with particular strength in this sector), and closely-held businesses across vertical industries. The firm's team composition reflects this diversity. Michael J. Black, a managing director with 30+ years of experience including substantial background in engineering, led industrial technology and aerospace & defense efforts at prior firms, building semiconductor manufacturing and electronics value chain practices. The team has closed over 150 transactions collectively throughout their careers, giving them institutional memory and pattern recognition across a broad range of mid-market dynamics.
Sector Expertise Deep Dive
The firm's technology expertise is particularly strong in industrial software, enterprise solutions, and cloud infrastructure serving B2B customers. In aerospace and defense, they understand the complex regulatory environment (AS9100, ITAR), prime-contractor relationships, and supply chain dynamics that characterize lower middle market suppliers to major defense primes. In manufacturing, they focus on contract manufacturers, precision machining, advanced materials, and companies with strong operational track records. Healthcare expertise includes both service providers (physician practices, surgical centers, behavioral health platforms) and technology enablers (EHR systems, practice management, telehealth platforms). This breadth of experience means First Hill Partners can bring sector-specific deal structuring, buyer relationship knowledge, and valuation perspective to almost any mid-market transaction.
Recent Transaction History
Recent documented transactions include advising on the BlueLinx acquisition of Vandermeer Forest Products (2022, $67M USD), a distribution/manufacturing sector add-on acquisition. Over their history, First Hill Partners has advised on transactions spanning aerospace (2018), information technology (2018), and distribution/building products (2022). The firm averages approximately 0.2 transactions per year on a sell-side advisory basis, reflecting their boutique model and focus on high-touch, complex engagements rather than transaction volume. Their client base includes mid-market operating companies and their founders seeking exit advisory, as well as private equity firms and strategic acquirers seeking M&A guidance on add-on acquisitions and platform investments.
Fee Structure & Engagement Model
First Hill Partners structures engagements as exclusive sell-side advisory mandates, typically with retainer plus success fee arrangements. The firm focuses on providing hands-on senior banker involvement from initial engagement through close, rather than delegating client service to junior teams. This approach reflects their belief that high-quality advisory outcomes require deep sector knowledge, buyer network leverage, and institutional capital markets perspective—all of which require senior-level involvement. The firm's size (2-10 employees) means engagements receive direct attention from managing partners and managing directors rather than being distributed across a larger bank structure.
Buyer Network & Strategic Relationships
Through decades of cumulative investment banking experience, First Hill Partners has developed meaningful relationships with strategic buyers and private equity firms across their focus sectors. The team has particular strength in connecting mid-market businesses with industrial-focused private equity firms (given Michael Black's background building these relationships at Zachary Scott & Co. and D.A. Davidson), technology and healthcare PE platforms (given Sussman's background at Cascadia and Thomas Weisel), and strategic acquirers in aerospace, defense, and industrial technology verticals. Their Mergr profile indicates experience with multiple corporate clients and a disciplined approach to buyer targeting that reflects their boutique positioning.
Competitive Positioning
First Hill Partners differentiates through: (1) genuine sector expertise from managing partners with deep operational and investment banking backgrounds (Sussman in tech/healthcare IT, Woods in cleantech and private placements, Black in aerospace/defense/manufacturing), (2) institutional relationships developed over 25-30 year careers at respected investment banks (Cantor Fitzgerald, Cascadia Capital, Thomas Weisel Partners, Zachary Scott & Co., D.A. Davidson), (3) senior-level involvement of founders in every engagement with no delegation to junior bankers, and (4) boutique structure that allows flexible, customized process design rather than standardized playbooks. In markets where generic middle market banks compete on transaction volume, First Hill Partners competes on depth of industry knowledge and executive bandwidth.
Not a Fit If
First Hill Partners is typically not the right fit for: companies seeking very rapid processes or broad auction-style competitive bidding (their strength is relationship-driven strategic targeting, not volume), businesses without clear business model or repeatable revenue (they focus on companies with institutional quality operations), transactions requiring major restructuring or turnaround expertise (they assume a going concern operating model), or situations where lower-cost advisory is the primary selection criteria (their value proposition depends on premium expertise and senior execution).
Team
Jeffrey H. Sussman (Co-Founder & Managing Partner): 25+ years boutique and middle market investment banking. Founded Cantor Fitzgerald Tech Banking group, lead banker on technology and healthcare IT transactions. Member of Management Committee at Cascadia Capital, led M&A and financing across technology/healthcare. Professor at University of Washington and University of Colorado; expert witness on technology M&A.
Richard Woods (Co-Founder & Managing Partner): 25+ years boutique investment banking. Private Placement focus at Thomas Weisel Partners and Cascadia Capital. Led cleantech and private placements across technology, internet, healthcare, cleantech. Board of Regents at Seattle University, Board Chair of Department of Finance Advisors.
Michael J. Black (Managing Director): 30+ years investment banking, principal investing, and engineering background. Prior Managing Director at Zachary Scott & Co. leading industrial technology and aerospace/defense practices. Built semiconductor manufacturing and electronics value chain practice at D.A. Davidson. Design Engineer background with B.S. Mechanical Engineering and M.B.A. from University of Washington.
Brian W. Carroll (Managing Director): Based in Seattle, M&A transaction experience.
David E. Isett (Managing Director): Based in Larkspur/Denver, advisory services focus.
Andrew J. Monroe (Managing Director): Based in Centennial, Colorado.
Geographic Coverage & Operations
Primary operations in Denver, Colorado and Seattle, Washington. Registered with FINRA in Colorado, New York, and Washington. Serves mid-market companies across United States with particular strength in industrial and technology sectors in the Pacific Northwest and Southwest regions. Team members include former engineers and operational executives, reflecting their industrial and aerospace focus.
Registration & Credentials
FINRA-registered broker-dealer through wholly-owned subsidiary First Hill Securities, LLC (CRD# 166445, SEC# 8-69212). Formed October 15, 2012. Main office 6800 S. Dawson Circle, Suite 227, Centennial, CO 80112. No disciplinary disclosures in FINRA BrokerCheck. Registered with SEC and FINRA; licensed in Colorado, New York, and Washington. Principal executives include Jeffrey Sussman (Managing Partner, Chief Compliance Officer) and Richard Wood (Member).