Forbes Partners Research
Advisory Approach
Forbes Partners (operating as The Forbes M+A Group and Forbes Securities Group LLC) is an award-winning boutique investment banking firm specializing in lower and core middle-market M&A advisory. Founded in 2004 and headquartered in Denver, Colorado, the firm operates on a thesis-driven approach: the best outcomes for sellers come from exhaustive buyer outreach, institutional-quality process management, and deep sector expertise. Forbes Partners works with a selective client base, deploying senior-level teams to execute complex transactions with a focus on achieving maximum value for business owners and their stakeholders.
The firm's philosophy emphasizes senior leadership involvement in every engagement—rather than delegation to junior analysts, clients receive hands-on guidance from Managing Directors and Partners throughout the transaction lifecycle. This commitment to senior-led advisory differentiates Forbes from other boutiques in the competitive middle-market space.
Sector Specialization & Deal Track Record
Forbes Partners maintains deep expertise across five primary industry verticals: Business Services, Consumer Products & Services, Healthcare, Industrial, and Technology. Within each vertical, the firm has demonstrated consistent transaction execution with significant deal velocity.
Recent transaction activity showcases this breadth and depth. In 2024-2025, Forbes advised on 15+ completed transactions with an average deal size of approximately $112 million. Key recent deals include:
Mock Plumbing & Mechanical → Service Logic (February 2026): Exclusive sell-side advisor to Mock Plumbing & Mechanical, Inc., a commercial plumbing and HVAC contractor based in southeast Georgia and coastal South Carolina, in its strategic sale to Service Logic. Mock, founded in 1971, specialized in HVAC service and installation, plumbing, process piping, and sheet metal fabrication, serving education, municipal, healthcare, and hospitality sectors. Brooks Crankshaw, Managing Director, led the engagement.
Glass Box Technology → Panther Equity Group / Genesis Park (June 2025): Exclusive sell-side advisor to Glass Box Technology, a premier managed IT services and solutions integration provider founded in 2012, in its recapitalization and growth investment. Glass Box specialized in high-performance infrastructure, cybersecurity, and managed services for healthcare, financial services, and municipal clients. Dan Roth, Managing Director, guided the firm through a competitive process designed to achieve partial liquidity while preserving leadership continuity and enabling platform scaling.
Braintree Marketing → Canadian Private Equity (January 2024): Exclusive sell-side advisor to Braintree Marketing, a subscription-based provider of relationship marketing services for real estate professionals with nearly 4,000 recurring clients. Doug Freyschlag and JJ Lane, Managing Directors, crafted a compelling narrative that positioned Braintree's resilience and recurring revenue model, attracting high-quality buyer interest despite pandemic-era market headwinds. The transaction included roll-over equity for key stakeholders.
Inside the Magic → Recapitalization (June 2022): Exclusive financial advisor to Inside the Magic, a digital media powerhouse covering theme parks and family entertainment with premium Google rankings and targeted advertising revenue model, in its strategic recapitalization and capital raise. Bill Nack and Bob Forbes led the complex engagement, navigating ERISA compliance requirements and structuring a solution that enabled founder liquidity while securing growth capital and positioning the company for future strategic alternatives.
These transactions—spanning HVAC/plumbing, IT services, marketing services, and digital media—illustrate Forbes Partners' ability to execute complex deals across unrelated verticals, with particular strength in businesses with recurring revenue, durable customer relationships, and clear growth trajectories.
Process & Fee Structure
Forbes Partners operates an institutional sell-side process model. Typical engagement structure includes:
- Exclusivity: Engagements operate on an exclusive basis, ensuring undivided senior attention
- Fee Model: Modified double Lehman formula (most common in lower middle market)
- Retainer: Typically $15K-$25K/month (credited against success fee)
- Timeline: 6-9 months from engagement to close
- Buyer Outreach: Senior bankers cultivate 200+ targeted buyer relationships across strategic and financial buyer categories
- Minimum Deal Size: Typically $25M-$50M TEV; firm focuses on middle-market scale where institutional-grade process creates significant value asymmetry
The firm's process includes comprehensive quality of earnings support, management presentation coaching, structured data room preparation, and ongoing deal management through close—not just brokering introductions.
Buyer Network & Competitive Strengths
Forbes Partners has developed deep relationships with:
- Private Equity: Audax Group, Genstar Capital, Panther Equity Group, Genesis Park, and 100+ active PE firms
- Strategic Buyers: Fortune 500 industrials, regional platforms, private operators seeking add-on acquisition platforms
- Specialty Buyers: Family offices, ESOP facilitators, recapitalization specialists
From recent deal activity, the firm has demonstrated particular strength in PE relationships—the majority of recent transactions involved PE buyers, indicating established credibility in the financial buyer ecosystem.
Competitive Positioning
Forbes differentiates through:
- Senior-Led Model: Managing Directors, not junior analysts, lead client relationships and transaction strategy
- Sector Expertise: Deep domain knowledge in five vertical markets with dedicated industry leaders
- Process Rigor: 200+ buyer contacts per deal, systematic outreach cadence, competitive tension generation
- Institutional Quality: FINRA-registered broker-dealer (CRD #288142, established 2017) with zero regulatory disclosures
- Cross-Functional Support: In-house expertise in QofE, valuation, transaction advisory, and capital formation
- Geographic Reach: 3 offices (Denver, Salt Lake City, Charlotte) enable national transaction execution with local market knowledge
- Awards & Recognition: Awarded M&A Advisory Firm of the Year in Colorado for 7 consecutive years
Team
The firm's leadership team comprises 8 Managing Directors with 250+ combined years of M&A experience:
- Bob Forbes (President, Founder) - 20+ years M&A experience, co-founder since 2004
- Bill Nack (Managing Director) - Expertise in complex recapitalizations and capital raises
- Dan Roth (Managing Director) - IT services and platform M&A specialization
- Brooks Crankshaw (Managing Director) - Business Services focus, particularly HVAC/mechanical contractors
- Doug Freyschlag (Managing Director) - Marketing and consumer services specialist
- Dan Pellegrino (Managing Director)
- Jon Wiley (Managing Director) - Chief Compliance Officer (FINRA)
- Blake Shear (Managing Director)
- James Morgan (Managing Director) - Industry roundtable participation, thought leadership
Supporting professionals include Directors, Vice Presidents, Senior Associates, and Analysts.
Not a Fit If
Forbes Partners typically declines:
- Businesses below $25M TEV (outside core middle-market focus)
- Asset-only sales (firm focuses on going-concern operating enterprises)
- Founders seeking expedited timelines (6-9 month process is standard)
- Situations requiring multiple advisors or highly fragmented ownership (exclusivity and decision-making clarity are prerequisites)
Geographic Coverage
Forbes Partners maintains active origination and execution capability across the United States, with particular depth in:
- Mountain West (Colorado, Utah, Wyoming—home region)
- Southeast (North Carolina, Georgia, South Carolina—growing platform)
- Midwest and Southwest regions served from Denver hub
Financial Track Record
Senior advisors have collectively advised on $85 billion+ in transaction value. The platform completed 15 transactions in 2024-2025 with an average deal size of $112 million. The firm tracks $15+ billion in cumulative transaction value managed over its 22-year operating history.