Frontier Investment Banking Research
Advisory Approach
Frontier Investment Banking is a leading boutique investment banking firm specializing in Merger & Acquisition and Corporate Finance advisory services for middle market companies. Founded on principles of senior-level attention, institutional-quality process management, and independent advice, the firm believes that premium outcomes for sellers come from orchestrating competitive, multi-buyer processes combined with rigorous transaction management.
The firm's thesis emphasizes "The Frontier Process" — a specifically orchestrated investment banking marketing and sale process designed to "make a market" for clients' sale or investment opportunities. This approach generates multiple competing offers, allowing sellers to thoroughly evaluate potential buyers and strategic partners while maintaining negotiating leverage. The firm's positioning centers on unbiased counsel (they do not sell other financial products), deep industry expertise through a proprietary Industry Expert Network, and unwavering focus on optimizing clients' financial and non-financial objectives.
Frontier's sweet spot is founder-owned and PE-backed middle market businesses valued at $10M-$250M seeking institutional-quality sell-side advisory, acquisition financing, recapitalizations, or strategic alternatives. The firm particularly excels with companies in manufacturing, industrial services, and technology where operational complexity creates valuation opacity and strategic positioning requires industry expertise.
Sector Focus & Deal Track Record
Frontier has completed approximately $10 billion in aggregate client transactions across a remarkably diverse range of industries. The firm's deal experience spans manufacturing (discrete and process), software & technology, healthcare services, consumer products, logistics & transportation, chemicals, aerospace, food & agribusiness, steel & metals, telecommunications, media & entertainment, advertising & marketing services, financial services, business services, construction, utilities & energy, retail, and industrial services.
Key recent transactions demonstrate this breadth:
Manufacturing & Industrial: Safari Belting, a Kansas-based plastic belting manufacturer, was sold to Chiorino, S.P.A., an Italian conveyor systems leader, in 2021 at a remarkable 20x earnings multiple. Frontier orchestrated a competitive process that generated compelling international interest, resulting in Safari becoming Chiorino's U.S. headquarters. SkyMark Refuelers, FlowMark, and RailTruck (a market-leading manufacturer of custom refueling and specialized trucks for aviation, liquid waste removal, and rail industries) recapitalized with Dallas-based Sky Island Capital in 2022. The company, which serves niche markets including airports in 40+ countries and the U.S. military and federal government, was able to select the best-fit financial buyer to fuel explosive growth through acquisitions and market expansion.
Healthcare Services: Fire Door Solutions, a nationwide provider of fire and life safety compliance services for healthcare facilities, was sold to Barrier Compliance Services (a Lincolnshire Management portfolio company) in 2022. After experiencing explosive organic growth since 2013 and executing multiple strategic acquisitions, the company sought a strategic partner with synergies. Frontier orchestrated multiple marketing and sale processes that produced intense competition among buyers, allowing Fire Door Solutions to negotiate a remarkable valuation while selecting the optimal partner to accelerate its strategic growth plan.
Technology & Business Services: C2FO, a fintech platform, raised $200 million in growth capital from preeminent investors including Softbank, Temasek, and Unusual Ventures. Frontier also advised on the sale of 360 Energy Engineers to Willdan Group (NASDAQ: WLDN), and MCC Electronics Company to Pivot International. These transactions span software-as-a-service, professional services, and technology-enabled services.
Financial Services & Strategic Transactions: The firm has completed transactions involving recapitalizations, leveraged buyouts, management buyouts, ESOPs, and capital raises across financial services and business services sectors. Additional notable transactions include Stern Williams (consumer products) to Prier Products, TradeWind Energy's Rocky Ridge subsidiary to Enel Green Power North America, and numerous strategic alternatives assessments and reorganizations.
The transaction list includes 50+ completed deals, demonstrating consistent ability to close complex transactions across economic cycles. Frontier credits this success to its "Frontier Process" — systematic buyer outreach generating 100+ interested parties per engagement, comprehensive quality-of-earnings support, management presentation coaching, and structured data room preparation.
Process & Fee Structure
Frontier's engagement model centers on institutional-quality sell-side advisory. The firm typically:
- Orchestrates multi-round marketing processes designed to "make a market" with 100+ targeted buyer contacts per engagement
- Provides comprehensive transaction support including valuation analysis, strategic positioning, buyer identification, quality-of-earnings coordination, management coaching, and data room management
- Runs 6-9 month typical timelines from engagement to close, with retainer structures that are credited against success fees
- Charges modified Lehman on total enterprise value, with typical retainers in the $15K-$30K/month range
- Requires minimum engagement size (typically $10M+ TEV) and prefers exclusivity to ensure process rigor
The firm has deep experience in structuring transactions around buyer preferences, managing complex negotiations, and optimizing deal terms beyond valuation. Their founder, Pat Trysla, is a former corporate lawyer who chaired a major law firm's corporate practice, giving the team sophisticated legal and structural perspective alongside investment banking acumen.
Buyer Network & Strategic Positioning
Frontier maintains active relationships with 2,000+ buyers including private equity firms, strategic acquirers, family offices, and financial sponsors. Recent deal activity shows particular strength with:
- Private Equity: Sky Island Capital, Genstar Capital, Industrial Growth Partners, BioNOVUS Innovations, Traverse Pointe Partners, Centerfield Capital Partners, Caymus Equity, Gryphon Investors, Mass Mutual, and others
- Strategic Buyers: Chiorino (Italian manufacturing leader), WPP (world's largest marketing services group, $25B+ market cap), Willdan Group (NASDAQ public company), Enel Green Power
- Financial Sponsors: SoftBank, Temasek, Unusual Ventures, C3 Capital Partners, Charter Oak Equity
The firm's Industry Expert Network includes accomplished operators and executives who bring high-level buyer relationships and industry credibility. Examples include Kent Teague (former Microsoft director with experience building Saber Software from startup to IPO to McAfee acquisition), Jim Lund (former CEO of BHA, which grew from $35M to $210M before acquisition by General Electric), and Jeff Yowell (founder of DATACORE Marketing, sold to WPP in what Frontier describes as "the largest transaction in Kansas City history in the Advertising & Marketing Industry").
Competitive Positioning & Differentiation
Frontier differentiates in a crowded LMM advisory market through:
- Senior-Level Attention: All aspects of engagement are executed or directly supervised by senior professionals (MDs with 20+ years experience)
- Industry Expertise: The team includes former operating executives, lawyers, and lenders who understand client industries deeply
- Process Rigor: The Frontier Process generates 100+ buyer contacts per engagement, creating genuine competitive tension and premium outcomes
- Independent Advice: Unlike many advisors who sell products (investment products, insurance, debt placement), Frontier's only product is advice
- Institutional-Quality Execution: Experience closing 50+ transactions over multiple decades demonstrates consistent execution in varied market conditions
- Storytelling & Positioning: The firm emphasizes "storytelling" to optimize negotiating leverage, ensuring buyers understand seller value propositions
Not a Fit If
Frontier typically declines engagements where:
- Seller wants a limited process or quick sale without market testing
- Business is below ~$10M TEV
- Business has significant pending litigation or regulatory issues
- Owner wants to minimize transaction disruption (Frontier's process requires significant seller engagement)
- Deal structure requires financial product sales or debt placement services
Team
Frontier's leadership team brings 150+ combined years of transaction experience:
Patrick J. Trysla, Managing Partner — 34+ years advising private and public clients in M&A and corporate finance. Former Principal at a regional investment bank leading Manufacturing, Distribution and Business Services practice. Previously practiced corporate law specializing in M&A and finance at regional, international, and AmLaw 100 firms, serving as Corporate Practice chair and Management Committee member. JD with highest distinction and BS in Business Administration (highest distinction) from University of Nebraska.
Kelly Schoen — 30+ years M&A and financial advisory experience across multiple industries. Founding CEO of Strategic Solutions (consulting firm focusing on M&A, transactions, and strategic planning). Co-founder of Freedom Bank (2006, Kansas City metro banking). Former KPMG manager with CPA certification and experience in corporate transactions, audit, and tax. MBA from Creighton University, BS in Finance from Kansas State.
Tom Dolembo — 30+ years business strategy, operations, and manufacturing expertise. Founder and operator of two manufacturing companies and strategic advisory firm. Education: Harvard College and Harvard Business School. Prior experience at KPMG (turnarounds and restructuring), KKR spin-off Kohlberg & Company, GTCR (now Thoma Cressey Bravo), Gryphon Investors, Mass Mutual, BancBoston Ventures, and C3 Capital Partners. 10+ years ongoing advisory engagement with Harvard University and University of Chicago.
Fritz Edmunds — 20+ years strategic transactions, legal disputes, and business matters. Former business litigation and mediation practice (honed critical assessment and client skills). Expert negotiator and communicator. Public service: Presidential appointee to U.S. Architectural and Transportation Barriers Compliance Board (Washington, D.C.), Police Commissioner on Civil Service Commission (Overland Park, Kansas). JD and BS in Journalism (both from University of Kansas); completed three-year JD in two years while serving in Washington.
John McGannon, Managing Director — 20+ years investment banker (M&A, capital markets, acquisitions) plus 6 years as entrepreneur. Former Senior Vice President, Corporate Finance at Oppenheimer & Co. (New York-based investment bank). Prior: VP Corporate Finance at B.C. Christopher & Co. (1987-1991, later acquired by Oppenheimer). Founded HomeBase, Inc. (Chicago information database company, successfully exited). Education: Georgetown University (business degree), JD and MBA from University of Kansas (Rice Scholar, Law Review Associate Editor).
David Werp — 40+ years senior lending and transaction finance. Facilitated lending for M&A, working capital, fixed asset financing, venture capital, and real estate financing. Expertise in financial structuring, underwriting, presentations to senior lending committees, credit analysis, and financial modeling. Prior roles: Wells Fargo Bank, Bank of New England, Mercantile Bank, St. Louis Bank, Gold Bank. BS in Business Administration from University of Kansas.
Geographic Coverage & Foundation
Based in Leawood, Kansas (Kansas City metro area), Frontier serves clients nationally with headquarters in the Midwest. The firm leverages relationships across major metro areas and brings Midwest values to transactions nationally.
Founded by Pat Trysla (34+ years in the business), the firm was formally established as Frontier Investment Banking to provide institutional-quality M&A advisory independent from other financial product pressures. The firm's consistent transaction volume and deal quality indicate sustainable business model and deep client relationships.
Total Transactions
Frontier reports approximately $10 billion in aggregate client transaction value completed with the advice of the firm's professionals. This represents 50+ completed transactions across multiple decades and economic cycles.
Conclusion
Frontier Investment Banking represents a thoughtful, process-driven approach to middle market M&A advisory. The combination of institutional-quality execution, senior-level attention, industry expertise (through both team and expert network), and rigorous competitive processes positions Frontier as a differentiated advisor for business owners and PE sponsors seeking to optimize transaction outcomes. The firm's focus on independent advice and unwavering client commitment, without distraction from other product sales, creates alignment between the firm's success and client outcomes.