Fulham Partners Research
Advisory Approach and Firm Overview
Fulham Partners is a lower-middle market M&A advisory and corporate finance firm founded in 2008 by Chester C. Burley, IV, based in Scottsdale, Arizona. In October 2023, Fulham Partners strategically merged with Dragonfly Capital, a Charlotte-based investment banking firm founded in 2000, to create a comprehensive financial services platform operating from multiple locations including Charlotte, North Carolina; Charleston, South Carolina; Scottsdale, Arizona; and New York City. The combined firm brings together over 60+ years of collective investment banking and capital markets experience.
The firm's core philosophy centers on providing institutional-quality advisory services to lower-middle market business owners and management teams seeking liquidity, growth capital, or operational transformation. Fulham Partners specializes in serving private companies with revenues between $10 million and $150 million and EBITDA of $2 million or greater.
As a FINRA and SIPC member broker-dealer (CRD# 125199, SEC# 8-65772), the firm operates with full regulatory oversight and maintains a clean compliance record with zero disciplinary disclosures.
Sector and Industry Focus
Fulham Partners/Dragonfly Capital has built deep expertise across diverse lower-middle market sectors:
Healthcare Services — The firm boasts over 30 years of specialized experience in healthcare services, particularly in the ophthalmology sector. The team understands physician practice consolidation, PE-backed platform companies, and healthcare M&A regulatory landscape. They advise both selling physicians and PE buyers seeking ophthalmology platforms, plus broader healthcare services including surgery centers and physician practice management.
Manufacturing and Industrial Services — Precision machining, contract manufacturing, specialty chemicals, and industrial services. The team understands operational complexity, supply chains, and the substantial buyer universe.
Business Services — Staffing, professional services, distribution, logistics, and outsourced operational services firms.
Energy and Environmental Services — Companies in conventional energy, renewable energy, and environmental services sectors.
Technology-Enabled Services — SaaS, industrial software, manufacturing execution systems, IT services, and cloud platforms.
Aerospace and Defense — Transactions within this highly regulated, quality-conscious sector.
Building Products and Construction — Manufacturers and service providers to construction industry.
Food, Beverage, and Restaurant Services — Food processing, beverage manufacturing, specialty foods.
Advisory Profile and Transaction Expertise
Thesis: Professional advisory partnerships combining institutional-quality process management, genuine buyer relationships, and specialized sector knowledge produce substantially better valuations and outcomes for business owners than generalist advisors.
Sweet Spot: Founder-owned or management-controlled private companies with $10M-$150M revenue, $2M+ EBITDA, in established industries with defensible market positions. Ideal candidates have achieved operational stability and cash generation but lack access to sophisticated financial advisory.
Process Philosophy: Institutional-quality M&A processes balancing seller convenience with buyer engagement. Rather than limiting buyer access, comprehensive outreach to targeted universe of strategic and financial buyers produces better valuations. Process typically includes comprehensive valuation analysis, focused buyer identification, professional marketing materials, structured data rooms, management presentation coaching, and multi-month timeline (6-12 months) for optimal buyer engagement.
Not a Fit If: Pure asset sales, businesses with significant litigation risk, transactions below $10M TEV, or sellers demanding compressed transaction timelines.
Deal Types and Transaction Approach
Sell-Side M&A — Primary focus. Running exclusive/semi-exclusive sale process, identifying qualified buyers, maximizing valuation and post-transaction economics. Substantial experience with add-on acquisitions to PE-backed platform companies.
Leveraged Recapitalization — Partial exits where selling owners retain equity alongside incoming financial buyers. Allows founders to monetize portion of value while maintaining involvement and upside.
Buy-Side Advisory — Advising financial sponsors on acquisition opportunities, seller outreach, valuation, and structuring.
Growth Capital Sourcing — Debt and equity capital raises for growth, expansion, or operational improvements.
Buyer Network and Relationships
Private Equity Relationships — Active relationships with dozens of lower and core middle-market PE firms across healthcare, industrial, technology, consumer, and business services. Network includes regional PE firms, lower-middle market specialists, and sector-focused investment groups.
Strategic Acquirers — Fortune 500 industrials, regional manufacturing groups, healthcare systems, and industry consolidators seeking bolt-on acquisitions or market entry.
Family Offices — High-net-worth families and multi-generational offices seeking add-on acquisitions or platform investments.
Sovereign Wealth and Institutional Investors — Through team member Chester Burley's Wall Street experience, relationships with GIC (Singapore sovereign wealth fund) and institutional capital sources.
Competitive Positioning
Fulham Partners differentiates through: (1) Sector expertise with 30+ years healthcare/ophthalmology, manufacturing, and industrial relationships; (2) Founder-led leadership actively involved in transactions; (3) Geographic expansion post-merger providing national footprint; (4) Institutional process + boutique service; (5) Full FINRA standing with zero compliance violations; (6) Combined platform capabilities including principal investing.
Team Composition and Experience
Chester C. Burley, IV — Managing Director 30+ years investment banking and capital markets. Founder of Fulham Partners. Previously Director of US Institutional Equity at Royal Bank of Canada and SG Cowen Securities, where he established relationships with top-tier institutional investors including GIC, Singapore's sovereign wealth fund. BA Political Science & Government, College of Charleston; Financial Statement Analysis & Accounting, Wharton Executive Education. Unique background combining Wall Street institutional experience with founder-led lower-middle market advisory.
Don W. Millen, Jr. — Managing Director, Co-Founder 30+ years advising and investing in high-growth private and public companies. Co-founder of Dragonfly Capital in 2000. Previously at Bowles Hollowell Conner (Charlotte M&A boutique) and Donaldson Lufkin & Jenrette (New York) advising PE sponsors and management teams. Tax Manager at Arthur Andersen Atlanta, providing strong accounting and tax structuring expertise. BA Economics and Master of Accounting from UNC Chapel Hill; MBA from Wharton.
Rene' Matthews-Usher — Manager, Registered Principal, Co-Founder 20+ years venture capital and investment banking. Co-founder of Dragonfly Capital. Previously Director of Private Equity at Marion Bass Securities, where she started and managed the PE investment group (1994). Economic forecasting and financial research background. BS Accounting from Mercer University; Master of Finance from Georgia State University; Chartered Financial Analyst (CFA). Brings institutional investment discipline.
Management team supplemented by additional investment banking professionals including Randy Snyder and Jonathan Nance, bringing sector and deal expertise.
Fee Structure and Engagement Terms
Sell-Side Advisory: Retainer + success fee basis, with success fees structured as 1-2% of transaction enterprise value or proceeds.
Equity Recaps: Similar to sell-side, success fee-based with potential earnout arrangements.
Buy-Side Advisory: Fixed fee or retainer basis, with success components.
Capital Sourcing: Fee or retainer-based depending on complexity.
Minimum engagement sizes align with firm's sweet spot ($10M+ TEV). Exclusive or semi-exclusive arrangements required for sell-side mandates.
Geographic Coverage and Operations
Charlotte, North Carolina — Corporate headquarters for Dragonfly Capital side
Charleston, South Carolina — Office opened 2021, serves Carolinas region
Scottsdale, Arizona — Original Fulham Partners base, serves Western region
New York City — Office for institutional and larger transactions
Multi-location footprint enables service across North America with local market relationships and regulatory compliance.
Merger Rationale and Platform Evolution
October 2023 merger created strategic complementarities: Geographic expansion (Fulham's Arizona + Dragonfly's Southeast = national footprint); Sector expertise consolidation (combined 50+ years with healthcare specialization); Leadership bench strength (founder-entrepreneurs provide redundancy); Platform capabilities (Dragonfly's principal investing + Fulham's advisory).
Institutional Strengths
- Founder-led management actively involved in transactions
- Long operating history (Fulham 2008, Dragonfly 2000 = 18+ and 25+ years)
- Specialized sector knowledge (healthcare, ophthalmology, manufacturing)
- FINRA broker-dealer with zero compliance violations
- Institutional process with boutique service delivery
- National footprint with local market relationships
- Institutional relationships through team connections (GIC, etc.)
Summary
Fulham Partners/Dragonfly Capital Partners represents a focused, specialized M&A advisory platform serving lower-middle market business owners. Combines institutional transaction expertise with founder-friendly service delivery, sector specialization (particularly healthcare), and genuine buyer relationships. Merged entity brings 60+ years combined investment banking experience, operates from four US cities, maintains FINRA broker-dealer credentials and zero regulatory violations. For business owners with $10M-$150M revenue seeking professional M&A advisory, Fulham Partners offers balance of institutional rigor and founder-centered advisory partnership.