Carter Morse & Goodrich Research
Carter Morse & Goodrich is a specialized M&A advisory boutique with nearly four decades of focused investment banking experience in representing founder-led and family-held middle-market businesses. The firm's core thesis is that founder and family owners deserve independent, client-focused advice from senior bankers who deeply understand the unique dynamics of closely-held enterprises—the operational complexity, the emotional legacies, and the critical importance of maximizing shareholder value while preserving family values.
CMG's approach centers on delivering "hands-on senior banker attention" combined with rigorous transaction discipline. Rather than relying on junior bankers and processed workflows, CMG's engagement model places Managing Partners and senior directors directly on client transactions. This is evidenced by the firm's policy of maintaining deep, multi-year advisory relationships (exemplified by the 30-year relationship with the Unger family, advising on both their 1995 acquisition and 2025 sale to BISSELL).
The firm's strategic positioning emphasizes institutional-quality sell-side processes with exhaustive buyer outreach, rigorous quality of earnings support, management presentation coaching, and structured data room preparation. CMG operates with discipline around deal sizing and engagement parameters—the firm is explicit about its sweet spot ($25M-$250M enterprise value) and declines transactions that don't fit its core model.
Sector Focus
CMG maintains active M&A practices across six primary industry verticals, with particular depth in manufacturing, HVAC/business services, consumer products, and healthcare. Within manufacturing, the firm has demonstrated expertise across both discrete manufacturing (precision machining, metal fabrication, contract manufacturing) and process manufacturing (specialty chemicals, coatings, adhesives, building products).
Recent deals exemplify this breadth: National Integrated Industries (Jan 2026)—electroplating and injection molding provider sale to Sumco/Industrial Manufacturing Group. Founded 1950, this transaction demonstrates CMG's ability to execute complex, multigenerational family-owned manufacturing sales. Goodway Technologies (2023-2024)—carveout and sale of SpeedClean and BBJ Environmental product lines to DiversiTech (Permira). SpeedClean manufactures HVAC/R cleaning equipment.
The firm has built a specialized HVAC/commercial services practice, led by Managing Director Christopher Reenock. Recent HVAC activity includes exclusive representation of a 70-year-old, multi-generation family-owned commercial HVAC services company (100-vehicle fleet) on strategic sale to Fortune 1000 global HVAC corporation (Nov 2024). This deal showcases CMG's ability to match family businesses with buyers aligned on legacy preservation.
CMG maintains active practices in consumer products and retail (Unger Enterprises sale to BISSELL, Mar 2025—cleaning solutions), healthcare services (Med Learning Group recapitalization with DW Healthcare Partners, Dec 2022—CME provider), and specialized services. The firm's consumer practice is led by recently hired Managing Director Peter Costa.
Within manufacturing, the firm has executed numerous recapitalizations alongside institutional PE investors (Trivest Partners, Lincolnshire Management, CORE Industrial Partners, Iron Creek Partners), demonstrating strong lower middle market PE relationships.
Deal Track Record
CMG has completed over 100 transactions, with approximately 53 tracked on Axial. The firm is a founding AICA member (Alliance of International Corporate Advisors) since 2009, a network of 41 boutique investment banks across 39 countries.
Recent transactions (2025-2026): National Integrated Industries sale to Sumco/IMG (Jan 2026), Unger Enterprises sale to BISSELL (Mar 2025), Optimum Building Systems sale to Wall Works (May 2025), HVAC Commercial Services Co. sale to Fortune 1000 strategic (Nov 2024).
Healthcare & Services: Med Learning Group recapitalization with DW Healthcare Partners (Dec 2022), OPUS Health sale to Dendrite (2006).
Recapitalizations: Barrier Companies with Lincolnshire Management (2021 PE Deal of the Year), AG Adjustments with Trivest Partners (Jun 2019), GEM Manufacturing with CORE Industrial Partners (Feb 2023), Career TEAM with Iron Creek and Main Street Capital (Jan 2022).
The firm targets founder and family business owners pursuing their "once-in-a-lifetime" transaction, maintaining multi-decade advisory relationships.
Process & Fee Structure
CMG operates institutional sell-side processes designed to maximize buyer optionality and competitive tension. Typical engagement includes exclusive advisory with senior banker attention throughout, comprehensive buyer canvassing (100+ targeted buyers), quality of earnings coordination, management presentation coaching, data room structuring. Typical timeline: 6-9 months from engagement to close.
The firm manages transaction execution through FINRA-registered broker-dealer affiliate Carter Capital Corporation (CRD# 23521), enabling seamless securities offerings and capital raises in recapitalizations and growth equity transactions.
CMG explicitly targets deal sizes between $25M-$250M TEV and declines engagements below this range.
Buyer Network
CMG maintains extensive network of institutional PE investors and strategic acquirers. Named PE relationships: Trivest Partners, Lincolnshire Management, CORE Industrial Partners, Iron Creek Partners, Main Street Capital, DW Healthcare Partners, Permira. Strategic relationships with Fortune 1000 acquirers evidenced by recent transactions.
International reach via AICA membership (39 countries, 41 boutique firms) enables cross-border support and European buyer access.
Competitive Positioning
CMG differentiates through: (1) Senior Banker Model—Managing Partners and senior directors staff all transactions, not junior associates; (2) Specialized Expertise by Industry—deep subject matter expertise in manufacturing, HVAC, consumer, healthcare with dedicated vertical leads; (3) Multi-Generational Family Business Understanding—emphasis on family dynamics, legacy preservation, "once-in-a-lifetime" exits (evidenced by 30-year Unger family relationship); (4) Process Discipline & Buyer Outreach—institutional process rigor with 100+ buyer canvassing; (5) Institutional Networks—AICA membership and explicit PE relationships; (6) Transaction Execution Capability—FINRA registration enables in-house securities offerings and capital structures.
Not a Fit If
CMG likely declines businesses below $25M TEV, pure asset sales, distressed operations, or founder groups unwilling to commit to disciplined, multi-month buyer outreach.
Geographic Coverage
Two offices: Southport, Connecticut (headquarters) and Providence, Rhode Island, with US-wide and international capability via AICA network.