Hennepin Partners Research
Advisory Approach
Hennepin Partners is a middle market investment bank founded in 2018 by former Lazard Middle Market Managing Directors who maintained a singular focus on serving the lower and core middle market ($15M-$350M TEV). The firm's thesis is straightforward: clients in the middle market deserve the same quality of advice and senior-level commitment as Fortune 500 companies, but they often cannot access it from larger banking institutions focused on larger transactions. Hennepin Partners operates with boutique-style personalization combined with institutional-quality process management, ensuring senior professionals—not junior analysts—lead every engagement.
The firm's founding team recognized that Lazard's drift toward larger clients created an opportunity to build a dedicated middle market advisory platform. Unlike pyramid-structured banks where junior bankers execute deals under director supervision, Hennepin Partners ties compensation directly to deal success, ensuring senior bankers are personally invested in outcomes. This creates a true partnership dynamic where the advisor's interests align completely with the client's objectives.
Sector Focus
Hennepin Partners maintains active practices across eight primary sectors: Agriculture & AgTech, Business & Industrial Services, Consumer/Food & Retail, Distribution, Energy, Healthcare, Industrial Products, and Software & Technology. Within these sectors, the firm has developed exceptional depth through sector-specific teams led by Managing Directors with 10-35+ years of industry experience.
The Industrial Products practice, led by Steve Beck (30+ years), focuses on precision manufacturing, engineered products, building products, and industrial services—areas where operational complexity creates valuation opacity. This team has particular expertise in manufacturer-to-PE transitions and cross-border acquisitions. The Software & Technology practice, anchored by Jim Clancy, Anders Olson, and Paul Vander Vort (each 10-25+ years), concentrates on vertical SaaS, legal tech, HR tech, govtech, InsurTech, and FamTech—segments where software founders need deep category expertise during growth transactions.
The Agriculture & AgTech vertical, led by Matthew Fitzmaurice (35+ years of investment banking and farm-level experience), combines deep agronomic knowledge with M&A expertise. The Consumer & Business Services group (Jamie Frommelt, Kevin Janicki, Chad Starman) advises on distribution, retail, food/beverage, and business services—sectors where brand and operations drive valuation.
Specialty materials and chemicals (Chris Geyer's practice) focuses on engineered materials, adhesives, coatings, and specialty chemicals suppliers where intellectual property and customer concentration matter significantly.
Deal Track Record
Hennepin Partners has completed 197 total transactions—182 M&A deals and 15 funding rounds—with aggregate transaction value exceeding $50 billion. Recent activity demonstrates consistent execution across diverse sectors and deal structures:
2026 Activity (YTD):
- Advised Printware on acquisition by Pillsman Partners and Peninsula Capital Partners (digital inkjet printing manufacturer)
- Advised H3 Manufacturing Group on sale to Rock Gate Partners and Ironwood Capital
- Advised Watershield Industries on acquisition by HKW (industrial equipment)
- Advised The Berg Group on sale to Kava Equity Partners (construction/industrial)
2025 Activity:
- Advised U.S. Compliance Corporation on acquisition of OECS (EHS software)
- Advised U.S. Compliance Corporation on acquisition of Hellman & Associates (compliance)
2024 Activity:
- Advised Atomic Data and Foundation Technologies on recapitalization with Dubin Clark (IT services/infrastructure)
- Advised American Alloy on investment by Blue Sage Capital (specialty alloys)
- Advised Wolf-Gordon on sale to Saw Mill Capital (building products/wallcoverings)
- Advised Exacto on growth investment from S2G Ventures and Skyline Global Partners (agricultural innovation)
2023 Activity:
- Advised Elgin Fastener Group on sale to MW Industries (specialty fasteners, PE-backed)
- Advised Valley Minerals on acquisition by Mississippi Lime Company (industrial minerals)
- Advised New Age Cryo on sale (industrial equipment, May 2023)
- Advised Bevolution Group on sale to Highlander Partners (beverage solutions, Nov 2023)
- Advised U.S. Compliance on sale to Susquehanna Private Capital (EHS compliance)
Representative Prior Deals:
- Barr GeoSpatial Solutions (portfolio company of 24/6 Capital) → PNC Riverarch
- Frontline Public Safety Solutions → Vector Solutions (Genstar Capital/Insight Partners)
- Tile Redi Holdings → Mayfair Capital/Oxford Financial (building products/shower systems)
- Peak Toolworks → Diamond Blade Warehouse
- Arrow Acquisition → All States Ag Parts
- Quickcharge (M.M. Hayes Company division) → Transact
- HB&G Building Products → Marwin Company
- Elliott Equipment (truck-mounted platforms) → undisclosed buyer
- Cornerstone Foodservice Group (ShoreView portfolio) → CFS Holdings
- Standard Locknut (Dunes Point Capital portfolio) → Industrial Group Holdings
- Various real estate, infrastructure, and specialty chemicals transactions
Deal sizes range from $15M to $100M+ TEV, with a concentration in the $25M-$75M range. The firm advises sell-side (primary focus), buy-side, and recapitalizations. The buyer base includes strategic acquirers (Fortune 500s, mid-market manufacturers, distribution companies), private equity (Audax, Genstar, Riverside, American Securities, Dubin Clark, PNC Riverarch, Blue Sage Capital, Kava Equity, Highlander, Mayfair Capital, Susquehanna Private Capital), family offices, and management teams (ESOPs, MBOs, secondary sales).
Process & Fee Structure
Hennepin Partners runs institutional-quality sell-side processes. Standard engagement structure:
- Retainer: Typically $10K-$25K/month, credited against success fee
- Success Fee: Modified Lehman formula (most common in lower middle market)
- Exclusive engagement: Required
- Process Timeline: 6-9 months from engagement to close
- Buyer Outreach: Comprehensive strategic and PE buyer marketing
The firm's process includes confidential information memorandum preparation, management presentation coaching, data room organization, buyer identification and targeting, negotiation management, and transaction structuring advice. Senior professionals are hands-on throughout; deals are not handed off to junior bankers.
Minimum engagement size is typically $10M-$15M TEV; the firm will decline smaller transactions. Terms below $10M are considered inefficient given the quality and scope of process Hennepin Partners implements.
Buyer Network
Hennepin Partners maintains relationships with 1,000+ institutional buyers (PE firms, strategics, family offices, management teams). Recent deal activity reveals particular strength with:
Private Equity Relationships: Audax Group, Genstar Capital, Riverside Company, American Securities, Dubin Clark, PNC Riverarch, Blue Sage Capital, Kava Equity Partners, Highlander Partners, Mayfair Capital, Susquehanna Private Capital, Insight Partners, Silver Peak Partners, Peninsula Capital Partners, Pillsman Partners, Rock Gate Partners, Ironwood Capital, and many regional/middle-market PE firms.
Strategic Buyer Access: Fortune 500 industrials (Milwaukee Electric, Snap-on, others), European and Japanese manufacturers, North American distributors, software aggregators, and vertical SaaS platforms.
Portfolio Performance: Deal analysis from 2023-2026 shows approximately 60-70% PE buyers, 25-30% strategic acquirers, and 5% other financial buyers. International buyers appear in ~10% of recent transactions.
The firm's strength is not in proprietary relationships with mega-funds, but in its ability to access the right buyer for each seller's situation—whether that's a lower-middle-market PE firm with specific sector expertise, a strategic buyer needing inorganic growth, or a management team seeking an ESOP.
Competitive Positioning
Hennepin Partners differentiates through:
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Senior Commitment: Managing Directors lead every deal, not analysts. This is non-negotiable and creates a fundamental difference from larger banks' processes.
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Founder Heritage: The founding team came from Lazard Middle Market and maintained conviction in the middle market segment when Lazard didn't. This creates genuine empathy for founder and entrepreneur challenges—the team has lived the middle market.
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Sector Depth: MDs with 15-35+ years in specific sectors. Steve Beck's 30+ years in industrials, Matthew Fitzmaurice's 35+ years in agriculture, Jim Clancy's 25+ years in software—this expertise makes a difference in valuation and process execution.
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Global Capability: Cross-border M&A experience through the Lazard network. Recently advised on deals involving European and Japanese buyers, UK and Canadian operations.
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Boutique Speed: Smaller team means faster decisions, more flexibility in deal structure, willingness to be creative where larger banks are rigid.
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Aligned Compensation: Team compensation tied directly to deal success. This creates natural incentive alignment.
Not a Fit If
Hennepin Partners typically declines:
- Transactions below $10M TEV (inefficient process-to-value ratio)
- Asset sales or liquidations
- Distressed or turnaround situations
- Owners unwilling to commit to exclusive process
- Businesses with material legal, regulatory, or environmental liabilities
- Quick flip requirements (firm's process requires 6-9 months)
Team
The firm has approximately 50+ professionals across investment bankers, directors, analysts, and administrative staff. The team is organized by sector with Managing Directors serving as partners. Key leaders:
Industrial & Engineered Products: Steve Beck (MD, 30+ yrs), Jared Rance (MD, 15+ yrs), Neil Weinstein (MD, 20+ yrs), R.B. Kiernat (MD, 25+ yrs)
Software & Technology: Jim Clancy (MD, 25+ yrs), Anders Olson (MD, 10+ yrs), Paul Vander Vort (MD, 25+ yrs), Matthew Riendeau (MD, 15+ yrs)
Agriculture/Food/Materials: Matthew Fitzmaurice (MD, 35+ yrs), Chris Geyer (MD, 15+ yrs), Jeff Peterka (MD, 10+ yrs)
Consumer, Retail, Distribution, Business Services: Jamie Frommelt (MD, 25+ yrs), Kevin Janicki (MD, 20+ yrs), Chad Starman (MD, 20+ yrs)
Director-level professionals (5-10+ years experience): Zach Creighton, Paul Elbow, and others focus on sector-specific execution and analyst management.
Recent Activity & Momentum
The firm demonstrates consistent deal velocity—multiple closings per quarter across diverse sectors in 2024-2026. The software and technology practice has closed four deals in 2025 alone, suggesting strong market position in this growing vertical. Agricultural/AgTech transactions continue with Exacto and other clients, reflecting deep relationships in this sector.
The ability to execute both sponsor-backed recapitalizations (Atomic Data in 2024) and strategic sales (Watershield to HKW in 2026) indicates flexibility and market access across buyer types.
Geographic Coverage
Hennepin Partners is headquartered in Minneapolis but operates nationally. Recent transactions span the full US (Illinois, North Carolina, Texas, Indiana, Missouri, New York, Colorado, California, etc.) plus international activity (Canada, Europe). The firm maintains relationships sufficient to advise transactions anywhere in North America and Europe, despite the Minneapolis base.
Financial Positioning
The firm was founded on conviction that the middle market deserves world-class advisory. Founded in 2018 by experienced Lazard veterans, the firm avoided the venture-backed bloat that affects some newer platforms. The focused model—50-60 person team, $50B+ in cumulative transaction value, 197 completed deals—suggests a sustainable, profitable boutique platform that has proven its business model over 7+ years.