Horizon M&A Advisors Research
Advisory Approach
Horizon M&A Advisors is a Silicon Valley-based merger and acquisition advisory firm specializing in the lower middle market, representing business owners with enterprise values between $5 million and $100 million. The firm operates with a thesis-driven approach combining decades of expertise in entrepreneurship, corporate management, engineering, strategic planning, accounting, and finance to deliver exceptional M&A outcomes. Their sweet spot is established businesses in manufacturing, healthcare, construction services, and distribution where operational complexity and industry-specific knowledge are critical to maximizing transaction value.
The firm's core philosophy centers on three principles: exhaustive buyer outreach, transparent communication, and personalized service. Unlike generalist firms, Horizon's team includes former operators and industry specialists who understand the nuances of niche businesses. They pride themselves on a hands-on, client-focused approach—customizing solutions to meet each seller's unique goals while maintaining confidentiality throughout the process.
Sector Focus
Horizon M&A Advisors concentrates on four primary industry verticals with deep transactional experience:
Manufacturing: The firm has completed numerous transactions in precision machining, contract manufacturing, sheet metal fabrication, building materials, and industrial equipment. Notable deals include CNC Machining (Camwood Capital Group), Manufacturing Assembly (Auxo Investment Partners), and Building Materials (RPM International NYSE:RPM). Their manufacturing practice benefits from team members with operational backgrounds.
Construction & Specialty Trades: A core competency area with expertise in HVAC, paving, concrete, electrical, solar EPC, and general contracting. Representative transactions include Air Technologies (Service Logic), Residential HVAC (Bonney Services West), and Paving Contractor. Kris Moe, a Managing Director, specializes specifically in solar and construction services transactions.
Distribution & Logistics: Strong track record in wholesale distribution across food, specialty trades, and industrial supplies. Completed deals include The Danielsen Company (Food Distributor to Gold Star Foods), Specialty Trade Distributor (Deodora Capital), and Wholesale Bakery.
Business Services: Facility services, commercial cleaning, and professional services with several successful exits including Commercial Cleaning Services (Salt Creek Capital) and various B2B service providers.
The firm also maintains active practices in healthcare services, IT services, and software/technology, with recent transactions including Winery Management Software and IT Services businesses.
Deal Track Record
Horizon M&A Advisors has completed 500+ transactions with aggregate deal value exceeding $5 billion. The firm's leadership claims individual track records that contribute to this total: Greg Carpenter, President, has personally closed 300+ transactions over his 30-year career, while Mike Mogin, Managing Director, has managed several hundred transactions over 35 years.
Recent representative transactions from the firm's public deal history include:
Manufacturing Transactions:
- CNC Machining → Camwood Capital Group
- Manufacturing Assembly → Auxo Investment Partners
- Building Materials → RPM International, Inc. (NYSE:RPM)
- Electric Utility Vehicle → Salt Creek Capital
- Industrial Machinery & Equipment → 13i Capital Corporation
- Sheet Metal Shop → Strategic Buyer
Construction & Trades:
- Air Technologies → Service Logic
- Residential HVAC → Bonney Services West, LLC
- Paving Contractor → Strategic Buyer
- A-1 Concrete → US Concrete (NYSE:USCR)
Distribution:
- The Danielsen Company (Food Distributor) → Gold Star Foods, Inc.
- Specialty Trade Distributor → Deodora Capital, LLC
- Wholesale Bakery → Strategic Buyer
Notable Axial Platform Transactions (2023-2025):
- Vantage Vehicle International secured investment from Salt Creek Capital (November 2023)
- Spectrum Semiconductor Materials acquired by anonymous buyer (December 2023)
- Trim Tech Industries and Trim Tech Construction acquired (March 2024)
- Metro Mobile Communications acquired (September 2024)
- Multiple anonymous solar and construction transactions (2024-2025)
Process & Fee Structure
Horizon M&A Advisors follows a structured 9-step sell-side process:
- Benchmark Opinion of Value
- Preparing Your Business for Sale
- Team Building (attorneys, tax advisors)
- Memorandum and Buyer Research
- Marketing Phase 1 (targeted outreach)
- Buyer Screening and Confidentiality
- Marketing Phase 2 (broad process)
- Conducting Due Diligence
- Legal and Closing
Typical engagement structure:
- Retainer: Monthly fee (credited against success fee)
- Success fee: Industry-standard percentage (typically 3-6% on lower middle market deals)
- Process timeline: 6-12 months from engagement to close
- Minimum engagement size: ~$5M TEV
The firm requires exclusivity and focuses on businesses with revenue from $5 million to $100 million. For sub-$5M businesses, they operate as business brokers rather than investment bankers. Their process includes comprehensive quality of earnings preparation, management presentation coaching, and structured data room preparation.
Buyer Network
Horizon maintains active relationships with:
Private Equity Firms: Salt Creek Capital, Auxo Investment Partners, Camwood Capital Group, 13i Capital Corporation, Deodora Capital, CJ Acquisitions. These PE relationships are particularly strong in lower middle market buyouts.
Strategic Buyers: RPM International (NYSE:RPM), US Concrete (NYSE:USCR), Service Logic, Gold Star Foods, Bonney Services West, Anytime Garage Doors, Kar Wash. The firm has extensive experience with strategic acquirers in manufacturing, construction, and distribution.
Other Buyer Types: Family offices, search funds, public companies, private acquirers, and individuals with prior executive experience.
The firm claims 2,000+ buyer relationships in their database, with particular strength in Western U.S.-based buyers and national strategic acquirers in their core industries.
Competitive Positioning
Horizon M&A Advisors differentiates through:
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Operational Expertise: Multiple team members are former operators (Greg Carpenter's background in process controls, Mike Mogin's Fortune 500 operating experience at CBS, Pfizer, Revlon)
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Industry Specialization: Dedicated practices in manufacturing, construction, and distribution with specialists like Kris Moe (solar/construction focus)
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Breadth of Coverage: Unusual ability to serve both lower middle market ($5-20M) and core middle market ($20-100M) with appropriate processes
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Long-tenured Team: Leadership has 30+ years each of M&A experience, reducing turnover risk during long sell-side processes
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Regional Strength: Deep Silicon Valley and California market knowledge with offices in Campbell, CA
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Axial Membership: Active participant on Axial platform since 2013 with 6+ closed transactions on the platform
Not a Fit If
Horizon M&A Advisors typically declines:
- Businesses below $5M TEV (they refer these to business brokers)
- Startups or pre-revenue companies
- Businesses with significant pending litigation
- Pure asset sales (they focus on going-concern enterprises)
- Founders who want to run a limited process (their value is in exhaustive outreach)
- Industries outside their core expertise (highly regulated sectors like biotech, financial services)
Team
Greg Carpenter – President, 30+ years M&A experience, 300+ closed transactions. MBA from Santa Clara University, CM&AP, CBI, M&AMI certifications. Background includes US Air Force finance, executive roles in process controls and security systems. Expert witness in California Superior Court for business valuation.
Mike Mogin – Managing Director, 35+ years experience, several hundred transactions completed. BA Economics from Johns Hopkins University. Former Fortune 500 executive at CBS, Pfizer, and Revlon in corporate development and M&A. Expert witness in business transactions and valuation. Primary focus on manufacturing, wholesale/distribution, and business services up to $100M revenue.
Kris Moe – Managing Director, specializes in solar EPC and construction services. Certified Business Broker (CBB), IBBA member. Focuses on businesses with clean financials and consistent growth. 4-term leadership role in professional associations.
John Mittelstet – Senior Vice President, founder and senior VP with California DRE licensure.
Raymond P. Dowd – Managing Director, focuses on sell-side and buy-side transactions.
Dida Goudreau – CM&AP, CEPA TM certified advisor.
The firm employs approximately 10 professionals across leadership, advisory, and administrative roles. Team members hold credentials from M&A Source, IBBA, and California Association of Business Brokers.
Geographic Coverage
Primary headquarters in Campbell, California (Silicon Valley Bay Area) with active coverage across:
California: San Jose, San Mateo, Larkspur, Los Gatos, Riverside, Half Moon Bay, San Francisco Bay Area, San Diego, Los Angeles, Ventura, Orange County, San Francisco, Palo Alto, Sacramento, Roseville
Other Western States: Reno and Las Vegas (Nevada), Phoenix (Arizona), Eugene and Bend (Oregon)
The firm maintains strong relationships with Western U.S.-based buyers while also working with national strategic acquirers and private equity firms.