IBG/Bluestem Research
Advisory Approach
IBG/Bluestem is a national M&A advisory firm with nearly 40 years of experience serving privately held middle-market companies. The firm operates with a clear thesis: the sale of a business is more than a financial transaction—it is the culmination of an owner's hard work, vision, and legacy. IBG believes that exhaustive buyer outreach combined with institutional-quality process management delivers optimal outcomes for sellers.
The firm was founded by former business owners who have "walked in the shoes" of their clients, creating a culture of empathy and practical understanding. Their sweet spot is founder-owned and family-owned businesses with enterprise values between $1 million and $100 million, though they have completed transactions above this range.
IBG differentiates through its exceptional closing rate of 86%, compared to the national average of 11-25% for business brokers. This success stems from their "deal-tested process" and the fact that all founding partners are former business owners with deep operational experience.
Sector Focus
IBG/Bluestem offers broad industry expertise across multiple major sectors:
Manufacturing: Precision machining, contract manufacturing, aerospace parts, flow control, food products, glass products and ceramics, industrial machinery, electrical equipment, medical devices, specialty metal fabrication, and spring manufacturing. The firm has completed numerous manufacturing transactions, including the 2024 sale of Gardner Spring (Tulsa-based manufacturer since 1907) to Vulcan Spring & Manufacturing.
Energy & Utilities: Deep expertise in propane distribution, heating oil distribution, petroleum fuel distribution, lubricant distribution, convenience stores, pipeline and rail terminals, trading IT and systems, equipment manufacturing and distribution, and oilfield services. This is a core strength area, particularly through the Bluestem office with leadership from energy industry veterans.
Technology: IT consulting, systems integration, data processing and hosting, software publishing, broadband services, computer programming, and ERP software. Recent transactions include DPG Solutions (IT consulting) sold to Evergreen Services Group in 2025.
Business Services: Payroll services, publishing, IT services, data processing, building/property maintenance, landscaping, business training, and consulting.
Healthcare Services: Healthcare consulting, medical equipment distribution, medical imaging, medical device manufacturing, and medical service providers. The firm advised Crestline Advisors (healthcare consulting) in its sale to Health Management Associates in 2023.
Retail & E-commerce: Gas stations, convenience stores, specialty food shops, tire stores, lumber and building material centers, and automotive services. Recent transaction: Peerless Tyre Co. sold to Gills Point S Tire & Auto Service in 2025.
Transportation & Fleet: Understanding of highly regulated transportation industry with federal, state, and local requirements.
Distribution & Logistics: Auto parts, building materials, chemicals, commercial equipment, electrical equipment, and machinery wholesale distribution.
Construction & Engineering: Oil and gas pipeline construction, highway/street/bridge construction, building materials, and structural steel.
Environmental Services: Including the cross-border sale of Tetranex Solutions (Calgary, Alberta) to Englobe in 2026.
Deal Track Record
IBG/Bluestem has completed over 1,200 transactions involving more than 1,200 businesses, with an 86% closing rate—more than three times the national average. Key recent transactions include:
- Peerless Tyre Co. (dba Peerless Tires 4 Less) sold to Gills Point S Tire & Auto Service (2025), enabling the buyer to expand to 121 store locations across 17 states
- DPG Solutions, LLC (IT consulting and systems integration) sold to Evergreen Services Group (2025)
- Hastings Water Works (Ohio-based pool services) sold to Horizon Commercial Pools (2025)
- Heights Lumber Center (regional lumber and building materials) sold to the Daley brothers, entrepreneur-buyers (2025)
- Sullivan Oil & Propane sold to Energy Distribution Partners (EDP), a nationwide propane distributor (2025)
- VisionMakers International, LLC (architectural stone and iron doors) sold to BizGro Partners, a private investment management company (2025)
- Gardner Spring, Inc. (Tulsa-based manufacturer since 1907) sold to Vulcan Spring & Manufacturing (2024)
- Crestline Advisors (Phoenix-based healthcare consulting) sold to Health Management Associates (2023)
- Tetranex Solutions Inc. (Calgary, Alberta environmental services) sold to Englobe (2026), advised alongside Eaton Square
The firm's founders collectively have over 140 years of tested experience in selling businesses, with 700+ engagements including business sales, acquisitions, valuations, and strategic advisory services.
Process & Fee Structure
IBG runs a structured, nine-step sell-side process that emphasizes:
- Comprehensive business valuation and market positioning
- Confidential buyer outreach to 200-400 targeted prospects
- Quality of earnings preparation support
- Management presentation coaching
- Structured data room preparation
- Expert navigation of settlement adjustments and post-closing priorities
The firm requires exclusivity and typically won't take engagements below $1 million TEV. Process timeline averages 6-9 months from engagement to close, though this varies by transaction complexity.
Fee structure follows industry-standard practices for lower middle market transactions. Specific fee information is not publicly disclosed, but the firm follows standard M&A advisory models with retainers and success fees tied to transaction value.
Buyer Network
IBG/Bluestem maintains an extensive buyer network through several channels:
- Direct relationships: Thousands of qualified buyers across private equity firms, strategic acquirers, and high-net-worth individuals
- Eaton Square partnership: Cross-border M&A capabilities with over 100 senior professionals across 13 countries (US, Canada, China, Hong Kong, Australia, New Zealand, UK, Switzerland, Singapore, Israel)
- Industry-specific relationships: Deep connections in manufacturing, energy, technology, and healthcare sectors
- Axial membership: Access to Axial's private deal network for lower middle market transactions
Recent transactions demonstrate buyer diversity: private equity (Energy Distribution Partners, Evergreen Services Group), strategic buyers (Gills Point S expanding to 121 locations, Vulcan Spring, Englobe), and entrepreneur-buyers (Daley brothers).
Competitive Positioning
IBG/Bluestem differentiates through:
- Founder-operator perspective: All founding partners are former business owners who understand the emotional and practical challenges of selling a business
- Exceptional closing rate: 86% closing rate versus 11-25% national average
- Breadth of expertise: Multiple major industry sectors with deep transaction experience
- Global reach: Eaton Square partnership provides cross-border capabilities
- Regional strength: 8-10 offices across the U.S. with local market knowledge
- Institutional-quality process: Structured methodology with exhaustive buyer outreach
- Axial recognition: Named to Axial's Top 25 Lower Middle Market Investment Banks (Q3 2025)
Not a Fit If
IBG/Bluestem typically declines:
- Businesses below $1 million TEV
- Founders who want to run a limited process (the firm's value is in exhaustive outreach)
- Sellers not committed to exclusivity
- Transactions requiring public company representation (firm focuses on privately held businesses)
Team
The firm is led by experienced M&A professionals with extensive operational backgrounds:
Tim Atwell – Managing Partner, IBG Business. Has advised on over 30 successful transactions with total deal volume exceeding $350 million. Leads M&A execution for IBG Business.
Gary Papay – Principal, Managing Partner (Eastern/Mid-Atlantic regions). Earned Lifetime M&AMI® certification. Recognized industry leader.
Robert Latham – Principal, Managing Partner (Arizona, Texas). M&AMI, CBI certified. Active in XPN Houston Chapter of the Exit Planning Exchange.
Matt Frye – Managing Partner, Bluestem USA. Native Tulsan with 21 years in executive management for energy-based technology companies in Houston. BS in Finance from Oklahoma State University, MBA from University of Tulsa. Certified Business Intermediary (CBI), Merger and Acquisition Master Intermediary (M&AMI).
John C. Johnson – Founder, M&A Advisor, Counsel. Founded BluestemUSA in 1987. BS in Petroleum Engineering (University of Tulsa), MBA (TCU). Lifetime CBI & M&AMI. Founding member and Chair of The M&A Source. Former President of IBBA. S. Small Business Administration's Oklahoma Financial Services Advocate of the Year.
Keeton Frye – Vice President, M&A Advisor. Manages Oklahoma City office. Previously worked in corporate development for an ERP software company owned by Roper Technologies. BS in Finance from Oklahoma State University, MS in Finance from University of Oklahoma.
Lance Meilech – Managing Director (Phoenix, Arizona). Specialization in technology markets. Named to M&A Source® Platinum Club. Led Crestline Advisors transaction.
Geographic Coverage
IBG/Bluestem operates across the United States with 8-10 principal offices:
- Headquarters: Denver, Colorado (IBG Business)
- Key offices: Tulsa, Oklahoma (Bluestem); Phoenix/Scottsdale, Arizona; Oklahoma City, Oklahoma; Multiple locations across Texas, Colorado, and the Eastern/Mid-Atlantic region
- Coverage: Gulf Coast, Southwest/Pacific Coastal, Mountain States/Pacific Northwest, Eastern/Mid-Atlantic, Central USA
- International: Cross-border M&A capabilities through Eaton Square partnership in 13 countries
The firm's Tulsa office (Bluestem) is particularly strong in energy, manufacturing, and transportation sectors, while the Phoenix office specializes in technology and healthcare transactions.
Additional Information
- Founded: 1986 (IBG Business) / 1987 (Bluestem)
- Team size: 10 principals with dozens of M&A professionals internationally
- FINRA: Certain members of IBG Business are registered representatives of CEIBA FINANCIAL, LLC, Member FINRA/SIPC, Fullerton, CA
- Professional affiliations: IBBA, M&A Source, Exit Planning Exchange (XPX)
- Awards/recognition: Axial Top 25 Lower Middle Market Investment Banks (Q3 2025); multiple principals hold M&AMI and CBI certifications