Jordan, Knauff & Company Research
Advisory Approach
Jordan, Knauff & Company (JKC) is a middle-market investment bank founded in 2001 by G. Cook Jordan, Jr. and Thomas E. Knauff with a clear mission: to provide professional, sophisticated investment banking services to middle-market companies. The firm was born from the founders' personal experience as middle-market business owners who were disappointed by the quality of investment banking services they received.
The firm's philosophy centers on process-driven transactions where value is created through the intersection of competition, business strength, proper deal structure, and effective process management. JKC distinguishes itself through a unique combination of practical operating experience (the founders have owned and operated middle-market companies) and institutional-quality transaction processes. A rarity among middle-market banks, JKC maintains a full-time, dedicated research specialist who supports the firm's preparation, industry analysis, and buyer identification capabilities.
Sector Focus
JKC's practice concentrates on six core industries:
Manufacturing & Distribution: The firm has deep expertise in precision machining, contract manufacturing, and industrial equipment. Their Flow Control practice specializes in pumps, valves, filtration, and water infrastructure products. Notable transactions include Ford Meter Box's acquisition of Baker Coupling (manufacturers of pipe couplings for waterworks) and the sale of Roanoke Companies Group to H.B. Fuller for $270 million.
Building Products & Services: JKC advises manufacturers of construction chemicals, flooring systems, building materials, and related products. The Roanoke transaction represented a leading manufacturer of construction chemical products to mass retailers and distributors.
Energy Logistics & Distribution: The firm has particular strength in propane distribution, midstream energy operations, and energy logistics. JKC was a co-founder of Energy Distribution Partners (EDP), which they helped build from 2012 through 26 acquisitions before its recapitalization by Pritzker Private Capital and Duchossois Capital Management in 2020. JKC also founded Liberty Propane, which grew through 26 acquisitions to become the 9th largest retail propane distributor before its sale to Inergy for $234 million in 2009.
Real Estate: JKC's real estate practice focuses on logistics properties, multifamily housing, and industrial outdoor storage. Recent transactions include advising 9606 Capital on raising $15+ million for Fund III targeting logistics real estate, and Providence Real Estate's $100 million multifamily REIT fundraise.
Business Services: The firm serves marketing services, digital media, and professional services companies. Transactions include Cinema Scene Marketing & Promotions' sale to Vision Media Management and Access Media 3's acquisition of inVision Networks.
Healthcare Services: JKC advises healthcare services companies, particularly in surgical and medical services sectors. The firm recently advised iOR Partners on its Series D Preferred round to finance office-based ophthalmic surgery suites.
Deal Track Record
JKC has completed 100+ transactions across its 20+ year history. The firm has been recognized with numerous industry awards including Middle-Market Investment Bank of the Year in the United States (ACQ5 Magazine, 2016-2020), Capital Raising Advisory of the Year (ACQ5 Magazine, 2016-2020), and multiple Deal of the Year designations.
Major Historical Transactions:
- Roanoke Companies Group to H.B. Fuller (NYSE: FUL) for ~$270 million (2006)
- Liberty Propane to Inergy, LP (NASDAQ: NRGY) for ~$234 million (2009)
- Mexican Cheese Producers to ALFA, S.A.B. de C.V. for ~$50 million (2007)
- Dynapower to Pfingsten Partners LLC (2012)
- Two wind power developments in Poland (775 MW total) to The AES Corporation (NYSE: AES) (2010)
Recent Transactions (2016-2025):
- iOR Holdings, Inc. - Series D Preferred Round (2025)
- 9606 Capital, LLC - Fund III first round closing, $15+ million (2024)
- Ácies Group LLC - Partial exit of Fund II, $30.4 million (2023)
- Ford Meter Box acquires Baker Coupling (2023)
- Providence Real Estate - $100 million fundraise (2022)
- Cinema Scene Marketing acquired by Vision Media Management (2016)
- Energy Distribution Partners - Recapitalization (2020)
- Access Media 3 acquires inVision Networks (2008)
Process & Fee Structure
JKC runs institutional-quality processes tailored to middle-market companies. Their process emphasizes extensive preparation, research-supported positioning, and broad buyer outreach. Typical engagement structure includes:
- Retainer: Customized based on engagement scope
- Success fee: 2-4% of transaction value
- Process timeline: 6-12 months from engagement to close
- Buyer outreach: Extensive contact with qualified buyers and investors
The firm requires exclusivity and focuses on transactions with $10 million to $300 million in total consideration. JKC's services include sell-side M&A advisory, buy-side representation, capital raising (senior debt, mezzanine debt, equity), recapitalizations, and acquisition advisory for consolidation strategies.
Buyer Network
JKC maintains relationships across the capital markets spectrum:
- Private Equity: Strong relationships with middle-market and lower middle-market PE firms including Pritzker Private Capital, Duchossois Capital Management, CenterGate Capital, Pfingsten Partners, and Concentric Equity Partners
- Strategic Buyers: Relationships with corporate acquirers including H.B. Fuller, The AES Corporation, and Fortune 500 industrials
- Family Offices: Access to family capital through their private equity relationships
- International Buyers: Cross-border transaction experience including transactions with Mexican (ALFA) and European buyers
Competitive Positioning
JKC differentiates through:
- Operating Experience: Founders and team members have been owners, operators, and investors in middle-market companies, giving them practical insight into client challenges
- Research Capability: Full-time research specialist and proprietary Industry In-Sight™ publications provide market intelligence
- Process Rigor: Institutional-quality processes adapted for middle-market companies
- Industry Specialization: Deep expertise in six core industries with dedicated research and buyer networks
- Long-term Perspective: Founded in 2001, the firm has maintained consistent leadership and approach through multiple market cycles
Not a Fit If
JKC typically declines:
- Businesses below $10 million in enterprise value
- Pure asset sales or liquidations (they focus on going-concern enterprises)
- Startups or early-stage companies without established cash flow
- Distressed situations requiring turnaround expertise
- Businesses seeking "limited process" sales (JKC's value is in comprehensive buyer outreach)
- Public companies or situations requiring public company expertise
Team
The firm is led by its founders:
- G. Cook Jordan, Jr. - Co-Founder & Managing Principal, over 30 years of private equity and investment banking experience, seven years of executive and operations experience in middle-market companies
- Thomas E. Knauff - Co-Founder & Chief Executive Officer, extensive experience in middle-market transactions
Key team members include:
- William Snow - Managing Director, former Managing Director at JKC, now with M&A Worldwide
- David A. Kakareka - Managing Director
- Lori A. Callaway - Vice President of Research and Publications, produces the firm's Industry In-Sight™ publications
- Stephanie Hammond - Executive Assistant
The firm maintains approximately 12 professionals across its Chicago office.
Geographic Coverage
JKC is headquartered in Chicago, Illinois (100 South Wacker Drive, Suite 850) and serves clients throughout the United States. The firm is registered in 11 U.S. states and territories and maintains particular strength in the Midwest. International transaction experience includes Canada, Mexico, Poland, and cross-border deals.