Kaufman & Company Research
Advisory Approach
Kaufman & Company is a boutique investment bank founded in 1978, providing comprehensive M&A advisory and private placement services to emerging growth and middle-market companies. With over 45 years of continuous operation, the firm has established itself as a trusted advisor to privately held companies, management teams, and boards of directors across diverse industries. The firm's approach is characterized by deep relationship building, hands-on transaction management, and the ability to simultaneously arrange financing to complete transactions—a critical capability that differentiates them from pure M&A advisors.
The firm operates with a thesis that successful transactions require more than just buyer identification; they demand comprehensive financial structuring, creative negotiation, and access to multiple capital sources. As a registered FINRA broker-dealer, Kaufman & Company can provide end-to-end solutions, from initial strategic planning through deal closing and financing arrangements. Their team combines investment banking expertise with operational experience, enabling them to understand the nuances of businesses in manufacturing, technology, food & beverage, media, and healthcare sectors.
Sector Focus
Kaufman & Company maintains broad industry expertise with particular depth in several sectors. In food & beverage, the firm has advised craft brewers, meat processors, dairy companies, and specialty food manufacturers on both acquisitions and financing arrangements. Their manufacturing practice spans precision machining, industrial tools, electrical components, and packaging equipment manufacturers. The technology practice covers enterprise software, supply chain management systems, telecommunications, and media/entertainment companies. Additionally, the firm has experience in environmental services, healthcare services, and business services including distribution and logistics.
This diversified industry focus reflects the firm's generalist orientation—rather than specializing in a single vertical, they apply transaction expertise across multiple sectors. This approach allows them to bring cross-industry insights to client engagements and adapt best practices from one sector to another.
Deal Track Record
Kaufman & Company has completed 80+ transactions across M&A advisory, private placements, and financial advisory services. While individual deal records are primarily available from the firm's website rather than public press releases, notable transactions include:
- Sale of Bluebird Inc. (NYSE-listed meat processor) to Northern Foods, Ltd. for $72 million
- Sale of Cook Family Foods (meat processor) to ConAgra for $75 million
- Sale of Vertex Pharmaceuticals subsidiary PanVera LLC to Invitrogen Corporation for $95 million
- Sale of Elmwood Sensors (electrical components manufacturer) to Hawker Siddeley Group Ltd. for $20 million
- Acquisition of Electronic Space Systems Corporation by L-3 Communications Corporation
- Acquisition of Electro-Films, Inc. (micro-electronic components) by Vishay Intertechnologies, Inc.
- Sale of Diamond Machining Technology (consumer & industrial tools) to Vogel Capital, Inc.
- Management buyout of Heritage Restoration Inc. financed by Alaris Equity Partners
- Sale of RedTail Solutions (supply chain software) to TrueCommerce, a portfolio company of ACCEL-KKR
- Leveraged ESOP financing for Computer Partners, Inc. (systems integration consulting)
The firm has arranged significant private placements and financing transactions, including $25.75 million in debt financing for Wicor Americas, $20.5 million private placement for Verance Corporation, and $7.65 million preferred stock offering for Tibersoft Corporation. Their ability to structure complex financing—combining senior debt, subordinated notes, and equity—enables transactions that might not otherwise close.
Process & Fee Structure
Kaufman & Company runs hands-on, relationship-driven sell-side processes. Typical engagements include comprehensive business analysis, buyer identification and outreach, transaction structuring, negotiation support, and financing arrangements. The firm frequently initiates transactions proactively, identifying strategic or financial buyers for clients before a formal sale process begins. Their FINRA broker-dealer registration allows them to arrange private placements and debt financings concurrently with M&A advisory—a valuable capability for buyers requiring financing to complete acquisitions.
The firm does not publicly disclose fee structures. As a boutique investment bank serving the lower middle market, they likely employ retainer-plus-success-fee models common in the industry.
Buyer Network
Kaufman & Company maintains relationships with strategic buyers, private equity firms, family offices, and financial sponsors across multiple industries. Based on transaction history, the firm has strong connections to:
- Strategic buyers in food & beverage (ConAgra, Northern Foods, B&G Foods)
- Industrial and technology strategics (L-3 Communications, Vishay Intertechnologies, Computer Sciences Corporation, SunGard Data Systems)
- Private equity firms (Vogel Capital, Alaris Equity Partners, ACCEL-KKR)
- International buyers (Hawker Siddeley UK, Alfa-Laval Sweden)
This diverse buyer network enables the firm to match sellers with appropriate acquirers based on strategic fit, valuation expectations, and transaction timelines.
Competitive Positioning
Kaufman & Company differentiates through several key advantages:
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Long operational history: Founded in 1978, the firm has over 45 years of continuous operation through multiple market cycles, providing stability and perspective that newer firms cannot match.
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Financing capability: As a FINRA-registered broker-dealer, the firm can arrange equity and debt financings alongside M&A advisory, enabling transactions that require creative capital structures.
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Cross-industry expertise: Rather than specializing in a single vertical, the firm brings experience from food & beverage, manufacturing, technology, media, and healthcare sectors.
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Hands-on transaction management: The principals are actively involved in all aspects of transactions, from initial buyer identification through closing and financing.
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Senior advisor expertise: The firm's senior advisors include former private equity partners, commercial banking executives, and industry entrepreneurs who provide deep operational and financial insights.
Not a Fit If
Kaufman & Company typically declines engagements below $10M TEV, as their business model requires meaningful transaction values to support comprehensive advisory services. The firm focuses on going-concern businesses rather than pure asset sales or distressed situations. Companies requiring limited buyer outreach or quick-sale processes may not align with the firm's thorough, relationship-driven approach.
Team
The firm is led by Managing Director Seth Kaufman, who joined in 2002 after serving as Senior Vice President at First Albany Capital, where he focused on M&A and equity underwritings in communications and software sectors. He holds a B.A. from the University of Pennsylvania and an M.B.A. from the University of Chicago.
Senior advisors provide deep industry and transaction expertise:
- Neil H. Powell: Former partner at Crescent Private Capital and founder of SPP Capital Partners, a New York investment bank that advised on over $15 billion of capital raises. Previously managing director at Bankers Trust Company.
- Kenneth R. Rossano: Twenty-eight years at First National Bank of Boston (now Bank of America), founder of Rossano Resources, and former director at multiple corporate boards.
- Steven A. Saslow: Media and technology entrepreneur, currently CEO of True North Entertainment, previously CEO of Verance Corporation and advisor to Sinclair Broadcast Group.
- Frank A. Sola: Over 50 years in professional services and software markets, founder of Sola and Company, and former CEO of SystemSoft Corporation.
This team combines investment banking, private equity, commercial lending, and operational experience to provide comprehensive advisory services.
Geographic Coverage
Kaufman & Company is headquartered in Boston, Massachusetts at 100 Franklin Street. The firm serves clients primarily in New England and the Northeastern United States but has completed transactions with buyers and sellers across North America and internationally, including buyers in the United Kingdom and Sweden.