Lincolnshire Capital Advisors Research
Advisory Approach
Lincolnshire Capital Advisors is a boutique M&A advisory firm launched in May 2025 as a strategic extension of Mowery & Schoenfeld, a top 10 Illinois accounting and advisory firm. The firm operates with a distinctive integrated services model, combining investment banking expertise with deep accounting, tax, and wealth management capabilities. This collaborative approach enables Lincolnshire Capital to provide comprehensive transaction advisory that addresses not just deal mechanics but the full spectrum of client considerations including tax structuring, wealth preservation, and operational integration.
The firm's thesis centers on the power of connection—both in terms of relationships and interdisciplinary expertise. By leveraging Mowery & Schoenfeld's 29-year history and 200+ professionals across tax, assurance, client advisory, international services, and wealth management, Lincolnshire Capital offers clients a seamless advisory experience where deal strategy is informed by tax implications, wealth transfer considerations, and operational realities from day one.
Sector Focus
Lincolnshire Capital Advisors concentrates on middle-market transactions across five core industries:
Consumer Products: The firm advises branded consumer goods companies, including food and beverage manufacturers, specialty products, and consumer durables. Their integrated approach is particularly valuable in this sector where brand valuation, supply chain dynamics, and operational efficiency drive deal outcomes.
Manufacturing (Discrete & Process): A core practice area spanning precision machining, contract manufacturing, industrial equipment, and process manufacturing. The team brings practical operational understanding to deals, having worked extensively with manufacturing clients through Mowery & Schoenfeld's long-standing industry practice.
Healthcare Services: Focus on healthcare services businesses, including physician practice management groups, behavioral health platforms, and specialty healthcare providers. The firm's experience in healthcare transaction diligence enables nuanced valuation of regulatory risk, reimbursement dynamics, and operational scalability.
Technology & Software: Advises SaaS companies, IT services providers, and technology-enabled businesses. The team understands the distinctive valuation dynamics of recurring revenue models, customer acquisition economics, and technology scalability.
Construction & Engineering: Serves construction contractors, engineering firms, and infrastructure-related businesses. The firm's deep experience in this industry (one of Mowery & Schoenfeld's key focus areas) provides insight into project-based revenue models, bonding capacity, and cyclicality considerations.
Deal Track Record
As a newly launched firm (May 2025), Lincolnshire Capital Advisors brings the combined transaction experience of its leadership team rather than a portfolio of closed deals under the LCA banner. The two Managing Directors—Judd Appel and Michael Kidd—collectively possess 30+ years of transaction advisory experience.
Judd Appel brings 20+ years of investment banking and transaction advisory experience, including leadership roles at EisnerAmper (where he led the Transaction Advisory Services national practice) and BayBridge Capital Advisors. He has advised on numerous sell-side and buy-side transactions throughout his career.
Michael Kidd has over a decade of transaction advisory experience, most recently serving as Director of the Transaction Advisory Services department at Mowery & Schoenfeld. In that role, Mike guided search funds and entrepreneurs through transaction cycles, managed due diligence processes, and advised on M&A transactions. The Transaction Advisory Services practice at M&S grew 13% in 2024, supporting buy-side and sell-side deals with particular focus in healthcare, technology, and professional services transactions.
Mowery & Schoenfeld's Transaction Advisory Services practice has supported transactions across industries, with notable 2024 growth in healthcare (39% increase), search funds (23% increase), and construction contractors (13% increase). The firm's annual report highlights a representative client journey: a manufacturing client that M&S supported from initial tax preparation through business expansion, pandemic navigation, and ultimately a successful business sale—demonstrating the full lifecycle advisory capability that Lincolnshire Capital now extends.
Process & Fee Structure
Lincolnshire Capital Advisors runs institutional-quality sell-side and buy-side processes. Their integrated services model distinguishes them from traditional M&A boutiques:
Sell-Side Process: Comprehensive preparation including quality of earnings analysis, tax structuring, management presentation development, and data room preparation. The firm leverages Mowery & Schoenfeld's due diligence capabilities to identify and address issues before buyer exposure.
Buy-Side Advisory: Target identification, thorough due diligence, negotiation support, and post-transaction integration planning. The firm's accounting and tax background enables rigorous financial analysis with practical operational insights.
Post-Transaction Integration: Unlike many advisors whose engagement ends at closing, Lincolnshire Capital provides post-transaction integration strategies to ensure smooth transition and value realization.
Fee Structure: The firm operates on a retainer plus success fee model, industry-standard for lower middle market M&A advisory. Specific fee terms are negotiated based on transaction complexity and scope of services.
Buyer Network
Lincolnshire Capital Advisors maintains relationships across the buyer spectrum:
Private Equity: The team has experience working with private equity buyers in search fund transactions and leveraged buyouts. Through Mowery & Schoenfeld's Transaction Advisory Services work, the team has supported PE buyers in due diligence processes, providing insight into buyer expectations and deal structures.
Strategic Buyers: The firm's industry focus in manufacturing, healthcare, and technology provides access to strategic acquirers seeking platform acquisitions or add-on opportunities.
The firm's global network is enhanced through Mowery & Schoenfeld's membership in Geneva Group International (GGI), with Jeffery Mowery serving as North American Regional Chairperson of the GGI Tax Practice Group—providing connections to international buyers and cross-border transaction expertise.
Competitive Positioning
Lincolnshire Capital Advisors differentiates through three key advantages:
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Integrated Services Model: The ability to bring tax, wealth management, and operational expertise into M&A advisory creates comprehensive transaction solutions. Clients don't need to assemble a fragmented team of investment banker, tax advisor, and wealth manager—Lincolnshire Capital provides coordinated expertise across all dimensions.
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CPA-Rooted Financial Discipline: The team's background in accounting and transaction services brings rigorous financial analysis to deal processes. Quality of earnings isn't a vendor engagement—it's core to how the team thinks about transaction value.
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Operational Understanding: Team members have hands-on experience in entrepreneurship, operations, and management. This practical perspective enables realistic assessment of operational synergies, integration challenges, and value creation opportunities.
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Search Fund Expertise: Michael Kidd's specialization in guiding search funds and entrepreneurs through transaction cycles provides differentiated expertise for a growing segment of the lower middle market.
Not a Fit If
Lincolnshire Capital Advisors typically declines:
- Businesses below $5M TEV (their focus is middle-market transactions)
- Pure asset sales or liquidations (they focus on going-concern enterprises)
- Transactions requiring public company advisory (they focus on privately-held businesses)
- Clients seeking limited-process sales (their value is in comprehensive, professionally-managed processes)
Team
The firm is led by two Managing Directors with complementary backgrounds:
Michael Kidd, Managing Director—Over a decade of transaction advisory experience, most recently as Director of Transaction Advisory Services at Mowery & Schoenfeld. Mike specializes in guiding search funds and entrepreneurs through transaction lifecycles, managing due diligence, and advising on M&A transactions. He holds a Bachelor of Science in Accountancy from University of Illinois Urbana-Champaign. Mike was named to the 2021 CPA Practice Advisor "40 Under 40" professionals list.
Judd Appel, Managing Director—20+ years of investment banking and transaction advisory experience. Previously led Transaction Advisory Services at EisnerAmper and served at BayBridge Capital Advisors. Judd brings deep expertise in sell-side transactions and joined Mowery & Schoenfeld in August 2024 to build the transaction advisory practice before co-founding Lincolnshire Capital Advisors.
The firm is backed by Jeffery Mowery, Managing Partner and Co-Founder of Mowery & Schoenfeld, who provides critical tax and legal structuring expertise. Jeff is a two-time Chicago Titan 100 honoree, was named to Forbes' America's Top 200 Accountants list, and serves as North American Regional Chairperson of Geneva Group International's Tax Practice Group.
Lincolnshire Capital Advisors leverages the broader Mowery & Schoenfeld team of 200+ professionals, including tax partners, assurance professionals, client advisory services, and wealth management—all available to support transaction clients as needed.
Geographic Coverage
Primary Markets: Illinois (Chicago metropolitan area, Lincolnshire, Lake Forest), Florida (Miami)
Additional Reach: Through Mowery & Schoenfeld's international tax practice and GGI network, the firm can support cross-border transactions and has capability to advise on transactions with international buyers or sellers.
Offices:
- 475 Half Day Road, Suite 500, Lincolnshire, IL 60069 (Headquarters)
- 300 S. Wacker Drive, Suite 920, Chicago, IL 60606
- 1111 Brickell Avenue, 10th Floor, Miami, FL 33131
- 550 Oakwood Avenue, Lake Forest, IL 60045