Madison Street Capital Research
Advisory Approach
Madison Street Capital is an international investment banking firm founded in 2010 by CEO Charles Botchway, specializing in the lower and core middle market with enterprise values between $10M and $200M. The firm operates with a client-centric thesis: business owners seeking an exit deserve the same level of sophisticated advisory typically reserved for larger transactions. Their sweet spot is founder-owned and family-operated businesses in manufacturing, industrial services, distribution, and specialty sectors where operational complexity creates valuation challenges.
The firm's philosophy emphasizes exhaustive buyer outreach combined with institutional-quality process management. Unlike bulge bracket banks that may delegate smaller deals to junior staff, Madison Street Capital provides senior-level attention throughout every engagement. This approach has resonated with Main Street businesses navigating their first institutional capital transaction.
Sector Focus
Madison Street Capital maintains deep industry expertise across manufacturing, industrial services, distribution, construction trades, food & beverage, technology, and specialty consumer services. Within manufacturing, the firm has particular strength in precision machining, sheet metal fabrication, metal fabrication, and components for aerospace & defense applications. This industrial focus is reflected in their deal track record and team backgrounds.
The construction engineering and electrical contracting sector represents another core competency, with multiple successful exits for electrical contractors and building products distributors. The distribution and logistics vertical, particularly value-add distributors serving construction and industrial end markets, is well-represented in their transaction history.
In consumer services, Madison Street Capital has carved out a niche in landscaping services, pet services, and other local market-leading service businesses with defensible market positions. The food & beverage practice encompasses meat processing, food distribution, and specialty food manufacturers with strong regional brands.
Technology transactions, particularly in vertical market software and industrial technology, round out their sector coverage. While not their primary volume driver, these deals showcase the firm's ability to handle intellectual-property-intensive businesses.
Deal Track Record
Madison Street Capital has completed 350+ transactions since its founding in 2010, earning recognition as the #13 ranked firm in Axial's 2024 Top 25 Lower Middle Market Investment Banks. The firm's transaction velocity has accelerated in recent years, with multiple closings in 2024-2025 spanning their core industries.
Recent representative transactions include:
- SBS Precision Sheet Metal (Aug 2025): Sale of a precision sheet metal fabricator serving military, aerospace, and commercial sectors to Appian Way Capital Partners, a Dallas-based private equity firm
- American Anchor Bolt Mfg (Aug 2025): Sale of a Houston-based anchor bolt and embedded steel products manufacturer to Salt Creek Capital
- Beaumont Electric Company (Oct 2025): Sale of an electrical contractor to Norlee Group
- Birkel Electric (Dec 2024): Acquisition of a Missouri-based electrical contractor by Ash & Co
- Executive Landscaping (Jun 2024): Sale of Cape Cod's premier landscaping company to Fairwood Brands, a Crane Group portfolio company
- Exterior Wholesale Supply (Sep 2024): Sale of a Tennessee-based building products distributor to VP Supply Corp
- Readfield Meats / Ruffino Meats (Apr 2024): Sale of a second-generation Texas meat processor to Dominion Equity
- Cenergy International Services (Apr 2024): Sale to FirstTek Inc
- Roscoe's Bed + Bark (Jan 2024): Sale to Destination Pet
- Professional Pipe Inc (Apr 2018): Majority recapitalization by KJM Capital
Earlier notable transactions include Windward Software (2019, sale to Volaris Group/Constellation Software), FabTrol Systems (2015, acquisition by AVEVA Group PLC), and Acuna & Asociados S.A. (2017, acquisition by Dowco, winner of M&A Advisor Deal of the Year).
Process & Fee Structure
Madison Street Capital runs institutional-quality sell-side processes tailored to lower middle market companies. Typical engagement structure includes:
- Retainer: Monthly retainer (industry standard for lower middle market is $10K-$25K/month, credited against success fee)
- Success fee: Industry-standard modified Lehman or percentage-based fee on total enterprise value
- Process timeline: 6-9 months from engagement to close
- Buyer outreach: Comprehensive targeted buyer outreach across private equity firms and strategic acquirers
The firm requires exclusivity and focuses on businesses above $10M TEV. Their process emphasizes preparation of quality-of-earnings analysis, management presentation development, structured data room preparation, and coordination of diligence workflows. Client testimonials consistently highlight the firm's responsiveness, ability to generate comprehensive buyer lists within weeks, and hands-on guidance through emotional and complex decision points.
Buyer Network
Madison Street Capital maintains relationships with 2,000+ active private equity firms and strategic acquirers globally. The firm is particularly well-connected in the lower middle market private equity community, with strong relationships at firms like Salt Creek Capital, Appian Way Capital Partners, Dominion Equity, KJM Capital, and Searchlight Partners.
On the strategic buyer side, the firm has demonstrated success accessing corporate acquirers in building products (VP Supply Corp), electrical contracting (Ash & Co, Norlee Group), industrial software (Constellation Software via Volaris Group, AVEVA), and consumer services (Fairwood Brands/Crane Group, Destination Pet).
Competitive Positioning
Madison Street Capital differentiates from other lower middle market banks through:
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Boutique Service, Institutional Process: Senior-level attention from experienced Managing Directors throughout the engagement, with transaction rigor matching larger investment banks
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Sector Specialization: Deep domain expertise in manufacturing, electrical contracting, distribution, and specialty consumer services, enabling credible conversations with both buyers and sellers
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Global Reach with Local Presence: Offices in Austin (headquarters), Chicago, and international locations, providing both middle-market accessibility and global buyer access
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Award-Winning Track Record: Multiple M&A Advisor Deal of the Year awards, including recognition for cross-border restructuring, information technology transactions, and distressed M&A situations
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Main Street Focus: Willingness to work with founder-owned businesses navigating their first institutional sale, providing education and guidance alongside transaction execution
Not a Fit If
Madison Street Capital typically declines:
- Businesses below $10M TEV
- Pure asset sales or liquidations (they focus on going-concern enterprises with growth potential)
- Founders seeking limited buyer outreach (the firm's value is in comprehensive processes)
- Transactions requiring financing sources outside their network or deal parameters
Team
Madison Street Capital's leadership team includes experienced investment banking professionals:
Charles Botchway - Founder & CEO. Founded the firm in 2010 after identifying the need for sophisticated advisory services in the lower middle market. Oversees all transactions and maintains client relationships.
Katrin Owen - Senior Managing Director. Leads the Corporate Advisory Services Group. Based in Chicago. Co-led the Exterior Wholesale Supply transaction with John Pilson.
Barry Petersen - Senior Managing Director, Capital Markets. Based in Chicago/Cambridge UK. Led transactions including SBS Precision, American Anchor Bolt, and Readfield Meats. Known for industrials expertise.
Peter Phillips - Managing Director. Led Executive Landscaping, Birkel Electric, and Beaumont Electric transactions. Clients praise his responsiveness and ability to guide founders through complex decisions.
Jay Rodgers - Senior Managing Director, Capital Markets Group. Focuses on M&A and corporate finance transactions.
Kevin Owen - Director of Deal Origination. Responsible for identifying and qualifying new engagement opportunities.
Geographic Coverage
Headquartered in Austin, Texas with major offices in Chicago, Illinois. The firm serves clients across the United States with particular strength in Texas, the Midwest, and Northeast. International capabilities through offices in Asia and Africa support cross-border transactions. Recent transactions span geographies from Houston and Cape Cod to Tennessee and Missouri, reflecting national reach.
Recognition & Awards
- Axial Top 25 Lower Middle Market Investment Banks (#13 in 2024)
- 20+ Awards & Recognition including multiple M&A Advisor Deal of the Year honors
- M&A Deal of the Year ($10M-$25M category) - 2023
- Corporate/Strategic Deal of the Year ($50MM-$100MM) - 2023
- Cross-border Restructuring of the Year - 2023
- Information Technology Deal of the Year (Windward Software transaction)
- Distressed M&A Deal of the Year (RMG Networks transaction)