Marriott & Co. Research
Advisory Approach
Marriott & Co. is an independent boutique investment banking firm founded in 2007 with a clear vision: to be different from other middle market investment banks. The firm's core thesis is that closely-held private companies deserve the same level of sophisticated investment banking services that larger public companies receive, but with the high-touch, personalized service that only a boutique can provide. They believe that selling a privately-held business is one of the most significant events in a business owner's life, and this belief shapes every aspect of their client service approach.
The firm operates with an entrepreneurial culture that emphasizes independence and objectivity. As a 100% independently owned firm, Marriott & Co. provides unbiased advice without conflicts of interest that can arise at larger institutions. Their success is tied to closing each transaction they take on, creating strong alignment with client outcomes. This entrepreneurial culture also enables them to relate deeply to their client base of family-owned businesses and entrepreneurs.
Sector Focus
Marriott & Co. has broad industry experience spanning business services, consumer and retail, industrials, technology, media and telecommunications, energy, and healthcare. However, their deal history reveals particular depth in healthcare services (especially dental and orthodontic practices), business services, and specialty manufacturing/distribution.
In healthcare services, the firm has established a strong track record advising dental practices, orthodontics groups, med spas, and oral surgery practices on sales to private equity platforms and strategic buyers. They understand the unique dynamics of healthcare services M&A, including regulatory considerations, clinical quality metrics, and the roll-up strategies employed by PE platforms in the dental DSO (Dental Support Organization) space.
In business services, the firm has advised companies in traffic control, fleet services, environmental services, and other B2B service businesses. They understand the recurring revenue models, contract structures, and customer retention metrics that drive value in these sectors.
Deal Track Record
Marriott & Co. professionals have closed over 120 middle market transactions with over 70 years of collective experience. Recent transactions from 2022-2026 demonstrate their active presence across multiple sectors:
Healthcare Services Transactions:
- Privé Med Spa to Alpha Aesthetics Partners (Thurston Group) – September 2025
- Refined Aesthetics to Alpha Aesthetics Partners (Thurston Group) – July 2023
- Triangle Pediatric Dentistry to Lightwave (Alpine Investors) – January 2023
- Three Oral Surgery Practices (Potomac Surgical Arts; Virginia Oral, Facial & Implant Surgery; Reston Advanced Oral & Cosmetic Facial Surgery) to Paradigm Oral Health (BlackRock Long Term Private Capital) – November 2022
- Blue Ridge Orthodontics to Lightwave (Alpine Investors) – March 2022
Business Services & Industrials:
- Richmond Traffic Control to Moeris (Caymus Equity) – February 2026
- RidgeRock Retaining Walls to Cornerstone Capital Partners, Source Capital, and Everside Capital Partners – October 2025
- W.S. Connelly & Co. to Incline Equity Partners – May 2024
- Arrowhead Environmental Services to Superior Environmental Solutions (Palladium Equity Partners) – May 2024
The firm has completed transactions ranging from $10 million to $200 million in value, with clients typically having revenues between $10-$150 million and EBITDA between $1-$20 million.
Process & Fee Structure
Marriott & Co. emphasizes best-in-class process expertise combined with senior attention. Their distinguishing characteristic is that senior bankers work on every aspect of transactions from beginning to end—there are no handoffs to junior professionals. This ensures continuity and deep client relationships throughout what is often a 6-9 month process.
Their sell-side process is comprehensive and tightly controlled:
- Pre-deal strategic planning to understand client goals
- Creation of best-in-class marketing materials
- Development of a thorough potential buyer list
- Management of all buyer contact, management visits, and negotiations
- Oversight of buyer due diligence through closing
The firm maintains relationships with private equity firms, mezzanine capital providers, senior lenders, family offices, and strategic buyers. They have developed proprietary relationships with buyers often overlooked by other middle market banks, including family offices and alternative capital sources.
Buyer Network
Marriott & Co.'s buyer network is particularly strong in the healthcare services space, with repeat transactions involving Alpine Investors (4 transactions), Thurston Group (4 transactions), BlackRock Long Term Private Capital, and Linden Capital Partners. In the lower middle market PE space, they have relationships with Caymus Equity, Incline Equity Partners, Palladium Equity Partners, Cornerstone Capital, and Summit Park.
On the strategic buyer side, the firm has closed transactions with publicly-traded companies including Sun Communities (NYSE: SUI), Thor Industries (NYSE: THO), and Imagine Learning, as well as numerous privately-held strategic acquirers.
Competitive Positioning
Marriott & Co. differentiates through:
- Senior Attention: No handoffs—managing directors work on every deal from start to finish
- Independence: 100% independently owned, providing objective advice without institutional conflicts
- Process Rigor: Tightly controlled, customized processes that minimize business disruption
- Entrepreneurial Culture: Team members can relate to business owners as fellow entrepreneurs
- Proprietary Buyer Access: Relationships with family offices and alternative buyers often overlooked by competitors
Not a Fit If
Marriott & Co. typically focuses on businesses with $10-$200 million in transaction value. They may not be ideal for very small transactions under $10 million or very large transactions above $200 million. Their model is optimized for closely-held private companies where the owners are also operators—public companies or subsidiaries of large corporations may not be the best fit.
Team
The firm is led by three Managing Directors:
- Justin Marriott: Founder and Managing Director. Previously Managing Director at Virginia Capital Partners (private equity). Earlier career at Bowles Hollowell Conner. M.S. in Economics from University of Kentucky.
- Bryan Burden: Managing Director and Partner. Previously Vice President at Boxwood Partners, investment banking Associate at Wachovia Securities, and CFO of a privately-held company. Started career at BB&T Capital Markets. B.S. in Commerce from University of Virginia.
- Matt Improta: Managing Director, joined as Analyst in 2010. B.S. in Business Administration from University of Richmond.
Supporting team includes Grayson Brown (Associate, joined 2022) and Jake Nelson (Analyst, joined 2024).
Geographic Coverage
Headquartered in Richmond, Virginia, with office at Three James Center, 1051 East Cary Street, Suite 1125. The firm serves clients throughout the United States, with particular presence in the Mid-Atlantic and Southeast regions. Phone: 804-344-0955, Email: info@marriott-co.com