Merger Partners Research
Advisory Approach
Merger Partners Incorporated is a Dallas-based boutique investment bank founded in 1995 that has pioneered a distinctive approach to middle-market M&A through its proprietary Sniper Process®. The firm operates with a contrarian thesis: traditional auction processes have become counterproductive because they drive away quality buyers who view them as long, treacherous, and time-wasting. Instead, Merger Partners advocates for a more selective, transparent process where they identify the most compelling buyers and facilitate competition among a curated handful rather than running broad auctions.
The firm's philosophy is grounded in the insight that many sophisticated private equity firms and strategic buyers no longer participate in traditional auctions. As one $13 billion AUM private equity firm told Merger Partners: "We don't participate in today's auctions, period, because our time is not well spent." Sniper Process aims to attract these quality buyers by offering transparency, direct access to ownership, and efficiency—while shifting the fee burden entirely to buyers rather than sellers.
Sector Focus
Merger Partners maintains a broad industry focus across the middle market, working with companies generating at least $2 million in EBITDA across all verticals except oil & gas exploration and real estate. The firm's team brings deep operational expertise across several key sectors:
Healthcare Services: Ben McElhiney leads the healthcare practice, bringing 25+ years of CEO and senior leadership experience at PE-backed and Fortune 500 companies including Village Fertility (one of the country's largest fertility businesses), Apothecary by Design (specialty pharmaceutical), CVS Health Specialty Division, and GlaxoSmithKline.
Aerospace & Defense Technology: Tony Frederickson, former CEO of Defense Group Inc., brings decades of experience in defense technology and has led multiple buy-side acquisition campaigns for private equity firms in the defense contractor space.
Manufacturing & Industrial Services: Ryan Allison has extensive experience scaling manufacturing and consumer goods businesses, with particular expertise in revenue growth, operational turnarounds, and EBITDA optimization across multi-site operations.
Government & Public Affairs: Garrison Coward's background includes serving as COO of a data analytics firm and advisor to Virginia Congressman Rob Wittman, providing unique expertise in government-facing businesses.
Deal Track Record
Merger Partners deliberately does not post transaction tombstones as a matter of company policy, citing buyer and seller preferences for confidentiality. However, the firm has been active since 1995 and has completed "dozens" of retained acquisition searches for private equity firms nationally.
While individual deal details are not publicly disclosed, the firm's anecdotal evidence includes transactions such as:
- A medical products manufacturer with $18 million in sales and $3.2 million EBITDA
- An oilfield services company with $42 million in sales and $5 million EBITDA
- An engineering services company with $452 million in sales and $61 million in EBITDA
The firm also operates Merger Partners Capital, which acts as an equity sponsor in control transactions, investing their own capital alongside family offices and private equity firms in companies meeting specific criteria: >$2 million EBITDA, >35% gross margins preferred, and >20% annual revenue growth potential.
Process & Fee Structure
Sniper Process represents a fundamental rethinking of how middle-market companies should be sold. The key differentiator is the fee structure: the buyer pays Merger Partners' fee, not the seller. This eliminates retainer costs and success fees for business owners, making the process financially risk-free for sellers.
The process works as follows:
- Merger Partners conducts comprehensive market coverage to identify all potential buyers
- They interview and vet buyers, selecting the "most compelling handful" (typically 3-5 qualified parties)
- These selected buyers compete to acquire the company
- The winning buyer pays Merger Partners' fee
This approach addresses the core problem with traditional auctions: quality buyers refuse to participate because the time commitment is disproportionate to their odds of winning. By guaranteeing that selected buyers have a reasonable chance and conducting the process efficiently, Sniper Process attracts better buyers who are willing to pay top dollar.
Typical engagement timeline and structure are not publicly disclosed, but the capital arm requires management participation in meaningful equity positions and prefers organic growth potential >20% annually.
Buyer Network
Merger Partners has performed dozens of retained acquisition searches for private equity firms nationally, giving them deep relationships across the private equity community. The firm's testimonials indicate that Sniper Process appeals to sophisticated buyers who appreciate the transparency, direct access to ownership, and efficiency.
Their capital arm invests alongside family offices, private equity firms, and individuals, suggesting a broad network of capital sources. The firm works with both private equity buyers and strategic acquirers, though specific relationships are not publicly disclosed.
Competitive Positioning
Merger Partners differentiates through three key innovations:
Buyer-Paid Model: Eliminating seller fees is a radical departure from industry norms (typically modified Lehman with 3-6% success fees plus monthly retainers). This removes financial risk for sellers and aligns incentives.
Anti-Auction Philosophy: While most investment banks emphasize exhaustive buyer outreach and competitive processes, Merger Partners argues that broad auctions have become abusive to buyers and serve bankers more than business owners. Their selective approach aims to attract quality buyers who have abandoned traditional processes.
Operational Expertise: Team members include former CEOs, COOs, military officers, and industry operators rather than purely career investment bankers. This brings practical operating insight to dealmaking.
Not a Fit If
Based on their stated criteria and focus, Merger Partners is not a fit for:
- Businesses below $2 million EBITDA (stated minimum)
- Oil & gas exploration and production companies (explicitly excluded)
- Real estate businesses (explicitly excluded)
- Sellers who want traditional broad auction processes
- Founders who want tombstone publicity (firm policy against posting transactions)
- Companies requiring immediate liquidity (Sniper Process involves selective vetting)
Team
Merger Partners is led by founder Joe Saad, who previously worked at Texas Pacific Capital Corporation and Kreller Consulting Group. The team includes 5-6 Managing Directors and Senior Advisors with diverse operational backgrounds:
Joe Saad – President & Founder (Dallas): B.B.A. in Finance from Southern Methodist University. Previously at Texas Pacific Capital Corporation (venture capital) and Kreller Consulting Group.
Tony Frederickson – Senior Managing Director (San Francisco): B.S. and M.S. in Engineering from UCLA. Former CEO of Defense Group Inc.; C-suite roles at Titan Corporation (NYSE: TTN), Schafer Corporation, and Sage Management.
Garrison Coward – Managing Director (Washington D.C.): B.A. in Economics from Hampden-Sydney College, MBA from George Washington University. Former COO of data analytics firm; advisor to Virginia Congressman Rob Wittman; Political Director for Republican Party of Virginia; 2019 candidate for Virginia House of Delegates.
Ben McElhiney – Senior Advisor Healthcare Services (Denver): B.S. in Finance from University of Colorado at Boulder. Former CEO of Village Fertility (large fertility business), CEO of Apothecary by Design (specialty pharmaceutical), various roles at CVS Health Specialty Division and GlaxoSmithKline.
Brad Barker – Managing Director (Montana): Bachelor's in Mathematical Economics from West Point, Master's in Public Policy from Georgetown, Master's in Military Studies from US Marine Corps University. Retired US Army Officer (Aviation Battalion Task Force Commander). Formerly at Andra Partners and Old Soldier. Currently serves in Montana Legislature.
Ryan Allison – Managing Director (Stuart, Florida): MBA from Norwich University, Master of Public Policy from University of Texas at Dallas, completing Doctorate in Business Administration (2025). Expertise in manufacturing, consumer goods, and private equity-backed enterprises.
Geographic Coverage
Headquartered in Dallas, Texas (100 Crescent Court, Seventh Floor), Merger Partners has team members across multiple time zones including San Francisco, Denver, Washington D.C., Montana, and Florida. This geographic diversity enables national coverage with particular strength in Texas, the Western U.S., and the Washington D.C. metro area.
The firm was founded in 1995 and has 11-50 employees according to LinkedIn. It is not registered with FINRA as a broker-dealer, operating instead through alternative advisory structures.