Meritage Partners Research
Advisory Approach
Meritage Partners is a multifaceted M&A advisory firm serving the lower-middle market with a focus on businesses generating up to $150 million in revenue and greater than $2 million in EBITDA. Founded in 2005 by Brian T. Franco, the firm has completed over 41 transactions representing more than $2 billion in aggregate transaction value. The firm operates with a disciplined, relationship-driven approach to M&A advisory, believing that successful transactions require alignment between buyer and seller beyond just financial terms—a philosophy they describe as "relationship equity first."
The firm's team brings over 130 years of collective experience from entrepreneurship, investment banking, corporate finance, private equity, law, and accounting. This diverse background enables Meritage to provide comprehensive guidance throughout the entire transaction lifecycle, from initial assessments and valuations through deal origination, due diligence, structuring, negotiation, and post-merger integration.
Sector Focus
Meritage Partners has developed particular depth in the Architecture, Engineering & Construction (AEC) sector, where they have advised numerous structural engineering, civil engineering, and MEP firms on sales to strategic buyers and consolidators. Their AEC practice includes structural engineering firms (Englekirk, KNA Structural Engineers, Chavez-Grieves), civil engineering firms (RCE Consultants, Infrastructure Engineers, DEC Engineering, VA Consulting, Penfield & Smith Engineers), and multidisciplinary MEP firms (tk1sc).
The firm has also built a significant healthcare/laboratory practice, having advised multiple medical laboratory, pathology, and diagnostic companies on sales to LabCorp and other consolidators. Transactions include Advanced Medical Laboratories, Biomed Laboratories, Monte Vista Medical Laboratory, The Lab, Diagnostic Center, La Paz Medical Laboratory, Idx Pathology, Western Pathology Consultants, Chromosomal Laboratories, and OPA.
Additional focus areas include logistics and transportation (Tatum Logistics, Willin Trucking, K-Line Express, Davtian Trucking, PD Transportation, Express Transport Solutions), construction trades (Heritage Construction, Schmidt Brothers Roofing, Brody Allen Exteriors, Horizon Underground), and various B2B services businesses (HVAC, environmental services, wireless telecommunications).
Deal Track Record
Meritage Partners has completed 41+ transactions across multiple industries. Notable representative transactions include:
AEC/Engineering Transactions:
- Englekirk (structural engineering) sold to WSP (Oct 2021)
- tk1sc (MEP engineering, 240 employees) sold to WSP (Jan 2021)
- Infrastructure Engineers sold to Bowman Consulting Group (June 2023)
- KNA Structural Engineers merged with RTM Engineering Consultants (Q3 2022)
- RCE Consultants sold to RTM Engineering Consultants (Dec 2020)
- DEC Engineering sold to DC Capital Partners (Q1 2022)
- Pacific Cornerstone Architects sold to HED Design (April 2021)
- VA Consulting sold to Stantec (Aug 2015)
- Penfield & Smith Engineers sold to Stantec
- Hope-Amundson sold to Coffman Engineers
- Chavez-Grieves sold to Salas O'Brien
Healthcare/Laboratory Transactions:
- Advanced Medical Laboratories sold to LabCorp
- Biomed Laboratories sold to LabCorp
- Monte Vista Medical Laboratory sold to LabCorp
- The Lab, Inc. sold to LabCorp
- Diagnostic Center, Inc. sold to LabCorp
- La Paz Medical Laboratory sold to LabCorp
- Idx Pathology, Inc. sold to LabCorp
- Western Pathology Consultants sold to Aurora Diagnostics
- Chromosomal Laboratories sold to SolutionPoint International
- Path Logic sold to Mainsail Partners
- OPA merged with Yosemite Pathology
- Quality Medical Professionals sold to MSN Health
Construction Trades/Infrastructure:
- Heritage Construction Co. sold to Tritium Partners
- Schmidt Brothers Roofing sold to Allied Roofing Partners
- Brody Allen Exteriors sold to Ridgeline Roofing (Bertram Capital portfolio) – March 2025
- Horizon Underground sold to Novastone Capital Partners
- Spears Refrigeration merged with TDI Refrigeration (May 2022)
Logistics/Transportation:
- Tatum Logistics sold to Aerostar Global Logistics
- Willin Trucking sold to Longitude Logistics
- K-Line Express sold to Longitude Logistics
- Davtian Trucking sold to private buyer
- PD Transportation sold to RTD Transportation
- Express Transport Solutions sold to Tatum Logistics
The firm's transaction history demonstrates strong relationships with strategic consolidators including WSP (3 transactions), LabCorp (12 transactions), RTM Engineering Consultants (2 transactions), Stantec (2 transactions), Salas O'Brien, and Longitude Logistics (2 transactions), as well as private equity firms such as Tritium Partners, DC Capital Partners, Bertram Capital, and Novastone.
Process & Fee Structure
Meritage Partners runs disciplined sell-side processes with a focus on identifying culturally aligned buyers and structuring transactions that achieve both financial and non-financial seller objectives. The firm emphasizes "relationship equity"—taking time to understand seller motivations beyond price, including legacy preservation, employee welfare, and post-transaction growth opportunities.
The firm's process includes comprehensive preparation work, including cleaning up financials, strengthening operations, and identifying value drivers. In the case of Brody Allen Exteriors, Meritage worked with the seller over a three-year period to prepare the business for market, resulting in multiple competitive offers within one month of going to market.
Fee information is not publicly disclosed on the firm's website. Based on their positioning in the lower-middle market and industry norms, the firm likely employs a retainer plus success fee model, potentially using a Lehman or modified Lehman structure.
Buyer Network
Meritage Partners maintains extensive relationships with strategic buyers, private equity firms, and family offices. Their transaction history demonstrates particular strength with AEC consolidators (WSP, RTM, Stantec, Salas O'Brien, Bowman, HED, Coffman Engineers), healthcare diagnostics consolidators (LabCorp, Aurora Diagnostics, Mainsail Partners, Yosemite Pathology), logistics consolidators (Aerostar Global, Longitude, RTD Transportation), and construction trade consolidators (Tritium Partners, Allied Roofing Partners, Novastone, Bertram Capital).
The firm's relationships span both corporate development teams at publicly traded strategic buyers (WSP, Stantec, LabCorp) and private equity sponsors (Tritium Partners, DC Capital Partners, Bertram Capital, Novastone, Mainsail Partners).
Competitive Positioning
Meritage Partners differentiates through its "relationship equity first" approach, deep sector expertise in AEC and healthcare diagnostics, and willingness to invest significant time in client preparation (exemplified by the three-year preparation period for Brody Allen Exteriors). The firm's 130+ years of collective team experience spans entrepreneurship, private equity, law, and accounting, enabling them to provide guidance beyond traditional investment banking.
The firm is also known for its thought leadership content, including "The M&A Guy Podcast" and the book "Inevitable Exit" by Brian Franco, which positions the firm as an educator in the lower-middle market exit planning space.
Not a Fit If
Based on their stated criteria, Meritage Partners typically declines engagements below $2 million in EBITDA and businesses outside their core sector expertise (AEC, healthcare/laboratories, logistics, construction trades). The firm also appears to focus on going-concern businesses rather than asset sales or distressed situations.
Team
Key team members include:
- Brian T. Franco – Founder & Managing Partner. 10+ years in M&A, author of "Inevitable Exit," host of "The M&A Guy Podcast." FINRA CRD# 7026258.
- Michael Pring – Deal Principal. 30+ years in industrial and manufacturing software, led $250M customer success organization, executed multiple bolt-on acquisitions, oversaw post-merger integration forming a $1B public software company.
- Daniel Robosky – Chief Operations Officer. Operations-focused executive with leadership and strategic development experience.
- Brian Skinner – Business Development. Experience in domestic and international acquisitions, finance, and project funding.
- Jacob Franco – Vice President, Deal Execution and Diligence. Began with Meritage as a high school intern, now leads deal execution.
- Joseph McMahon – Finance Support Analyst.
Geographic Coverage
Headquartered in Newport Beach, California (2901 West Coast Hwy, Suite 200, Newport Beach, CA 92663). The firm serves clients throughout North America with particular concentration in California, Texas, and the Western United States. Many of their AEC transactions involve California-based engineering firms selling to national or international strategic buyers.
Additional Recognition
Meritage Partners has been recognized on Axial's Top 20 Lower-Middle Market Investment Banks list (Q2 2020). The firm is an active sponsor of industry events including RoofCON 2026 (Platinum Sponsor) and SRC Summit 2026 (Platinum Sponsor).