MidStreet Mergers & Acquisitions Research
Advisory Approach
MidStreet Mergers & Acquisitions is a specialized lower-middle market M&A advisory firm founded in 2001 by Jeffery Baxter. The firm operates on a unique premise that they call the "MidStreet"—businesses with revenues between $5 million and $50 million that are too large for traditional main street business brokers but too small for most middle market investment banks. This focus on an underserved market segment has allowed MidStreet to become the leading M&A advisor for blue-collar and essential services businesses in the Southeastern United States.
The firm's thesis is built on the belief that lower-middle market businesses deserve the same level of sophisticated representation that larger companies receive, but with a more personalized, hands-on approach. MidStreet combines institutional-quality processes (comprehensive marketing, auction-style sales, confidential information memoranda) with local presence and accessibility. They've spent over two decades perfecting a process that emphasizes exhaustive buyer outreach while maintaining strict confidentiality.
Sector Focus
MidStreet has developed particular expertise in blue-collar industries and essential services businesses. Their core focus areas include:
HVAC and Home Services: Deep specialization in residential and light-commercial HVAC, plumbing, electrical, and related trades. The firm has completed multiple HVAC transactions and has noted unprecedented interest from private equity and strategic buyers in this space, with EBITDA multiples reaching 7-10x for quality contractors.
Manufacturing: Precision machining, sheet metal fabrication, and metal fabrication businesses. Their success with Forma-Fab Metals demonstrated their ability to sell complex manufacturers to strategic acquirers who value advanced in-house capabilities and skilled workforces.
Construction and Trades: Disaster restoration, commercial construction, landscaping, and marine services. The Highland Construction sale to BMS CAT and Pirate's Cove Marina transaction showcase their expertise across construction-related sectors.
IT Services and MSPs: Managed service providers, IT consulting, and technology services. The Infranet Technologies and Hooks Systems sales to Dataprise and Cyber Advisors respectively demonstrate their reach in technology services.
Business Services: Distribution, landscape supply, and other B2B service companies. The Scott Stone sale to Heritage Landscape Supply Group (an affiliate of Texas-based SRS Distribution) illustrates their ability to navigate platform roll-ups.
Deal Track Record
MidStreet has completed over 450 transactions since 2001, making them one of the most active lower-middle market M&A advisors in the Southeast. Their success rate of 95% is exceptional in the industry. Recent notable transactions include:
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Airmax Heating and Cooling (2024): Sold to Columbia Home Services, a Dallas-based home services platform. MidStreet identified over 100 potential buyers, qualified 18, and generated 10+ indications of interest. The deal exemplifies MidStreet's ability to run competitive processes that attract strategic buyers with expansion plans.
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Infranet Technologies Group (2025): Wilmington-headquartered IT firm with 40 employees across four offices sold to Cyber Advisors, a Minnesota-based cybersecurity and managed services provider. The sale marked Cyber Advisors' 10th acquisition.
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Forma-Fab Metals (2025): Sheet metal engineering and fabrication company sold to strategic acquirer. MidStreet's auction process generated 44 interested buyers and 6 formal offers, allowing the founder to select the optimal partner for legacy preservation.
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Hooks Systems Technology: Managed services provider sold to Dataprise, a Rockville, MD-based MSP with 500+ professionals. MidStreet's structured auction process identified the ideal strategic fit.
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Pirate's Cove Marina (2023): Outer Banks marina with 195 slips, restaurant, and event facilities sold to the Harrell family (Jernigan Oil Company). The deal exemplifies MidStreet's ability to handle complex, asset-intensive businesses with strong community ties.
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Highland Construction and Restoration (2022): Multi-location disaster restoration company sold to BMS CAT. All employees retained post-closing.
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Robbins Landscaping (2023): 35-year-old residential landscaping contractor sold to Terra Forma Landscaping, creating a combined $6 million revenue entity.
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Scott Stone Inc. (2021): Multi-location landscape supply distributor with 16-acre campus sold to Heritage Landscape Supply Group, subsidiary of SRS Distribution Inc.
Process & Fee Structure
MidStreet runs a comprehensive, auction-style sell-side process:
Marketing Phase: Creation of Confidential Information Memorandum, marketing videos, and targeted outreach campaigns. They typically identify 100+ potential buyers, qualify 15-20, and generate 5-10 formal offers.
Buyer Outreach: Proprietary databases and professional networks are used to build targeted vetted buyer lists including private equity groups, strategic acquirers, and high-net-worth individuals. Marketing is conducted confidentially to qualified prospects only.
Timeline: 6-9 month typical engagement timeline from listing to closing.
Fee Structure: MidStreet charges a success fee of 10-12% of transaction value, in line with industry standards for lower-middle market business brokers. They do not charge upfront retainers or listing fees—compensation is earned only when the deal closes. They require a twelve-month listing agreement with a twenty-four month tail period.
Buyer Network
MidStreet has built relationships with thousands of potential buyers through hundreds of transactions. Their buyer network includes:
Private Equity: Multiple PE firms with interest in blue-collar industries and home services platforms. The firm notes strong PE interest in HVAC, plumbing, electrical, and related trades.
Strategic Buyers: Regional and national strategic acquirers seeking geographic expansion or platform add-ons. Examples include Columbia Home Services, Cyber Advisors, Dataprise, and Heritage Landscape Supply Group.
Family Offices and High-Net-Worth Individuals: For businesses where legacy preservation and local ownership are priorities.
Competitive Positioning
MidStreet differentiates through:
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"MidStreet" Focus: Specialized expertise in the $5M-$50M revenue range—an underserved market between main street brokers and middle market investment banks.
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Blue-Collar Specialization: Deep experience in HVAC, construction, manufacturing, and trades—industries they understand intimately.
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Exhaustive Buyer Outreach: 100+ buyer contacts per engagement vs. industry average of 50-100.
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Local Presence: Raleigh and Wilmington offices with hands-on, face-to-face service.
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No Upfront Fees: Aligned compensation structure—paid only on success.
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Auction Process: Competitive bidding environments that maximize seller outcomes.
Not a Fit If
MidStreet typically declines:
- Businesses below $5M in revenue
- Businesses above $50M in revenue (better served by middle market investment banks)
- Startups or pre-revenue companies
- Businesses with significant pending litigation
- Sellers wanting limited buyer exposure (MidStreet's value is in exhaustive outreach)
Team
The firm is led by experienced M&A professionals with deep expertise in lower-middle market transactions:
Jeffery Baxter, President & Founder: 25+ years of M&A experience, U.S. Naval Nuclear Power Program graduate, former Exelon executive. Personally engaged on 450+ transactions ranging from $250K to over $50M. Certified Business Intermediary (CBI), Certified Mergers and Acquisitions Professional (CM&AP), Mergers and Acquisitions Master Intermediary (M&AMI).
Erik Sullivan, VP of M&A: Managed $200M+ in total sell-side transaction value since 2017. Featured in Triangle Business Journal for M&A achievements. M&AMI, CBI, active NC real estate license.
Jonah Pollone, COO & M&A Advisor: Specializes in trades business owners. Key role in $78M+ in transactions over six years. M&AMI, CBI, real estate licenses in NC and GA.
Santiago Rodriguez, Financial Analyst: Former Accenture corporate development buy-side M&A experience. Builds financial models, valuations, and CIMs.
Marcelo Leiva, Financial Analyst: Former BDO Costa Rica corporate finance and Acuity Knowledge Partners investment banking support experience.
Jeffery Baxter Jr., CFO: ISBA certified business appraiser, NC Real Estate Broker License, UNC Kenan-Flagler graduate.
Geographic Coverage
Primary footprint: Southeastern United States with strongest presence in North Carolina (Raleigh, Wilmington, Fayetteville, Charlotte), Virginia (Richmond, Chesapeake), Tennessee (Chattanooga), and South Carolina (Columbia). Offices in Raleigh and Wilmington, NC.