Montminy & Co. Research
Advisory Approach
Montminy & Co. is a boutique investment bank founded in 2006 by Joel Montminy, specializing in middle market mergers and acquisitions advisory. The firm operates with a thesis that deep industry expertise combined with operational experience delivers superior outcomes for sellers. Their sweet spot is founder- and family-owned businesses in the $10M-$250M TEV range, particularly in consumer products, business services, and industrial sectors. The firm distinguishes itself through its professionals' operating backgrounds—many team members have held C-level positions in industry before joining the bank, giving them unique insight into buyer psychology and operational due diligence.
Montminy & Co. takes a flexible, relationship-driven approach to engagements. They are not transactional advisors but rather long-term partners to business owners, often providing strategic counsel years before a sale process begins. The firm maintains particular strength in cross-border transactions and represents over 30 produce companies, demonstrating deep vertical expertise in food and agriculture.
Sector Focus
Montminy & Co. advises across seven core industries, with particular depth in consumer products and food & beverage. Within consumer products, they specialize in active & healthy living, food & beverage, agriculture, and retail. Their business services practice covers fintech, marketing services, information services, and human capital consulting. The healthcare practice includes physician services, managed care, and medical products distribution.
The industrial & renewables focus encompasses building products, chemicals, distribution & logistics, and energy (water, solar, wind). Real estate & hospitality work includes home builders, hotels & resorts, gaming, and real estate services. Technology expertise spans business management software, cloud software, cybersecurity, and HealthTech. The sports, media & entertainment practice leverages their Los Angeles location with capabilities in digital media, gaming, sportsTech, and traditional media.
Deal Track Record
Over 25 years, Montminy & Co. professionals have completed more than 400 transactions with over $25 billion in aggregate deal value. The firm has represented over 30 produce companies up and down the supply chain, demonstrating extraordinary depth in food and agriculture M&A.
Notable recent transactions include:
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Progressive Produce (2024): Advised on the $120.25 million sale of Dole plc's 65% stake in Progressive Produce to Arable Capital Partners' portfolio company PTF Holdings. Progressive Produce is a California-based grower, packer, and distributor with annual sales exceeding $400 million.
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Pizza Factory (2025): Exclusive financial advisor on the sale of Pizza Factory, Inc. to Wonder Franchises, LLC. Pizza Factory is a West Coast fast-casual pizza franchisor with over 110 locations, founded in 1979.
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Rainbow West Apparel (2023): Financial advisor to RW Designs, a woman and minority-owned Los Angeles swimwear manufacturer, on its sale to Hop Lun, a Platinum Equity portfolio company and one of the world's largest intimate apparel manufacturers.
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Bell-Carter Foods (2022): Advisor to Aceitunas Guadalquir and private equity partner Alantra on the acquisition of Bell-Carter Foods, one of the largest table olive producers globally, with operations in California and Mexico.
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S&H Packing (2022): Advisor to the founding family on the sale of assets to multiple buyers, with farming operations sold to Wonderful Company and warehouse properties sold to family office investors.
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Miyoko's Creamery (2025): Advisor to Prosperity Organic Foods, Inc. (Melt Organic brand) on the acquisition of plant-based dairy company Miyoko's Creamery.
Process & Fee Structure
Montminy & Co. runs institutional-quality sell-side processes with broad buyer outreach. Typical engagements span 6-9 months from engagement to close. The firm contacts 50-100 targeted buyers per engagement, balancing breadth with relationship quality. Their process includes comprehensive preparation (quality of earnings support, management presentation coaching, structured data room preparation), structured buyer outreach, due diligence management, and negotiation support.
The firm requires exclusivity and typically takes engagements above $10M TEV. Fee structure follows market standards for the lower middle market, likely a modified Lehman formula with monthly retainers credited against success fees. The minimum engagement size is approximately $10 million TEV.
Buyer Network
Montminy & Co. maintains 2,000+ relationships with active private equity firms and strategic acquirers globally. The firm is a member of Mergers Alliance, an international partnership of independent M&A advisory firms with partners in 30+ countries, providing direct access to international buyers. Recent transactions demonstrate relationships with Arable Capital Partners, Platinum Equity, Wonderful Company, Aceitunas Guadalquir, Alantra, and various family office investors.
Competitive Positioning
Montminy & Co. differentiates through:
- Operating Experience: Many professionals come from industry C-suite roles, not just banking backgrounds
- Food & Agriculture Expertise: Represented 30+ produce companies with unmatched vertical knowledge
- Cross-Border Capability: Mergers Alliance membership provides international buyer access
- Flexible Engagement: Long-term relationship approach, not transactional
- Integrated Services: M&A advisory combined with capital markets, restructuring, and strategic consulting
- Los Angeles Base: Unique positioning for sports, media & entertainment transactions
Not a Fit If
Montminy & Co. typically declines:
- Businesses below $10M TEV
- Founders wanting a limited buyer process
- Transactions requiring pure asset sales (going-concern focus)
- Sellers unwilling to commit to 6-9 month sale processes
Team
The firm has 20+ professionals across managing directors, directors, vice presidents, and analysts. Key leadership includes:
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Joel Montminy, Founder & CEO: 25+ years M&A experience, previously Managing Director at Greif & Co. FINRA Series 24, 7, 79, 63. Recipient of "Boutique Middle Market Investment Banker of the Year - North America" (M&A Today, 2022) and multiple Los Angeles Business Journal recognitions.
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Leslie Allan, President: 30 years investment banking and asset management experience, former positions at Cargill, Lehman Brothers, Goldman Sachs, and Jefferies. FINRA Series 7, 24, 63, 79.
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Armen Avedissian, Managing Director: 18 years in distressed M&A, capital raising, and restructurings. Former Managing Director at B. Riley Advisory Services and FTI Consulting. FINRA Series 7, 63, 79.
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Steve Bratter, Managing Director: 25 years financial experience in investment banking and commercial banking. Former Senior Vice President at Greif & Co. FINRA Series 62, 79, 63.
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Adnan Iqbal, Director, Technology & Media: Head of Technology & Media group, 12 years investment banking experience. Former Associate at Telos Advisors and Montgomery & Co. FINRA Series 63, 79.
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Bill Koenig, Managing Director: 25 years diversified financial services experience, former CEO of Northwest Bank and Executive Vice President at Western Alliance Bank. FINRA Series 63, 79.
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Bud Riggins, Managing Director: 30 years experience including Director at Corum Group where he completed over $600 million in sell-side transactions. Former KPMG audit partner.
Multiple team members hold advanced degrees including MBAs from University of Chicago Booth School, University of Southern California, and law degrees from Loyola Law School and Harvard Law School.
Geographic Coverage
Headquartered in Santa Monica, California (201 Santa Monica Blvd., Suite 480). Primary focus on California and Western U.S. with national capability through Mergers Alliance partnerships. International transaction capability through 30+ country Mergers Alliance network. The firm's professionals have worked on transactions spanning North America, Europe, and Asia.