Nolan & Associates Research
Advisory Approach
Nolan & Associates is a premier boutique investment banking firm specializing in middle market M&A advisory, serving business owners and PE investors since 1976. The firm operates with a clear thesis: that business owners achieve the best outcomes when partnering with advisors who combine deep industry expertise, relentless buyer outreach, and institutional-quality process discipline. Nolan differentiates itself through its Midwestern roots—operating from St. Louis with intimate knowledge of regional business culture—combined with global reach and connectivity to strategic and PE buyers across all major industries.
The firm's positioning centers on understanding the nuances of founder-owned and family-owned businesses. Nolan recognizes that selling is as much about legacy preservation and employee continuity as it is about valuation. This philosophy is evident in client testimonials consistently emphasizing cultural fit, operational continuity, and long-term vision alignment in buyer selection.
Sector Focus and Core Competencies
Nolan operates across twelve major industry verticals: aerospace, agriculture, building products, business services, consumer, distribution, energy & environmental, healthcare, healthcare staffing, industrial & manufacturing, technology, and transportation. However, deal activity reveals three dominant specializations:
Healthcare Staffing (Locum Tenens) is Nolan's most active practice. The firm has become a recognized leader in the consolidating locum tenens market, completing multiple high-profile transactions including Alumni Healthcare Staffing to Harvest Ascend (2025), Integrity Locums to All Star Healthcare Solutions (2025), Wilderness Medical Staffing to Elite365 (2025), SUMO Medical Staffing to Acacium Group (2023), and Mint Physician Staffing to Cross Country Healthcare (2022). Partner Brett Pantazi leads this practice and has become a recognized voice in healthcare staffing M&A, frequently quoted in industry publications on consolidation trends and buyer network dynamics.
Manufacturing and Industrial Services represents the second major vertical. Nolan has successfully closed transactions across precision machining, contract manufacturing, specialty chemicals, and industrial products: Mason Manufacturing to Konza Valley Capital (2025), PCI Inc. (contract formulating and packaging) to Lewis & Clark Capital (2023), Stellar Manufacturing to Leslie's (2022), K100 (industrial machinery) to Husky Corporation (2022), Metro Electrical to GrayBar (2021), Panek Precision Products to Holleway Capital Partners (2021), and Integrated Technologies (aerospace parts) to Cornerstone Capital Holdings (2021). This vertical emphasizes operational complexity and valuation sophistication, where Nolan's team brings deep operational understanding.
Technology and Healthcare Software forms a growing specialty. Nolan has facilitated acquisitions including THMED to Doximity (2020), a-tune to Transnetyx (2022), Horizon to CliniSys (2022), ALD to Health eCareers (2021), and GF Data (fintech) to ACG (2022).
Secondary verticals include distribution (Coldco Logistics to Americold 2021, Nova Marketing to Crown Capital 2021), business services (Enterprise Medical Recruiting to Alliance Recruiting 2022, Summit Marketing to RKD Group 2021), and consumer (23 City Blocks to Butler's Pantry 2022, Nancy's Notions to Missouri Star Quilt Company 2020).
Deal Track Record and Market Position
As of January 2026, Nolan & Associates has facilitated 70+ transactions with a combined value exceeding $300 million. The firm achieved recognition on the Inc. 5000 list of America's Fastest-Growing Private Companies in 2021 and 2022, ranking No. 820 in 2022. This growth reflects both transaction volume and revenue expansion, indicating successful execution and client satisfaction.
The deal pipeline spans 2019-2025 with consistent activity. Recent transactions (2024-2025) include multiple healthcare staffing platforms and manufacturing businesses, reflecting market demand and the firm's reputation in these sectors. Notably, the firm successfully managed transactions through market disruptions (e.g., Scrubs on Wheels paused during COVID-19 and relaunched with successful close in 2023), demonstrating adaptability and client commitment.
Process and Fee Structure
Nolan employs an institutional sell-side M&A process designed to maximize outcomes. The typical engagement involves exclusive representation, comprehensive buyer identification and outreach, quality of earnings support, management presentation coaching, and organized data room management. The firm typically targets deal size ranges of $5M-$250M enterprise value, though flexibility exists for exceptional opportunities.
Fee structure information is not prominently published, suggesting custom negotiation. Based on industry standards for boutique firms of this size, fees typically follow a modified Lehman scale or flat percentage model, with retainers credited against success fees. The firm's FINRA-affiliated entity (Middle Market Transactions, Inc., CRD #133062) facilitates securities offerings for capital raise transactions.
Buyer Network and Strategic Relationships
Nolan maintains a robust buyer network across multiple buyer types. Private equity relationships are extensive, with documented exits to Birch Swing Capital, Lewis & Clark Capital, Harvest Ascend, Cornerstone Capital Holdings, OpenGate Capital, Holleway Capital Partners, and others. Strategic acquirers span industry leaders (GrayBar, Leslie's, Heraeus Group, Doximity) and niche consolidators (Cross Country Healthcare, Acacium Group for healthcare staffing). Family offices and independent buyers complete the network (Triton Stone Group, Novae).
The firm's deal flow demonstrates balanced exposure to both strategic and PE buyers, with particular strength in mid-market PE (targets <$50M EBITDA) and growth equity.
Team and Organizational Capability
Nolan operates with approximately 20+ M&A professionals across its St. Louis headquarters. Leadership includes Founder & Chairman Pat C. Nolan, President Patrick Nolan, and Partner & Managing Director Brett Pantazi. Directors Matt Sokolich and Tommy Stream, Vice Presidents Aravind Nair and Patrick Roy, and Senior Associate Sean Sullivan round out the practitioner team. Chief Operating Officer Sarah Hall manages operations and infrastructure.
The team brings cumulative decades of middle market M&A experience, with several practitioners having former operating experience (e.g., operational roles in manufacturing firms), differentiating their quality of earnings analysis and buyer integration discussions.
Competitive Positioning and Not a Fit If
Nolan differentiates through (1) genuine Midwestern relationships and cultural fluency, (2) deep vertical expertise (particularly healthcare staffing), (3) institutional process with entrepreneur focus, and (4) personalized attention typical of boutique firms. The firm avoids generalist commoditization, instead building recognizable expertise in specific verticals.
Nolan typically declines (1) deals below $5M TEV, (2) pure asset sales, (3) highly distressed situations requiring restructuring expertise, and (4) clients seeking limited processes or unwilling to engage with broad buyer markets.
Geographic Coverage and Growth Strategy
Primarily US-focused with Midwestern concentration. The firm has successfully completed transactions across 30+ states, indicating national reach and buyer access. Recent recognition as Inc. 5000 fastest-growing (2021, 2022) signals expansion phase, with potential international capability development or sector specialization deepening.