Peakstone Group Research
Advisory Approach
Peakstone Group is an independent, middle market investment banking firm specializing in mergers and acquisitions advisory and capital raising. Founded on the belief that middle market companies need and desire high-quality advice and execution, Peakstone operates with a clear thesis: superior financial outcomes come from thoughtful, creative judgment, highly experienced teams, and deep access to capital and buyers globally. The firm's core values prioritize client service first, aligning client interests with their own, operating as "One Firm" through teamwork, and focusing on customized solutions rather than playbook approaches.
Peakstone's sweet spot is privately held companies with revenues ranging from $10 million to over $500 million, owned by entrepreneurs or families seeking capital to sell, grow, refinance, or otherwise capitalize their businesses. The firm is particularly well-suited for transactions that are large relative to a client's net worth, where risk mitigation and optimal outcomes are critical.
The firm typically is not a fit for businesses below $10M in revenue or situations where a limited process is desired. Peakstone's value proposition lies in exhaustive buyer outreach and institutional-quality execution.
Sector Focus
Peakstone maintains deep industry expertise across 16 sectors, with particular strength in manufacturing, distribution, food & beverage, business services, and healthcare. Their website lists dedicated practices in Aerospace & Defense, Business Services, Consumer & Retail, Distribution, Financial Services, Mortgage Banking, Food & Beverage, Health & Wellness, Healthcare, Industrials & Manufacturing, Metals & Metalforming, Paper & Plastics & Packaging, Real Estate, Software & Data Services, and Transportation & Logistics.
Within manufacturing, the firm has completed numerous transactions in precision machining (Dahlquist Machine sold to Incodema Holdings, Precision Process Corporation sold to Incodema Holdings), metal fabrication (V&F Transformers sold to Spire Power Solutions), and building products (Builders Cabinet sold to The Corsi Group). Their deal history demonstrates deep knowledge of industrial processes, AS9100 and ISO certification requirements, and strategic buyers in the industrial space.
In food & beverage, Peakstone has advised on multiple transactions including FoodPharma sold to New Harbor Capital, Prairie City Bakery sold to McKee Foods, and Food Evolution sold to Akoya Capital. The team understands food manufacturing complexities, distribution networks, and strategic buyer dynamics.
The firm's healthcare and health & wellness practice includes deals such as a healthcare services company sale and EarthWise Pet growth capital financing. In transportation & logistics, Peakstone advised Hazen Final Mile on its sale to TransForce and FreightSaver on its sale to Echo Global Logistics.
Technology and software transactions include Corporate Technology Solutions (leading security/AV integrator) and various data services companies. The real estate practice has seen transactions like Expert Shutter Services sold to Hunter Douglas and Blue Ocean Partners' acquisition of Majik.
Deal Track Record
Peakstone's team has executed hundreds of transactions totaling billions of dollars. The firm's website notes that Peakstone principals have completed over 100 transactions totaling $125 billion in value. The firm ranked #1 in Axial's Top 25 Lower Middle Market Investment Banks (Q3 2025), recognizing its excellence in middle market M&A.
Notable recent transactions include:
- Builders Cabinet (premium cabinetry manufacturer) sold to The Corsi Group (Salt Creek Capital) – January 2026
- Thillens (armored services provider, founded 1932) sold to Edessa Growth Partners – May 2025
- Seedbox Solution (agricultural packaging) management buyout backed by Granite Creek Capital Partners, Hidden River Strategic Capital, and Everside Capital Partners – January 2025
- FreightSaver sold to Echo Global Logistics – August 2025
- EarthWise Pet growth capital financing – January 2025
- Hunter Douglas acquisition of Expert Shutter Services – September 2025
- Pacific Paper Tube merger – July 2024
- Blue Ocean Partners acquisition of Majik – June 2024
Historical transactions span multiple decades:
- Erehwon Mountain Outfitter sold to Camping World Holdings (NYSE: CWH) – 2018
- Block and Company sold to Speyside Equity – 2018
- Prairie City Bakery sold to McKee Foods – 2019
- Bionic Pet Products sold to Outward Hound – 2015
- Food Evolution sold to Akoya Capital – 2014
- Hazen Final Mile sold to TransForce – 2015
- FoodPharma sold to New Harbor Capital – 2021
- Dahlquist Machine sold to Incodema Holdings – 2020
- Precision Process Corporation sold to Incodema Holdings – 2021
- V&F Transformers sold to Spire Power Solutions (Mill Point Capital) – 2021
PR Newswire announcements highlight additional deals:
- AutoAccessoriesGarage.com sold to Genuine Parts Company – 2022
- Big Red Rooster Flow sold to Marmon Holdings (Berkshire Hathaway) – 2022
- Corporate Technology Solutions sold – 2023
- Industrial automation platform recapitalization – 2022
- Vidya Brands Group acquisitions of Dedicated Converting Group and Seaboard Folding Box – 2022
- Deli Star financing – 2022
- PepperJax Grill sold to TA Associates – 2016
- Alden & Ott cross-border sale to hubergroup
The firm's ability to attract strategic buyers is evidenced by transactions with Camping World Holdings (public strategic), McKee Foods (family-owned strategic), Genuine Parts Company (Fortune 500 strategic), Marmon Holdings (Berkshire Hathaway portfolio), and Hunter Douglas (global strategic. This strategic buyer access, combined with deep private equity relationships across hundreds of firms, positions Peakstone to achieve optimal outcomes for sellers.
Process & Fee Structure
Peakstone runs institutional-quality sell-side processes with exhaustive buyer outreach. The firm emphasizes speed of execution, senior-level focus throughout the process, and creative judgment to get transactions completed. Their process includes comprehensive preparation, quality of earnings support, management presentation coaching, and structured data room preparation.
Typical engagement structure includes a monthly retainer (credited against success fee) and a success fee based on a modified Lehman or similar percentage structure on total enterprise value. The firm requires exclusivity and typically focuses on transactions above $10M TEV. Process timelines generally run 6-9 months from engagement to close, though the firm emphasizes ability to move quickly when required.
Buyer Network
Peakstone maintains relationships with 2,000+ active private equity firms and strategic acquirers globally. The firm's deal history demonstrates strong connections across buyer types:
Private Equity Buyers: TA Associates (PepperJax), Salt Creek Capital (Builders Cabinet), Edessa Growth Partners (Thillens), Granite Creek Capital Partners (Seedbox), Hidden River Strategic Capital, Everside Capital Partners, Speyside Equity (Block and Company), New Harbor Capital (FoodPharma), CORE Industrial Partners via Incodema Holdings (Dahlquist Machine, Precision Process), Mill Point Capital via Spire Power Solutions (V&F Transformers), Akoya Capital (Food Evolution), RFE Investment Partners (Sales Empowerment Group), A&M Capital via Worldwise (Pet Factory), and numerous independent sponsors and search funds.
Strategic Buyers: Camping World Holdings (NYSE: CWH, Erehwon), McKee Foods (Prairie City Bakery), Genuine Parts Company (AutoAccessoriesGarage.com), Marmon Holdings/Berkshire Hathaway (Big Red Rooster Flow), Hunter Douglas (Expert Shutter Services), Echo Global Logistics (FreightSaver), TransForce (Hazen Final Mile), hubergroup (Alden & Ott cross-border), Outward Hound (Bionic Pet Products), and various corporate strategic buyers in technology, industrial, and healthcare sectors.
Competitive Positioning
Peakstone differentiates from other middle market banks through:
-
Global reach with local presence – Chicago headquarters with 10 additional offices (Ann Arbor, Dallas, Madison, Minneapolis, Nashville, New York, Phoenix, Pittsburgh, Sarasota) and international transaction capabilities
-
Exhaustive buyer outreach – The firm's ability to access and negotiate with both large public companies and hundreds of private equity firms creates competitive tension and optimal outcomes
-
Senior-level commitment – Managing Partners and Managing Directors are actively involved throughout the process, not just at pitch and close
-
Deep industry specialization – 16 dedicated industry practices with bankers who understand the operational and strategic nuances of each sector
-
Capital raising capability – Unlike many boutique M&A advisors, Peakstone can support client objectives with capital, not just M&A advisory
-
Ranked #1 – Recognized by Axial as the top lower middle market investment bank in Q3 2025
Not a Fit If
Peakstone typically declines:
- Businesses below $10M in revenue or TEV
- Founders who want to run a limited process (the firm's value is in exhaustive buyer outreach)
- Situations where speed is the only priority and compromises outcome quality
- Transactions lacking strategic rationale or where the firm cannot add meaningful value
Team
Peakstone is led by three Managing Partners: Alex Fridman, Stephen Sleigh, and Jeff Temple. The firm has 40+ investment banking professionals across multiple offices. Key Managing Directors, Directors, and Vice Presidents include Alex Allgood, Jim Breen, David Brown, Nick Clementi, Christian Colucci, Brad Curtis, Bob Dekker, Michael Dockendorf, Adam Dunlap, Barry Dunn, Eric Dziedzic, Michael Ewing, Richard Goff, Kevin Gould, Mark Horita, Catherine (Cathy) Jaros, Brad Lehl, Dean Marshall, Jon Mejdrich, Peter Melloni, Robert Meyer, Matthew Norris, Robert Peterson, Steve Royko, Al Samouelian, Andy Savarie, Kimia S. Shadrokh, Aaron Sharabaika, Dan Sholem, Terri Smalinsky, Michael Taylor, Tim Trela, Michael Williams, and Eric Zampol.
The team averages 18+ years of M&A experience per professional. Associates and Analysts support the senior team in transaction execution and research.
Geographic Coverage
Headquartered in Chicago at 550 West Van Buren Street, Suite 1460, with additional offices in:
- Ann Arbor, MI
- Dallas, TX
- Madison, WI
- Minneapolis, MN
- Nashville, TN
- New York, NY
- Phoenix, AZ
- Pittsburgh, PA
- Sarasota, FL
The firm serves clients nationally and internationally, with cross-border transaction capabilities (e.g., Alden & Ott sale to Germany-based hubergroup). Global network includes buyers and capital providers in multiple countries.