Prestwick Partners Research
Advisory Approach & History
Prestiwick Partners is an established middle-market M&A advisory firm founded in 2003 and headquartered in Minneapolis, Minnesota. The firm is built on a fundamental thesis: that middle-market companies thrive through disciplined sell-side M&A processes managed by senior, hands-on advisors who combine deep industry expertise with institutional process rigor.
The firm was founded by Fritz Richards and Ingo Schulz, both veterans of previous middle-market investment banking roles at Goldsmith Agio Helms (now Lazard Middle Market) and Greene Holcomb & Fisher (now BMO Capital Markets). This background is reflected throughout their approach—a commitment to "best practices" M&A advisory that maximizes value while maintaining confidentiality and securing optimal transaction terms.
Unlike larger investment banks that delegate work to junior staff, Prestwick guarantees that principals lead every transaction and work on every detail of engagement. This level of senior-level commitment and continuity is a core differentiator for the firm.
Sector Focus & Industry Expertise
Prestiwick maintains active advisory practices across eight primary industry verticals: Building Products & Materials, Business Services, Consumer & Food, Diversified Industrial, Healthcare, Specialty Distribution, Technology & Software, and select other specialized sectors.
Within manufacturing, the firm has particular depth in niche segments including precision machining, contract manufacturing, specialty chemicals, building products manufacturing, and industrial components. The team includes professionals with operational backgrounds and deep understanding of plant-level economics, which allows them to advise complex operational businesses effectively.
Their business services practice spans industrial staffing, facilities management, consulting, engineering and construction services, and outsourced operations. Their healthcare expertise includes physician practice management, behavioral health platforms, and specialty services providers. Technology advisory covers industrial software, IoT platforms, manufacturing execution systems, and tech-enabled solutions serving traditional industries.
Track Record & Recent Activity
Prestiwick has documented a substantial transaction history representing middle-market companies, entrepreneurs, and private equity groups. Recent transactions (2023-2026) include:
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Vintage Air (San Antonio, TX) – Designer and manufacturer of aftermarket air conditioning systems for vehicles. Sold to LFM Capital in 2025. Prestwick initiated the transaction, designed the M&A process, and negotiated with buyer. Founded in 1976, Vintage Air is the gold standard in automotive aftermarket air conditioning.
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Trinity Solar (Wall, NJ) – Leading home services platform and residential solar provider serving the Northeast. Received growth investment from TSG Consumer Partners in 2023. One of the largest privately-held residential solar providers with 2,700 professionals and presence in 10 states.
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Agam (Elkridge, MD) – Next-generation manufacturing partner specializing in precision-manufactured modular aluminum extruded components for trade shows, retail, and healthcare. Recapitalization led by Champlain Capital with minority participation from Brookside Capital Partners in 2025.
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Bushel Boy Farms (Owatonna, MN) – Greenhouse grower and packager of premium fresh produce. Assets acquired by Best Boy Farms in 2025.
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Exact Corp (Modesto, CA) – Designer and manufacturer of specialty orchard harvesting equipment for the tree nut market. Merged with Jackrabbit (portfolio company of Midwest Growth Partners) in 2024.
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Westside Equipment (Madera, CA) – Specialty agricultural equipment manufacturer with leadership in processed tomato, pistachio, and grape harvesting. Sold to Oxbo International (portfolio company of NPM Capital, Netherlands) in a transaction including both domestic and international buyer outreach.
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Big Chief (Cincinnati, OH) – Leading industrial maintenance and temperature control supplier serving manufacturers across 50 states. Sold to Gryphon Investors in a process that included both strategic and PE buyers.
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Parts Unlimited Interiors (PUI) (La Grange, KY) – Manufacturer of aftermarket automotive interior soft goods. Sold to Classic Industries following a disciplined process.
Additional transactions include sales and recapitalizations of Oberon Company (Arc Flash PPE), Ergodyne, ADO, Bri-Mar Trailers, Hamer Manufacturing, and Belt Power, among others.
Process & Engagement Model
Prestiwick's engagement model is characterized by institutional-quality sell-side processes tailored to middle-market dynamics. The firm designs comprehensive M&A processes including:
- Extensive buyer identification and outreach
- Preparation of detailed marketing materials and information memoranda
- Evaluation of acquisition proposals and buyer qualifications
- Structured negotiation of transaction terms, pricing, and structure
- Comprehensive quality of earnings support
- Management presentation coaching
- Data room preparation and management
- Closing support and post-close coordination
Typical engagement timeline ranges from 6-9 months from initial retention to closing. The firm maintains focus on exclusivity arrangements and requires sufficient transaction size to justify rigorous processes.
Buyer Network & Relationships
Prestiwick has established deep relationships across the private equity, strategic, and alternative buyer landscape. Recent deal activity demonstrates relationships with firms including:
Private Equity: Champlain Capital, Genstar Capital, TSG Consumer Partners, Midwest Growth Partners, Gryphon Investors, LFM Capital, Brookside Capital Partners, NPM Capital (Netherlands), and numerous others.
Strategic Buyers: TopBuild Corp (NYSE: BLD), Klein Tools, Oxbo International, Classic Industries, Duravant, Illinois Tool Works, and industry-specific strategic acquirers across their verticals.
The firm's capability to access both domestic and international buyers is demonstrated in transactions like Westside Equipment, where they engaged both American and European strategic acquirers.
Competitive Positioning
Prestiwick differentiates through:
- Senior-Led Execution – Partners, not analysts, lead every engagement
- Industry Expertise – Team includes professionals with operational backgrounds and deep sector knowledge
- Process Rigor – Comprehensive buyer outreach, structured negotiations, and institutional deal management
- Focused Practice – Deep specialization in middle-market (typically $5M-$250M+ TEV range) rather than trying to serve all segments
- Relationship Network – Established connections with top-tier PE sponsors and strategic acquirers
- Global Reach – Access to international buyers through established relationships and the Socius Global network
- Track Record – 20+ years of successful transactions in niche manufacturing, industrial services, healthcare, and technology
Engagement Approach & Not a Fit If
Prestiwick targets founder-owned companies, family businesses, and PE-backed portfolio companies seeking premium advisory. They believe their value is unlocked through exhaustive buyer processes and require clients comfortable with:
- 6-9 month engagement timelines
- Exclusive sell-side mandates
- Comprehensive buyer outreach (100+ targeted buyers)
- Senior involvement throughout the process
The firm typically declines:
- Businesses below $5M TEV
- Time-constrained processes or "market testing"
- Situations requiring buyer discretion or limited outreach
- Business models or situations inconsistent with their focus areas
Team & Credentials
Prestiwick's advisory team includes founder-level principals with 20+ years of M&A experience, combined with mid-market and junior professionals. Key principals:
- Fritz Richards – Co-founder with corporate law background and extensive M&A transaction experience
- Ingo Schulz – Co-founder, 25+ years in investment banking, extensive sponsor relationship management
- Mike Groppetti – Partner, nearly 20 years M&A experience across niche manufacturing, technology, capital equipment, and business services
- Joe Peterson – Corporate development and strategy background, former equity analyst, CFA charterholder
- Steve Matz – M&A advisor with Wells Fargo and banking background
- Connor Mohs – CPA, former KPMG senior associate
- Peter Warcup – Former EY Financial Accounting Advisory Services, IPO and SPAC experience
- Cullen Featherstone – CPA, former Grant Thornton audit professional
Geographic Coverage
Prestiwick operates nationally with client base and deal activity across all major U.S. regions. Office is headquartered in Minneapolis, Minnesota. International transaction capability through Socius Global relationships.
Founded & Current Status
Founded 2003. Previously FINRA-registered broker-dealer (CRD# 148515) from 2009-2023, de-registered March 2023. Currently operates as non-registered investment advisor focused on pure M&A advisory without securities brokerage services.