Pursant Research
Advisory Approach
Pursant is a middle market M&A advisory firm founded in 2010 by Mark Herbick with a deeply rooted philosophy that business owners and CEOs deserve true partnership rather than transactional intermediation. Operating from dual offices in Bannockburn, Illinois and Naples, Florida, Pursant serves as an extension of its clients' businesses—combining deep immersion methodology with a network of buy-side clients, PE relationships, and strategic acquirers. The firm's thesis centers on the belief that business owners who have spent decades building valuable enterprises deserve advisors with operational credibility and founder empathy.
Mark Herbick's 30+ years of experience as a business owner, operator, and founder infuses the firm's approach with genuine understanding of the emotional, financial, and strategic complexities that owner-operators face. Pursant differentiates from generalist investment banks through this operational background: team members have served as CEOs, CFOs, plant managers, and business builders themselves, not just as analysts trained in spreadsheet modeling.
Sector Focus
Pursant maintains deep expertise across eight core industry sectors, with particular strength in lower middle market businesses ($10M-$250M+ enterprise value). The firm's portfolio spans industrial services, construction-related businesses, consumer services, distribution networks, specialty manufacturing, healthcare services, technology platforms, and retail operations.
Within business services and industrial sectors, Pursant has established market leadership through partnerships with industry associations including the Building Services Contractors Association International (BSCAI), serving as BSCAI's exclusive M&A and strategic transaction resource. This positions the firm as a thought leader in janitorial and facility services M&A, a sector that has proven surprisingly resilient even during economic uncertainty. The firm publishes quarterly market analysis reports (Deal Insider) tracking lower middle market transaction trends, valuations, and deal structure evolution.
The firm has also developed notable expertise in construction-adjacent services including commercial roofing, HVAC/mechanical contracting, excavation and demolition, and pavement maintenance—sectors where operational complexity and asset-heavy economics create significant valuation variability. Pursant's team includes professionals with direct plant-level and operations management experience, which proves valuable in assessing value drivers in these capital-intensive businesses.
In consumer-facing sectors, Pursant advises on transactions involving CPG manufacturing, food and beverage producers, automotive retail, gaming, and hospitality. The firm's food and beverage practice includes expertise in beverage distribution, food processing, and supply chain complexity—sectors where international buyer networks and consolidation patterns create unique exit planning opportunities.
Technology advisory spans software-as-a-service (SaaS), cloud computing platforms, managed services providers (MSPs), and data analytics companies. The firm has developed specialized expertise in industrial software and IoT, where operational integration with manufacturing and industrial customers creates defensible competitive positioning.
Pursant also maintains an active healthcare services practice focused on medical devices, ophthalmology platforms, and specialty healthcare service providers—sectors where regulatory environment, physician relationships, and reimbursement dynamics heavily influence valuation.
Manufacturing advisory encompasses discrete manufacturing (apparel, consumer goods manufacturing, industrial products), process manufacturing (specialty chemicals, industrial coatings, adhesives), and distribution logistics. The firm's approach to manufacturing M&A emphasizes operational due diligence, supply chain assessment, and buyer network expertise in both strategic and private equity buyer bases.
Retail advisory includes multi-location retailers and powersports dealerships—sectors where operator consolidation and strategic buyer interest create active deal flow.
Deal Track Record
Pursant's transaction experience includes completed advisory on numerous M&A transactions, strategic recapitalizations, and capital raises across its service sectors. Recent notable transactions include:
Windy City Motorcycle Company → Legendary Group (October 2025): Pursant served as exclusive M&A advisor on the sale of this motorcycle retail and service business to Legendary Group. The transaction showcased Pursant's ability to structure complex retail/service business sales where buyer retention, operational continuity, and founder economics required sophisticated deal engineering.
PM Music Center → 76T LLC (recent): Exclusive sell-side advisory on the sale of a music education products and services company to a family office buyer. The transaction highlighted Pursant's expertise in identifying non-traditional buyer bases and structuring deals that preserve founder legacy and mission alignment while maximizing enterprise value.
Complete Building Services (CBS) → Vonachen Group: Pursant advised on the acquisition integration where CBS was acquired by Vonachen Group, a PE-backed platform in the building services sector. This transaction demonstrates Pursant's fluency with private equity consolidation dynamics and add-on acquisition structuring.
Central States Paving and Concrete → Strategic Partner Addition (June 2023): Served as exclusive M&A advisor on the addition of a new PE/strategic partner to Central States, a PE-backed pavement maintenance and concrete services company. The transaction involved sophisticated recapitalization structuring and buyer network execution.
Protos / Blue Star Transaction: Merger & Acquisition advisory on this strategic transaction, showcasing Pursant's ability to navigate complex buyer selection and deal structure negotiations.
iPresent Acquisition (October 2018): Served as M&A advisor on the acquisition of iPresent, demonstrating recurring client relationships and repeat advisor relationships with sophisticated buyers.
The firm also advised on institutional capital raises, including Savant's $50M+ capital raise (October 2016), where Pursant guided a growing firm through investor identification, valuation negotiation, and deal structuring with multiple financial sponsors.
Across its transaction portfolio, Pursant has managed buy-side advisory for acquisition-oriented businesses seeking bolt-on and platform acquisition targets, sell-side advisory for founders and business owners pursuing liquidity events or partial recapitalizations, and capital markets advisory for businesses raising growth capital or restructuring ownership.
Process & Fee Structure
Pursant operates with institutional process rigor combined with personal, founder-empathetic guidance. The firm's sell-side process includes:
- Deep immersion into business operations, market positioning, and value drivers
- Comprehensive marketing materials and preliminary data room preparation
- Targeted buyer identification leveraging proprietary databases and relationship networks
- Structured management presentation coaching and buyer interaction management
- Quality of Earnings (QoE) analysis support and financial due diligence preparation
- Negotiations management and deal structure optimization
- Post-transaction integration advisory and retained founder support
Buy-side advisory leverages Pursant's proprietary M&A industry databases and buyer networks to identify acquisition targets matching client criteria, evaluate targets for strategic fit and financial return, and structure acquisition transactions optimizing risk allocation and value capture.
Fee information: While specific engagement fee structures vary by deal size, client circumstances, and engagement scope, Pursant typically structures advisory retainers and success fees on a basis common to middle market M&A (modified Lehman or negotiated percentage structures). The firm requires exclusivity agreements and typically targets engagements with sufficient enterprise value to justify institutional process rigor. Minimum engagement sizes reflect the firm's focus on complex middle market transactions where advisory value justifies engagement depth and timeline.
Buyer Network & Strategic Relationships
Pursant maintains active relationships with private equity firms, strategic acquirers, family offices, and financial sponsors across its core industry sectors. The firm's deal track record demonstrates relationships with sponsors including:
- Legendary Group (consumer/retail)
- Vonachen Group (building services and industrial services)
- Family office buyers (consumer/service)
- PE sponsors across industrial services, manufacturing, and software sectors
The firm's BSCAI partnership provides access to consolidating PE-backed platforms and strategic buyers in the janitorial, facility services, and building services sectors. Pursant's geographic presence (Chicago and Naples markets) combined with national relationship network provides buyer access across coastal metros and secondary/tertiary markets where significant lower middle market deal flow concentrates.
The firm has also demonstrated expertise in structuring transactions with European manufacturers, Japanese conglomerates, and international strategic buyers—relevant for manufacturing exporters and businesses with cross-border customer relationships.
Competitive Positioning
Pursant differentiates through:
-
Operational Credibility: Team members bring direct CEO, CFO, COO, and plant manager experience—not just investment banking resume lines. This credibility resonates with founder-owners skeptical of generalist bank advice.
-
Industry Association Leadership: Exclusive partnership with BSCAI establishes Pursant as the market thought leader in janitorial/facility services M&A, with quarterly published market analysis and regular speaking platforms at industry conferences.
-
Founder Empathy & Personal Touch: Emphasis on business owner psychology, transition planning, post-exit life planning, and advisory continuity post-closing—not just maximizing transaction price.
-
Process Rigor Without Corporate Bureaucracy: Institutional-quality deal execution (QoE analysis, data rooms, buyer processes) delivered through lean team without the overhead and depersonalization of mega-banks.
-
Dual-Platform Expertise: Active in both buy-side advisory (helping PE platforms and strategic acquirers find targets) and sell-side advisory (helping founders maximize liquidity events)—rare in boutique shops, providing deal sourcing insights.
-
Integrated Service Offering: Beyond M&A, team offers valuation analysis, interim finance/CFO services, business value optimization consulting, exit strategy planning, and leadership coaching—positioning Pursant as a lifecycle business advisor rather than transaction-only intermediary.
Geographic Coverage
Headquarters in Bannockburn, Illinois (suburban Chicago) with satellite office in Naples, Florida. Core markets include the Midwest (Chicago and secondary metros), Southeast (Florida, Georgia, Carolina markets), and national footprint through relationship network. The firm actively serves business owners across all 50 states, with emphasis on Midwest and Southeast small/medium business communities.
Team
Mark Herbick, Founder & CEO — 30+ years experience as business owner, operator, founder, executive, and deal professional. Deep experience starting, buying, building, operating, and selling businesses across numerous industries. Founder of Pursant in 2010. Active speaker and thought leader in middle market M&A community. Board relationships and industry association involvement.
Scott Glickson, Managing Director — CPA and Certified Public Accountant background. Seasoned M&A professional responsible for guiding business owners through strategic transactions, acquisitions, and exits. Strong technical accounting and financial analysis expertise. Active speaker at industry conferences on M&A topics and valuation.
Hal Katz, Managing Director — Leads Pursant's capital markets advisory practice, responsible for advising on private capital market financing and strategic capital raises. Also takes on interim CFO assignments for clients navigating complex financial matters. Brings investment banking and financial advisory expertise.
Debra Fine, Managing Director — Recently joined Pursant (January 2025) bringing CEO experience from three companies. Focuses on empowering CEOs through strategic transaction advisory. Deep expertise in raising capital, business optimization, and executive leadership coaching. Strong board/advisor relationships in technology and growth company sectors.
Neville Blakemore, Business Development — Joined Pursant September 2024 from Louisville. Brings business development and client relationship expertise, expanding Pursant's footprint in South and Southeast markets.
Taylor Henning, Vice President — Transaction professional supporting M&A advisory engagements.
Elijah McCray, Vice President — Transaction professional supporting M&A advisory engagements across multiple sector verticals.
Eric Wasowicz, Transaction Specialist (Technology) — Technology sector specialist supporting software, SaaS, cloud computing, and data analytics transactions.
Trey Dawson, Transaction Specialist (Financial Diligence) — Financial due diligence specialist providing quality of earnings analysis and financial investigation.
Kelly Lusson, Transaction Specialist (Market Intelligence) — Market research and competitive intelligence specialist supporting buyer identification and market analysis.
Additional team: Lauren Fischoff (Associate), Kristen Wellman (Senior Administrative Coordinator).
Team size: 11-50 employees, providing lean team structure with high advisor-to-support ratios.
Not a Fit If
Pursant typically declines engagements involving:
- Transactions below ~$5-10M enterprise value (insufficient transaction complexity to justify process depth)
- Pure asset sales without going-concern business operations
- Businesses with significant pending litigation or regulatory issues
- Founders unwilling to engage in institutional process or transparent financial disclosure
- Situations requiring non-traditional buyer bases where relationship network provides minimal advantage
Why Pursant
The firm's name derives from Latin and Sanskrit, implying "to excel at pursuit"—reflecting the philosophy that business owners' greatest challenges are Pursant's calling. The firm aims to partner with companies from inception through final liquidity event, serving as both M&A advisor and value-building partner across business lifecycle.