R.L. Hulett & Company Research
Advisory Approach and Thesis
R.L. Hulett & Company, established in 1981 and headquartered in St. Louis, Missouri, operates as a specialized middle-market investment bank focused on M&A advisory services. The firm's core thesis centers on delivering institutional-quality advisory to lower and core middle-market companies seeking liquidity or growth capital. With over 45 years of investment banking experience, the firm has built its reputation on understanding complex operational environments where business owners need both financial sophistication and practical business acumen. The firm's leadership believes that the most successful M&A outcomes stem from combining rigorous financial analysis, exhaustive buyer outreach, and deep industry expertise. R.L. Hulett differentiates itself by assembling teams of former business owners, seasoned corporate executives, CPAs, and MBAs who bring operational perspective to financial transactions.
Geographic Footprint and Market Position
Based in St. Louis, Missouri, R.L. Hulett serves a geographically dispersed clientele with particular strength in the Midwest and Southeast regions. The firm's headquarters location in the heartland positions it well for serving manufacturing and industrial companies throughout the region. While maintaining a lean, focused team structure, the firm has the reach and expertise to execute transactions across multiple regions and has demonstrated capability in both domestic and selective cross-border transactions. The location in St. Louis, a major manufacturing and industrial hub, has historically afforded the firm access to a deep network of industrial companies and business owners.
Industry Focus and Specialization
R.L. Hulett maintains a deliberately focused sector strategy across six core industry verticals. The firm has developed genuine depth in manufacturing and industrials, including precision machining, contract manufacturing, specialty chemicals, building products, and industrial equipment. Within manufacturing, the firm has particular expertise in discrete manufacturing (aerospace components, precision machining, equipment manufacturing) and process manufacturing (specialty chemicals, coatings, food processing). The firm's experience across converting, thermoforming, and finishing operations serves manufacturers in packaging and specialty materials.
Food and consumer products represent another core vertical where the firm has executed numerous transactions across ingredient manufacturers, co-packers, branded consumer companies, and foodservice distributors. The transportation and logistics sector represents deep expertise developed over four decades, with specialization in asset-light and fleet-based businesses, 3PLs, freight brokerage, warehousing, specialty intermodal services, and equipment rental. Tech-enabled services and software represent the firm's growing practice, particularly in SaaS, industrial technology, human capital management systems, cybersecurity, and IT services. Healthcare services round out the portfolio, with expertise in behavioral health, physician practice management, dermatology, ophthalmology, long-term care, medical device distribution, and healthcare staffing.
Transaction Track Record
R.L. Hulett has completed over 285+ transactions since founding, representing consistent deal flow across three decades of M&A activity. The firm advised on the sale of Blue Mountain Mechanical (HVAC and mechanical services) to Heritage Holding in 2025, a transaction that expanded Heritage's nationwide platform in mechanical services. Environmental Restoration LLC executed a complex employee stock ownership plan (ESOP) transaction in 2025, advised by R.L. Hulett, enabling ownership to monetize positions while securing employee equity participation. Mitchell Humphrey & Co., a provider of public sector SaaS solutions, was sold to Tripleview Technologies in 2024 with R.L. Hulett as exclusive sell-side advisor. The firm advised on the sale of Federated Software Group to Boeing, expanding Boeing's presence in logistics and command-and-control systems. Team Three Group, a distributor serving the foodservice and janitorial sectors, was acquired by AmerCareRoyal (HCI Equity Partners portfolio company) with R.L. Hulett serving as financial advisor. The firm has also advised on transactions involving ORCO Tool & Machine (aerospace components sold to O'Brien Capital), Classic Equine Equipment (acquired by Morton Buildings), Griffin Personnel Group (background screening and credentialing sold to DISA), Zipline Logistics (3PL recapitalization with Frontenac), Ironman Sound Industries (sold to Markey's Audio/Visual), and Inventive Group (recapitalization with Clearview Capital). Copp Transportation, a provider of intermodal and LTL services, was sold to Warehouse Services. Additionally, the firm has tracked completion of numerous other transactions across its core sectors.
Team and Management
The firm operates with an experienced team anchored by Managing Director R. Trevor Hulett, CPA, who has spent 15+ years leading M&A transactions across manufacturing, software, business services, and distribution. Hulett holds Series 62, 63, and 79 FINRA registrations. Director James Goebel brings extensive operator experience, having founded and scaled technology and distribution companies before joining the firm, and served on multiple industry and nonprofit boards. Senior Advisor Christopher Riley has spent five decades in business ownership and operation across diverse sectors, worked in New York investment banking, holds advanced degrees from Santa Clara, LSE, and Harvard Business School, and maintains Series 79 and 63 licenses. Director David Vass brings 30+ years of business management experience including 10+ years as president of a consumer products manufacturer exceeding $25M revenue, with additional VP-level experience in sales, business development. Associate Ryan Hartman and Analyst Dax Kugelman provide analytical support and transaction execution. The firm also lists multiple Senior Advisors with deep industry and operational backgrounds.
Services and Process
R.L. Hulett offers comprehensive M&A services including sell-side advisory, buy-side advisory, capital raise structuring, and restructuring/workout advisory. The firm's sell-side process emphasizes communicating client company value and identifying optimal strategic or financial acquirers. Sell-side engagements typically include comprehensive quality-of-earnings support, management presentation development, and structured data room preparation. Buy-side work helps clients navigate acquisition target identification, valuation negotiation, and deal structure optimization. Capital raise services involve strategic process development, investor targeting, deal structuring, and due diligence navigation. The firm publishes quarterly M&A research updates across its core sector verticals, demonstrating ongoing market engagement and sector expertise.
Total Transaction Volume
The firm reports 285+ completed transactions since 1981, representing approximately 9-10 transactions annually on average, though transaction frequency has varied across market cycles. This track record demonstrates sustained market presence and client relationships.