Ravinia Capital Research
Advisory Approach
Ravinia Capital is a premier boutique middle-market investment bank founded in 1998 and headquartered in Chicago, Illinois. The firm operates with a distinctive philosophy: they sell companies "not as-is, but as-best," utilizing a rigorous, aggressive, and proven deal process that generates competition among potential buyers to maximize transaction value. Their thesis is that outstanding outcomes for sellers come from exhaustive buyer outreach, institutional-quality process management, and strategic marketing that showcases company potential to diverse buyer categories. The firm specializes in both healthy sell-side transactions and complex distressed M&A, bringing problem-solving expertise and tenacity to high-stakes situations where traditional bankers struggle.
Sector Focus and Industry Expertise
Ravinia Capital maintains active practices across manufacturing, industrial services, business services, healthcare, food services, consumer products, real estate, and specialty sectors. Within manufacturing, they demonstrate deep expertise in precision machining and contract manufacturing, specialty chemicals, building products, and automotive suppliers. Their healthcare practice has earned particular recognition—in 2024, Ravinia won the Healthcare/Life Sciences Deal of the Year from Mergers & Acquisitions Advisors for their Section 363 going-concern sale of Allied Healthcare Products, a transaction that secured funding four times the projected liquidation recovery.
Their team includes professionals with operating experience—former CEOs, COOs, and plant managers who understand operational complexity and can market businesses based on future potential rather than past performance. This operational perspective differentiates them from generalist banks and enables sophisticated buyer narrative construction.
Deal Track Record and Process
Ravinia Capital has completed over 100 successful transactions across multiple deal types, with zero failed transactions. Their deal process is methodical and buyer-centric. They begin with thorough company assessment to understand competitive advantages, identify optimal buyer profiles, and develop tailored marketing narratives. Their proprietary database includes 6,500+ strategic and financial buyers and lenders; for each engagement, they identify 1,200+ qualified buyers through customized outreach using tools like PitchBook, Cap-IQ, and Thomson Reuters.
The firm executes disciplined sales processes with live management webcasts that showcase companies effectively to multiple bidders simultaneously, reducing management time burden while attracting strong competition. They facilitate gated due diligence with structured virtual data rooms, detailed CIMs, and daylong meetings with interested bidders. The average transaction closes in approximately 45 days from engagement to binding LOI.
Notable recent transactions include:
- Rōti Modern Mediterranean (2025): §363 bankruptcy sale to BroadPeak Capital, preserving 200+ jobs and 17 restaurant locations. Ravinia secured eight qualified bidders and five topping re-bids at auction.
- Allied Healthcare Products (2024): §363 going-concern sale to Flexicare. The company faced shutdown after decades in business, but Ravinia secured a stalking horse bid that generated a sale price at four times projected liquidation value. Recognized as Healthcare/Life Sciences Deal of the Year 2024.
- Rex Electric (2023): Sold one of the largest commercial and institutional electrical contractors in Chicagoland to Chugach.
- Employment Plus (distressed): Staffing company in forbearance and technical insolvency was kept out of bankruptcy court through Ravinia's aggressive marketing and competitive bidding process.
Buyer Network and Strategic Relationships
Ravinia Capital maintains a sophisticated buyer network including 6,500+ strategic acquirers and financial buyers in their proprietary database, with ongoing relationships cultivated through repeated transactions. Their buyer outreach encompasses Fortune 500 industrial companies, regional and national strategic acquirers, family offices, private equity firms, turnaround investors, and management buyout sponsors.
Process, Timeline, and Fee Structure
Ravinia's engagement model involves: Assessment & Strategy, Buyer Research & Marketing to 1,200+ qualified candidates, Due Diligence Facilitation with live management webcasts, Competitive Bidding, and Close. Typical engagement length: 6-9 months for healthy transactions; 60-120 days for distressed situations. Average time to close: 45 days.
Competitive Positioning and Differentiation
Ravinia differentiates through: (1) Operational Expertise—partners with P&L background, (2) Distressed Specialization—Tom Goldblatt recognized as top U.S. distressed dealmaker, TMA CTP of the Year, (3) Buyer Competition Strategy—customized outreach per deal, not stale lists, (4) Live Webcast Process—reduces management burden while attracting bidders, (5) Hands-on Guidance—strategic partner role rather than transactional, (6) Emotional Intelligence—"clears pathways to success" for complex situations, (7) Network & Experience—27 years in middle market, 6,500+ buyer relationships, 100+ successful deals.
Team and Expertise
Tom Goldblatt — Founder and Managing Director. 20+ years operating experience. Named Distressed Mergers and Acquisitions Deal Maker of the Year (2014, 2024), TMA CTP of the Year (2017), Notable M&A Dealmaker by Crain's Chicago Business.
Ken Hachikian — Managing Director. Joined April 2024. Extensive investment banking experience focused on middle-market M&A and debt advisory, with particular healthcare M&A expertise.
Alan Kravets — Managing Director, Real Estate Assets. Joined January 2021. Licensed Illinois attorney and multi-state real estate broker. BBA Michigan Ross, JD University of Michigan Law School.
Accolades and Recognition
- 2024: Healthcare/Life Sciences Deal of the Year (Allied Healthcare Products §363 sale)
- 2024: Distressed Mergers and Acquisitions Deal Maker of the Year (Tom Goldblatt)
- 2024: Turnaround Atlas Award for Special Situation M&A Deal of the Year
- 2017: TMA CTP of the Year (Tom Goldblatt—first investment banker to receive)
- 2014: Distressed Deal Maker of the Year (Tom Goldblatt, $350M industrial staffing sale)