REAG (Rivers Edge Alliance Group) Research
Advisory Approach
REAG is a boutique investment banking firm specializing in lower-middle market M&A advisory, serving companies with up to $250M in revenue and $25M in EBITDA. Founded in 2004 by Scott Mashuda and Todd Torquato, the firm operates with a distinctive "human-centered" approach to M&A advisory. Their thesis centers on the understanding that selling a business represents a profound life transition for founders, not merely a financial transaction. REAG emphasizes legacy transition focus, recognizing that personal goals for the company and employees post-transaction matter as much as financial metrics.
The firm differentiates itself through institutional-grade execution combined with authentic, collaborative partnership. Rather than operating as a high-volume shop, REAG invests time to deeply understand each business and market, then strategically identifies and engages the right buyers—prioritizing stewards who will honor the founder's legacy while creating meaningful growth opportunities.
Sector Focus
REAG maintains concentrated expertise in six core industries: Distribution & Logistics, Building Products, Chemicals, Manufacturing & Fabrication, Electronic Manufacturing Services, and Specialty Plastics. This focus reflects the founders' backgrounds and the firm's deep operational understanding of industrial and manufacturing businesses.
Within Manufacturing & Fabrication, REAG has particular depth in precision machining, contract manufacturing, metal fabrication, and industrial components. Their team includes professionals who understand plant-level economics and operational complexity, which creates valuation opacity that institutional-quality advisory can unlock.
In Building Products and Distribution, REAG has completed multiple transactions involving flooring distributors, building materials suppliers, and specialized distribution companies. The firm understands the economics of multi-location distribution networks and the value of geographic expansion in consolidating markets.
The Chemicals practice focuses on construction materials, concrete coatings, specialty chemicals, and industrial formulations. REAG's buy-side representation of ChemMasters in its acquisition of Vexcon Chemicals demonstrated the firm's ability to navigate technical product portfolios and distributor relationships.
Deal Track Record
REAG has completed numerous transactions across their focus industries since 2004. Recent representative deals include:
2025 Transactions:
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Abraham Linc to All Surfaces, Inc. (ShoreView portfolio): Sell-side representation of a leading Mid-Atlantic flooring distributor with four locations across West Virginia, Virginia, Maryland, and Pennsylvania, servicing customers across 15 states. The transaction consolidated complementary flooring and installation product expertise under All Surfaces' platform, creating a combined entity with 48 locations covering 28 states.
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New Angle Beveling to Aldora Aluminum & Glass Co.: Sell-side representation of a multi-generational family-owned glass manufacturing and fabrication company specializing in Insulated Glass Units (IGU), tempered shower glass doors, and architectural aluminum products. Established in 1965, NAB brought over 50 years of history and deep customer relationships across Pennsylvania, New Jersey, and Delaware.
Notable Prior Transactions:
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ChemMasters, Inc. acquisition of Vexcon Chemicals (2020): Exclusive buy-side representation of a family-owned concrete coatings and chemicals manufacturer in acquiring a construction materials specialist. The deal combined technical capabilities and expanded geographic reach.
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Armstrong Precision Manufacturing spin-off from Fuzion Technologies: Sell-side representation of a corporate divestiture, selling the precision machining operation to Chase Industries Inc. The transaction included a master service agreement with the divesting parent, demonstrating REAG's ability to structure complex post-closing relationships.
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Sunburst Electronics acquisition (2018): Buy-side representation in the acquisition of Sunburst Electronics by Sunburst Acquisition, LLC.
Based on tombstones and deal history, REAG has facilitated transactions across manufacturing, electronics, chemicals, distribution, and building products sectors, with buyer types including private equity firms (ShoreView), strategic buyers (Aldora, All Surfaces), and family offices.
Process & Fee Structure
REAG runs comprehensive, institutional-quality sell-side processes tailored to lower-middle market complexity. Their typical engagement structure includes:
- Retainer: Monthly engagement fee during the process
- Success fee: Structure aligned with transaction value, typical of lower-middle market practice
- Process timeline: 6-12 months from engagement to closing
- Buyer outreach: Targeted approach identifying buyers who will steward the business and honor legacy
The firm's process includes initial assessment and valuation, preparation of marketing materials including Confidential Information Memorandum, strategic marketing to qualified buyers, management of confidentiality, coordination of buyer meetings, negotiation of offers, facilitation of due diligence, and guidance through closing.
REAG requires exclusivity and focuses on businesses where they can deliver exceptional value through their knowledge and connections. The firm emphasizes that they are not business brokers but provide end-to-end investment banking guidance including business valuation, market positioning, deal structuring, and negotiation.
Buyer Network
REAG maintains relationships across strategic buyers, private equity firms, and family offices. The firm's buyer network is particularly strong in:
Private Equity: ShoreView Industries (demonstrated in Abraham Linc transaction), other lower-middle market PE firms focusing on industrial, distribution, and manufacturing sectors
Strategic Buyers: Regional and national consolidators in flooring distribution (All Surfaces), glass fabrication (Aldora), chemicals and construction materials (ChemMasters), precision manufacturing (Chase Industries)
Geographic Reach: REAG serves clients nationwide with particular depth in the Midwest (Ohio, Pennsylvania, Michigan), Mid-Atlantic (West Virginia, Virginia, Maryland, Pennsylvania), and emerging West Coast presence through VP Aaron Stremick in Tucson, Arizona
The firm's active involvement in M&A Source (Board Chair, leadership roles), Exit Planning Institute (Title Partner sponsor), and Association for Corporate Growth chapters provides extensive deal flow and buyer connectivity.
Competitive Positioning
REAG differentiates from other lower-middle market banks through:
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Human-Centered Approach: Deep understanding that M&A represents a profound life transition, not just a transaction. The firm helps founders navigate identity shift, grief, and reimaging life beyond business ownership.
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Legacy Transition Focus: Emphasis on finding buyers who will steward the company, care for employees, and build on the founder's legacy—not just maximizing price.
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Institutional-Caliber Expertise: Team credentials rival the country's largest investment banks, with professionals holding CM&AP, M&AMI certifications, M&A Source leadership roles, and recognition including "40 Under 40" top M&A service providers.
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Targeted Buyer Outreach: Strategic identification of buyers who will honor legacy, creating genuine competition rather than volume outreach to unqualified buyers.
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Industry Specialization: Deep operational knowledge in manufacturing, distribution, chemicals, and building products rather than generalist approach.
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Process Excellence: Meticulous process management with clear communication, solving problems before they arise, and navigating roadblocks that would otherwise jeopardize deals.
Not a Fit If
REAG typically declines:
- Businesses below their minimum EBITDA threshold (approximately $2M+)
- Founders who want to run a limited process—their value is in targeted, strategic buyer engagement
- Sellers prioritizing price above all else without regard for legacy, employee welfare, or cultural fit
- Transactions lacking operational substance or requiring excessive creative structuring
Team
The firm is led by founding partners Scott Mashuda (Founding Partner & CEO) and Todd Torquato (Founding Partner & COO), each with over two decades of M&A and business valuation experience. Key team members include:
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Scott Mashuda: Founding Partner & CEO, board member of M&A Source since 2017, served as Board Chair in 2023, received 2024 M&A Source Service Award. Named one of 2013's "40 Under 40" top M&A service providers by The M&A Advisor. Former senior valuation analyst at Ernst & Young. Active member of Cleveland Chapter of Association for Corporate Growth.
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Todd Torquato: Founding Partner & COO, oversees operations and execution. 2023 M&A Source Gold Club recipient. Active member of Philadelphia Chapter of Association for Corporate Growth. Prior background in manufacturing and operations division at GlaxoSmithKline.
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Jaclyn Ring, CM&AP, M&AMI: Director, joined REAG in 2013. Leads strategic initiatives for lower middle market companies. Serves as Chair Elect and Conference Planning Chair on M&A Source Board of Governors. Faculty for Exit Planning Institute. Received 2023 Gold Club Award and 2024 Service Award from M&A Source, 2024 Women in Transaction Award from ACG Women's Network.
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Aaron Stremick: Vice President, over two decades of business leadership and financial consulting experience across architecture, accounting, law, bankruptcy, software, and real estate. Focuses on west coast relationships and deal flow opportunities. Based in Tucson, Arizona. MBA from University of Arizona.
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Rebecca Fatica: Vice President, over 25 years of financial services expertise. Specializes in strategic M&A initiatives for lower middle market companies, with background in specialized lending, risk assessment, and government-guaranteed financing.
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Joshua C. Irons: Chief Marketing Officer, joined REAG in 2021. 20 years of strategic marketing and business development experience. MBA from Villanova University.
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Harshid Patel: Analyst, joined REAG in 2025. Master of Science in Quantitative Finance from Northeastern University, CFA Program Level II candidate.
Geographic Coverage
REAG is headquartered in Cleveland, Ohio, with team members across Pittsburgh, Detroit, Lancaster, Grand Rapids, Philadelphia, and Tucson, Arizona. The firm serves clients nationwide with particular expertise in the Midwest, Mid-Atlantic, and emerging West Coast markets.