SDR Ventures — M&A Advisory Profile

01Advisory Approach

industry 50-100 standard) creates competitive tension that drives 19% higher valuations and an 88% close rate.

Sweet Spot

Founder-owned and family-owned businesses in the lower middle market with $5M-$100M enterprise value, $1M-$20M EBITDA, across manufacturing, healthcare services, business services, and consumer products. Companies where operational complexity or specialized expertise creates valuation opacity that SDR's process can unlock.

Not A Fit If

Businesses below $5M TEV, pure asset sales without going-concern operations, companies in severe distress/bankruptcy, founders wanting limited buyer outreach, or situations with significant unresolved legal/regulatory issues.

Three key differentiators: (1) Entrepreneur advocacy—deep understanding of personal goals beyond valuation; (2) Exhaustive buyer outreach—200-400 contacts vs. industry 50-100 average, driving 19% higher close values; (3) Collaborative team model—no silos, clients get full firm expertise; (4) Industry research—semi-annual M&A reports across 8 sectors inform positioning and buyer targeting.

02Process & Fees

6-9 month sell-side process: (1) Preparation—exit readiness assessment, QofE review, management presentation, data room setup; (2) Marketing—identify 200-400 potential buyers (PE firms, strategics, family offices), create competitive tension through exhaustive outreach; (3) Execution—LOI negotiation, due diligence management, purchase agreement support, closing. Hands-off approach lets founders focus on running their business.

SDR Ventures Research

Advisory Approach

SDR Ventures is a Denver-based boutique investment bank established in 2002, dedicated to serving entrepreneurs and founders in the lower and middle market. The firm's core philosophy is "advocating for the individual, not the deal"—taking a highly personal approach to understand each business owner's unique vision, goals, and definition of success. Rather than treating transactions as commoditized deals, SDR invests deeply in understanding what matters most to their clients, whether that's preserving company culture, ensuring employee welfare, maximizing value, or finding the right partner for the next chapter.

The firm operates on a collaborative model where team members work together rather than in silos, embodying the belief that "collaboration plus perseverance leads to shared success." This approach differentiates SDR from traditional investment banks that often operate with rigid hierarchies and individual quota systems. With 23 years of experience and 140+ completed transactions, SDR has developed deep expertise across multiple industries while maintaining the agility and personal touch of a boutique firm.

Sector Focus

SDR Ventures maintains active practices across eight core industries, with particular depth in manufacturing, healthcare services, and business services. Their industry focus is informed by both deal history and dedicated research—they publish semi-annual M&A reports tracking trends, valuations, and activity levels in pet industry, agribusiness & food value chain, distribution & logistics, industrial & infrastructure services, manufacturing, professional services, software & IT services, and wellness & health services.

Within manufacturing, SDR has experience with both discrete manufacturing (precision machining, contract manufacturing, aerospace components) and process manufacturing (specialty foods, baked goods). Their healthcare practice spans medical devices, diagnostic equipment, healthcare IT, and specialized staffing. The business services practice includes technology-enabled services, field services, and B2B platform businesses. This sector diversity reflects SDR's belief that industry expertise matters, but that their process-oriented approach to M&A is transferrable across sectors.

Deal Track Record

SDR Ventures has completed 140+ transactions with an 88% close rate—19% higher than the industry average. Recent deals illustrate their industry breadth and sell-side focus:

2026 Transactions:

Xybix (ergonomic workstations for mission-critical environments) → Highland Rim Capital
Parks Medical Electronics (vascular diagnostic equipment) → JLL Partners

2025 Transactions:

Robertson Tire (14-location automotive service chain, Oklahoma) → Big Brand Tire/Percheron Capital
Nicklas Medical Staffing (pathology and histology lab staffing) → Argosy Healthcare Partners
The CFO Project (fractional CFO services) → Broadtree Partners
Willy Make It (consumer products) → Private Investor

2024 Transactions:

Architectural Windows and Doors (luxury windows/doors, Colorado mountain region) → Undisclosed buyer
Imagine Baking (gluten-free and specialty cookies/crackers) → Commercial Bakeries/Graham Partners
Cablenet Aerospace (aerospace contract manufacturing, AS9100 certified) → Interconnect Solutions Company/Tide Rock

Additional past transactions include Triad Service Solutions → Tide Rock Holdings and ACUPOLL Precision Research → Park River Capital. The firm's deals range from $5M to over $100M in enterprise value, with typical transactions in the $10M-$75M range.

Process & Fee Structure

SDR runs institutional-quality sell-side processes adapted for lower middle market companies. Their process typically spans 6-9 months and includes comprehensive preparation, exhaustive buyer outreach, and hands-off management so founders can focus on running their businesses. Key process elements:

Preparation Phase: Assessment of exit readiness, quality of earnings review, management presentation development, data room preparation, and identification of value creation opportunities.

Marketing Phase: SDR identifies 200-400 potential buyers per engagement—far above the industry average of 50-100. This exhaustive outreach includes private equity firms (hundreds of relationships across fund sizes and strategies), strategic acquirers, family offices, and qualified high-net-worth individuals. The firm uses proprietary databases and targeted research to find buyers not actively searching, creating competitive tension.

Execution Phase: Letter of intent negotiation, due diligence management, purchase agreement support, and closing coordination. SDR's close rate of 88% suggests strong execution capabilities.

Fee structure follows industry standards for lower middle market investment banks: monthly retainers during engagement (typically $10K-$25K) credited against a success fee paid at closing. Success fees typically follow a modified Lehman or similar percentage structure based on transaction value. The firm requires exclusivity and focuses on businesses with at least $1M in EBITDA or $5M+ in enterprise value.

Buyer Network

SDR maintains relationships with 2,000+ active buyers across multiple categories. Their private equity network spans lower middle market funds ($5M-$50M equity checks), core middle market funds ($50M-$200M), and sector-specific platforms. Recent deals show relationships with Highland Rim Capital, JLL Partners, Percheron Capital, Graham Partners, Tide Rock, Argosy Healthcare Partners, and Broadtree Partners.

The firm's strategic buyer network includes Fortune 500 industrials, healthcare systems, food manufacturers, and automotive services companies. SDR's international buyer relationships are particularly strong in Canadian manufacturing (evidenced by the Imagine Baking sale to Commercial Bakeries of Toronto).

Competitive Positioning

SDR Ventures differentiates through three key attributes:

Entrepreneur Advocacy: The firm's mission is advocating for individual goals rather than maximizing deal size. They spend significant time understanding personal objectives—whether that's employee welfare, legacy preservation, or finding partners who share company values.
Exhaustive Buyer Outreach: By contacting 200-400 potential buyers per engagement versus the industry standard of 50-100, SDR creates competitive tension that drives higher valuations and better terms. Their 88% close rate and "deals close 19% higher than average" claim reflect this approach.
Collaborative Team Model: Unlike traditional investment banks where MDs compete for assignments and work in silos, SDR's team collaborates across transactions, ensuring clients benefit from the full firm's expertise rather than a single banker's Rolodex.
Industry Research: Their semi-annual M&A reports across eight sectors demonstrate deep market knowledge that benefits clients in positioning and buyer targeting.

Not a Fit If

SDR Ventures typically declines engagements where:

Enterprise value is below $5M (below their minimum fee structure)
The business is in severe financial distress or bankruptcy
The founder wants to run a limited process with minimal buyer outreach
The business is a pure asset sale without going-concern operations
There are significant legal or regulatory issues that cannot be resolved

Team

The firm is led by four principals and a team of experienced professionals:

Leadership:

Scott Mitchell – Principal & Managing Partner. Joined in 2016, leads day-to-day operations and deal execution. Former FP&A leader at Critigen (IT consulting firm carved out by Golden Gate Capital). Holds Series 24, 79, 63. MBA and MS in Business Analytics from University of Colorado Denver, Industrial Engineering degree from Northwestern.
Geoff Eliason – Principal. Co-founder with 23+ years at SDR. Provides strategic guidance on transactions.
P. Andrew Limes – Co-Founder. Senior leader involved in transactions like AWD and Robertson Tire.
Christopher K. Bouck – Co-Founder. Senior leader providing transaction advisory.

Managing Directors:

Matt Huebner – Managing Director (joined 2026). 20+ years investment banking experience. Formerly co-founder of OnRamp Advisors and built Capstone Partners' private placement desk. 50+ transactions completed. Kellogg MBA, Northwestern economics degree. Holds Series 7, 63, 79.
Mike Grande – Managing Director, SMB Division. 30+ years in M&A, 100+ transactions completed. Former owner of Sierra Company (business brokerage). Certified Business Intermediary (CBI), Colorado Real Estate license, Series 79.
Marla DiCarlo – Managing Director, SMB Division. Joined 2026, expanding support for small and mid-sized businesses.

Other Key Professionals:

Ben Luchow – Director. Joined 2018, leads deal execution and business development. Former auditor at Ernst & Young (real estate focus). CPA (inactive), Series 79. MS Accounting from University of Denver.
Logan Bohlender – Vice President. Led transactions including Robertson Tire, Imagine Baking, and Cablenet Aerospace.
Tom Ryan – Managing Director, Industrials.
Adam Williams – Managing Director, Colorado Springs.

Senior Advisors:

Eric Davis – Board Advisor
Bill Thode – Senior Advisor (25+ years as attorney and M&A intermediary)
Eric Bosveld – Senior Advisor, Food and Agribusiness
Rick Ambrose – Senior Advisor, Aerospace & Defense (former Symantec executive)
Karla Ballard – Senior Advisor, Fintech and Blockchain
Seth Buechley – Senior Advisor, Telecom

The team collectively holds multiple FINRA licenses (Series 7, 24, 63, 79) and professional certifications (CPA, CBI, CFA equivalent). Multiple team members have operational experience as business owners, which informs their "thinking like owners" advisory approach.

Geographic Coverage

Headquartered in Greenwood Village, Colorado (Denver metro area) with offices in Colorado Springs. SDR serves clients across 41 of 50 U.S. states, reflecting national capabilities. Their Colorado location is strategic for the state's manufacturing, aerospace, technology, and outdoor industry clusters. Recent deals show geographic diversity from Oklahoma (Robertson Tire) to Oregon (Parks Medical) to Florida (Nicklas Medical Staffing) to Ohio (Imagine Baking).