Calder Capital Research
Advisory Approach
Calder Capital is a nationally recognized, independent M&A advisory firm specializing in transactions across the lower-middle market ($1M-$100M enterprise value). Founded in 2013 and headquartered in Grand Rapids, Michigan, Calder operates with a differentiated thesis: that market breadth creates value. While traditional M&A firms and investment banks rely on recycled buyer relationships and narrow outreach, Calder has invested heavily in proprietary technology infrastructure, marketing systems, and buyer databases to create expansive, competitive markets for their clients.
Their approach centers on the belief that when sellers have numerous competing offers, they achieve better outcomes—higher prices, more favorable terms, and better buyer fit. This thesis is validated by their track record: clients average 15+ competitive offers, with sale prices often exceeding valuations by 20% or more.
Calder serves three distinct client types: sell-side business owners seeking maximum proceeds; buy-side entrepreneurs and financial sponsors seeking off-market acquisition opportunities; and business valuation clients. Unlike traditional investment banks that commoditize their services, Calder has segmented their buy-side offerings into Gold (proprietary lead guarantee) and Silver (direct deal sourcing) programs, each with distinct value propositions and fee structures.
Market Position & Growth
Calder Capital achieved remarkable growth in 2025, becoming one of the most active LMM advisors in the United States. The firm closed 58 total transactions in 2025—the most successful year in company history. Their sell-side team completed 30 transactions totaling over $155 million in enterprise value across 7 states. Through Q3 2025 alone, Calder closed 48 deals (27 sell-side, 21 buy-side), representing a 37% increase over Q3 2024 (35 deals). The firm generated $15.4M in revenue as of Q3 2025, up 15% year-over-year.
This growth has earned national recognition: Calder was named Axial's Top 10 Lower Middle Market M&A Advisor (ranked #8) for 2025, and achieved finalist status in multiple M&A Advisor Awards categories including Investment Bank of the Year (Middle Market), Materials Deal of Year, and Industrials Deal of Year across multiple size bands ($10-25MM, $25-50MM).
Sector Focus & Industry Expertise
Calder's transaction activity reveals sector-specific strength:
Service Businesses (50% of deal volume) — Commercial cleaning, janitorial services, staffing, lawn care, landscaping, HVAC contracting, digital marketing, and facility management. Calder has deep expertise in scaling service firms through roll-up strategies.
Manufacturing (25% of deal volume) — Precision manufacturing (CNC machining, die cutting, stamping), specialty products, display manufacturing, tool and die, textiles, wood products, and component manufacturing for industrial OEMs. The firm has closed 12 manufacturing deals YTD, including Vector/Northend Gear (OH), Everlast Saw (KS), Stoutco (IN), Freedom Finishing (MI), Harlo Products (MI), Jackson Tumble Finish (MI), and Assembly Masters (IN).
Construction (14.6% of deal volume) — General contracting, electrical contractors, excavation, commercial plumbing, and landscape construction. Examples include BCU Electric (OH), CMS Utility Services (KY), Requarth Co. (OH), and Spray Patch (MI).
Distribution (4.2% of deal volume) — B2B distribution of manufactured goods and logistics operations. Calder closed Mack Pilgrim Packaging (IL distribution).
Technology/SaaS (2.1% of deal volume) — Recently expanding, with their first middle-market SaaS exit closed in Q1 2025. Chesapeake Technology Inc. (CA SaaS) was a 2025 closing.
Deal Track Record & Buyer Network
Calder's 2025 deal portfolio demonstrates an exceptionally broad buyer base and deal type distribution. The firm closed 48 transactions through Q3 2025 across manufacturing, construction, distribution, and service sectors. Notable recent deals include:
- Restorapet (MD veterinary/medical device) — acquired by individual entrepreneur
- Extra Credit Projects (MI service) — buy-side client acquisition
- Boulder Landscaping (UT service) — buy-side client acquisition
- Gentry Landscape (CA service) — buy-side client acquisition
- EBW Electronics (MI manufacturing) — buy-side client acquisition
- Tarpon Stainless (FL manufacturing) — buy-side client acquisition
- Requarth Co. (OH construction) — buy-side client acquisition
- AAA Tool & Die (IN manufacturing) — sold to General Sheet Metal
The firm's buyer network includes private equity firms, strategic acquirers, individual entrepreneurs, family offices, and financial sponsors. Calder's buy-side team operates a proprietary off-market deal sourcing program that generates 10+ guaranteed leads per engagement, with clients featured on the Acquiring Minds podcast validating deal quality.
Process & Fee Structure
Calder operates distinct models for sell-side and buy-side clients:
Sell-Side Process: Institutional market-creation approach with 200-350 targeted buyer outreach, comprehensive marketing, structured data room management, buyer qualification, LOI management, and closing coordination. Typical engagement 6-9 months.
Fee Structure (Sell-Side): Modified Lehman formula with monthly retainer ($5,000-$7,500/month credited against success fee). Success fee computed as percentage of transaction enterprise value, with fee reduction at higher valuations. On distressed sales, 9% success fee on final purchase price. Retainers fully credited at closing.
Buy-Side Program: Two tiers—Gold (monthly work fee $7,500, credited against success fee, includes 10 proprietary seller leads guarantee) and Silver (monthly work fee $5,000, Modified Lehman success fee).
Competitive Differentiation
Calder differentiates through:
- Proprietary technology infrastructure — 350,000+ buyer database with automated communication and follow-up systems ensuring leads don't slip through cracks
- Broad market creation — 200-350 targeted buyer outreach vs. 50-100 average for competitors, generating 15+ average offers per deal
- Off-market deal sourcing — Guaranteed proprietary lead generation for buy-side clients with success rate validated by podcast-featured acquirers
- Sector-specific expertise — Deep playbooks in service, manufacturing, construction enabling rapid analysis and buyer match
- Tech-enabled efficiency — Automated systems and data infrastructure support rapid deal velocity (58 closings in 2025)
- Transparent, balanced approach — Emphasis on confidentiality while maximizing market exposure
Team & Organization
Calder operates with approximately 60+ professionals across sell-side, buy-side, and operations functions:
Leadership: Max Friar (Founder), Garrett Monroe (Sell-Side Managing Director), Sam Scharich (Buy-Side Managing Director), Hannelore Jones (Director of Operations).
Sell-Side Team: Jonathan Dykstra (Director), 15+ sell-side M&A advisors (Nicholas Browning, Riley Hagen, Andrew Williams, Bradford Wallace, Brian Eick, Greg Weess, Jake McDonald, Jakob Simonds, Jared Friar, Jon Pastoor, Kregg Kiel, Lucas Matthews, Marc Blom, Rick Purcey, Scott Nicholson), plus business development and operations support.
Buy-Side Team: Hannah Nabhan and Parker Schaap (Directors), 10+ buy-side M&A advisors and associates, plus search directors and marketing specialists.
Calder runs robust internship programs (15 interns in Fall 2025) and invests in continuous talent development.
Geographic Coverage & Market Presence
Primary headquarters in Grand Rapids, MI with multi-state presence. 2025 sell-side transactions closed across 7 states (MI, OH, IL, IN, PA, MD, TX, CA, FL, GA, KS, KY, UT). National scope through distributed team and proprietary buyer database.
Not a Fit If
Calder typically declines:
- Transactions below $1M enterprise value (below their sweet spot)
- Pure liquidations or distressed asset sales without going-concern value
- Sellers unwilling to prepare comprehensive buyer materials (SPA, financials, team bios)
- Clients seeking limited process (Calder's value is in broad market creation)
- Industries outside their expertise (service, manufacturing, construction, distribution, emerging tech)