Touchstone Advisors Research
Advisory Approach
Touchstone Advisors is a premier boutique M&A advisory firm serving the lower middle market, specializing in representing owners of privately-held manufacturing, distribution, and service businesses with enterprise values between $5 million and $100 million. Founded over 20 years ago, the firm brings a proven four-step process to every transaction and has completed more than 500 M&A transactions throughout its history.
The firm operates with a clear thesis: different buyers will pay vastly different prices for the same business, and the strategic buyer with the most opportunity will pay the highest price. Touchstone's solution is to identify strategic opportunities, market without a listed price to create competitive tension, and place acquirers in competition through a sealed bid process. This "controlled auction" approach forces buyers to submit their best offers upfront, rather than negotiating incrementally from a lower starting point.
Touchstone distinguishes itself through unwavering focus on client interests, unbiased advice based on thorough due diligence, and deep understanding of closely-held and family-owned business dynamics. The firm emphasizes honesty and realistic expectations—if they don't believe a business is ready for sale, they recommend their Exit Advantage program to prepare for a future transaction rather than accepting an engagement that won't succeed.
Sector Focus
Touchstone Advisors maintains deep expertise across seven core industries that align with the lower middle market manufacturing, distribution, and business services landscape of New England and the Northeast:
Manufacturing: The firm has extensive experience with precision machining, contract manufacturing, rubber and plastics molding, electronics manufacturing services, and building products. Representative transactions include Altek Electronics (printed circuit board assemblies for medical, military, industrial, and telecommunications), Airex Rubber Products (aerospace and medical rubber components), and various discrete manufacturing operations.
Distribution: Touchstone has completed numerous deals in wholesale distribution, including Minore's Meats (specialty food distribution to restaurants) and R & R Freight (logistics and transportation). The firm understands the unique economics of distribution businesses, including inventory management, route density, and customer concentration metrics.
Business Services: The team works with B2B service providers, including landscaping and facilities maintenance companies. The 2025 sale of All State Landscape Services to Riverview Companies exemplifies their work in outdoor services and facilities maintenance.
Healthcare Services: Touchstone has significant healthcare transaction experience, including urgent care facilities (Stony Creek Ventures sale to Hartford HealthCare), medical transport (Campion Ambulance sale to Trinity Health of New England), and dental laboratories (York Dental). The firm understands healthcare regulatory dynamics, reimbursement models, and strategic buyer motivations in provider consolidation.
Food and Beverage: Beyond distribution, Touchstone has completed food manufacturing and processing transactions, leveraging their understanding of food safety regulations, supply chain dynamics, and consumer brand valuation.
Engineering and Technology Services: The firm serves industrial technology companies, electronics manufacturers, and engineering-focused businesses that combine technical expertise with commercial operations.
Construction and Trades Services: Touchstone advises trade contractors, construction services firms, and specialized installation companies that have built scalable operations beyond pure project-based contracting.
Deal Track Record
Touchstone Advisors has completed more than 500 transactions over 20+ years in business. Recent closed transactions illustrate their sector expertise:
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Altek Electronics (2025): Exclusive sell-side advisor to this Torrington, CT-based electronics manufacturing services provider in its acquisition by Cyient DLM, a publicly traded integrated electronics manufacturing solutions provider based in India. Jeff Rich served as lead advisor, structuring a transaction that enabled Cyient to expand its North American footprint and ITAR-compliant defense capabilities.
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Minore's Meats (2025): Advised this third-generation, 100-year-old specialty food distributor in New Haven, CT in its sale to J&M Vital Provisions, LLC. Steven Pappas and Deborah Agrafojo represented the seller, achieving a transition that preserved family legacy while positioning the business for growth under an experienced distribution industry CEO.
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All State Landscape Services (2025): Represented this family-owned commercial landscaping company in its acquisition by Riverview Companies Northeast, LLC. Jeffrey Rich advised on the transaction, which joined All State's 12-year Connecticut operation with Riverview's 600-employee platform across multiple Northeast states.
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Airex Rubber Products (2022): Served as exclusive financial advisor to this Portland, CT-based Tier 1 rubber products manufacturer in its sale to a newly formed holding entity. Roy Johnson and Steven Pappas co-managed the transaction, which included company-owned real estate and closed despite challenging COVID-era conditions. Airex serves aerospace, helicopter, medical device, and oil exploration markets with precision rubber-to-metal bonding and molding capabilities.
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Stony Creek Ventures (2022): Advised this Branford and Orange, CT-based urgent care operator in its sale to Hartford HealthCare. Roy Johnson managed the transaction, which involved two facilities and overcame pandemic-related marketing delays in 2020-2021.
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Campion Ambulance: Represented this medical transport provider in its sale to Trinity Health of New England. Roy Johnson and Jeff Rich led the transaction, with Trinity's VP of Strategy commending their professionalism throughout the complex evaluation and diligence process.
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Ohlheiser Corporation (2014): Facilitated the sale of this manufacturing business, which was subsequently acquired by OTC Industrial Technologies.
Client testimonials validate the firm's competitive process approach. Robert Pellettier, Co-Owner of Ohlheiser Corporation, noted that Touchstone "placed several strategic acquirers in competition with one another to achieve a result that exceeded our expectations." Benjamin Franford, former President of York Dental, praised the competitive process for achieving "a price that exceeded our expectations" while ensuring cultural and organizational fit for employees.
The firm also conducts buy-side assignments, including representing HEYtex in its acquisition search, which resulted in an ideal target match through strategic screening and financial analysis.
Process & Fee Structure
Touchstone employs a structured four-step process:
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Seller Readiness Assessment: Comprehensive evaluation of the business, financial recasting, and identification of value enhancement opportunities.
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Buyer Identification: Research and identification of strategic acquirers, private equity groups, family offices, and international buyers who would benefit from the seller's specific strategic attributes.
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Competitive Marketing: Confidential marketing without a listed price, creating competitive tension among qualified buyers through a controlled auction process.
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Transaction Execution: Due diligence coordination, offer evaluation, and closing management with support from in-house Due Diligence Coordinators and CIM Writers.
For businesses not immediately ready for sale, Touchstone offers the Exit Advantage program—a 10-step initiative for owners planning to exit in 2-5 years. The program includes owner readiness review, business assessment, financial recasting, tax optimization, acquirer risk assessment, and value enhancement initiatives, with bi-annual reviews to track progress toward sale readiness.
The firm requires client exclusivity and typically engages businesses with $5M-$100M in enterprise value. Process timelines average 6-9 months from engagement to close, depending on market conditions and business complexity.
Securities transactions are conducted through Ceiba Financial, LLC, a registered broker-dealer and member of FINRA/SIPC. Certain Touchstone team members are Registered Representatives of Ceiba Financial.
Buyer Network
Touchstone maintains relationships with thousands of potential acquirers across multiple buyer categories:
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Private Equity Firms: The firm has relationships with lower middle market and middle market PE firms across industry verticals. Deal transactions show involvement of financial buyers in manufacturing, distribution, and services sectors.
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Strategic Buyers: Touchstone has a strong track record of selling to strategic acquirers, including publicly traded companies (Cyient DLM acquiring Altek Electronics), large healthcare systems (Hartford HealthCare acquiring Stony Creek Ventures, Trinity Health acquiring Campion Ambulance), and regional roll-up platforms (Riverview Companies acquiring All State Landscape).
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International Buyers: The firm has cross-border capability, as demonstrated by the Cyient DLM transaction and involvement of buyers based outside the United States.
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Family Offices and Individual Buyers: Touchstone's process includes qualified high-net-worth individuals and family-owned businesses seeking strategic acquisitions.
The firm's sealed bid competitive process is designed to maximize price by creating auction dynamics among buyers with different strategic motivations and currency values.
Competitive Positioning
Touchstone Advisors differentiates from other lower middle market M&A advisors through several key attributes:
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Competitive Process Discipline: The firm's commitment to marketing without price and creating competitive tension through sealed bids contrasts with one-on-one negotiations that often leave value on the table.
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Readiness Focus: Unlike advisors who accept any engagement, Touchstone turns down businesses that aren't sale-ready and instead provides Exit Advantage planning to prepare for future success.
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Sector Specialization: Deep expertise in manufacturing, distribution, and business services aligns with the industrial composition of their Northeast market.
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Family Business Understanding: The firm's mission statement emphasizes maximizing "the value of our client's life's work" and appreciation for closely-held business dynamics and legacy considerations.
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Boutique Service Model: Clients receive hands-on partner attention rather than delegation to junior staff, with significant deal involvement from senior professionals throughout the process.
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Honesty and Realism: The firm explicitly states they do not make false promises or exaggerate their ability to sell businesses, and will provide candid assessments even when it means declining an engagement.
Not a Fit If
Touchstone Advisors typically declines engagements where:
- Enterprise value is below $5 million (their stated minimum)
- Enterprise value exceeds their $100 million core focus (though they may advise on larger transactions in certain circumstances)
- Businesses lack financial readiness or have significant undisclosed liabilities that cannot be remedied
- Sellers are unwilling to commit to an exclusive representation and competitive marketing process
- Founders want a limited process rather than comprehensive buyer outreach
Team
Touchstone's leadership team consists of experienced M&A professionals with significant transaction experience:
Steven Pappas, M&AMI – Partner, M&A Advisor: Co-founded the firm and brings extensive experience in manufacturing and distribution transactions. He has led transactions including Minore's Meats and Airex Rubber Products, and is a Merger & Acquisition Master Intermediary (M&AMI) credential holder.
Jeff Rich, CFA – Partner, M&A Investment Banker: A Chartered Financial Analyst with significant investment banking experience. He led the Altek Electronics sale to Cyient DLM and the All State Landscape transaction, and was involved in the Campion Ambulance sale.
Deborah Agrafojo – Partner, M&A Investment Banker: Leads transaction execution and was instrumental in the Minore's Meats sale. She has deep operational and financial expertise in mid-market transactions.
Roy Johnson – M&A Investment Banker: A veteran deal-maker with extensive experience in healthcare and manufacturing transactions. He managed the Stony Creek Ventures sale to Hartford HealthCare and was co-lead on the Airex Rubber Products transaction.
Michael Camerota, JD, M&AMI – Founder: The firm's founder holds both law and M&AMI credentials, reflecting the firm's emphasis on transactional expertise and professional intermediation standards.
The team includes additional M&A Advisors, support professionals including Due Diligence Coordinators, Marketing Coordinators, and specialized CIM Writers who contribute to transaction execution. The firm also maintains an Industry Advisory Board of senior executives who provide strategic guidance.
Geographic Coverage
Touchstone Advisors is headquartered in Clinton, Connecticut (24 W. Main St., #210, Clinton, CT 06413) and serves clients nationally with particular strength in New England and the Northeast. The firm lists Connecticut, Massachusetts, New York, New Jersey, Pennsylvania, Delaware, New Hampshire, Maine, and Rhode Island as core markets, with capability to serve clients nationwide through their buyer network and virtual deal management capabilities.
The firm's location in central Connecticut provides proximity to the region's manufacturing, distribution, and healthcare services hub, while their remote transaction capabilities enable them to serve sellers across the United States.