True North Mergers & Acquisitions Research
Advisory Approach
True North Mergers & Acquisitions (TNMA) is a national sell-side and buy-side advisory firm headquartered in Minneapolis that serves lower middle market companies with revenues between $10 million and $150 million-plus. Spun out of Sunbelt Business Advisors in September 2021, TNMA operates with a distinctive thesis rooted in founder empathy: their senior professionals are former middle-market C-level executives and successful entrepreneurs who have built, operated, and sold companies themselves. This operator-to-founder perspective shapes their advisory philosophy—they understand that selling a business is not just a financial transaction but a life transition for founders and families who have spent decades building their enterprises.
Sector Focus
TNMA maintains broad industry expertise across 14 sectors, with particular depth in manufacturing and industrial services. Their manufacturing practice encompasses precision machining (C4 Welding, Klesk Metal Stamping), metal fabrication, and industrial products (Smead Manufacturing). The firm has completed numerous transactions in construction and exterior services (Aspen Exteriors, AAA Striping Services), information technology and managed services (Innovative Technology Partners, Fargo Engineering), and food & beverage (Athman Dairy). They also serve healthcare, business services, distribution, and transportation & logistics companies. This sector diversity reflects their generalist lower middle market orientation, though manufacturing and industrials represent a core stronghold based on deal volume.
Deal Track Record
TNMA has closed $4 billion-plus in transaction value across dozens of engagements. Recent transactions span multiple sectors: Burns Engineering to DwyerOmega (January 2026), Apex Embroidery Design to Paisley Capital (December 2025), Apex Home Care to Amivie (August 2025), Fargo Engineering to Legacy Ventures Group (June 2025), C4 Welding to Millerbernd Manufacturing (May 2025), and Smead Manufacturing to TOPS Products (June 2025). Earlier deals include Legacy Building Solutions' recapitalization with Argonaut Private Equity (March 2024), Aspen Exteriors to Accuserve Solutions (June 2024), Innovative Technology Partners to Cyber Advisors (November 2023), and Klesk Metal Stamping to Duco Capital (April 2023). The firm consistently closes 15-20+ transactions annually, demonstrating high transaction velocity in the lower middle market.
Process & Fee Structure
TNMA's proprietary QuietAuction™ process distinguishes their approach. Rather than naming a price upfront, they provide pricing guidance to vet multiple buyers in a structured three-stage competitive auction. The progression moves from teaser outreach to indications of interest, then letters of intent, culminating in due diligence and closing. Each stage includes structured negotiation points designed to maximize net proceeds after taxes and fees. The process emphasizes buyer competition while maintaining confidentiality. Typical engagement structure includes a monthly retainer (industry-standard for lower middle market) with a success fee tied to transaction closing. The firm requires exclusivity and focuses on maximizing after-tax proceeds rather than headline enterprise value.
Buyer Network
TNMA maintains relationships with 2,000-plus active private equity firms and strategic acquirers. Recent transactions reveal connections to prominent lower middle market PE firms including Argonaut Private Equity, Paisley Capital, Legacy Ventures Group, DwyerOmega (Arcline-backed), and Goldner Hawn (through Cyber Advisors portfolio). Strategic buyers span industry consolidators like TOPS Products, Millerbernd Manufacturing, and Accuserve Solutions. This network combines financial sponsors with strategic acquirers, enabling TNMA to run broad processes that identify the optimal buyer based on valuation, terms, and cultural fit.
Competitive Positioning
TNMA differentiates through three key attributes. First, operator perspective—their leadership team includes former CEOs and founders who have exited businesses, creating genuine empathy with selling founders. Second, process rigor—QuietAuction™ provides structure and competitive tension while maintaining confidentiality. Third, scale and resources—with 45-70 M&A professionals across multiple offices, TNMA brings institutional-quality process management to lower middle market transactions that often receive truncated attention from bulge bracket banks. The firm has been recognized as M&A Source's Top National Firm of the Year (2022) and ranks in Axial's Top 25 Lower Middle Market Investment Banks (2023) and Top 50 Industrial M&A Advisors (2025).
Not a Fit If
TNMA typically declines businesses below $10 million in revenue, pure asset sales, distressed situations requiring turnaround expertise, and founders seeking limited-process or proprietary transactions. Their model depends on broad buyer outreach and competitive tension—situations requiring targeted single-buyer approaches or pre-negotiated transfers fall outside their core competency.
Team
Leadership includes Executive Chairman Brian Slipka, CEO Chris Jones (formerly president of Sunbelt's Minneapolis office), and President Michael Hubsmith (a former operator who sold an e-commerce company he co-founded). Managing Directors include Erica Gilson (COO), Brent Engelbrekt, Rick Elliott, Dan Mulvaney, and Randy Krivo. Vice Presidents include Kirill Graminschi, Kevin Hubsmith, Roan Morgan, Matt Silasiri, and Erik Stapleton. The team spans 45-70 M&A professionals with diverse operational backgrounds.
Geographic Coverage
Headquartered in Minneapolis with offices in Sioux Falls, South Dakota and Naples, Florida. TNMA serves clients nationally, though the Upper Midwest represents a core market given their Sunbelt heritage and Minnesota headquarters footprint.