Two Roads Advisors Research
Advisory Approach
Two Roads Advisors is a boutique investment banking firm headquartered in New York City with a thesis-driven approach to middle-market M&A advisory. The firm believes that the best outcomes for business owners and investors come from "parallel tracks for companies at a crossroads"—creating multiple avenues of value creation rather than pursuing a single exit path. Their positioning emphasizes flexibility in deal structures, combining senior-level attention with agile execution capabilities. As a senior-led team with 19+ years of collective expertise, Two Roads operates with deep conviction that market cycles are temporary, making speed and process efficiency critical differentiators.
Two Roads Advisors was founded in 2019 and has achieved approximately 900% growth in less than five years, completing an average of one closed deal per month. In November 2023, the firm strategically acquired the M&A advisory business of Inflection Brands, a recognized leader in e-commerce M&A advisory with a strong track record of over $250 million in combined enterprise value across digital-focused businesses. This acquisition expanded Two Roads' capabilities and reinforced its commitment to serving growth-stage companies across consumer, technology, and business services sectors.
Sector Focus
Two Roads Advisors concentrates its advisory practice primarily on consumer products, e-commerce, fintech, and software/SaaS businesses—verticals where founder-led or growth-stage companies often face pivotal moments requiring sophisticated advisory support. The firm has demonstrated particular depth in direct-to-consumer (DTC) brands, Amazon FBA aggregators and brands, consumer product brands, beauty and personal care companies, and toy/novelty brands. Beyond consumer goods, Two Roads maintains active practices in financial technology (fintech and payment platforms), legal technology, and healthcare services.
The firm's acquisition of Inflection Brands' advisory business solidified its position as one of the leading M&A advisors in the e-commerce space, where more than $16 billion of capital has entered since 2019. This specialization gives Two Roads unique insight into buyer networks, valuation dynamics, and exit options specific to e-commerce and consumer-focused companies.
Process & Fee Structure
Two Roads Advisors emphasizes speed and planning-driven execution. The firm explicitly positions itself as a time-conscious advisor, understanding that "market cycles and environments don't last forever." Their engagement model leverages deep industry relationships, advance knowledge of key performance indicators that drive client businesses, and a global network of counterparties—giving them the ability to create competition and maximize value in transactions.
While specific fee structures are not publicly detailed on the firm's website, Two Roads positions itself as flexible in engagement terms, willing to create multiple avenues of value creation whether through sale to strategic parties, financial buyers (PE, family offices), capital raises, acquisitions, or simultaneous pursuit of multiple options. The firm offers advisory services across the full spectrum: sell-side M&A, buy-side M&A, capital raising for growth or liquidity, and corporate strategy & financial advisory services.
The firm's engagement model emphasizes that "our time is our most precious resource, and we maximize it by bringing a high degree of planning and expertise to every client and every transaction." This positioning suggests a structured, efficient process design rather than extensive consultant-heavy approaches.
Buyer Network & Deal Track Record
Two Roads has built a strong network of strategic and financial buyers across multiple sectors. Their deal track record demonstrates relationships with private equity firms (family offices like Skybox Capital, which is backed by the co-founders of Vivid Seats), strategic acquirers across e-commerce and software, and aggregators targeting consumer brands on Amazon. Recent deal activity shows a consistent pipeline of closed transactions across 2023-2025.
Notable transactions facilitated by Two Roads include:
- Skyline Beauty Group acquisition of LilyAna Naturals — adding a high-quality, vegan skincare brand to Skyline's strategic beauty platform
- Snap Finance acquisition of FlexShopper assets — fintech platform expanding consumer financing options
- ArtCreativity acquisition of Wooly Willy brand — adding an iconic 40+-year-old toy brand to ArtCreativity's portfolio
- Harbor (legal technology) acquisition of Encoretech — expanding legal tech training capabilities
- Descartes Systems (Nasdaq: DSGX) acquisition of Finale Inventory (August 2025, ~$40M) — strategic bolt-on acquisition expanding ecommerce inventory management capabilities
- Appier (AI advertising company) acquisition of AdCreative.ai (February 2025) — expanding AI-driven creative capabilities
- Loftware acquisition of BL.INK (April 2025) — product identification solution expansion
- Inversal acquisition of Tactics — technology platform consolidation
- 1847 Holdings divestiture of Wolo Manufacturing (2024-2025) — facilitating sale of manufacturing asset
- Herringbone Digital add-on acquisition — backed by Trinity Hunt Partners, expanding digital marketing platform
- Multiple e-commerce aggregator acquisitions — including Kedudes (school supplies/party supplies), ABCO (home goods), HomeMaid Living (storage/organization), Old Nobby (chemistry kits), and others
- Skybox Capital (family office of Vivid Seats founders) acquisition of Trend Nation — private label e-commerce analytics company
- WeCool Toys non-dilutive investment from C6 Capital — scaling Compound Kings brand globally
Two Roads' deal network includes relationships with leading PE firms, family offices, strategic corporate buyers, and specialized e-commerce aggregators. The firm's positioning emphasizes relationships with "a global network of counterparties" and the ability to bring "buyer insights and competitive positioning" to maximize outcomes.
Competitive Positioning
Two Roads differentiates from traditional mid-market investment banks through four key strengths:
-
E-commerce Specialization — As one of the few investment banks with demonstrated depth in e-commerce and consumer brand M&A, particularly through the Inflection Brands acquisition, Two Roads understands buyer networks, valuation benchmarks, and operational considerations specific to DTC, Amazon FBA, and consumer product businesses.
-
Agility and Speed — The firm explicitly prioritizes "speed" as a differentiator, understanding that timing windows in e-commerce and growth-stage companies are often narrow. With 19+ professionals, the firm can mobilize quickly without the bureaucratic friction of larger banks.
-
Senior-Led Execution — Every deal is led by experienced professionals with deep relationships and sector knowledge. The firm's emphasis on "senior level attention" stands in contrast to advisor models where deals are handed off to junior bankers.
-
Flexible Deal Structuring — Two Roads' core positioning is "parallel tracks"—the ability to pursue multiple exit paths simultaneously (sale to strategic, PE, capital raise, acquisition by client, ESOP, etc.). This gives clients optionality that traditional banks may not offer.
The firm's acquisition of Inflection Brands' advisory business positioned Two Roads as a consolidator in the e-commerce M&A space, bringing together Two Roads' broader middle-market reach with Inflection's deep e-commerce buyer networks and domain expertise.
Buyer Network & PE Relationships
Based on deal history, Two Roads has demonstrated relationships with:
- Family Offices: Skybox Capital (co-founders of Vivid Seats), Trinity Hunt Partners
- Strategic Acquirers: Descartes Systems Group (Nasdaq), Appier, Loftware, Harbor, ArtCreativity, Snap Finance
- E-commerce Aggregators: Multiple undisclosed aggregators across DTC/Amazon categories
- Financial Buyers: C6 Capital (non-dilutive funding)
The firm's buyer network is particularly strong in the e-commerce/consumer products space, where it can access strategic buyers, financial sponsors, and family offices seeking growth acquisitions.
Not a Fit If
Two Roads Advisors' positioning suggests the firm is best suited for growth-stage companies and founder-backed businesses at pivotal moments. The firm would likely be a poor fit for:
- Highly distressed or turnaround situations requiring operational restructuring
- Pure asset sales without going-concern value
- Companies with significant pending litigation or regulatory issues
- Businesses below approximately $5M-$10M in revenue/valuation (below their typical sweet spot)
- Sellers seeking a limited or highly selective buyer process (Two Roads emphasizes comprehensive outreach)
Team
Two Roads Advisors operates with approximately 20+ professionals across US and European locations. The team includes:
Senior Leadership:
- John Z. Fang — Managing Partner (john@tworoadsadvisors.com)
- Nate Jackson — Partner (quoted in industry publications as e-commerce expert)
- Rob Cooper — Managing Director
- Mike Petsky — Senior Advisor
Managing Directors / Leadership:
- Kevin He — Managing Director (focuses on TMT/tech industry)
- Josef Zarini — Managing Director
Other Professionals:
- Matthew Kratter — Advisor
- Devin Bostick — Vice President
- David Churchill — Vice President
- Andrew McMahon — Vice President
- Marco Schuurman — Vice President
- Cullen McCarthy — Vice President
- Hugh Owen — Associate
- Zack Phillips — Associate
- Andrew Kwon — Associate (CRD# 7396947 per BrokerCheck)
- Joey Yuan — Associate
- Andy Barba — Analyst
- Eamon Shaffer — Analyst
- Levi Herson — Analyst
The team averages 19+ years of combined M&A experience and maintains deep networks of buyer relationships and strategic counterparties globally.
Geographic Coverage & Operations
Two Roads Advisors is headquartered in New York City (450 Lexington Ave, New York, NY 10017) with offices across the US and European presence. The firm services companies globally, as evidenced by transactions across multiple geographies and sectors.
Total Transaction Volume
Two Roads Advisors has completed transactions totaling over $18.0 billion in aggregate transaction value, reflecting the firm's track record across its portfolio of clients. The firm is publicly recognized as one of the leading M&A advisors in the e-commerce and consumer products space.