Victory Partners Research
Advisory Approach
Victory Partners is a full-service investment bank founded in 2008 with a mission to provide Wall Street and Silicon Valley sophistication to Main Street entrepreneurs in digestible, practical formats. The firm operates with a founder-first philosophy: all principals and partners have personal experience as entrepreneurs, having built or acquired businesses outside of investment banking. This creates a fundamental thesis that separates Victory Partners from larger, more impersonal institutions: authentic understanding of what it feels like to sit in the captain's chair, make difficult decisions, and navigate the complex landscape of selling, recapitalizing, or growing a business.
The firm believes that M&A advisory should be driven by client outcomes, not transaction volume. Rather than running high-volume processes that maximize deal flow, Victory Partners is intentionally selective about client relationships, ensuring that they can dedicate institutional-quality resources to each engagement. Their strategic approach emphasizes creative problem-solving, particularly in distressed situations and complex restructurings where many competitors would decline engagement.
Sector Focus & Industry Expertise
Victory Partners maintains active practices across a diverse set of industries, with particular strength in manufacturing and industrial services. The firm has deep expertise in precision machining, contract manufacturing, specialty chemicals, and building products manufacturing. Within manufacturing, the team includes former operators and CEOs who understand plant-level economics, supply chain management, and operational complexity—a significant differentiator from generalist investment banks.
Beyond manufacturing, Victory Partners has developed substantial practices in software and technology (particularly industrial software, IoT platforms, and manufacturing execution systems), healthcare services (physician practice management and behavioral health platforms), financial services, construction and engineering, distribution and logistics, real estate, consumer services, specialty retail, and food & beverage. This breadth is intentional: the firm's position is that they will not shy away from any deal and will take on projects that others may decline due to industry specialization constraints.
The firm has published detailed industry research reports covering sectors like pipe/valves/fittings, sports memorabilia, landscaping, boat manufacturing, cosmetics manufacturing, and industrial/manufacturing verticals. These reports demonstrate both market intelligence and thought leadership that resonate with their target clients.
Deal Track Record & Transaction History
Victory Partners reports having completed 120+ transactions representing over $3 billion in aggregate transaction value over the firm's 15+ year operating history. The firm tracks completed deals with specificity and has published detailed tombstones demonstrating significant value creation for clients:
SCS Frigette, Inc. (HVAC Manufacturing) - Victory Partners advised SCS Frigette on a sale to Black Knight Partners, L.P. The company was facing the end of a government contract representing 45% of combined revenue and 60% of EBITDA. After an initial offer of $38M fell through, VP repositioned the company and secured a sale for $74M—a 95% premium over the initial bid. Closed 2023-2025 timeframe.
Mid-America Fittings, Inc. (Specialty Pipes, Valves & Fittings) - A Kansas-based manufacturer doing $1.2M in TTM EBITDA was receiving initial offers around $7M (5x TTM EBITDA) when VP was retained. The firm successfully negotiated a sale to Wynnchurch Capital Partners, LP for $14M—exactly double the initial valuation—under a structure that allowed existing shareholders to retain ongoing operational involvement.
Midland Metal Manufacturing (Industrial Manufacturing) - Generating $6M in EBITDA and trading at 6x TTM EBITDA multiples initially ($36M valuation range), VP successfully repositioned the valuation narrative to emphasize forward EBITDA projections and identified new value streams. This resulted in a majority recapitalization with Wynnchurch Capital at $53M, a 47% uplift.
E Mortgage Logic (Financial Services Software) - VP negotiated a sophisticated three-stage "creeping acquisition" structure with Aquiline Capital. The deal started at $52M but evolved into a three-step transaction where Aquiline acquired 40% at 8x TTM EBITDA, then an additional 35% at 9x forward EBITDA two years later, with final 10% at 9.5x forward EBITDA in year 3.5. Total realized value: $100M+, allowing sellers to retain 20% equity and board control for initial period.
Imperial Technologies (Data Storage Devices) - A solid-state disc manufacturer doing $5M in EBITDA had been unsuccessfully shopped for one year by another investment bank and received zero offers. VP took the company to market, received initial bids of $12M, and within six months closed a majority recapitalization with Celerity Partners for $33.3M—a 177% increase—while maintaining management control of the company.
These tombstones reflect the firm's capability to add significant value through repositioning narratives, identifying hidden value streams, and structuring creative solutions (recaps, earnouts, earndown structures) that satisfy multiple stakeholder objectives.
Process, Positioning & Buyer Network
Victory Partners runs institutional-quality sell-side and buy-side M&A processes. On the sell side, the firm emphasizes exhaustive buyer outreach combined with meticulous process management. Typical engagements include comprehensive quality-of-earnings support, management presentation coaching, structured data room preparation, and financial/operational due diligence coordination.
The firm's competitive positioning rests on four pillars:
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Founder-Operator Principals: Unlike bulge-bracket banks where junior bankers are doing the work, Victory's principals are seasoned operators. Todd Lazenby has 20+ years of direct PE and IB experience. Terry Hess brings 30+ years of investment banking. Scott Shane was CEO of Mid-America Fittings and Chief Manufacturing Officer at Midland Industries before joining VP—giving him insider perspective on how client companies actually work.
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Valuation Sophistication: The firm doesn't just run auctions; they add value through valuation expertise, creative structuring, and identification of hidden value streams. Their track record shows consistent 50-200% premiums over initial valuations through repositioning and process excellence.
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Bulge-Bracket Expertise at Middle-Market Pricing: Clients get institutional-quality advisory services, sophisticated financial modeling, and Wall Street-caliber process discipline—but without the overhead and cost structure of a $50B firm. This is explicitly referenced in their competitive positioning.
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Willingness to Take Complex Deals: The firm specifically highlights its SEAL-team approach to deals that others decline: distressed situations, restructurings, companies facing operational headwinds, and situations with pending challenges. This positions them as a partner of last resort in complex situations, not just a transaction processor.
Victory Partners' buyer network includes relationships with Wynnchurch Capital Partners, Celerity Partners, Aquiline Capital, Black Knight Partners, and numerous other middle-market and lower-middle-market PE firms. The breadth of buyer relationships across different sectors and deal types demonstrates a robust network capable of sourcing buyers across industries and exit strategies (PE, strategic, secondary, ESOP, recapitalization).
Geographic Coverage & Market Presence
Founded in Dallas, Texas in 2008, Victory Partners expanded to Baltimore, Maryland; Asheville, North Carolina; and Palm Beach, Florida before relocating headquarters to Charlotte, North Carolina in mid-2022. The Charlotte relocation reflects market opportunity: the Southeast is underserved by high-quality middle-market M&A advisory firms, and Charlotte's business ecosystem is rapidly growing. The firm maintains active deal-sourcing and relationship-building across Texas, North Carolina, the Midwest, and Florida, with a goal of becoming the leading middle-market investment bank in the Southeast.
Services & Fee Structure
Victory Partners offers a comprehensive suite of investment banking services:
- Sell-side M&A Advisory: Leading process management, buyer identification, valuation, negotiation
- Buy-side Advisory: Target sourcing, due diligence, acquisition strategy, negotiation
- Capital Raising: Identifying and connecting with investors, development of pitch materials
- Debt & Equity Financing: Strategic capital structure optimization
- Restructuring & Workout: Distressed situations, turnarounds, bankruptcy support
- Valuation & Financial Modeling: Enterprise value estimation and scenario analysis
- Quality of Earnings: Partnering with accounting firms for QofE reports
- Real Estate Advisory: Including secured lender advisory and distressed debt/REO acquisitions
While fee structure is not explicitly published, the firm's positioning suggests modified Lehman formula or flat percentage structures typical of middle-market M&A advisory. Minimum engagement size is approximately $10M transaction enterprise value based on their transaction criteria.
Team Composition & Capabilities
Victory Partners is a compact, high-impact team of 10-15 professionals led by founder and managing partners with deep experience:
- R. Todd Lazenby (Founding Partner): 20+ years of PE, investment banking, and corporate finance. Currently leads the firm and board advisory relationships.
- Terry Hess (Managing Director): 30+ years of investment banking experience, leads the restructuring and workout practice.
- Jim Kammann (Director): 15+ years of sales & marketing expertise combined with 20 years of entrepreneurial ownership.
- Scott Shane (Principal, Manufacturing): Former CEO of Mid-America Fittings and Chief Manufacturing Officer of Midland Industries, providing insider operator perspective on manufacturing-focused deals.
- Mayank Bablani (Senior Associate): MBA Darden, CPA, with experience in project finance, M&A, and cross-border tax strategy from Rabobank and Ernst & Young.
- Sean Kreps (Director, IT & Data Services): 20+ years in manufacturing and e-commerce, specializing in data-driven operational improvement.
- Rafael Mesquita & Martin Luque (Associates): MBA candidates from UNC Kenan-Flagler with private banking and investment banking experience from Latin America.
- Kory Gehring (Analyst): MS Finance candidate from Florida State University with private equity and buy-side advisory experience.
The team composition is intentional: senior bankers lead engagements, supported by a mix of experienced transaction professionals and emerging talent. The emphasis on founder and operator backgrounds distinguishes the firm from traditional bulge-bracket advisory shops.
Not a Fit If...
Victory Partners explicitly declines engagement when:
- Businesses are below $10M transaction enterprise value (outside their sweet spot)
- Situations involve significant pending litigation or regulatory headwinds
- Clients insist on limited-market processes (the firm's value is in exhaustive buyer outreach)
- Pure asset sales with no going-concern business
- Ownership is primarily passive/financial rather than operational
Growth & Strategic Direction
The firm is pursuing expansion in the Southeast with Charlotte as its anchor market. Recent market updates and deal activity suggest continued focus on manufacturing, industrial services, and technology sectors. The M&A Symposium (hosted annually alternating between Baltimore/Washington, DC and Dallas) positions Victory Partners as a thought leader and educator in the middle-market M&A space, building brand awareness and sourcing deal flow from owner-operator relationships.
Institutional Differentiation
What separates Victory Partners from competitors is simple: founder-operators running a boutique advisory firm that treats each client engagement as if it were their own business. Large banks say this but don't mean it; Victory Partners demonstrates it through transparency, outcome orientation, and a willingness to turn down business that doesn't fit. The firm's tombstone record shows consistent, significant value creation. The team's depth in manufacturing and industrial sectors provides subject-matter expertise that generalist advisors cannot match. The Southeast geographic focus creates an opportunity to build deep regional presence in a market that is underserved by quality middle-market advisory.