Viking Mergers & Acquisitions Research
Advisory Approach
Viking Mergers & Acquisitions was founded in 1996 by Brad Offerdahl, a serial entrepreneur who had just sold his third business, and his son Jay Offerdahl. Brad recognized a critical gap in the market: professional M&A advisory services for the typical closely-held business owner—the entrepreneur who doesn't have $500 million in sales and a board of directors running the company. Unlike investment banks focused on middle-market and upper-middle-market transactions, Viking was built to serve the lower middle market, specifically businesses valued from $1 million to over $150 million.
The firm's thesis is grounded in the belief that selling a business is one of the most important financial decisions in an entrepreneur's life, yet most business brokers lack the sophistication, process discipline, and buyer networks to maximize outcomes. Viking addresses this by bringing institutional-quality M&A practices—comprehensive valuations, structured marketing processes, broad buyer outreach, and rigorous due diligence management—to businesses that have historically been underserved by Wall Street.
Sector Focus
Viking has developed deep expertise across 16+ industries, with particular strength in HVAC trades, construction, manufacturing, distribution, business services, and technology. The firm's team includes former business owners, operators, CPAs, and corporate finance professionals who understand industry-specific operational dynamics. This diversity of backgrounds enables Viking to speak the language of sellers across trades, services, and technical businesses.
Within HVAC and mechanical trades, Viking has facilitated numerous transactions including testing and balancing firms, plumbing companies, and HVAC service businesses. In construction, the firm has handled concrete and masonry contractors, land surveying businesses, and general contractors. The technology practice spans managed IT services, cybersecurity providers, and e-commerce distribution. The business services practice covers marketing agencies, sponsorship firms, and professional services organizations.
Deal Track Record
Viking Mergers & Acquisitions has completed over 950 transactions since 1996, making it one of the most prolific lower middle-market M&A advisors in the Southeastern United States. The firm boasts exceptional performance metrics: an 85% closing rate compared to the 22% industry average for business brokers, and sellers receive an average of 96% of their asking price. The firm's success rate in selling businesses is reportedly 3x the industry average.
Recent transactions showcase the breadth of Viking's expertise: Atlantic Plumbing Services (Florida) acquired by Sundream, a platform buyer for HVAC and plumbing trades (January 2026); Beyond Secure (Texas), a managed security solutions provider for regulated industries, acquired by NuView, a new PE-backed IT and cybersecurity platform (January 2026); FactoryMation (Georgia), an e-commerce distributor of electrical components, partnered with MD Holdings (February 2026); Performance Air Balancing (Florida), an NBC- and NCI-certified HVAC testing agency, transitioned to new ownership (December 2025); Soccer 5 USA (Florida), a community-driven soccer facility operator, acquired by Wonder Franchises (October 2025); a Florida land surveying business serving the energy and utility markets acquired by a national strategic buyer (October 2025); a marketing and sponsorship agency acquired by a strategic buyer (November 2025); and a husband-and-wife-owned concrete and masonry business acquired by another entrepreneurial couple (September 2025).
Process & Fee Structure
Viking runs a structured, institutional-quality sell-side process typically spanning five to twelve months. The process begins with an Introduction Meeting where Viking learns about the business and gathers financial information, followed by a comprehensive Valuation that includes recasting financials, normalizing cash flow, conducting industry research, and reviewing comparable sales. During the Alignment Meeting, Viking explains the valuation methodology, confidentiality protections, marketing approach, and what to expect through closing. The Marketing phase involves confidential outreach via Viking's website, digital business media, and direct targeted buyer outreach, including creation of a Confidential Information Memorandum (CIM). During Buyer Management, Viking screens buyers with NDAs, financial statements, and resumes, conducts pre-qualification interviews, and schedules introduction calls and facility tours. The Selling phase involves offer review, position analysis, and negotiation. During Due Diligence, Viking negotiates closing documents, creates a secured data room, and coordinates information exchange. The Closing phase includes review of closing instructions and final document execution.
Viking requires exclusivity and typically does not engage with businesses below $1M TEV. The firm does not publicly disclose its standard retainer or success fee structure, though lower middle-market advisors typically use modified Lehman or industry-standard percentage-based models.
Buyer Network
Viking maintains relationships with thousands of qualified buyers across multiple categories: private equity groups focused on the lower middle market, strategic acquirers looking for add-on acquisitions or platform plays, family offices, ESOP trustees, and high-net-worth individual buyers. The firm's 18-office footprint across the Southeast and Mid-Atlantic provides local market knowledge combined with national buyer reach. Recent transactions demonstrate Viking's ability to match sellers with appropriate buyer types: PE-backed platforms (Sundream for HVAC trades, NuView for IT services), strategic buyers expanding geographic or service capabilities (national surveying firm entering Florida, Wonder Franchises scaling soccer facilities), and individual entrepreneurs acquiring family businesses (husband-and-wife buyers for concrete business, individual investors for marine supply).
Competitive Positioning
Viking differentiates from other lower middle-market M&A advisors through several key advantages: scale and resources with 18 offices and 950+ completed transactions; former business owners and operators on the team who understand the seller's perspective; institutional-quality process discipline comparable to Wall Street firms but applied to smaller deals; strong buyer relationships cultivated over 30 years; and exceptional closing metrics (85% closing rate vs 22% industry average). The firm's multi-state footprint provides both local market presence and broad buyer reach, while its size enables dedicated resources for marketing, buyer screening, and transaction management that smaller brokers cannot match.
Not a Fit If
Viking typically declines businesses below $1M TEV, pure asset sales without going-concern operations, businesses with significant pending litigation, and sellers wanting limited process rather than exhaustive buyer outreach. The firm focuses exclusively on sell-side and buy-side advisory for privately-held businesses and does not provide capital raising, fairness opinions, or other investment banking services.
Team
Viking's leadership team includes Jay Offerdahl (President), who has led the firm since 2015 and serves as chairman of Appalachian State University's Department of Finance Board; Larry Lawson (President, Florida Division), who has closed over 350 transactions and sourced $900M+ in buyer financing; and Managing Partners across each geographic market including Merrell Stout (Greenville, SC), Kyle Kerrigan (Nashville, TN), Dan Wilson (Raleigh, NC), Jeff McKeehan (Asheville, NC), Jackson Payne (Atlanta, GA), Alan Misale (Fort Lauderdale, FL), Coleman Payne (Austin, TX), and Ben Knight (Charleston, SC). The firm also has numerous Partners, Associate Partners, and Advisors including Mike Donahue, Mark Urbania, Robert Aliota, Christian Aunspaugh, Trevor Crocker, and Andrew Hakkarainen. More than half of Viking's advisors are former business owners themselves, bringing firsthand experience to the advisory process.
Geographic Coverage
Viking operates 18 offices across the Southeastern and Mid-Atlantic United States: Charlotte (HQ), Tampa (HQ), Atlanta, Baltimore, Philadelphia, Asheville, Raleigh, Charleston, Greenville, Chattanooga, Knoxville, Nashville, Austin, Dallas, Houston, Richmond, Washington DC, and Fort Lauderdale. This geographic concentration enables deep local market knowledge while the firm's national buyer network provides reach beyond the Southeast.