Waterview Investment Banking Research
Advisory Approach
Waterview Investment Banking is a Dallas-based middle market investment bank founded in 2007 that provides merger and acquisition advisory, capital raising, and valuation services to privately-held businesses with $10 million to $250 million in revenue. The firm's leadership team has been leading transactions since the 1990s and has generated well over $1 billion in liquidity for clients. Waterview operates with a clear thesis: the best outcomes for sellers come from combining institutional-quality process management with deep industry expertise and exhaustive buyer outreach.
The firm's principals bring significant experience from major financial institutions including Citigroup, Arthur Andersen, JP Morgan, and Bank of America Merrill Lynch. This background in large institutional finance informs Waterview's rigorous approach to M&A advisory. They focus on founder-owned and family-owned businesses in the lower middle market where operational complexity and valuation opacity create opportunities for their team to unlock value through disciplined process management.
Sector Focus
Waterview maintains deep expertise across eight core industries that represent the backbone of the American economy:
Business Services: The firm has completed numerous transactions in business process outsourcing, facilities management, environmental services, equipment rental, and financial services. Their experience includes HR outsourcing firms, IT/telecom staffing augmentation, facility management providers, janitorial services, and commercial signage companies.
Manufacturing (Discrete & Process): Waterview has strong capabilities in both discrete and process manufacturing. In discrete manufacturing, they focus on precision machining, contract manufacturing, metal fabrication, aerospace components, and industrial fasteners. Their process manufacturing experience includes specialty chemicals, drilling fluids, bakery equipment, and industrial cleaning products.
Construction & Engineering: The firm advises building product manufacturers (ready-mix concrete, storm sewer products, pipe fittings, fasteners), engineering firms (environmental, civil, mechanical), and specialty contractors (fire protection, foundation drilling, sprinkler systems).
Distribution & Logistics: Waterview serves MRO distributors, industrial supply companies, and equipment lessors across various sectors including aviation parts, oilfield supplies, and general industrial distribution.
Energy & Oilfield Services: A core practice area for Waterview includes oilfield products and equipment manufacturers (pipe fittings, drilling fluids, pressure vessels, tanks), oilfield services (casing services, non-destructive testing, equipment repair), and independent drilling and production companies.
Healthcare Services: The firm has completed multiple transactions in home health agencies, pediatric therapy providers, ambulatory services, diagnostic testing companies, and medical equipment manufacturers.
Aerospace & Defense: Waterview advises sighting systems manufacturers, aircraft parts distributors, winding component manufacturers, and other defense contractors serving military and commercial aviation markets.
Technology & Telecom: Their technology practice encompasses IT consulting firms, custom software developers, telecom infrastructure providers, wireless services companies, and engineering/consulting firms serving government and commercial clients.
Deal Track Record
Waterview has completed 30+ transactions across their target industries. Representative transactions include:
Industrial & Manufacturing: Burford Corporation (industrial baking equipment) acquired by The Middleby Corporation; Optex Systems (military sighting systems) acquired by Irvine Sensors Corporation; Texas Die Casting (aluminum die-casting) acquired by MW Universal; ST Fastening Systems (specialty fasteners) acquired by The Hillman Group; Triple/S Dynamics (conveying systems) acquired by PRAB.
Energy & Oilfield Services: Francis Casing Crews (oilfield casing services) acquired by Wyoming Casing Service; K-Flow Water Transferring (water transfer services) acquired by RCW Energy Services; Tommy White Supply (energy supplies) acquired by Industrial Distribution Group.
Distribution: Winzer Corporation (fasteners and MRO supplies) recapitalized by ShoreView Industries; AMC Industries (irrigation products) acquired by John Deere Landscapes; Barnsco (REBAR fabrication) acquired by Kodiak Building Products.
Business Services: Outsourced HR provider acquired by private investment firm; STA Consulting (IT advisory to government) acquired by Information Services Group.
Healthcare: Klarus Home Care (multi-state home health services) acquired by ChanceLight Behavioral Health; Sage Care Therapy Services (pediatric therapy) acquired by ChanceLight.
Consumer & E-Commerce: Cigars International (mail order cigars) recapitalized by Svoboda Collins, WSG Partners and management; International Wine Accessories acquired by Windsor Vineyards; Shube's Manufacturing (jewelry) acquired by South Dakota Gold affiliate; Trewax (specialty chemicals) acquired by Beaumont Products.
Technology & Telecom: Enertech Resources (wireless infrastructure) recapitalized by Tower Arch Capital; KNS International (shoes and apparel e-commerce) recapitalized by Tower Arch Capital; A&B Communications (two-way radio) acquired by BNS Enterprises.
Aerospace & Aviation: Av-Ex (aviation replacement components) acquired by Global Aviation Co; Texas Rotronics (winding components for aerospace) acquired by McKechnie Holdings.
The firm's principals have worked with over 200 operating businesses throughout their careers, with engagements ranging from small privately-held companies to NYSE-listed entities.
Process & Fee Structure
Waterview runs institutional-quality sell-side processes that typically span 6-9 months from engagement to close. Their process includes comprehensive buyer identification, outreach to strategic and financial buyers, management presentation coaching, quality of earnings support, and structured data room preparation. The firm's approach emphasizes exhaustive buyer outreach to maximize competitive tension and valuation outcomes.
While specific fee structures are not publicly disclosed, Waterview likely employs industry-standard middle market fee structures including monthly retainers credited against success fees. As a FINRA-registered broker-dealer (through Waterview Securities, Inc.), the firm operates under full regulatory compliance.
Buyer Network
Waterview maintains relationships with a broad network of private equity firms, strategic acquirers, and family offices. The firm has completed transactions with numerous PE buyers including Shore Points Capital, Tower Arch Capital, ShoreView Industries, Spell Capital Partners, Bow River Capital Partners, The Hillman Group, The Prudential Insurance Company, and Progress Equity. Strategic buyers in their transactions include John Deere Landscapes (SiteOne), Kodiak Building Products, The Middleby Corporation, McKechnie Holdings, ChanceLight Behavioral Health, and others.
The firm's cross-industry expertise and transaction experience with both strategic and financial buyers positions them to identify the optimal buyer type for each client situation.
Competitive Positioning
Waterview differentiates from other lower middle market banks through several key factors:
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Institutional Background: The firm's senior bankers bring experience from Citigroup, Arthur Andersen, JP Morgan, and other major institutions, bringing large-bank discipline to middle-market transactions.
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Industry Depth: Rather than generalist coverage, Waterview maintains specialized expertise in eight core industries with demonstrated transaction history across manufacturing, energy, distribution, healthcare, aerospace, business services, and technology.
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Long Tenure: The leadership team has worked together since the 1990s, providing continuity and deep relationships in the middle market.
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Comprehensive Services: Beyond M&A, Waterview offers business valuation, capital raising, and exit planning advisory, providing clients with a full suite of liquidity options.
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Regulatory Compliance: As a FINRA-registered broker-dealer, Waterview operates under full regulatory oversight, providing clients with additional confidence and protection.
Not a Fit If
Waterview typically declines engagements outside their core focus areas, including businesses below $10 million in revenue, real estate asset plays, distressed situations requiring turnaround expertise, and companies with significant unresolved legal or regulatory issues.
Team
The firm is led by six experienced professionals:
Larry S. Starks, CFA – Senior Managing Director. Leads the Investment Banking Group. Assisted closely held company owners with sales and valuations since 1985. Formerly managed Southwest Region for Citi Capital Strategies (Citigroup's middle market M&A division) and was in the Valuation Services Group at Arthur Andersen. B.B.A. in Finance and Economics from Baylor University. CFA designation, Senior Member of American Society of Appraisers, holds Series 24, 28, 79, 62, and 63 registrations.
Robert G. Hamm, J.D., CPA – Managing Director. Led Southwestern Region for Citi Capital Strategies before joining Waterview in 2008. Worked with 200+ operating businesses as valuation consultant and M&A advisor. J.D. from Baylor University, Master of Professional Accounting from UT San Antonio. Member of State Bar of Texas and Texas Society of CPAs. Holds Series 24, 79, 7, and 63 registrations.
Thomas G. Wilson, CPA – Director, Mountain West Region. 35+ years of M&A, finance, and entrepreneurship experience including 20+ years as an entrepreneur leading a manufacturing business through acquisition and ultimate sale. 10+ years in public accounting at Arthur Andersen. MBA and B.S. in Accounting from Brigham Young University. Licensed CPA.
Shelby S. Laidlaw, CFA – Director. Sources transactions and manages all phases of client representation including negotiation, financial analysis, and document preparation. Former analyst at J.P. Morgan Private Bank and investment banking summer analyst at Bank of America Merrill Lynch Energy Investment Bank. B.B.A. in Finance with Honors from University of Texas. CFA designation, holds Series 7 and 63 registrations.
Cade Storey – Associate. Assists with market and buyer research, document preparation, and financial analysis. Former Audit Associate at Armanino LLP. B.B.A. in Accounting from Texas Tech University.
Karen Kilbane – Senior Marketing Associate. Responsible for marketing activities, developing marketing plans, initiating correspondence with prospective targets, and conducting preliminary discussions. Former consultant in hospitality industry, IT consultant at Arthur Andersen (Accenture), and sales representative at payroll processing firm. B.S. in Systems Analysis from Miami University.
Geographic Coverage
Headquartered in Dallas, Texas at 12770 Coit Road, Suite 1218. Waterview serves clients nationally with particular focus on Texas, the Mountain West region (through Tom Wilson's presence), and broader domestic markets. The firm has represented clients in multiple states including Texas, Oklahoma, Kansas, New Mexico, and others.