Westbury Group Research
Advisory Approach
Westbury Group is a FINRA-registered middle market investment bank founded in 2003, headquartered in Westport, Connecticut. The firm operates with a clear thesis: selling a business is often the most significant transaction in an entrepreneur's life, requiring dedicated attention, care, and professionalism. What distinguishes Westbury is their team's firsthand experience as former business owners, operators, and founders—they've hired investment banks themselves, sold their own companies, and managed through exits. This perspective informs their client-centric approach, which prioritizes the founder's personal and financial objectives over maximizing fees.
The firm's philosophy is built on five core promises: keeping commitments, placing client priorities above fees (they'll forgo fees rather than advocate unfavorable transactions), delivering highest-quality work, maintaining strict confidentiality, practicing radical candor, and treating client time and capital with the same care as their own.
Sector Focus
Westbury is a generalist firm with particular expertise across seven sectors, validated by both transaction history and external recognition:
Healthcare Services: Westbury was named to Axial's Top 50 Healthcare M&A Advisors list in 2024, reflecting deep expertise in healthcare services, diagnostic products, medical devices, and capital equipment. Recent transactions include Body Sculpt International (aesthetic services provider) sale to Body Contour Centers/Sono Bello in 2022, and Enthermics Medical Systems (fluid warming solutions) sale to Pedigo Products in 2024. Patrick Huddie and Robert Croddy lead this practice, bringing clinical and operational healthcare backgrounds.
Manufacturing (Discrete & Process): Strong capabilities in advanced manufacturing, particularly precision machining, micro-machining, and industrial equipment. The Microlution transaction (2016)—sale of a micro-machining specialist to Georg Fischer AG—demonstrates their ability to handle complex technical businesses. Bryan MacDonald and Alan Carter lead manufacturing engagements, with backgrounds in industrial operations and aerospace/defense contracting.
Technology & SaaS: Proven track record in software and technology, highlighted by the Q88 transaction (2022)—sale of a maritime SaaS platform to Veson Nautical. The firm understands software-as-a-service business models, recurring revenue dynamics, and technology M&A nuances. Jonathan Rubin and Ron Hodge lead technology transactions.
Government Services & Aerospace & Defense: Significant expertise in government contracting, cybersecurity, and aerospace/defense. The Torres Advanced Enterprise Solutions transaction (2019)—sale to Bootstrap Capital—showcases their ability to navigate complex government procurement environments. Alan Carter, based in the Washington DC metro area, leads this practice.
Energy, Clean Tech & Renewables: Active in oilfield services, clean technology, renewables, and environmental services. Recent work includes Heartland Water Technology's $45M equity capital raise. Ron Hodge and John Jensen bring energy sector experience from JP Morgan and equity capital markets backgrounds.
Consumer, Food & Retail: Deep experience in consumer products, food & beverage, e-commerce, and retail. The Growers House transaction (2021)—recapitalization by RLJ Equity Partners and Cave Creek Capital—demonstrates capabilities in digitally native, omni-channel retail. Jim Whitcomb leads consumer practice with 30+ years covering consumer products at Lehman Brothers.
Transportation & Logistics: Coverage of maritime, rail, trucking, and third-party logistics, strengthened by the Q88 maritime platform transaction and relationships across transportation sectors.
Deal Track Record
Westbury has completed hundreds of transactions worth over $6 billion in aggregate value since 2003. Representative transactions include:
Sell-Side M&A:
- Q88 LLC → Veson Nautical (2022): Leading maritime SaaS platform acquired by strategic buyer in maritime freight software
- Body Sculpt Intl → Body Contour Centers/Sono Bello (2022): Third-largest aesthetic services provider acquired by national plastic surgery platform
- Torres Advanced Enterprise Solutions → Bootstrap Capital (2019): Global security/cybersecurity/IT consulting firm sold to private equity
- Microlution Inc. → Georg Fischer AG (2016): Precision micro-machining specialist acquired by Swiss industrial conglomerate
- Enthermics Medical Systems → Pedigo Products (2024): Fluid warming solutions provider acquired by medical equipment manufacturer
- SMTEK International → CTS Corporation (2014): Electronics manufacturing services company sold to strategic buyer
Recapitalizations:
- Growers House Holdings (2021): Growth recapitalization by RLJ Equity Partners and Cave Creek Capital, retaining founders in omni-channel hydroponic equipment retail
Capital Raising:
- Heartland Water Technology: $45M equity growth capital raise for clean energy/renewable water technology company
- Multiple capital raises for renewable energy, infrastructure, and technology/cybersecurity companies
The firm maintains a disciplined process with 200-400 targeted buyer/investor contacts per engagement, creating competitive tension to maximize value. Their buyer network spans 2,000+ active private equity firms and strategic acquirers globally.
Process & Fee Structure
Westbury runs a highly disciplined, institutional-quality sell-side process:
- Due Diligence Phase: Comprehensive review of business, financials, and capital structure
- Marketing Preparation: Positioning, teaser/CIM development, buyer identification, valuation assessment
- Marketing Phase: Broad outreach with information to investors, NDAs, CIM distribution, Q&A, indications of interest
- Sales Phase: Finalist meetings, LOIs, negotiation, and board approval
- Deal Preparation: Buyer due diligence support, purchase agreement negotiation
- Closing: Transaction execution and post-closing transition
Typical engagement structure includes a monthly retainer (credited against success fee) with modified Lehman or success fee arrangements. Transaction timeline: 6-9 months from engagement to close. The firm requires exclusivity and focuses on transactions above $10M TEV. Fee structures are flexible based on transaction nature and client resources.
Buyer Network
Westbury maintains deep relationships across multiple buyer categories:
Private Equity: Strong relationships with lower middle market and middle-market PE firms including RLJ Equity Partners, Cave Creek Capital, Bootstrap Capital, and hundreds of others globally. Through Cognos Partners (global M&A network), they access European and international PE firms.
Strategic Buyers: Extensive connections with corporate acquirers across manufacturing (Georg Fischer, CTS Corporation), healthcare (Pedigo Products, Body Contour Centers), technology (Veson Nautical), and industrial sectors.
Family Offices & ESOPs: Active relationships with family offices and employee-owned businesses for transition scenarios.
International Buyers: Global reach through Cognos Partners membership, providing local presence and knowledge across 25+ offices worldwide.
Recent transaction buyer types: 60% strategic buyers, 30% private equity, 10% other (family offices, management buyouts).
Competitive Positioning
Westbury differentiates through:
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Operator Perspective: Multiple partners are former business owners who've sold companies—they understand the emotional and practical challenges of exits firsthand.
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Senior Attention: Clients work directly with Partners and Managing Directors, not junior bankers. The firm accepts limited engagements to ensure quality.
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Sector Depth: While generalist, they have demonstrated expertise in healthcare (Axial-recognized), manufacturing, technology, and government services.
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Global Reach: Cognos Partners membership provides international buyer access and local market knowledge.
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Bulge Bracket Background: Team members have held leadership positions at Morgan Stanley, Merrill Lynch, JP Morgan, Lehman Brothers, and other major firms.
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No Conflicts: As a pure-play M&A advisor without wealth management, trading, or merchant banking, Westbury avoids conflicts of interest.
Not a Fit If
Westbury typically declines engagements below $10M TEV, pure asset sales (versus going-concern enterprises), businesses with significant pending litigation, or founders seeking limited buyer processes (their value is in exhaustive, competitive outreach).
Team
Westbury's team brings 200+ years of combined investment banking, operating, and entrepreneurial experience:
Partners:
- Jonathan Rubin (Partner): 25+ years experience, former CEO of E-Sync Networks (NASDAQ: ESNI), founded Abacus Capital Partners, Yale MBA/BA. Background in strategy consulting (Bain, Mercer) and investment banking (Morgan Stanley).
- Patrick Huddie (Partner): Healthcare and biotechnology specialist, former founder of electro-optical engineering services company, managing member of Chesapeake Emerging Opportunities Club. PhD in Biophysics from University of Newcastle-upon-Tyne.
- Bryan MacDonald (Partner): 20+ years investment banking experience, former COO of Highcroft Racing, founded Investment Strategies International/Saugatuck Securities. Background at Tremont (Bermuda) and Vanguard Group. Connecticut College BA.
Managing Directors:
- Ron Hodge: 30+ years experience, 18 years at JP Morgan (banking and asset management), former portfolio manager for $1B+ special situations funds. UNC/Phi Beta Kappa, NYU MBA. Series 3, 7, 24, 63.
- Jim Whitcomb: 30+ years investment banking experience, 11 years at Lehman Brothers (European consumer products coverage), former positions at Chart Group and Shattuck Hammond Partners. Williams College BA, UVA Darden MBA.
- John Jensen: 40+ years experience, retired Vice Chairman of Global Equity Capital Markets at Merrill Lynch after 32 years. Led $100B+ in equity transactions including France Telecom privatization. Founded healthcare technology company (sold 2012). UNC Chapel Hill BA, NYU Stern.
- Alan Carter: 30+ years experience, former Heinz Corporation division head ($100M+ revenues), serial entrepreneur buying/selling service sector businesses. Government contracting focus. Birmingham University MSc., Series 7, 63.
- Robert Maxwell: Former CEO of Financing for Science International (acquired by FINOVA Group), co-founded Ironwood Capital, former CFO of ProHealth Physicians. Harvard MBA, Manchester University BA (Economics Honors). Series 7, 24, 28, 63. Chief Compliance Officer.
Director:
- Robert Croddy: Healthcare corporate finance specialist, former analyst at Viscogliosi Bros. LLC (neuromusculoskeletal PE). Hofstra University BBA Finance/Economics.
Analyst:
- Ethan Waskiel: Analyst supporting transaction execution.
Geographic Coverage
Headquartered in Westport, Connecticut (39 Riverside Ave., Suite 200), with access to New York and Boston money centers. Serves clients throughout the United States and Canada. International buyer access through Cognos Partners network across 25+ global offices. Primary markets: Northeast (CT, NY, MA), Mid-Atlantic, and Southeast with national reach.