Westlake Securities Research
Advisory Approach
Westlake Securities is a middle-market investment bank founded in 2003 and headquartered in Austin, Texas. The firm operates with a distinctive comprehensive approach to M&A advisory, differentiating itself through an integrated service model that combines traditional investment banking with hands-on operational consulting. Their thesis is that middle-market companies achieve superior outcomes when advisors bring both capital markets expertise and operational capabilities to the transaction process. Westlake maintains relationships with a broad spectrum of capital providers including senior bank debt, unitranche debt, subordinated debt, preferred equity, and control equity, allowing them to structure tailored solutions for each client's unique situation.
Sector Focus
Westlake's transaction history demonstrates deep expertise across manufacturing, construction, energy, environmental services, food & beverage, and business services. Within manufacturing, the firm has completed multiple transactions in precision machining, closed die forgings, and precast concrete products. The construction and engineering sector represents a core competency, evidenced by the sale of Heldenfels Enterprises to Metromont and Ritter Construction to US Shale Solutions. In energy and environmental services, Westlake has advised on multiple transactions including Heath Consultants' divestitures to USIC and Tanknology, Frontier Energy's acquisition of Energy Insight, and GTI International's acquisition of Projeo Corporation in the carbon storage sector.
The consumer products and food manufacturing vertical is another area of strength, highlighted by the co-advisor role on NaturPak's sale to PPC, Viking Fence's sale to Crossplane Capital, and Nation Wide Products' acquisition of RV Air. The firm also maintains active practices in technology and business services, as demonstrated by Sanity Solutions' acquisition of RAM Computer Supply and multiple capital placement engagements in IT services and software sectors.
Deal Track Record
Westlake Securities has completed 140+ transactions representing over $5 billion in aggregate value, with consistent deal flow across sell-side, buy-side, and recapitalization transactions. Recent significant transactions include: Heldenfels Enterprises (precast concrete) sale to Metromont in December 2025; NaturPak (food manufacturing) sale to PPC in January 2026 as co-advisor; Heath Consultants' 811 Locate Services Division sale to USIC in July 2025; Sanity Solutions' strategic acquisition of RAM Computer Supply in April 2024; Viking Fence sale to Crossplane Capital in February 2023; Trinity Forge majority recapitalization with Lone Star Investment Advisors in February 2013; and GTI International's acquisition of Projeo Corporation in February 2022. The firm's transaction history spans enterprise values from $10 million to over $250 million, with particular depth in the $25 million to $150 million range.
Process & Fee Structure
Westlake runs customized sell-side and buy-side processes tailored to each client's objectives, typically spanning 6-9 months from engagement to close. Their process integrates traditional M&A advisory with optional fractional C-suite services (CFO, CMO) to enhance company positioning prior to transaction. The firm emphasizes exhaustive buyer outreach, maintaining relationships with over 2,000 capital providers across PE firms, strategic acquirers, and family offices. While specific fee structures are not publicly disclosed, Westlake likely employs standard middle-market retainer and success fee models typical of firms in their segment, with retainers credited against success fees upon closing. Minimum engagement size appears to be approximately $10 million in transaction value.
Buyer Network
Westlake's buyer network spans private equity firms (Crossplane Capital, Lone Star Investment Advisors, Trivest Partners, Partners Group, Kohlberg), strategic buyers (Metromont, PPC, USIC), and family offices. The firm has particular strength in Texas-based PE relationships and strategic buyers in industrial, construction, and energy sectors. Transaction data shows balanced representation between PE exits (Trinity Forge, Viking Fence) and strategic sales (Heldenfels, Heath Consultants).
Competitive Positioning
Westlake differentiates through three key attributes: an integrated service model combining M&A advisory with fractional C-suite capabilities; deep Texas market presence with offices in Austin, Houston, San Antonio, Dallas, and additional locations in Chicago, Denver, Tampa, and Greenville; and a long-term partnership approach evidenced by six-year engagements with companies like NaturPak across multiple growth phases. The firm's #1 ranking by deal count in Central Texas middle-market banking demonstrates consistent execution capability.
Not a Fit If
Westlake typically declines engagements below $10 million in transaction value, pure asset sales without going-concern operations, and situations requiring limited process execution. The firm's value proposition lies in comprehensive, relationship-driven processes, making them less suitable for founders seeking transactional, limited-scope engagements.
Team
The firm is led by CEO Matt Andersen, who has worked on over 140 completed transactions totaling over $5 billion in value and holds Series 6, 7, 63, 65, 24, 27, and 79 licenses. Co-founder and Managing Director Wilson Allen (Series 62, 63, 24, 79) has been with the firm since 2003. Managing Director Jon D'Andrea (Series 7, 63) has executed $500 million+ in aggregate transactions. Additional senior professionals include Managing Directors Billy Utt and Jordan Markim (Series 7, 63, 79), Senior Vice President Jon Sanfelippo (Series 79, 63), and functional leaders Liz Schwab (Head of CMO Services) and Kevin Brady (Head of CFO Services). The team averages 10+ years of experience per advisor.
Geographic Coverage
Headquartered at 108 Wild Basin Rd S Suite 250, Austin, TX 78746, with offices across Texas (Austin, Houston, San Antonio, Dallas, Boerne) and additional locations in Chicago, Greenville, Denver, and Tampa. Core transaction focus is Texas-based companies, though the firm has completed transactions nationally including Wisconsin (NaturPak), Illinois (Trinity Forge, Projeo), and Colorado (Frontier Energy).