White Rock Advisors Research
Advisory Approach
White Rock Advisors is a Dallas-based M&A advisory firm affiliated with Chapman Hext & Co., a CPA firm. The firm operates with a practical, hands-on approach to lower middle market transactions, particularly excelling in complex situations including workouts, turnarounds, and cross-border transactions. Their thesis emphasizes creative problem-solving for business owners facing challenging circumstances—whether dealing with financial distress, needing to remove personal liability, or navigating complicated sale processes with multiple stakeholders.
The firm's positioning reflects its origins within a professional services ecosystem, bringing analytical rigor and financial expertise to M&A advisory. They differentiate themselves through their ability to handle sophisticated transactions including foreign bonding requirements, GAAP to IFRS conversions, and multi-bank payoff negotiations.
Sector Focus
White Rock Advisors has developed particular depth across several interconnected industries:
Manufacturing & Industrial: The firm has advised multiple manufacturers including metals distribution (The Trident Company), precision metal fabrication (Identification Plates), and industrial components. Their experience extends to ISO-certified operations and companies with complex supply chains.
Transportation & Logistics: A core practice area built on transactions including Laser Forwarding (customs brokerage) and Transplace Mexico (transportation management). They understand cross-border logistics, warehouse operations, and the regulatory complexities of international trade.
Financial Services: Strong track record in payment processing (The Payment Group), retirement services (Liberty Trust Company), and financial technology. This experience gives them insight into regulated industries and recurring revenue business models.
Technology & Healthcare IT: Emerging capabilities in healthcare information technology (Prevalent Health) and electronic toll collection systems (ETCC), demonstrating adaptability to technology-driven businesses.
Deal Track Record
White Rock Advisors has completed numerous transactions across diverse industries, with notable deals including:
- The Trident Company to Metals USA: Advised the sale of a $1 billion revenue metals distributor, navigating a complex 55-day sale process that removed owner liability, paid off five banks at par, distributed cash to owners, and saved 350 jobs
- Laser Forwarding to Transplace Holdings: Led the sale of a cross-border customs brokerage firm with operations in Texas and Mexico, creating a combined entity with 600,000 sq. ft. of warehouse space in Laredo
- Liberty Trust Company to Millennium Trust: Advised the sale of a retirement services firm with 10,000 IRAs and $800 million in assets under custody to a buyer with $27 billion in assets
- The Payment Group to Complus Data Innovations: Sold a municipal payment processing company serving hundreds of municipalities across the United States
- Identification Plates to Gemini Incorporated: Facilitated the partnership of two family-owned businesses in the awards and recognition manufacturing space
- Prevalent Health to iMedX: Advised the sale of a healthcare analytics technology company to enable broader global deployment of its proprietary data analytics platform
- ETCC minority interest to Autostrade: Handled the sale of a minority interest in an electronic toll collection company to an Italian subsidiary of a $26 billion market cap company, including sophisticated foreign bonding requirements and GAAP to IFRS conversion
- Transplace Mexico to Greenbriar Equity Group: Represented the sale of the Mexico operations of a $1.6 billion revenue transportation management provider
The firm was recognized by Axial in the 2020 Top 50 Lower Middle Market Consumer M&A Advisors, reflecting its credibility in the consumer sector.
Process & Fee Structure
White Rock Advisors employs a practical, relationship-driven approach to engagements. They are particularly well-suited for complex situations requiring creative solutions—workouts, turnarounds, and transactions with multiple lenders or stakeholders. Their process emphasizes:
- Rapid execution (demonstrated by the 55-day Trident sale process)
- Multi-stakeholder coordination (banks, subordinate lenders, trade creditors)
- Cross-border transaction capability (Mexico, Italy)
- Regulatory expertise (FINRA, international bonding)
While specific fee structures are not publicly disclosed, the firm's affiliation with HEXT Capital Partners LLC (a FINRA-registered broker-dealer) enables them to offer full M&A advisory services including negotiated retainers and success-based fees typical of lower middle market investment banks.
Buyer Network
White Rock Advisors has demonstrated access to diverse buyer types:
Private Equity: Thompson Street Capital Partners, Greenbriar Equity Group, RFE Investment Partners
Strategic Buyers: Metals USA (NYSE: MUSA), Millennium Trust Company, iMedX, Gemini Incorporated, Complus Data Innovations
International Buyers: Autostrade (Italian subsidiary of Atlantia S.p.A.)
This buyer diversity enables the firm to match sellers with appropriate capital sources, whether private equity seeking platform acquisitions, strategics pursuing growth through M&A, or international buyers expanding into U.S. markets.
Competitive Positioning
White Rock Advisors differentiates through several key strengths:
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Turnaround & Workout Expertise: Proven ability to handle distressed situations, having successfully navigated complex multi-bank payoff negotiations and owner liability removal
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Cross-Border Capability: Experience with international transactions including Mexico and Italy, handling foreign bonding requirements and IFRS conversions
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Speed of Execution: Demonstrated ability to close complex transactions in 55 days when required
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Professional Services Ecosystem: Affiliation with Chapman Hext & Co. provides access to accounting, tax, and financial expertise that enhances deal quality
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Family Business Sensitivity: Multiple transactions involving family-owned businesses, demonstrating understanding of succession and cultural transition issues
Not a Fit If
White Rock Advisors may not be the best fit for:
- Transactions requiring significant public markets expertise (their focus is private company M&A)
- Very large transactions above the middle market (their sweet spot is lower middle market)
- Sellers seeking a limited buyer outreach—their value is in comprehensive processes with strategic, PE, and international buyers
Team
The firm is led by experienced investment banking professionals:
Simon Martin – Managing Director. Graduated from The University of Texas in 2000 with a BBA in finance. Has led numerous transactions including The Trident Company, Laser Forwarding, The Payment Group, and ETCC. Recogned as an Emerging Leader in the M&A industry.
Greg Hext – Managing Member and Founder. CEO of Chapman Hext & Co. and White Rock Advisors. Leads transactions across all industry sectors. Deep experience in turnaround situations and multi-lender negotiations.
Gabe Trotta – Director. Joined the firm in 2016. Has led transactions including Liberty Trust Company and Prevalent Health.
Andrea Gardner – Director. Joined the firm in 2015. Focuses on operational aspects of transactions and client management.
The team maintains close collaboration with the broader Chapman Hext & Co. professional services network, providing access to tax, accounting, and financial consulting expertise that enhances deal quality.
Geographic Coverage
White Rock Advisors is headquartered in the Dallas metro area (5001 Spring Valley Road, Suite 850W, Dallas, TX 75244) with strong concentration in Texas but capabilities nationwide. The firm has completed transactions across multiple states including Texas, Oklahoma, Missouri, Georgia, California, Massachusetts, and New York, and has international transaction experience in Mexico and Italy.