William & Henry Associates Research
Advisory Approach
William & Henry Associates is a Los Angeles-based investment banking firm founded in 2001 that serves exclusively private, entrepreneurially-owned and family businesses in the lower and middle market. The firm operates with a distinctive conflict-free philosophy: they represent only business owners in sell-side transactions and do not work with private equity firms, public companies, or potential buyers. This singular focus allows them to negotiate as aggressively as necessary on behalf of their clients without concern for currying favor with the other side for future business opportunities.
The firm's thesis is that private business owners face a structural disadvantage when sophisticated buyers (strategic acquirers and private equity firms who execute transactions daily) leverage superior information, experience, and negotiating tactics. William & Henry bridges this gap by providing Wall Street-caliber investment banking expertise combined with personalized, 24/7 availability. The firm was named after the founder's sons (Will and Henry), reflecting its focus on family business dynamics and multigenerational transitions.
Sector Focus
William & Henry has executed transactions across a broad spectrum of industries, with particular depth in manufacturing, distribution, consumer products, and business services. Their team includes former operators (CFOs, Controllers, and executives from public and private companies) who understand operational complexities in manufacturing environments. From their deal history, they have closed transactions in precision manufacturing, consumer products (socks, ice cream, food processing), HVAC and outdoor products, business services, software and technology, healthcare services, financial services (check cashing, banking), distribution and logistics, and media/entertainment (licensing and celebrity IP).
Within manufacturing, they have worked with discrete manufacturing (machining, metal fabrication), process manufacturing (food production, building materials), and industrial equipment distribution. Their consumer products experience spans both durables (grills, outdoor equipment) and consumables (food products, apparel). The firm's cross-industry approach reflects their belief that most private companies do not require industry-specific specialization but rather sophisticated transaction expertise that can identify and solve accounting, tax, legal, and structural issues common to all M&A processes.
Deal Track Record
William & Henry has completed numerous transactions since 2001, with deal sizes typically ranging from 25 million to 250 million in total enterprise value. Notable completed transactions include:
Recent Transactions (2021-2023):
-
Twin Eagles (2021): Exclusive sell-side advisor on the sale of Twin Eagles, a Cerritos, California-based manufacturer of freestanding and built-in grills and outdoor kitchen solutions, to Dometic Group (NASDAQ: DOM). Twin Eagles had 34 million in annual net sales, 130 employees, and manufactured products in its own US facility. Dometic, a Swedish public company, acquired Twin Eagles to strengthen its residential outdoor market position in North America.
-
Unisorb Installation Technologies (2022): Advised on the 100% sale of Unisorb, a Michigan-based provider of highly-engineered products for machinery installation systems (vibration isolation, equipment anchoring, alignment, and leveling), to Argosy Private Equity. Established in 1935, Unisorb serves OEMs and industrial customers with mission-critical products for machinery performance and longevity. The transaction closed December 29, 2022.
Historical Transactions (Pre-2021):
-
Intercontinental Art: Sold to Madison Dearborn private equity in a transaction that achieved a 75 million final purchase price—nearly double the owner's 40 million expectation—through a 10-bidder auction process managed by William & Henry.
-
K-Bell Socks: Completed sale/recapitalization with Compass Equity. The transaction delivered a 60 million valuation with founders retaining 45% ownership, enabling a second bite at the apple as the company subsequently doubled in size.
-
Nix Check Cashing: Managed the sale to Kinecta Federal Credit Union. Matt Dawson led the day-to-day execution on this financial services transaction.
-
Roger Richman Agency: Sold to Corbis (Bill Gates' company), a transaction that added iconic celebrity and personality licensing rights to Corbis' visual solutions portfolio.
Client Results from Testimonials:
- Enrollment123: Achieved values 30-40% higher than any previous offers through a structured 7-month process.
- Do+Able Products: Final purchase price was 50% higher than two unsolicited 30 million offers through an eight-bidder auction.
- Amtex: Contacted 200 buyers/investors, arranged 20 meetings, and generated 10 offers to achieve above-market pricing.
- Twin Eagles: Dante and Fannie Cantal (owners) reported a 40% price increase from the buyer's original offer.
- Beneco: Achieved twice the value of their previous investment banker with a six-month transaction.
Process & Fee Structure
William & Henry runs a highly customized, custom builder not tract home approach to each engagement. Their process typically spans 6-9 months and includes:
- Comprehensive buyer identification: Contact 200+ potential buyers (strategic acquirers, private equity firms, international buyers) to create competitive tension
- Management presentation preparation: Close collaboration with selling owners to prepare materials and coaching for buyer meetings
- Structured process management: At least two Managing Directors on every transaction, with 24/7 availability from both senior and junior team members
- Issue identification and resolution: Proactive identification of accounting, tax, legal, and regulatory issues that could impact valuation or deal viability
- Auction management: Creating and managing competitive bidding environments, with the ability to generate 8-12 qualified offers from their processes
The firm requires exclusivity and typically engages with companies above 10 million in transaction value. Their availability model is distinctive—every client receives each team member's cellular phone number from day one, with true 24/7 responsiveness throughout the engagement.
Fee Structure: While not explicitly published on their website, the firm operates on standard investment banking success fee models (typically Lehman or modified Lehman formulas) with monthly retainers credited against the success fee. Multiple clients reported paying above-contracted fees (including 250,000 dollars bonuses) based on exceptional results achieved.
Buyer Network
William & Henry maintains active relationships with over 2,000 potential buyers across multiple categories:
Private Equity Relationships: Madison Dearborn, Argosy Private Equity, Compass Equity, and numerous lower middle market and middle-market PE firms. The firm's no conflicts philosophy means they can aggressively negotiate with these buyers without concern for future business implications.
Strategic Buyers: The firm has closed transactions with strategic acquirers including Dometic Group (Swedish public company, outdoor products), Corbis (media/entertainment), Kinecta Federal Credit Union (financial services), and international buyers from Europe and Asia.
Buyer Network Composition: Based on their deal history, William & Henry has strong capabilities in placing companies with:
- Private equity firms (majority of transactions)
- Strategic buyers in similar or adjacent industries
- International acquirers (European and Asian)
- Family offices and high-net-worth individuals
Competitive Positioning
William & Henry differentiates through several unique attributes:
-
True Conflict-Free Representation: Unlike many investment banks that maintain practices serving private equity firms or public companies (creating potential conflicts), William & Henry represents ONLY business owners. They never attempt to obtain business from the other side of transactions, allowing maximum negotiating aggression on behalf of clients.
-
Senior-Level Involvement: At least two Managing Directors on every transaction, with the CEO personally involved in critical matters throughout the entire process. The same senior professionals who sell the engagement execute the work—no bait and switch to junior bankers.
-
Wall Street Experience, Private-Company Focus: Team members have experience at bulge bracket firms (Salomon Brothers/Citigroup, Schroder Wertheim, Barrington Associates) and as executives (CFOs, Controllers, VPs of Corporate Development) at public and private companies, giving them both sophisticated transaction expertise and operational understanding.
-
24/7 Availability and Responsiveness: Every client receives every team member's cellular phone number from day one. The firm prides itself on immediate responsiveness to all issues, questions, and developments.
-
Proven Value Creation: Multiple client testimonials report 30-50% higher valuations than previous offers or expectations, with specific examples of 75 million final prices from 40 million targets, 50% above unsolicited offers, and 40% increases from original buyer proposals.
-
Issue Resolution Expertise: The firm identifies and solves accounting, tax, legal, regulatory, and structural issues that less experienced bankers might miss. One client credited William & Henry with flagging a consent issue early that saved millions of dollars.
Not a Fit If
William & Henry typically declines engagements where:
- Transaction value is below 10 million (their minimum engagement threshold)
- Sellers want a limited process with minimal buyer outreach (their value is in exhaustive competitive processes)
- Sellers prioritize enjoying the process over achieving maximum financial results (the firm is known for tough love negotiation style)
- Buyers are seeking buy-side representation (the firm exclusively represents sellers in M&A transactions)
Team
David J. Iannini – Chairman, President and CEO. Mr. Iannini has over 30 years of investment banking/financial experience, having held senior positions at Salomon Brothers (New York and Los Angeles), Schroder Wertheim, Barrington Associates, and Greif & Co. He has executed over 200 transactions for both large public companies (Avon Products, Xerox, Eastman Kodak, Toys R Us, Hilton Hotels) and entrepreneurial/private businesses. He was Treasurer and VP of Corporate Development at Viad Corporation (NYSE: VVI, 6 billion dollars conglomerate), where he directed investment bankers from Lehman Brothers and Salomon Brothers in the 1.8 billion dollars MoneyGram spin-off. Mr. Iannini has been named by the Los Angeles Business Journal for ten consecutive years as one of the most influential M&A advisors in the region and twice recognized as an Investment Banking Visionary by the Los Angeles Times. FINRA licensed: Series 7, 24, 28, 63, 79, 99. B.S. in Accounting Magna Cum Laude from Boston College, M.B.A. Summa Cum Laude from UCLA Anderson.
Matt Dawson – Managing Director, Head of Southern California Region. Mr. Dawson has over 20 years of financial advisory and corporate finance experience. Previously with Barrington Associates (a division of Wells Fargo Securities), he has worked with companies in healthcare, consumer products, agriculture and food research, MRO services, and electronics. He led the day-to-day execution on the sale of Nix Check Cashing to Kinecta Federal Credit Union and participated in the sales of Westbread to Monsanto, Spencer N. Enterprises to Ancor Capital, and Pasternack Enterprises to Windjammer Capital. Former professional football player (quarterback at U.S. Naval Academy, transferred to Wharton). FINRA licensed: Series 7, 24, 63, 79. B.S. in Management from Wharton School, University of Pennsylvania.
Yael Lustmann – Managing Director. Ms. Lustmann has over 20 years of experience in M&A, financing, joint ventures, and restructuring transactions across multiple industries. Formerly a senior corporate attorney for over 10 years at Debevoise & Plimpton LLP (New York) and Bingham McCutchen LLP (Los Angeles), where she led diverse corporate matters with focus on private and public M&A, private equity, and acquisition/mezzanine/asset-backed financing. She worked on deals in media and entertainment, technology, food and beverage, manufacturing, and defense. Previously a Managing Director at Cohen & Associates managing syndicated real estate acquisitions. Entrepreneur who launched a frozen dessert retail concept and co-founded a cybersecurity startup. Served two years in the Israel Defense Forces. M.B.A. from UCLA Anderson, J.D. from Yale Law School and Hebrew University in Jerusalem. Admitted to bars of California, New York, and Israel. FINRA licensed: Series 63, 79.
Geographic Coverage
Headquartered in Los Angeles, California (1901 Avenue of the Stars, Suite 200), with national coverage. The firm serves clients throughout the United States with particular presence in California, but has completed transactions with buyers and sellers across multiple states. Their buyer network extends internationally, particularly to European strategic acquirers and private equity firms.