XLCS Partners Research
Advisory Approach
XLCS Partners is an independent investment banking firm providing M&A advisory, capital raising, and debt advisory services to select clients globally. Founded in 2018 by the Contaldo family—Bob, Joe, and Anthony—the firm operates with a clear thesis: the best outcomes for sellers come from exhaustive buyer outreach combined with institutional-quality process management.
What sets XLCS apart is their relentless pursuit of competitive tension. With a running average of 13 offers per completed project, their hyper-competitive sales process efficiently harnesses the M&A market to raise valuations while protecting confidentiality. This compares to an industry average of 3-5 offers for typical middle-market processes.
The firm is proudly independent with no affiliation to lenders, accounting firms, or wealth advisors, allowing them to provide pure advisory without conflicts. As a member of GCG International—a Zurich-based network of M&A firms with 1,600 completed transactions worth over $16 billion—XLCS offers clients truly global buyer reach while maintaining boutique-level service.
Sector Focus
XLCS has developed deep expertise across several industry verticals, with particularly strong capabilities in:
Aerospace & Defense: This is XLCS's flagship practice. The firm has completed numerous transactions in aerospace MRO services, PMA (Parts Manufacturer Approval) manufacturing, DER (Designated Engineering Representative) capabilities, and USM (Used Serviceable Material) distribution. Recent transactions include Airway Aerospace (MRO services with FAA/EASA/CAA UK certifications), NSL Aerospace, Cima Aviation, Mitchell Aircraft PMA, Aviation Concepts, Sentry Aerospace, and others. The firm's aerospace team attends major industry events including MRO Americas, NBAA-BACE, and PBExpo.
Manufacturing: XLCS is highly active in discrete manufacturing, particularly precision machining, metal fabrication, fastener manufacturing, and industrial equipment. They've completed 20+ transactions in fasteners and industrial distribution alone. Representative deals include AFCO Industries (aluminum extrusion and millwork), United Gasket, Hi-Q Fasteners, Creative Assembly Systems, Tower Fasteners, R&D Fasteners, and Hagerty Industrial Supply.
Distribution & Logistics: The firm has deep expertise in value-added distribution across multiple verticals. Transactions span industrial supply, fastener distribution, HVAC/plumbing/electrical distribution, and specialty distribution. Notable deals include Component Sourcing International, White Distribution & Supply, Globe International, and All-Lift Systems.
Construction & Building Products: XLCS maintains an active practice in roofing, exterior services, doors/windows, overhead doors, and specialty construction products. The firm attends industry events including International Roofing Expo, International Door Association EduCon, and NAHB International Builders' Show. Recent deals include American Building Contractors, The Total Garage Store, Rabine Doors & Docks, The Window Experts, and Burrow's Post Frame Supply.
Business Services: The firm advises marketing agencies, technology-enabled services, revenue cycle management, and other B2B services. Representative transactions include Chamber Media, Synergy Marketing Partners, and Cypress MultiGraphics.
Deal Track Record
XLCS has completed 90+ transactions since inception, with aggregate deal value exceeding $2 billion. The firm closed 17 transactions across 11 industries in 2018 alone (a company record at the time) and has maintained robust deal flow through 2025.
Recent 2025 transactions include:
- Airway Aerospace to AxioAero Group (portfolio of CORE Industrial Partners) – December 2025
- AFCO Industries to Fulton Asset Management (family office) – July 2025
- NSL Aerospace to Bron Tapes – August 2025
- United Gasket to All-State Industries – February 2025
- American Building Contractors to Diversified Roofing Group – February 2025
- The Total Garage Store investment by U.S. Dock & Door – November 2025
- North Branch Capital investment in Rabine Doors & Docks – June 2025
The firm has established itself as a go-to advisor for lower middle market aerospace companies, having completed multiple PMA, DER, and MRO transactions. Their aerospace practice has achieved critical mass with repeat PE buyer relationships.
Process & Fee Structure
XLCS runs institutional-quality sell-side processes with the following structure:
- Buyer Outreach: 200-400 targeted buyers per engagement (vs. industry 50-100 average)
- Average Offers: 13 offers per completed transaction (vs. 3-5 industry average)
- Timeline: 6-9 months from engagement to close
- Leadership: Every transaction led by senior partners (no junior delegation)
- Exclusivity: Required for all sell-side engagements
- Minimum Size: $10M TEV floor
Fee terms are negotiated on a deal-by-deal basis. XLCS requires a monthly retainer that is credited against the success fee at closing. The success fee is typically a percentage of transaction value, though XLCS does not publicly disclose specific ranges. The firm's independence allows flexibility in structuring engagement terms aligned with client needs.
Buyer Network
Through GCG International, XLCS maintains relationships with 2,000+ active private equity firms and strategic acquirers worldwide. Key PE relationships demonstrated in deal history include:
Private Equity: North Branch Capital (2 transactions: Rabine Doors & Docks, Blind & Sons), CORE Industrial Partners (Airway Aerospace, Aviation Concepts), Alpine Investors (Vertex Service Partners, Trilon Group transactions), Fulton Asset Management, Weinberg Capital Group, Align Capital Partners, Kirtland Capital Partners, Mill Hill Capital, O2 Investment Partners, Dunes Point Capital, Post Capital Partners, Edgewater Funds, and JZ Partners.
Strategic Buyers: XLCS has closed deals with numerous strategic acquirers including Freudenberg Group (RPS Products), Inteplast Group (Brown Paper Goods), All State Fastener (Creative Assembly Systems), MSC Industrial Supply (Tower Fasteners), Bron Tapes (NSL Aerospace), and others.
The firm's GCG membership provides direct access to international buyers, with XLCS completing cross-border transactions leveraging the network's European and global reach.
Competitive Positioning
XLCS differentiates through several factors:
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Process Intensity: 13 offers per transaction is extraordinary in the lower middle market, demonstrating the firm's ability to generate and sustain competitive tension.
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Independence: No conflicts from lending, accounting, or wealth management affiliations. Pure advisory.
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Vertical Expertise: Deep domain knowledge in aerospace, fasteners, and building products positions XLCS as the go-to advisor in these niches.
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Senior Attention: Three Contaldo family partners lead every transaction—no junior delegation.
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Global Reach: GCG membership delivers international buyer access while maintaining boutique service.
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Deal Velocity: Consistent quarterly transaction cadence demonstrates active market presence.
Not a Fit If
XLCS typically declines:
- Businesses below $10M TEV (firm minimum)
- Sellers wanting limited buyer outreach or quiet processes
- Distressed situations requiring operational turnaround expertise
- Companies without defensible market positions or technical capabilities
- Founders unwilling to commit to 6-9 month exclusive engagement
Team
XLCS has approximately 15 professionals across investment banking and operations roles:
Senior Partners:
- Robert Contaldo – Chairman & Managing Partner. 40+ years of M&A experience, former Partner at national investment banking firm. FINRA Series 62, 63, 79.
- Joe Contaldo – Partner & Co-Founder. Career-long investment banker, former Managing Director (youngest in firm history). Head of Aerospace & Defense practice. FINRA Series 7, 79, 63.
- Anthony Contaldo – Partner & Co-Founder. Former Managing Director at national investment banking firm. FINRA Series 7, 79, 63, 24.
Senior Professionals:
- Jay Cremer – Vice President (FINRA 79, 63)
- Eric Schoendorf – Vice President (FINRA 79, 63, CPA)
- Reed McMahon – Vice President (FINRA 79, 63)
- Noah Shertzer – Senior Associate (FINRA 7, 63, 79, 66)
- David Silva – Senior Associate (FINRA 79, 63)
- Kevin Naim – Senior Associate (FINRA 63)
- Ford Heston – Associate (FINRA 79, 63)
- John Picard – Analyst (FINRA 79, 63)
Operations:
- Kendra Span – Director of Operations (client liaison, marketing, PR)
- Cathy Angarola – Operations Manager (compliance, due diligence, data room)
The firm maintains a boutique culture with work/life balance while delivering institutional-quality execution. The three Contaldo partners maintain controlling ownership, ensuring alignment with client interests.
Geographic Coverage
Headquartered in Nashville, Tennessee, with strong presence in Chicago and broader Midwest. XLCS serves clients nationwide with particular depth in:
- Southeast (Tennessee, Florida, Georgia)
- Midwest (Illinois, Indiana, Ohio)
- Texas
- California
Through GCG International, the firm can access buyers in Europe and globally for cross-border transactions.