Zachary Scott & Co. Research
Advisory Approach
Zachary Scott is a Seattle-based boutique investment bank founded in 1991 that provides independent M&A advisory and strategic financial consulting services to privately-held middle market companies. The firm was founded by three partners—Mark Working, Bill Hanneman, and Frank Buhler—who left Bank of America to build a firm focused on ownership transition needs of regional families and business owners in the Pacific Northwest. With over 30 years of experience, Zachary Scott has completed hundreds of transactions representing billions in enterprise value.
The firm's philosophy emphasizes deep, fundamental analysis combined with persuasive negotiation capabilities. Unlike many middle market banks that rely primarily on competitive auction processes, Zachary Scott differentiates itself by taking on complex transactions where value may not be immediately apparent from financial statements alone. Their mission is to help business owners extract and realize value where understanding business intricacies and market dynamics makes a difference in outcomes. The firm positions itself as taking "the path less traveled when it leads to a better destination."
Sector Focus
Zachary Scott has developed particular expertise in several key industries:
Alaska Seafood Ecosystem: The firm has arguably the deepest M&A practice in the Alaska seafood industry, with extensive experience advising Alaska Native Corporations (BBEDC, BBNC, CVRF, APICDA), seafood processors (Ocean Beauty, Icicle Seafoods, Northline Seafoods, Trident Seafoods, Blue North, Clipper Seafoods), and related businesses. They negotiated the 2020 merger creating Ocean Beauty Icicle and the 2025 recapitalization replacing Cooke Aquaculture with Silver Bay Seafoods. The firm has advised on numerous Alaska seafood transactions and helped Northline Seafoods raise $62.5 million for its floating salmon processor project.
Building Products & Manufacturing: The firm has completed significant transactions in building materials, wood products, and industrial manufacturing. Notable deals include the sale of NII FPG Company (Nicholson Industries), a global manufacturer of high-speed ring debarkers and timber harvesting equipment, to Kadant Inc. for $173 million; the sale of Structus Building Technologies to CertainTeed Gypsum; and the merger of Welco Lumber and TMI Forest Products creating Alta Forest Products.
Distribution & Logistics: Zachary Scott has advised on transactions in cold storage, distribution, and transportation logistics. The sale of Columbia Colstor, the 11th-largest cold storage operator in North America, to Lineage Logistics represents a significant transaction in this sector.
Consumer Products & Business Services: The firm has experience with consumer products distribution and business services, including the sale of Service Paper Company to Bunzl PLC.
Deal Track Record
Zachary Scott has completed hundreds of transactions over 30+ years. Representative deals include:
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NII FPG Company → Kadant Inc. (2017): $173 million sale of the world's leading designer and manufacturer of high-speed ring debarkers and timber harvesting equipment. The transaction involved divisions in seven countries across five languages.
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Marquis Hot Tubs & Artesian Spas → Monomoy Capital Partners (2022): Private equity acquisition of two hot tub manufacturers combined to form a leading pool and spa wellness platform.
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Ocean Beauty Icicle Recapitalization (2025): Silver Bay Seafoods replaced Cooke Aquaculture as partner to Bristol Bay Economic Development Corporation in the Alaska seafood processor.
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Northline Seafoods Capital Raise (2022-2023): $62.5 million financing for construction of a floating salmon processing vessel, including USDA-backed debt guarantee.
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Structus Building Technologies → CertainTeed Gypsum (2015): Strategic sale of the innovative drywall corner solutions manufacturer to Saint-Gobain subsidiary.
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Service Paper Company → Bunzl PLC: Sale of the Pacific Northwest paper products distributor to the global distributor.
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Columbia Colstor → Lineage Logistics: Sale of the 11th-largest cold storage operator in North America to the PE-backed cold storage platform.
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Welco Lumber/TMI Forest Products → Alta Forest Products: Merger of two cedar fencing producers creating a new entity with four facilities and 400+ employees.
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Premier Pacific Seafoods → Westward Seafoods: Sale of Bering Sea mothership operator to subsidiary of Japanese seafood company Maruha.
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Bristol Bay Native Corporation Acquisitions (2019): Advisor on BBNC's acquisitions of Blue North Fisheries and Clipper Seafoods.
Process & Fee Structure
Zachary Scott runs customized, high-touch engagement processes tailored to each client's situation. The firm emphasizes exhaustive preparation, competitive buyer outreach, and disciplined negotiation. For sell-side engagements, the firm prepares detailed financial analysis, quality of earnings support, and comprehensive marketing materials.
The firm typically engages on an exclusive basis and requires retainers. While specific fee structures are not publicly disclosed, the firm employs industry-standard success fee models, likely utilizing the modified Lehman formula common in lower middle market transactions. Minimum engagement size appears to be in the $10-25 million enterprise value range based on their transaction history.
Buyer Network
Zachary Scott maintains relationships across the full spectrum of buyer types:
Private Equity: The firm has closed transactions with numerous PE firms including Monomoy Capital Partners, Lineage Logistics (Bay Grove Capital), and others. Their 30-year retrospective demonstrates deep understanding of PE market evolution from the 1990s to today.
Strategic Buyers: The firm has successfully sold companies to major strategic acquirers including Kadant Inc. (NYSE: KAI), CertainTeed Gypsum (Saint-Gobain), Bunzl PLC (London-listed), and Westward Seafoods (Maruha subsidiary).
Alaska Native Corporations & Regional Buyers: Unique strength in Alaska Native Corporation acquisitions and partnerships, with BBEDC, BBNC, and other regional entities as clients and buyers.
Family Offices & Independent Sponsors: The firm works with family offices and independent sponsors, particularly in Alaska seafood and regional businesses.
Competitive Positioning
Zachary Scott differentiates through:
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Deep Alaska Seafood Expertise: Unmatched transaction experience in Alaska seafood, with relationships across Alaska Native Corporations, processors, and regional buyers.
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Complex Transaction Capability: Willingness to tackle complex situations including competitor sales (Service Paper to Bunzl), multi-jurisdictional deals (NII FPG), and recapitalizations (Ocean Beauty Icicle).
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Fundamental Analysis Focus: Emphasis on deep business analysis and value creation beyond running auction processes, particularly valuable for businesses where value isn't obvious from financial statements.
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Pacific Northwest Roots: 30+ years embedded in Pacific Northwest business community with deep regional relationships and understanding.
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Long-term Client Relationships: Focus on building lasting relationships, evidenced by clients returning for multiple transactions over decades.
Not a Fit If
Zachary Scott typically declines:
- Businesses below $10 million enterprise value
- Transactions requiring aggressive auction processes when strategic negotiation would be more effective
- Situations where the firm's regional expertise and relationship-based approach would not add incremental value
- Clients seeking commoditized, assembly-line investment banking services
Team
The firm is led by its founding partners and a team of experienced professionals:
Mark Working – Co-Founder & Managing Partner. Thirty years of investment banking experience following career in commercial banking under Bank of America. Leads the firm's M&A advisory practice.
Frank Buhler – Partner, CFA. Co-founded firm after career at Seafirst Bank (Bank of America). Expertise in building products, manufacturing, industrial technology, environmental services, and transportation/logistics. Served on Parametrix board for 25+ years. MBA from University of Washington, BS in Economics from Oregon State University.
David Working – Director, Investments & Partnerships. Focuses on deep technical analysis and problem-solving. Leads Investments & Partnerships efforts including strategic initiatives, partnership evaluations, and capital provider relationships. Former private equity and strategy consulting background. MBA from Duke University, BS in Biomedical Engineering from Washington University.
Brian Bergsagel – Partner. Started career in commercial banking before joining Zachary Scott. Leads M&A advisory engagements through all stages of transactions. BA in Business Administration (Finance) from University of Washington.
Preston Smith – Director
Ben Adams – Vice President
The firm maintains a team of 10-15 professionals including analysts, associates, and support staff. Team members come from diverse backgrounds with emphasis on curiosity, creativity, and client service.
Geographic Coverage
Primary: Pacific Northwest (Washington, Oregon, Idaho, Alaska) Secondary: Western U.S., national coverage for specialized industries (Alaska seafood) International: Capable of cross-border transactions (evidenced by NII FPG deal with operations in seven countries)
The firm is headquartered in downtown Seattle at 1200 5th Avenue, Seattle, WA 98101.