Smart Business Dealmakers: The Middle-Market M&A Podcast

Citizens Financial Group has released its 2023 M&A Outlook, its annual survey of 400 leaders at U.S. middle-market companies and private equity firms. David Dunstan, managing director in the Citizen's M&A Group, talks about the results — that despite some caution because of macroeconomic uncertainty, pre-pandemic norms are the expectation in the 2023 M&A environment — and what that could mean for both sellers and buyers.

Dr. Patrick Hines is CEO and Founder of Functional Fluidics, a company that has developed a testing platform that can assess the health of red blood cells. The company recently raised a $3.1 million bridge round and, at the time of this interview, was in the process of working to secure a Series A that would help it expand its reach into the market. Dr. Hines shares the story of his mission to develop the diagnostic tools to help people with serious health conditions resulting from abnormal red blood cell function receive the right care.

Thomas Goodmanson has been with Calabrio essentially from the start. From its spinout the maker of customer support software has been acquired twice and grown exponentially in both headcount and revenue. And with its recent acquisition by Thoma Bravo, it's looking to step even harder on the accelerator. Thomas talks about the experience of bringing on a financial partner and the differences and similarities the second time around.

West Monroe Senior Partner Keith Campbell stops by to talk about The Future of Diligence in Private Equity, which just happens to be the title of a report he recently co-authored. Highlighting survey findings from 100 U.S. PE companies, it explores the shifts in diligence approach that move away from identifying risk to identifying opportunity, greater data needs and the application of data analytics tools in a more commonly remote setting. Keith talks about how much progress has been made toward these changes as well as what middle-market companies headed toward a process should expect from this new diligence approach.

Venable Partner Chuck Morton has been recognized for decades as one of best middle-market deal lawyers in the United States. During his time as an M&A attorney, he's seen business leaders make some excellent choices and some not-so-brilliant decisions. He sat down with the Dealmakers Podcast to elaborate on both and provided specific examples.

After 20 years of working in PE at different firms, Jared Paquette has stepped out on his own, launching Conanicut Capital. Targeting the lower-middle-market, his aim is to deploy patient capital at founder-led businesses to help them grow. He talks about launching the firm, the first deal and how the process of getting capital backing for the firm affected how he looks not just at deals, but his own business.

Cloud Range is a cybersecurity company led by security executives and engineers who encourage military-grade simulation training for enterprise security teams. The company recently raised its first round of outside capital from three different investors. Founder and CEO Debbie Gordon talks about what that process was like for her, what she's learned that she'll apply to future rounds, and how the company plans to use the investment to grow the business.

STAQ Pharma recently raised about $45 Million of Series C venture funding to build a $70 million facility on the west side of Columbus, which will add 300 jobs to the area. Its 503B Outsourcing Facility will produce compounded medications under the Current Good Manufacturing Process (cGMP) quality system, a Federal Drug Administration standard. CEO Joe Bagan sat down with the Dealmakers Podcast to discuss the capital raises and the new, much larger facility being built in Columbus.

Michael Pearson launched Union Packaging in 1999. Over nearly 20 years, he grew it to employ some 100 people, many of which he hired from what he calls non-traditional sources. Recently he sold that business to LBP Manufacturing, and became a partner at Iron Stone Real Estate. In addition, he's giving back to the community through board participation at many Philadelphia organizations. Mike shares the story of Union Packaging, how he prepared for and executed its sale, and offers advice for those getting ready for life after an exit.

Nick Mirchef and his son-in-law, Chris Pflanz, went through the trails and tribulations of early-stage capital raises with their company SmartWitness, a pioneer in video telematics. They found a big payday at the end of it all. Today, they offer others advice using their experience as a guide.