Calder Capital is proud to announce that it has been named a Top 10 Lower Middle Market M&A Advisor by Axial, landing at #8 in their 2025 Semi-Annual League Table.
This recognition lists Calder among the top-performing M&A firms in the $1-$10M enterprise value space nationwide and marks its second consecutive appearance on Axial’s prestigious list. Calder Capital is the only Midwest US firm in the top 10, and one of just two Midwest firms in the entire top 25.
Axial, a leading platform for lower middle market deal professionals, launched its Broker League Table recognition program in early 2025 to benchmark performance, highlight process excellence, and celebrate brokers delivering exceptional outcomes for business owners.
As a sell-side and buy-side advisory firm, Calder Capital focuses on transactions ranging from $1-$100M, with particular expertise advising businesses in the manufacturing, distribution, construction, and business services industries. The firm has closed over 330 transactions since its founding in 2013, supported by a growing team of over 50 M&A professionals nationwide. In the first half of 2025, Calder has experienced significant deal momentum, with increased seller and buyer engagement, and over 40 deals closed by August.
Axial’s rankings are driven by a proprietary methodology focused on four key areas:
- Deal attractiveness (buyer pursuits per deal and total recommended buyers)
- Buyside targeting effectiveness (pursuit rate per deal)
- Process effectiveness (advancing buyers from interest to NDA to CIM)
- And final outcome success metrics (LOI and close rates).
“This is huge for Calder. While we won’t be satisfied until we’re #1, we are honored to be recognized for our team’s success. It is humbling to see Calder move up two spots to #8 nationally for the deals we do in the $1-10M EV range,” said Max Friar, Founder and Managing Partner of Calder Capital.
Calder’s team also contributed perspectives to the H1 2025 Axial report, highlighting both strong momentum and persistent headwinds in the current market.
Friar noted that closings are “way up so far in 2025,” with few deals falling through, most of those that do falter because “the seller’s business performance has slipped.”
On valuation pressures, Buy-Side Director Hannah Nabhan pointed to “higher interest rates pushing buyers down” while “sellers often anchor to their peak year, even if it was 2021.”
Fellow Buy-Side Director Sam Scharich added that another major challenge is financing: “Securing funding, especially for independent sponsors, has become one of the most common deal killers, even after a signed LOI.”
Complete results for the Top 10 Lower Middle Market M&A Advisor list can be found on the Axial website. You can view Calder’s Axial profile by clicking here.
About Axial
Axial is the largest private deal network serving professionals who own, advise, or invest in small and medium-sized businesses in North America. Over the last 14 years, Axial has established a single, well-known platform that business owners and deal professionals trust to discover and connect with new transaction partners. To learn more, please visit www.Axial.net
About Calder Capital
Founded in 2013, Calder Capital is a cross-industry mergers and acquisitions advisory firm with offices across the United States. Calder provides valuation, sell-side, and buy-side services. We are nationally recognized for excellence in advising $1-100M enterprise value transactions in manufacturing, construction, distribution, and business services. Calder serves business owners, entrepreneurs, family offices, financial buyers, and investors. Learn more at www.CalderGR.com.