Calder Capital and its sister company, Small Business Deal Advisors (SBDA), opened 2026 with strong momentum, closing 12 transactions through March 31, 2026 and achieving 7% revenue growth compared to Q1 2025.
Despite ongoing market headwinds, including tariffs, geopolitical uncertainty, global conflict, and tighter, more selective financing conditions, the firm’s deal pace remains active. Compared to Q1 2025, total new engagements on the sell-side have increased, with 14 new engagements in Q1 2026, while buy-side activity has also expanded significantly, reflected in higher sourcing volume, calls, and offers submitted. Calder Capital’s Buy-Side team is approaching 90 actively engaged clients, as we enter Q2 2026.
“This year is off to a strong start. We’re continuing to push forward aggressively, while staying mindful of the broader market dynamics,” said Calder’s Founder, Max Friar. “We’re proud of the team’s execution in Q1 and excited about what’s ahead as we build on this momentum throughout 2026.”
Q1 2026 Highlights:
The Calder/SBDA Team Closed 12 Transactions in Q1 2026:
| Company | Location | Industry | Deal Type |
| Empire Heating and Air Conditioning | GA | Service/ Construction | Calder Capital, Buy-Side Advisory |
| Best Upon Request Corporate, Inc. | OH | Service | Calder Capital, Sell-Side Advisory |
| Wholesale Builder Supply | MI | Distribution | Calder Capital, Sell-Side Advisory |
| Delta Services | IN | Service | Calder Capital, Sell-Side Advisory |
| Hellmann Lumber | KY | Distribution | Calder Capital, Buy-Side Advisory |
| Kimbrell’s Kustom Machine Shop | TX | Manufacturing | Calder Capital, Buy-Side Advisory |
| BiTec | OH | Manufacturing | Calder Capital, Buy-Side Advisory |
| Door Service, Inc. | MO | Service/ Construction | Calder Capital, Buy-Side Advisory |
| Environmental Services Company | DE | Service | Calder Capital, Buy-Side Advisory |
| Venco Western, Inc. | CA | Service | Calder Capital, Buy-Side Advisory |
| Tom’s Fence | MI | Construction | Small Business Deal Advisors |
| Hog Wild BBQ | MI | Service | Small Business Deal Advisors |
Industry Breakdown:
In Q1 2026:
- Service businesses accounted for 5 transactions (41.7%)
- Manufacturing represented 2 deals (16.7%)
- Service/ Construction accounted for 2 deals (16.7%)
- Distribution accounted for 2 deals (16.7%)
- Construction totaled 1 transaction (8.3%)
Buy-Side Update
Calder’s Buy-Side team continues to scale, driven by strong demand for proprietary, off-market opportunities and increasing buyer competition across key sectors.
“Q1 2026 showed strong momentum across our Buy-Side platform, with consistent growth in deal flow, buyer engagement, and executed transactions,” said Sam Scharich, Buy-Side Managing Director. “Prepared buyers continue to outperform in this market, and with recent SBA financing changes improving access to capital, particularly for manufacturing acquisitions, we expect competition and activity levels to remain elevated throughout the year.”
In Q1, the Buy-Side team:
- Generated 855+ introductions to off-market sellers
- Held 366+ meetings and owner conversations
- Submitted 64+ offers across active opportunities
- Maintained ~19–21 deals under LOI at any given time
- Closed 8 transactions
The team continues to expand its reach across high-demand sectors, including manufacturing, aerospace and defense, building products, HVAC services, and infrastructure-related businesses, while capitalizing on macro tailwinds such as onshoring trends and increased domestic investment.
Additionally, recent SBA policy changes, including the Made in America Loan Guarantee program, which increases guarantees up to 90% for qualifying manufacturing deals, are creating one of the most favorable acquisition financing environments in recent years. These developments are expected to further accelerate buyer demand and drive increased competition for quality businesses.
We remain well-positioned to help clients source, evaluate, and close proprietary opportunities through a disciplined, relationship-driven buy-side process throughout 2026.
Sell-Side Update
“Business owners are re-engaging, conversations are picking up, and interest levels are materially higher than what we saw throughout most of 2025, but that activity isn’t translating into faster closings,” stated Garrett Monroe, Sell-Side Managing Director. “We’re seeing a clear disconnect where seller engagement is rising while buyers remain cautious, leading to longer diligence timelines and more structured transactions, which makes early preparation and disciplined processes more important than ever.”
In Q1, the Sell-Side team:
- Conducted 144 seller meetings
- Delivered 34 valuations and pitches
- Added 14 new sell-side engagements
- Closed 3 sell-side transactions
Calder Team Update
During Q1 2026, Calder Capital added the following professionals:
- Lucas Matthews: Sell-Side M&A Advisor
- Bryan Clahassey: Buy-Side Associate
- Olivia Devereux: Sell-Side Business Development Lead
- Jamie Carlstedt: Buy-Side M&A Advisor
- Ken Trupke: Buy-Side M&A Advisor
We also celebrated the promotions of:
- Jonathan Dykstra: Sell-Side Director
- Greg Weess: Sell-Side M&A Advisor
- Riley Hagen: Sell-Side Associate
- Nick Browning: Sell-Side Associate
- Brandon Sinclair: Director of Marketing
Awards & Recognitions in Q1 2026
- ACG West Michigan Outstanding Growth Award – Deal of the Year ($10MM–$20MM) (Winner): Harlo Products acquired by Borgman Capital
- ACG West Michigan Outstanding Growth Award – Deal of the Year ($10MM–$20MM) (Finalist): ADAC acquisition of EBW Electronics
- Inc. Regionals 2026: Midwest Fastest-Growing Private Companies (Ranked No. 62 overall; No. 5 in Michigan)
- DealStats Hall of Fame (2025 Inductee): Hannah Nabhan
- Best and Brightest Companies to Work For in West Michigan (2026) (fourth consecutive year)
- Best and Brightest Companies to Work For in the Nation (2026) (fourth consecutive year)
- Best and Brightest Companies to Work For in Chicago (2026) (second consecutive year)
- Best Business Investment Firm: 2026 Best of Michiana Business Awards
- PitchBook 2025 Global League Tables: Ranked #5 Most Active M&A Advisor in the Great Lakes
- Axial 2025 Rankings: Ranked #4 Lower Middle Market M&A Advisor
Q1 2026 Company Meeting
On March 13, 2026, our team gathered at Bamboo in Grand Rapids, Michigan, for our quarterly company-wide meeting.
The meeting included:
- A firm-wide update from Max Friar
- A Buy-Side update from Sam Scharich
- A Sell-Side update from Garrett Monroe
- An Operations update from Hannelore Jones
- Team trivia led by Morgan Klinker
After meeting up, going through our goals for 2026, and discussing the current state of M&A, we played some trivia, then went fowling at the Fowling Warehouse Grand Rapids, enjoying time together outside of the office.
Looking Ahead
Reflecting on Q1 and the road ahead, Max Friar noted:
“2025 was a record year for Calder, but it also came with a significant amount of internal growth and change. What makes me most proud is how the team has continued to show up, adapt, and execute at a high level. 2026 has had a strong start, and as we continue to grow, we’re placing a greater emphasis on operational alignment and clarity across the organization.
“As we continue to scale, it’s important that we become more intentional about recognizing and reinforcing the behaviors that drive our success. Growth brings new perspectives, new people, and new complexity, and staying grounded in what already works will be key to sustaining our momentum.”
“In closing, our pipeline remains strong, and we are focused on disciplined execution, continued investment in our people and processes, and delivering exceptional outcomes for our clients. We’re excited to build on this momentum throughout 2026.”
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.
Notice: Calder Capital, LLC is not affiliated with any similarly named organizations or entities. To verify communications from our firm, visit our website or contact [email protected].