Calder Capital and its sister company, Small Business Deal Advisors (SBDA), closed 44 transactions through September 30th, including 12 during the third quarter, and entered the final quarter of 2026 with transaction momentum and outstanding LOIs, propelling the team forward into what appears will be another successful year.
Sell-Side pre-engagement consultations largely remained the same year over year, moving from 339 to 342, while new Buy-Side pre-engagement consultations rose from 451 to 698 clients, a 54.8% increase.
“Closing 44 transactions in nine months is only possible with the help and hard work of our team,” said Calder Capital Founder and Managing Partner Max Friar. “As we enter the final quarter, our focus remains on advisory excellence for our clients and continuing to develop the people and processes that support that work.”
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of 2026 and a beach volleyball celebration of Calder’s 13th anniversary.
Q3 2026 Highlights
The Calder/SBDA Team Closed 12 Transactions in Q3 2026. The following 44 transactions have closed thus far in 2026:
| Company | Location | Industry | Deal Type |
|---|---|---|---|
| Empire Heating and Air Conditioning | GA | Service/ Construction | Buy-Side |
| Hellmann Lumber | KY | Distribution | Buy-Side |
| BiTec | OH | Manufacturing | Buy-Side |
| Door Service, Inc. | MO | Service/ Construction | Buy-Side |
| Kimbrell’s Kustom Machine Shop | TX | Manufacturing | Buy-Side |
| Environmental Services Company | DE | Service | Buy-Side |
| Venco Western, Inc. | CA | Service | Buy-Side |
| Demott Technical Solutions | KY | Technology | Buy-Side |
| Mosquito Joe | PA | Service | Buy-Side |
| Factory Safety Equipment Manufacturer | FL | Manufacturing | Buy-Side |
| Recycle Away | VT | Distribution | Buy-Side |
| ARK Engineering & Technical Services, Inc, and ARK Field Services, LLC | MA & FL | Service | Buy-Side |
| Richfield Trailer Supply | MI | Distribution | Buy-Side |
| Ag Freight | SC | Distribution | Buy-Side |
| Water Treatment Equipment Distributor | Midwest | Distribution | Buy-Side |
| Van Der Kolk Plumbing | MI | Service | Buy-Side |
| KEM Enterprises | MI | Manufacturing | Buy-Side |
| Topsis Consulting | PA | Service | Buy-Side |
| KDR Electric | TX | Construction | Buy-Side |
| Continuing Professional Education Provider | IN | Service | Buy-Side |
| Septic and Wastewater Service Provider | NC | Service | Buy-Side |
| Best Upon Request Corporate, Inc. | OH | Service | Sell-Side |
| Wholesale Builder Supply | MI | Distribution | Sell-Side |
| Delta Services | IN | Service | Sell-Side |
| Steel Products Supplier | KY | Manufacturing | Sell-Side |
| Yeghoian Grading and Paving | CA | Construction | Sell-Side |
| Vacation Rental Business | IL | Service | Sell-Side |
| Jeffrey Animal Hospital | MI | Service | Sell-Side |
| Electrical Component Manufacturer | MI | Manufacturing | Sell-Side |
| Chicago Show | IL | Manufacturing | Sell-Side |
| Model Die & Mold | MI | Manufacturing | Sell-Side |
| Restoration Company | TX | Service | Sell-Side |
| Industrial Quick Search (IQS) | MI | Technology | Sell-Side |
| WaterSolve | MI | Service | Sell-Side |
| TechVar | TX | Technology | Sell-Side |
| Specialty Contractor | IL | Construction | Sell-Side |
| Construction Products Manufacturer | MI | Manufacturing | Sell-Side |
| Marketing Distribution Services Company | KY | Service | SBDA |
| Eaton Car Care | MI | Service | SBDA |
| Dixie Lite-Trol | KY | Service | SBDA |
| At Home Cleaning Co. | MI | Service | SBDA |
| Lake Nepessing Golfland | MI | Service | SBDA |
| Tom’s Fence | MI | Construction | SBDA |
| Hog Wild BBQ | MI | Service | SBDA |
Industry Breakdown
Through Q3 2026:
- Service businesses accounted for 20 transactions (45.5%).
- Manufacturing companies represented 9 deals (20.5%).
- Distribution businesses accounted for 6 transactions (13.6%).
- Construction businesses represented 4 deals (9.1%).
- Technology companies accounted for 3 transactions (6.8%).
- Service/Construction companies represented 2 deals (4.5%).
Buy-Side Update
Calder’s Buy-Side team closed 21 transactions through Q3 2026, while continuing to generate proprietary, off-market acquisition opportunities for existing clients.
“Successful acquisitions start with finding the right business, and we congratulate our 21 clients who have closed so far this year,” said Sam Scharich, Buy-Side Managing Director. “We are eager to help our 18 clients under LOI close in the coming weeks and months. Each day we acknowledge the honor and responsibility to help our 93 clients: from sourcing off-market opportunities to supporting negotiation and closing. There is much more we can accomplish by year-end, and we have the right people in place to get the work done.”
Through Q3, the Buy-Side team:
- Generated 2,750+ introductions to off-market sellers
- Held 1,175+ meetings and owner conversations
- Submitted 213+ offers across active opportunities
- Signed 181 letters of intent
- Closed 21 transactions
Entering the final quarter of 2026, Calder’s Buy-Side team remains focused on helping clients identify opportunities, navigate negotiations, and close deals.
Sell-Side Update
Calder’s Sell-Side team closed 16 transactions through Q3. As Founder and Managing Partner, Max Friar, discussed in Calder’s Q3 2026 Lower Middle Market M&A Update, more owners are seeking valuations, but fewer are choosing to go to market. Valuation expectations and increasingly detailed buyer diligence are creating challenges, reinforcing the importance of setting realistic expectations early, preparing thoroughly, and maintaining clear communication throughout the transaction process.
“A successful sales process starts with helping owners understand value, as well as what the market and process will require,” said Garrett Monroe, Sell-Side Managing Director.
Through Q3, the Sell-Side team:
- Conducted 352 seller meetings
- Delivered 109 business valuations
- Added 33 new sell-side engagements
- Closed 16 sell-side transactions
AI is also playing a growing role in valuation discussions and buyer diligence. Reviewing the assumptions and sources behind AI-generated analyses can help owners assess how well those conclusions apply to their business.
Calder’s Sell-Side team will carry that focus into Q4, sharing market-informed data with clients, thoroughly preparing clients for market, and providing clear communication and M&A expertise through closing.
Calder Team Update
During Q3 2026, Calder Capital added the following professionals:
- Erik Records: Buy-Side M&A Advisor
- Ken Kooistra: Buy-Side M&A Advisor
We also celebrated the promotions of:
- Alex Flechsig: Buy-Side Senior Associate
- Logan Theodorou: Buy-Side Senior Associate
During Q3, Calder Capital also opened a new office:
- Southern California: Newport Beach, CA, led by Buy-Side M&A Advisor Erik Records
Awards & Recognitions in Q3 2026
To view complete details of these accomplishments, please visit our awards page.
Business 40 Under 40 honoree.
Looking Ahead
With 44 transactions closed through September and an expanded national presence, Calder enters the final quarter of 2026 focused on delivering excellent client service, executing on transaction mandates from our clients, and continued team development.
“With over 109 valuations this year, nearly 100 active Buy-Side clients, and 57 active Sell-Side clients, we are proud of our team and their clear communication, timely follow-through, and ownership,” said Hannelore Jones, Calder Capital Director of Operations. “Across Calder and SBDA, our team is focused on the success of our clients every day. It’s what makes 44 closings through September possible and what gives us a strong foundation for the work ahead.”
with Marketing & PR Associate, Tess Foster, operating the teleprompter.
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].