Calder Capital & Small Business Deal Advisors surged through the first half of 2025, achieving 35 closings and 35%+ revenue growth year-over-year. While market headwinds persist: owner hesitation, geopolitical tensions, and tariff uncertainty, the firm’s pace remains blistering. New sell-side engagements are up 54%, and buy-side engagements have skyrocketed 240%.
“This is the first time in three years I’ve felt genuinely stoked about the second half of the year,” said Managing Partner Max Friar. “It feels like the macro environment is calming enough for more sellers to make big decisions. Time will tell if my optimism is justified.”
As highlighted in our Q2 2025 Market Update, Calder is outperforming market trends in a turbulent environment. While macro challenges persist: tariffs, rate uncertainty, and tighter credit, our team’s relentless focus on preparation and execution has kept deals flowing. With buyers chasing fewer sellers, we’re seeing increased competition and creative structures to get transactions across the finish line.
The Calder/SBDA Team Closed 35 Transactions in Q1 & Q2 2025 (sell-side unless otherwise noted):
| Company | Location | Industry |
| Aerial Signs & Awnings (Buy-Side) | PA | Manufacturing |
| Reuland | MI | Service |
| Ace & Sons | MI | Service/ Construction |
| Restorapet | MD | Manufacturing |
| Landscaping and Property Service Provider | MI | Service |
| HVAC and Plumbing Company | IN | Service |
| Harlo Corporation | MI | Manufacturing |
| Metal Finishing Business | MI | Manufacturing |
| Boulder Landscapes (Buy-Side) | UT | Service |
| Outdoor Living Service Company | FL | Service |
| Hartland Auto Wash | MI | Service |
| Stout Creek Landscapes | MI | Service |
| Commercial Equipment Service Provider | MI | Service |
| Strata Landscape Services (Buy-Side) | CA | Service |
| Requarth Co. (Buy-Side) | OH | Construction |
| Midwest Juice | MI | Service |
| EBW Electronics (Buy-Side) | MI | Manufacturing |
| Tarpon Stainless (Buy-Side) | FL | Manufacturing |
| Extra Credit Projects (Buy-Side) | MI | Service |
| Assembly Masters | IN | Manufacturing |
| Crystal Clear Pools | MI | Service |
| Driveshaft Manufacturer | IN | Manufacturing |
| BCU Electric | OH | Construction |
| Marine Software Company | CA | SaaS/ Technology |
| Tutto Interiors | MI | Service |
| AAA Engineering | IL | Service |
| Glass Doctor of Northern Virginia | VA | Service |
| Quality Electric Motor Service | KY | Service |
| Lake and Pond Management Company (Buy-Side) | GA | Service |
| Breck Graphics (Allegra Marketing) | MI | Service |
| Career Transitions (Buy-Side) | IN | Service |
| Top Cut Lawn | MI | Service |
| Spray Patch (Buy-Side) | MI | Construction |
| Advertising Agency | IL | Service |
9 of 16 deals closed this quarter (56.25%) were service-based businesses, continuing the upward trend we have been witnessing quarter after quarter (57.89% in Q1).
Buy-Side engagement has grown in Q2, requiring the hiring of a Buy-Side Search Director and Buy-Side Associates (we are currently hiring). Off-market sourcing remains critical to our value proposition and the growth of the Buy-Side operation of our firm continues to expand quickly.
During Q2 2025, Calder Capital added four professionals to the team:
- Dan Duba – Buy-Side M&A Advisor (Grand Rapids, MI)
- Francesco Pizzo – Buy-Side Associate (Grand Rapids, MI)
- Drew Woods – Sell-Side Investment Banking Analyst (Grand Rapids, MI)
- Aidan Cote – Buy-Side Search Director (Grand Rapids, MI)
Meanwhile, our Buy-Side and Sell-Side internship programs have continued to grow swiftly, with our Summer 2025 class consisting of 17 exceptional students:
Summer 2025 Buy-Side Interns
- Andy Garza – GVSU | BBA in Finance & Economics
- Tyler Tingley – GVSU | BBA in Finance | A.S. in Plastics & Polymer Engineering
- Jonathan Song – U of M | BBA in Finance & BE in Computer Science
- Nathaniel McGlinchey – Pitzer College | BA in Economics | Minor from Confucius Institute at WMU
- Ethan Chen – MSU | Finance & Statistics
- Urvi Doddamreddy – MSU | BA in Economics | Minors in Law, Justice & Public Policy
- Eddie Ross – Butler | BBA in Finance
- Colin Davis – MSU | BA in Finance
- Greg Michalopoulos – MSU | BA in Finance
- Abreham Stutzman – Univ. of Nebraska-Lincoln | BSBA in Accounting & Finance
- Ryan Heck – U of M | BBA
Summer 2025 Sell-Side Interns
- Simon Vu – GVSU | Mathematics & Economics
- Olivia Petersen – GVSU | BBA in Finance
- Matthew Wynes – GVSU | Bachelor's in Finance
- Tredib “Api” Sen – MSU | Supply Chain Management
- Piper O’Rourke – GVSU | Accounting & Finance
- Aiden Sullivan – U of M | BBA in Finance
In Q2 2025, we spent time deepening relationships with some of our partners. Sell-Side Director Garrett Monroe met with Varnum, as they uncovered the value of working with an M&A Attorney in a sell-side transaction. Meanwhile, Buy-Side Director Sam Scharich met with Pioneer Capital Advisory to discuss how individual buyers can compete with private equity.
Additionally, we volunteered with Home Repair Services of Kent County, as we constructed a ramp for a neighbor in need. Thank you to Melissa Somero, Scott Nicholson, Nick Browning, Parker Schaap, and Mallory Pohl from the team for representing Calder. Shoutout to our partners at Huntington for their partnership on this project: Matt Orazem, John Burmeister, and Daaron Fleeger.
Calder Capital was recognized in Q2 with the following seven awards and recognitions:
- Calder Capital Wins Industrials Deal of the Year ($10MM-$50MM) for Acquisition of BCU Electric by Meptagon Group
- Calder Capital’s Patrick Robey Honored as a Recipient of The M&A Advisor’s Emerging Leaders Award
- Calder Capital’s Sam Scharich Honored as a Recipient of The M&A Advisor’s Emerging Leaders Award
- Calder Capital’s Matthew Baas Honored as a Recipient of The M&A Advisor’s Emerging Leaders Award
- Calder Capital Honored as a Bronze Stevie® Award Winner in 2025 American Business Awards®
- Patrick Robey of Calder Capital Recognized as Dealmaker of the Year
- The Acquisition of Portland Products Named Crain’s Grand Rapids 2025 Manufacturing Deal of the Year
Reflecting on the year so far and what we expect next, Calder Capital’s Max Friar noted: “As of May 2025, two trends from 2024 have continued: 1) persistent uncertainty is causing many sellers to hold back from engaging, yet 2) those same owners are still taking calls from buyers who reach out directly. Despite it not being in sellers’ best economic interest to engage with only one buyer, it feels safer than entering the broader market. Many owners are hesitant because their 2024 financials often look worse than 2023.” To read more about what we are seeing in the market, please view our Q2 Market Report.
As indicated earlier in our recap, we are hiring! If you are interested in working with us, please click here. And if you are curious about what working at Calder Capital is like, you may enjoy this video, where Sell-Side Director Garrett Monroe sat down with Sell-Side Investment Banking Analyst Nick Browning to discuss a day in the life on the Sell-Side of Calder Capital.
About Calder Capital
Founded in 2013, Calder Capital, LLC is a lower middle-market investment bank providing mergers and acquisitions advisory services to business owners, entrepreneurs, family offices, and investors across the United States. Our dedicated team of professionals combines extensive industry experience, technological innovation, negotiation savvy, and key relationships to exhibit exceptional execution. Calder’s services include mergers and acquisitions advisory, private funds and capital markets advisory, and business valuations. To learn more, please visit http://caldergr.com.