13 M&A advisors active in Minneapolis industrials in 2026. Covers manufacturing, distribution, and business services deals with firm profiles and recent transactions.
Minneapolis is a strong market for industrials M&A. Manufacturing, distribution, and services all see steady deal flow.
Piper Sandler is headquartered here and ranked among the top US advisors for middle market deals. Local boutiques like Quazar and Cherry Tree round out the field.
PE sponsors are active buyers across Minnesota's industrial base. Founder-owned businesses and PE-backed platforms both trade regularly.
Set up a virtual data room before your first advisor call. Minneapolis buyers check financials and contracts from day one.
| Firm | Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|---|
| Piper Sandler | Piper Sandler | Both | $50M - $2B | Industrials, Manufacturing, Healthcare, Technology | pipersandler.com |
| Cherry Tree | Cherry Tree | Sell-side | $10M - $250M | Manufacturing, Consumer, Business Services, Industrials | cherrytree.com |
| Hennepin Partners | Hennepin Partners | Both | $10M - $300M | Industrials, Business Services, Agriculture, Distribution | hennepinpartners.com |
| Quazar | Quazar | Sell-side | $5M - $100M | Industrials, Manufacturing, Distribution, Consumer | quazarinc.com |
| Peakstone Group | Peakstone Group | Both | $25M - $500M | Industrials, Technology, Business Services, Healthcare | peakstonegroup.com |
| True North M&A | True North M&A | Both | $10M - $150M | Industrials, Manufacturing, Business Services, Consumer | tnma.com |
| Lincoln International | Lincoln International | Both | $50M - $2B | Industrials, Technology, PE-backed, Business Services | lincolninternational.com |
| Houlihan Lokey | Houlihan Lokey | Both | $100M - $5B | Industrials, Healthcare, Technology, Multi-sector | hl.com |
| Capstone Partners | Capstone Partners | Both | $10M - $500M | Industrials, Manufacturing, Business Services, HVAC | capstonepartners.com |
| Harris Williams | Harris Williams | Both | $50M - $2B | Industrials, Healthcare, Technology, PE-backed | harriswilliams.com |
| William Blair | William Blair | Both | $50M - $1B | Industrials, Healthcare, Technology, Consumer | williamblair.com |
| Robert W. Baird | Robert W. Baird | Both | $50M - $2B | Industrials, Manufacturing, Healthcare, Technology | rwbaird.com |
| MidCap Advisors | MidCap Advisors | Sell-side | $5M - $150M | Industrials, Manufacturing, Business Services, Healthcare | midcapadvisors.com |
How to verify an advisor's track record
Ask for a closed deal list with buyer names and dates. Minneapolis boutiques and national banks reach different buyer pools.
Advisors who know Minnesota industrials can name recent closed transactions. Vague claims about sector coverage are a red flag.
Check whether they've run both PE-backed and founder exits. Minneapolis deals attract both buyer types across most sectors.
Use Ellty to share financials with shortlisted advisors under NDA. You'll see who opens your files before the first call. Browse the full advisors directory to compare firms. Review the M&A deals guide before preparing your documents.
Running a Minneapolis industrials deal?
Share your financials with buyers under NDA. Track who opens them.
Start free 14-day trialHow a Minneapolis deal runs
Minneapolis industrials M&A typically runs five to eight months. Distribution and manufacturing deals add complexity around contracts and inventory.
| Stage | What happens | What you need ready | |
|---|---|---|---|
| Stage 1: Preparation | Stage 1: Preparation | Run QoE, build CIM, shortlist advisors by sector | Three years P&L, customer contracts, equipment records |
| Stage 2: Advisor engagement | Stage 2: Advisor engagement | Sign engagement letter, align on buyer list | Cap table, supplier contracts, key leases |
| Stage 3: Marketing | Stage 3: Marketing | CIM sent to buyers, NDAs signed, meetings set | Ellty data room live with CIM and financial records |
| Stage 4: LOI | Stage 4: LOI | Buyers submit bids, LOIs negotiated, exclusivity signed | Clean revenue data, no open contract or IP disputes |
| Stage 5: Due diligence | Stage 5: Due diligence | Buyer reviews legal, financial, and operational records | Full Ellty data room: contracts, financials, permits |
| Stage 6: Close | Stage 6: Close | Purchase agreement signed, funds transfer | Reps and warranties signed, transition plans ready |
13 Minneapolis industrials M&A advisors
These 13 firms advise on industrials M&A in Minneapolis. Coverage spans manufacturing, distribution, and business services.
1. Piper Sandler
Minneapolis-headquartered investment bank with record 2025 revenues of $1.9B and 395 M&A deals facilitated.
Recent Deals: Acquired G Squared Capital Partners, a defense tech M&A boutique, in August 2025. Acquired TRS Advisors to add restructuring capability in 2025. Advised on Wellsconcrete acquisition by KPS Capital Partners in February 2026.
LinkedIn: Piper Sandler LinkedIn
Sector Focus: Industrials, manufacturing, healthcare, technology, financial services
Deal Type: Both
Deal Size: $50M - $2B
Location: Minneapolis, MN
Website: pipersandler.com
2. Cherry Tree
A Minneapolis sell-side boutique with four decades of experience and 105 completed transactions.
Recent Deals: Advised AME Automotive on its majority recap with Tico Capital Partners in February 2026. Served as general advisor to LogiSolve on a 2026 deal. Served as general advisor to King Technology on a deal in 2025.
LinkedIn: Cherry Tree LinkedIn
Sector Focus: Manufacturing, consumer, business services, industrials, distribution
Deal Type: Sell-side
Deal Size: $10M - $250M
Location: Minnetonka, MN
Website: cherrytree.com
3. Hennepin Partners
A Minneapolis boutique bank founded in 2018 with 181 M&A deals and a 36-person team.
Recent Deals: Advised on Edelweiss acquisition by Valsoft in November 2024. Served as general advisor to Hugo Enterprises on a 2025 deal. Active in business services, agriculture, and industrials M&A through 2025-2026.
LinkedIn: Hennepin Partners LinkedIn
Sector Focus: Industrials, business services, agriculture, distribution, healthcare
Deal Type: Both
Deal Size: $10M - $300M
Location: Minneapolis, MN
Website: hennepinpartners.com
4. Quazar
A Minneapolis lower middle market bank with 30+ years of focus and 100+ completed transactions.
Recent Deals: Advised Pioneer Power on its $66.1M sale to Limbach Holdings in July 2025. Advised Tile By Design on its sale to Platform Surfaces in January 2026. Advised Gentle Transitions of MN on its sale in 2025.
LinkedIn: Quazar LinkedIn
Sector Focus: Industrials, manufacturing, distribution, consumer, business services
Deal Type: Sell-side
Deal Size: $5M - $100M
Location: Minneapolis, MN
Website: quazarinc.com
5. Peakstone Group
A global middle market bank with Minneapolis offices, 40+ bankers, and 500+ completed transactions.
Recent Deals: Advised Northwest Packaging on its sale to Schwarz Partners in 2025. Added Managing Director Adam Dunlap in 2025 to expand industrials coverage. Active in industrials, technology, and business services M&A through 2025-2026.
LinkedIn: Peakstone Group LinkedIn
Sector Focus: Industrials, technology, business services, healthcare, packaging
Deal Type: Both
Deal Size: $25M - $500M
Location: Minneapolis, MN (also Chicago and other offices)
Website: peakstonegroup.com
Selling a Minneapolis industrials business?
Set up your data room before your first advisor call. Track who opens it.
Start free 14-day trial6. True North M&A
Named Axial Top 50 Industrial M&A Advisor in 2025, and IBBA's #1 ranked firm in the US.
Recent Deals: Advised Burns Engineering on its sale to Arcline-backed DwyerOmega in January 2026. Advised C4 Welding on its sale to Millerbernd in July 2025. Facilitated Smead Manufacturing's sale to TOPS Products in June 2025.
LinkedIn: True North M&A LinkedIn
Sector Focus: Industrials, manufacturing, business services, consumer
Deal Type: Both
Deal Size: $10M - $150M
Location: Minneapolis, MN
Website: tnma.com
7. Lincoln International
A global mid-market bank with 430+ transactions in 2025 and a US IPO filing in April 2026.
Recent Deals: Filed for US IPO in April 2026 with $214.1M net income in 2025, up 31%. Closed 430+ transactions in 2025 across industrials and business services. Active in PE-backed exits across the Midwest through 2025-2026.
LinkedIn: Lincoln International LinkedIn
Sector Focus: Industrials, technology, PE-backed, business services
Deal Type: Both
Deal Size: $50M - $2B
Location: National (serves Minneapolis market)
Website: lincolninternational.com
8. Houlihan Lokey
The #1 ranked global M&A advisor by deal count in 2025, with a dedicated industrials group.
Recent Deals: Ranked #1 globally for all M&A transactions by LSEG in 2025 with 318 deals. Industrials Group ranked #1 for global industrials deals under $5B in 2025. Generated $717M quarterly revenue in Q3 fiscal 2026, up 18% year over year.
LinkedIn: Houlihan Lokey LinkedIn
Sector Focus: Industrials, healthcare, technology, consumer, multi-sector
Deal Type: Both
Deal Size: $100M - $5B
Location: National (serves Minneapolis market)
Website: hl.com
9. Capstone Partners
A national mid-market bank with a dedicated industrials practice and annual sector M&A reporting.
Recent Deals: Published 2026 Industrials M&A report on metals and precision manufacturing. Reported middle market valuations proved resilient entering 2026. Active in Midwest industrials M&A through 2025-2026.
LinkedIn: Capstone Partners LinkedIn
Sector Focus: Industrials, manufacturing, business services, HVAC, precision manufacturing
Deal Type: Both
Deal Size: $10M - $500M
Location: National (serves Minneapolis market)
Website: capstonepartners.com
10. Harris Williams
A national mid-market bank with deep industrials and healthcare practices active in the Midwest.
Recent Deals: Active in industrials, healthcare, and technology M&A nationally through 2025-2026. Consistently ranked among top mid-market advisors for industrial PE-backed transactions. Covers sponsor-backed and founder-owned businesses across multiple sectors.
LinkedIn: Harris Williams LinkedIn
Sector Focus: Industrials, healthcare, technology, PE-backed, business services
Deal Type: Both
Deal Size: $50M - $2B
Location: National (serves Minneapolis market)
Website: harriswilliams.com
11. William Blair
A Chicago-based mid-market bank with global industrials and business services M&A coverage.
Recent Deals: Active in industrials, healthcare, and technology M&A nationally through 2025-2026. Advises PE-backed platforms and founder-owned businesses on sell-side mandates. Covers the Midwest with strong relationships across Minnesota's industrial base.
LinkedIn: William Blair LinkedIn
Sector Focus: Industrials, healthcare, technology, consumer, business services
Deal Type: Both
Deal Size: $50M - $1B
Location: National (serves Minneapolis market)
Website: williamblair.com
12. Robert W. Baird
An employee-owned bank ranked #1 for industrial PE M&A exits in Q1 2026 by Mergermarket.
Recent Deals: Ranked #1 for industrial PE M&A exits by Mergermarket in Q1 2026. Completed nearly 760 advisory transactions since 2020, totaling $353B in value. Active in manufacturing, engineered products, and automation M&A in 2025-2026.
LinkedIn: Robert W. Baird LinkedIn
Sector Focus: Industrials, manufacturing, healthcare, technology, consumer
Deal Type: Both
Deal Size: $50M - $2B
Location: National (serves Minneapolis market)
Website: rwbaird.com
13. MidCap Advisors
A lower middle market firm active in industrials and business services sell-side mandates.
Recent Deals: Advised Pumping Solutions on its sale to Hidden Harbor Capital Partners in November 2025. Advised CCCI on its sale to Velociti, a technology services provider, in 2025. Active in industrials and business services M&A through 2025-2026.
LinkedIn: MidCap Advisors LinkedIn
Sector Focus: Industrials, manufacturing, business services, healthcare, distribution
Deal Type: Sell-side
Deal Size: $5M - $150M
Location: National (serves Minneapolis market)
Website: midcapadvisors.com
PE buyers in Minneapolis industrials
Minnesota attracts a strong pool of PE buyers for industrials deals. Firms like Northern Lakes Capital and Vermilion Group focus on manufacturing and services.
PE-backed platforms are active acquirers across distribution, specialty manufacturing, and industrial services. Strategic buyers also compete on most processes.
Smith System, a MidOcean Partners portfolio company, acquired Minneapolis-based Utilimarc in 2025. Fleet analytics and industrial services remain active sub-sectors.
Use Ellty to share your data room with PE and strategic buyers at the same time. Set granular permissions so each buyer sees only what their NDA covers. Read the private equity guide to understand how sponsors evaluate industrials deals. Track buyer engagement in Ellty's analytics before the first management meeting.
Minnesota industrials deal activity in 2025-2026
Minnesota's industrials sector saw significant M&A activity in 2025. Solventum sold its Purification and Filtration business to Thermo Fisher for $4.1B in September 2025.
True North M&A closed multiple industrials deals including C4 Welding and Burns Engineering. Quazar advised on Pioneer Power's $66.1M sale to Limbach Holdings.
National buyers actively pursue Midwest manufacturing and distribution targets. Minneapolis businesses trade at strong multiples when documents are organized.
Use Ellty to keep due diligence files ready for buyer review. Share materials through a virtual data room before diligence starts. Check the due diligence checklist to see what industrials buyers look for first. Review the mergers and acquisitions guide before your advisor search.
Getting your Minneapolis deal documents ready
Minneapolis founders often start the advisor search before files are organized. Buyers expect three years of financials and clean contracts from week one.
Distribution businesses need supplier agreements and customer concentration data. Manufacturing companies also need equipment schedules and any environmental permits.
PE buyers focus on EBITDA quality and customer transferability. Key-man risk and single-customer dependency surface in week one of diligence.
Use Ellty to build your data room before outreach begins. Track which buyers open your files and how long they spend on each document. Share materials through Ellty's secure links under NDA before your first advisor call. Review the full advisors directory to find firms with Minnesota industrials experience.
How Ellty helps you close an M&A deal in Minneapolis
You've picked your Minneapolis advisor. Set up your data room next. Get buyers reviewing files fast.
- 1.Upload contracts, permits, and financialsOrganize files by type. Minneapolis buyers check contracts and permits first.
- 2.Set access by buyer type and NDA statusPE buyers and strategic acquirers need different document sets.
- 3.Track who reviews your key filesSee which buyers open your financials and how long they spend.
Common questions about Minneapolis industrials M&A advisors
- Manufacturing, distribution, and industrial services are the most active. Business services and specialty manufacturing also see steady deal flow.
- Local advisors know the Minnesota buyer pool and recent closed deals. National mid-market banks reach more PE sponsors.
- Most deals run five to eight months. Distribution and manufacturing deals can take longer due to inventory reviews and contracts.
- Customer contracts, three years of financials, and equipment records. Customer concentration and key-man risk surface early.
- Before your first advisor call. Buyers expect financials and contracts organized from day one of diligence.
- Quazar and Cherry Tree are most active locally. True North M&A and Hennepin Partners also cover smaller industrials deals.
