Normandy provides services that most private, founder or family-owned businesses do not have in-house: M&A origination, corporate development, and market research. These functions are typically found within large corporations or companies supported by investment firms. Recently, we’ve experienced growing interest from private, family-owned businesses looking to better understand their sector’s fragmentation and take a proactive approach to M&A. While our process and the work itself remains similar, the value proposition for private companies can be quite different.
In the Spring of 2025, we started a retained search with a private company in the specialty vehicle services sector. This company is solely owned by an individual with more than 15 years of experience in the space. The company had been experiencing solid growth and found itself in a strong enough financial position to pursue M&A. With limited internal resources and bandwidth, the owner engaged Normandy to assess the market and find opportunities.
We first identified all of the companies that met our client’s criteria: scale, capabilities, customers, location, etc. We then conducted targeted outreach. Our outreach was professional, direct, and conscious of the fact that this is a niche sector where most business owners know each other to some extent. The results were strong:
- 100+ companies contacted
- 60+ conversations with owners
- 30 owners introduced to our client
- 10 owners went beyond a 1st meeting (NDA, data sharing, etc.)
Approximately 8 months after the search started, our client acquired one of the companies we introduced. Beyond sourcing the opportunity, we helped facilitate discussions with lenders who ultimately supported the financing of the transaction. For our client, the acquisition added scale, expanded capabilities, and strengthened his position in the market.
Through exploring acquisition opportunities, our client also gained deeper knowledge of the fragmentation, competition, growth opportunities, and potential headwinds in his industry. If you think this sort of information could benefit you and your business, feel free to give us a shout.