Case Study: Investment Theses

Proprietary Flow Control Distribution Roll-Up


PE firm with 50+ years’ experience investing in lower- and middle-market companies


25 years’ experience in flow control distribution, 10 as CEO of a PE-backed company


Notch worked with our PE client over 10+ years on multiple successful distribution deals. After pursuing, but not prevailing in, an auction for a distributor of fluid handling products, our client asked us to help them find an executive to co-source and lead a buy-and-build in the space. We introduced the client to the former CEO of a PE-backed company in an adjacent space: flow control distribution. The executive had a list of actionable targets and vision for a loosely integrated roll-up strategy. Notch helped facilitate negotiations between our client and the executive to form an exclusive co-sourcing agreement. As their diligence narrowed on a specific target, we also conducted a CFO search to secure a qualified executive to join upon closing.


Within a year, our client closed on the initial platform – a proprietary target sourced by the executive. With the executive serving as Chairman/CEO, they made 15+ follow-on acquisitions to fuel geographic and product line expansion before selling the company in one of the firm’s most successful transactions to date.