Carleton McKenna & Co
Carleton McKenna & Co is a Cleveland-based independent investment bank founded in 2001. The firm states that it is retained exclusively by founders, owners and operators in the middle market and reports more than 500 closed transactions and more than $3 billion in aggregate transaction value.
What stands out about Carleton McKenna & Co
Carleton McKenna & Co publicly positions itself as a seller-focused middle-market advisor, usually serving companies with $3M to $30M of EBITDA. Its services include exclusive sell-side M&A representation, capital advisory and strategic advisory, supported by a stated six-phase sale process that generally runs 6–9 months.[1][2][3][4]
What does Carleton McKenna & Co do?
Carleton McKenna & Co is a Cleveland-based independent investment bank founded in 2001. The firm states that it is retained exclusively by founders, owners and operators in the middle market. It publicly reports more than 500 closed transactions and more than $3 billion in aggregate transaction value.[1][2]
The firm provides exclusive sell-side M&A representation and states that each engagement is custom-built rather than templated. Its publicly stated advisory services also include capital advisory for senior debt, subordinated financing and equity solutions, as well as strategic advisory for owners not yet ready to transact. That strategic work includes benchmarking against comparable transactions, identifying value gaps and building a roadmap.[1]
Owners comparing advisory firms can also review Auxo’s M&A advisor vs. business broker vs. investment bank comparison, advisor-selection guide, and sell-side advisor evaluation framework.
Published criteria: The firm states that it usually advises middle-market companies ranging from $3M to $30M of EBITDA. Clients are typically founder-owned, family-owned or financial sponsor-backed businesses.[2]
What should a business owner evaluate before hiring Carleton McKenna & Co?
Owners evaluating an engagement should compare the proposed fee structure and engagement terms with the stated process, including the expected 6–9 month timetable. They should also clarify which legal entity would sign the engagement, how Carleton McKenna & Co and Carleton McKenna Advisors, LLC would participate, the proposed buyer universe and outreach plan, the valuation methodology, and the treatment of rollover equity, recapitalization, ESOP and minority-sale alternatives. The firm’s stated middle-market range, four core sectors and national buyer relationships provide specific points for an owner to discuss in an initial evaluation.[2][3][6]
What fee structure, retainer, success-fee calculation, minimum fee, termination provisions and tail period would apply
Which legal entity would sign the engagement, and which services would be performed by Carleton McKenna & Co versus Carleton McKenna Advisors, LLC
What size transactions and clients does Carleton McKenna & Co focus on?
Carleton McKenna & Co identifies four core sectors: Business-to-Business Services, Construction, Specialty Manufacturing & Industrials, and Consumer.[2]
The official transaction archive identifies examples including Action Vibratory Equipment, Water Safari Resort, Brew Kettle, CHAMPS, Centura Imaging, FormFire, Music Box Supper Club and Neuros Medical, among other named transactions. The construction practice identifies McClintock Electric, Inc. as acquired by Kelso Industries and states that the transaction closed in October 2025.[4][5]
The firm focuses on exclusive sell-side M&A representation for middle-market companies and also provides capital advisory for senior debt, subordinated financing and equity solutions. Its strategic advisory offering is directed to owners not yet ready to transact.[1]
What does Carleton McKenna & Co publicly disclose about fees, process and engagement terms?
The official process page describes the sale process, timing and activities but does not publish a universal fee schedule, success-fee percentage, minimum fee, termination fee or tail-period terms. The official transaction archive identifies selected companies, transaction descriptions and counterparties but does not publish transaction consideration for the listed examples. These items should be confirmed for a specific engagement.[3][4]
FINRA BrokerCheck identifies Carleton McKenna Advisors, LLC as currently registered with the SEC and FINRA, with registration effective March 18, 2015. The report lists SEC #159230 and CRD #159230. FINRA also identifies Carleton McKenna & Co., LLC as the direct owner of 75% or more of Carleton McKenna Advisors, LLC. An SEC Form X-17A-5 annual report for the year ended December 31, 2025 identifies Carleton McKenna Advisors, LLC as a broker-dealer.[6][7]
The firm describes a six-phase sale process that generally runs 6–9 months. The stated phases cover preparation, buyer identification, confidential outreach, bids and negotiation, diligence and closing.[3]
Questions to ask before hiring Carleton McKenna & Co
What fee structure, retainer, success-fee calculation, minimum fee, termination provisions and tail period would apply?
Which legal entity would sign the engagement, and which services would be performed by Carleton McKenna & Co versus Carleton McKenna Advisors, LLC?
What buyer universe and outreach plan would be proposed for the company?
Which recent transactions can the firm discuss by sector, EBITDA, geography and deal structure?
How are rollover equity, recapitalization, ESOP and minority-sale alternatives evaluated?
What transaction values, valuation ranges and post-close terms can be disclosed for comparable completed engagements?
Sources & research notes
- Official website / firm overview
- Official website / firm overview
- Public Process
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- FINRA regulatory record
- SEC filing / regulatory record
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
Broker-dealer and securities disclosure
Auxo Capital Advisors is an affiliate of Weild & Co., Member FINRA | SIPC. Securities-related activities and securities transactions are conducted through Weild & Co.
Nothing contained on this page constitutes an offer to sell, an offer to purchase, or a solicitation of an offer to buy or sell any security, investment product, or financial instrument. Nothing on this page constitutes investment advice, a recommendation regarding any security, or a recommendation to enter into any transaction with the profiled firm or any other party.
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