Nolan and Associates
Nolan & Associates describes itself as a boutique investment banking firm focused on the middle market, with global reach and services for business owners, private equity firms, and corporations.
Nolan & Associates publicly offers sell-side, buy-side, and capital raise advisory services.
Its materials identify a middle-market focus, global buyer access, over 500 closed deals, and a structured 5-6 month sell-side process. Commerce Bank has announced an agreement to acquire Nolan & Associates and Middle Market Transactions, Inc.; the announcement states that closing remained subject to regulatory approval and customary closing conditions.[1][2][3][4][5][6][7][8][10]
What does Nolan and Associates do?
Nolan & Associates is a boutique investment banking firm with global reach and a focus on the middle market. The firm states that it was founded in 1976 and serves business owners, private equity firms, and corporations. Nolan is headquartered at 1401 South Brentwood Boulevard, Suite 600, St. Louis, Missouri 63144.[1][2]
Nolan publicly provides sell-side, buy-side, and capital raise advisory services. Its sell-side offering is directed to family- and founder-owned businesses, while its buy-side services include platform sourcing and add-on sourcing aligned with a buyer’s investment thesis. Nolan also states that it works with privately held businesses seeking to raise over $5 million for product launches, shareholder buyouts, dividend recapitalizations, capacity expansions, or acquisition strategies.[3][4][5][6]
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.
What should a business owner evaluate before hiring Nolan and Associates?
An owner evaluating Nolan can clarify how the firm’s stated 5-6 month sell-side process would apply to the proposed engagement, including preparation, market outreach, confidentiality agreements, negotiations, due diligence, legal documentation, and closing. The owner can also ask which professionals would lead the assignment, which buyer categories and geographies would be targeted, and how the firm’s middle-market and sector experience would apply to the business.
The announced Commerce Bank agreement warrants direct confirmation of Nolan’s current legal and operating structure, the entity that would sign the engagement and receive fees, and how conflicts would be handled where Commerce or an affiliate has another relationship with a prospective buyer or seller. The Commerce announcement states that closing remained subject to regulatory approval and customary closing conditions.
Fee provisions should be requested directly because Nolan’s sell-side services page does not publish a universal retainer, success-fee percentage, minimum fee, tail period, or termination schedule.[2][4][10][12]
Has the agreement announced by Commerce Bank closed, and if so, what is Nolan's current legal and operating structure
Which entity signs advisory engagements and receives fees: Nolan & Associates, Middle Market Transactions, Inc., or another Commerce affiliate
What are the standard retainer, success-fee, minimum-fee, expense-reimbursement, tail, exclusivity, and termination provisions
What size transactions and clients does Nolan and Associates focus on?
Nolan’s listed industries include aerospace, agriculture, building products, business services, consumer, distribution, energy and environmental, healthcare, healthcare staffing services, industrial and manufacturing, technology, and transportation.[2]
Publicly identified examples include Nolan’s advisory role to Integrity Locums on its sale to All Star Healthcare Solutions, with the official transaction page dated June 4, 2025; its advisory role to Select Environmental Systems on its sale to FirstCall Mechanical, with the official transaction page dated February 21, 2025; and its advisory role to Thompson Street Capital Partners and portfolio company Global Software on Global Software’s acquisition of Atlas.[7][8][9]
The firm’s public service offering covers sell-side M&A, buy-side sourcing for platforms and add-ons, and capital raises. Nolan’s capital raise service is directed to privately held businesses seeking to raise over $5 million for specified growth, ownership, recapitalization, and acquisition purposes.[3][5][6]
What does Nolan and Associates publicly disclose about fees, process and engagement terms?
Nolan’s sell-side services page describes the sale process and states that Nolan has closed over 500 deals, but it does not publish a universal retainer, success-fee percentage, minimum fee, tail period, or termination schedule.
Nolan’s Integrity Locums transaction page does not disclose transaction value, consideration structure, financing terms, or fee terms. Nolan’s Select Environmental Systems transaction page likewise does not disclose transaction value, consideration structure, financing terms, or fee terms.
The Commerce Bank announcement does not disclose consideration or other transaction terms for the proposed acquisition of Nolan & Associates and MMTI and states that closing remained subject to regulatory approval and customary closing conditions.[4][7][8][10]
Commerce Bank announced an agreement to acquire Nolan & Associates and Middle Market Transactions, Inc. The announcement identifies MMTI as the FINRA-regulated entity through which Nolan & Associates delivers advisory services and states that closing remained subject to regulatory approval and customary closing conditions.
A FINRA firm report identifies Middle Market Transactions, Inc. as CRD #133062 and SEC #8-66675, with a St. Louis main office, SEC registration, FINRA regulation, and registration in three U.S. states and territories. These facts concern MMTI and do not independently establish a separate firm-level registration for Nolan & Associates under that name.[10][11]
Nolan describes its sell-side process as a structured 5-6 month process involving preparation, market outreach, confidentiality agreements, negotiations, due diligence, legal documentation, and closing.[12]
Questions to ask before hiring Nolan and Associates
Has the agreement announced by Commerce Bank closed, and if so, what is Nolan's current legal and operating structure?
Which entity signs advisory engagements and receives fees: Nolan & Associates, Middle Market Transactions, Inc., or another Commerce affiliate?
What are the standard retainer, success-fee, minimum-fee, expense-reimbursement, tail, exclusivity, and termination provisions?
How are conflicts handled when Commerce or an affiliate has a banking, lending, wealth-management, or other relationship with a prospective buyer or seller?
For a proposed sale, which named professionals would lead the engagement, what comparable transactions have they completed in the owner's sector, and what buyer categories and geographies would be targeted?
Sources & research notes
- Official website / firm overview
- Official website / firm overview
- Services / capabilities
- Services / capabilities
- Services / capabilities
- Services / capabilities
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Structure / regulatory context
- FINRA regulatory record
- Public Process
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.
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