Calder Capital began 2025 with a strong showing, closing 19 transactions in Q1 and marking a significant milestone, our first Middle Market SaaS business sale. While navigating a market that remains cautious due to interest rate uncertainty, lender conservatism, geopolitical concerns, and mixed economic data, Calder is providing consistent execution and a steady pipeline. Calder Capital and its sister organization, Small Business Deal Advisors (SBDA), are positioning themselves for another impactful year.
As detailed in our Calder Capital Q1 2025 Market Update, buyers and sellers are increasingly aware of shifting capital dynamics and are actively seeking experienced guidance and reputable representation. Calder remains optimistic about the resilience of the American entrepreneur and continues to lean in on the things we can control: our agility, value creation levers, and our client-first strategy.
“Yes, the market is cautious, but it’s also alive with opportunity,” stated Calder Capital Founder and Managing Partner Max Friar. “Buyers are still actively competing for high-quality businesses, and well-prepared sellers are seeing strong outcomes.”
The Calder/SBDA Team Closed 19 Transactions in Q1 2025 (sell-side unless otherwise noted):
| Company | Location | Industry |
| Freight brokerage company | MI | Distribution |
| Contract electronic manufacturer (Buy-Side) | MI | Manufacturer |
| Steel fabrication equipment (Buy-Side) | FL | Manufacturing |
| Advertising Agency (Buy-Side) | MI | Service |
| Wire harness and cable assembly manufacturer | IN | Manufacturing |
| Crystal Clear Pools | MI | Service |
| Driveshaft manufacturer | IN | Manufacturing |
| BCU Electric | OH | Construction |
| Software company | CA | SaaS / Technology |
| Tutto Interiors | MI | Service |
| Engineering firm | IL | Service |
| Glass Doctor of Northern Virginia | VA | Service |
| Quality Electric Motor Service | KY | Service |
| Lake and Pond Management Company (Buy-Side) | GA | Service |
| Breck Graphics (Allegra Marketing) | MI | Service |
| Career Transitions (Buy-Side) | IN | Service |
| Top Cut Lawn | MI | Service |
| Spray Patch (Buy-Side) | MI | Construction |
| Advertising Agency | IL | Service |
11 of 19 deals closed this quarter (~57.89%) were service-based businesses, continuing an upward trend we have witnessed in both buyer and seller appetite within this segment. Manufacturing and construction transactions also contributed to Calder’s Q1 closings, while the successful exit of a California SaaS company highlights Calder’s expanding our experience in various technology-based mergers and acquisitions.
Compared to prior Q1s, this year’s 19 deals represent a strong start to 2025, despite caution in seller sentiment. For comparison, Calder closed 13 deals in Q1 2023 and 12 deals in Q1 2024
Buy-Side engagement remained robust in Q1 2025, with successful closings for five Calder Capital Buy-Side clients. Off-market sourcing remains critical to our value proposition, and our investment in growing the buy-side team continues to pay dividends.
During Q1 2025, Calder Capital added four professionals to the team:
- Dominik Bepristis – Buy-Side Associate (Grand Rapids, MI)
- Em Medich – CRM Administrator (Grand Rapids, MI)
- Cade Peterson – Buy-Side Associate (Grand Rapids, MI)
- Brandon Sinclair – Marketing and PR Associate (Grand Rapids, MI)
During Q1 2025, Calder formally announced its expansion into Texas, earning media coverage from Crain’s Grand Rapids while generating strong interest in the Dallas-Fort Worth area. Thank you to M&A Advisor Brad Wallace for his efforts in leading Calder’s efforts in the Great State of Texas.
Calder’s reputation for excellence continues to be recognized nationally, with the following awards and recognitions being earned or announced in Q1 2025:
- Calder Capital named a 2025 Best and Brightest Company to Work For in West Michigan
- Calder Capital named a 2025 National Best and Brightest Company to Work For
- Calder Capital recognized as a Top 10 M&A Advisor by Axial
“The data is clear: quality companies are still commanding competitive valuations, and buyers from family offices to entrepreneurs are incredibly active,” noted Max. “But the difference between a good outcome and a great one lies in preparation, process, and people.”
Since Calder Capital’s founding in 2013 to the end of Q1 2025, Calder/SBDA have closed 318 deals. Max continued, “At Calder, we’ve built a system that creates markets. With a growing, national footprint and with momentum at our backs, we’re confident that Q2 2025 and the remainder of 2025 will be filled with meaningful growth for our clients, our team, and our mission.”
About Calder Capital
Founded in 2013, Calder Capital, LLC is a lower middle-market investment bank providing mergers and acquisitions advisory services to business owners, entrepreneurs, family offices, and investors across the United States. Our dedicated team of professionals combines extensive industry experience, technological innovation, negotiation savvy, and key relationships to exhibit exceptional execution. Calder’s services include mergers and acquisitions advisory, private funds and capital markets advisory, and business valuations. To learn more, please visit http://caldergr.com.