Advisor Industry Awards: The Top 10 Deals of 2025

Axial first introduced quarterly League Tables in 2019 to recognize the top Investment Banks and M&A Advisory Firms on Axial based on platform data and activity.

Now, for the third year in a row, we’re featuring Axial sell-side members individually with the Advisor Industry Awards, which showcase the top 2025 closed deals across ten industries.

Nominations came from a combination of Axial’s research and business development teams, who reviewed more than 2,000 deals and took into consideration the following attributes of the deals and firms that represented them:

• Marketed on Axial
• Minimum $500K EBITDA
• Closed in the 2025 calendar year
• The amount of buyer interest generated (measured by pursuits)
• The advisor’s method of selectivity in distributing the deal
• Unique characteristics of the business represented

Congratulations to these featured Axial members!

2025 Closed Deal Details By Industry

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Revenue, EBITDA, & Buyer Interest

Source: Axial Platform Data

The Top 10 Deals of 2025

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Arts & Entertainment

Founded in 1999, Nets of Texas is the leading U.S. provider of engineering & design, manufacturing, and installation services for sports safety netting systems. 

Headquartered in Houston, Nets of Texas serves customers nationwide from its centralized manufacturing and operating facility. The company is the market leader in Texas and the largest participant in the fragmented U.S. sports safety netting market. Nets of Texas focuses on safety-critical, technically complex applications, including outdoor baseball, softball, and golf netting systems.

After growing the business for more than two decades, the founder and owner engaged Dan Altom of SCA Advisors to represent the company and lead a sale process to pursue liquidity following a period of sustained growth.

Dan brought the opportunity to market via the Axial platform in Q4 2024, where it generated substantial buyer interest. The deal received 846 buyer recommendations and 166 pursuits, resulting in a strong 19.62% pursuit rate. Of those pursuits, 97 came from private equity funds or independent sponsors, but it was individual investor Paladin Private Equity, based in New York City, who won the deal and successfully closed in September 2025.

Business Services

Founded in 1932 in Chicago, Thillens provides armored transportation, ATM services, cash processing, and secure logistics solutions to financial institutions, retailers, gaming operators, and other commercial customers throughout the Midwest. The company operates in a highly regulated, compliance-driven industry where scale, operational execution, and reliability are critical.

Thillens was previously acquired in 2019 by Illinois Gaming Systems (IGS), a video gaming terminal operator and the company’s largest customer. When J&J Gaming acquired IGS in 2021, Thillens was carved out and retained by IGS’s former ownership group. Under CEO Darren Norkett’s leadership, the team rebuilt and grew the business before engaging Steve Royko of Peakstone Group to lead a sale process.  After the Thillens’ leadership, led by CEO Darren Norkett, was able to build and grow the business, they engaged Steve Royko once again to represent the company and lead a sale process. 

As noted in the transaction announcement, Mr. Norkett said, “Navigating the sale of Thillens was a complex process, and having the Peakstone team, led by Steve Royko, made all the difference. Their expertise and unwavering dedication ensured that every aspect of the transaction was handled with precision and care. From structuring the deal to guiding us through negotiations, Peakstone demonstrated an exceptional level of professionalism and knowledge. Their ability to anticipate challenges and proactively address them gave us confidence at every stage.”

Edessa Growth Partners, a New York–based search fund, sourced the opportunity via the Axial platform and closed the transaction in May 2025. Commenting on the acquisition, Resit Melik, Founder of Edessa Growth Partners, said, “This marks the culmination of a journey that started nearly two years ago, driven by a childhood dream to build and lead a business. After screening thousands of opportunities and evaluating hundreds, I couldn’t be prouder to acquire a company with the legacy, reputation, and grit of Thillens.”

Consumer Goods

Bo Stump, Partner at Stump & Company, a North Carolina–based advisory firm, represented Texas-based Ladco in its strategic sale to Cascata Capital.

Ladco was co-founded in 1968 by brothers Phillip and Ronnie Ladin and has long been a cornerstone of the Houston design community. The company built a leading position in the home furnishings industry and has served as a trusted partner to interior designers and high-end residential and commercial customers for decades.

As Phillip and Ronnie began planning for an eventual departure and initiating a leadership transition, they concluded it was the right time to pursue a change in ownership. They engaged Bo Stump of Stump & Company to run a comprehensive, nationwide sale process to identify the right long-term owner for a business with deep local roots and a differentiated market position.

Bo brought the opportunity to market via the Axial platform in May 2024. Reflecting on the outcome, Bo noted that the process resulted in “the appointment of a highly respected new CEO, flexible work roles for the previous owners, and local ownership with a leading Texas-based firm that honored the tradition of the company and its potential for the future.” He added, “We would not have identified the owner without Axial.”

Cascata Capital, an Axial member since 2012, successfully closed the deal in June 2025. Commenting on the transaction, Cascata’s Managing Partner Chris Cuzalina said, “We are excited to partner with the Ladins and the Ladco team to build on the company’s reputation and long-standing success. We look forward to supporting Jim Goergen, CEO, and the management team as they execute their vision for growth through our capital investment and strategic relationships. Aside from the name change from Ladco, Inc. to Ladco, LLC, it is business as usual.”

Energy & Renewables

Richards Distributing, Inc. (RDI) was founded by Rob and Karlene Richards and has been a trusted name in Alaska for decades. The company operates three lines of business—Alaska EcoWater Systems, launched in 1997; Arctic Home Living, established soon thereafter; and Renewable Energy Systems, founded in 2014—serving residential, commercial, and industrial customers across the state.

As the owners approached retirement age and began planning a transition out of the business, RDI engaged Neil Gunn of Venture North Group to represent the company and lead a sale process. The objective was to identify an owner aligned with the company’s values and positioned to support its long-term future.

In early 2025, RDI was acquired by The Aleut Corporation, an Alaskan regional corporation focused on long-term economic development and portfolio diversification. Commenting on the transaction, Rob Richards said, “I am grateful to see RDI join a corporation that shares our values of community, quality, and innovation. Aleut is the right partner to carry our mission forward, and we’re confident in the future success of the business.”

The acquisition expanded Aleut’s presence in Alaska, adding complementary capabilities in renewable energy and retail. Skoey Vergen, President and CEO of The Aleut Corporation, noted, “RDI’s strengths in renewable energy and retail, combined with their exceptional reputation and expertise, will allow us to expand our impact across Alaska while continuing to drive value for our shareholders.”

Following the transaction, RDI’s business operations transitioned under Aleut’s newly formed subsidiary, Aleut Energy, LLC, led by Nick Goodman as President. Commenting on the transition, Nick said, “RDI’s focus on delivering innovative solutions in energy and water systems complements Aleut’s commitment to building resilient and sustainable businesses. We’re excited to bring their expertise and community-centered values into Aleut Energy.”

Food & Hospitality

Rick McDonald of Exit Boston represented a leading alcoholic beverage importer in its acquisition by Etna Industrial Partners, a New York–based independent sponsor.

Exit Boston was originally retained to perform an ESOP recapitalization, before it became clear that a strategic sale would provide the best outcome given the company’s capital structure.

The company operates a scaled alcoholic beverage import and distribution platform, with an established portfolio of international brands and long-standing customer relationships. While the underlying business was operationally sound, its ownership and capital structure had become increasingly complex. Rick noted that despite generating approximately $4 million of EBITDA, “the market value of this company was underwater due to senior debt, revolver debt, and debt to prior owners, all of which reduced net equity to a negative number for an otherwise perfectly good, well-positioned entity.”

“We found the right strategic buyer (Etna) with the help of Axial,” Rick commented. “We worked with him for over six months, restructuring a plan for buying out the ESOP, getting the trustee on board, and submitting the plans to a new bank alongside new committed equity capital.”

As the transaction progressed, further challenges emerged late in the process when a founder ultimately chose not to sign off on the proposed transaction. The parties secured additional equity and private credit from a non-bank lender, and the deal successfully closed, 391 days after the LOI was executed.

“The buyer has become a great friend,” Rick said, reflecting on the outcome. “We have a three-year exclusive buy-side engagement to assist in the aggregation of additional growth opportunities for this entity.”

Healthcare

HerScan was founded in 2014 by Mary Jo Henderson and has grown into the largest mobile breast ultrasound screening provider in the United States. The company delivers non-invasive screenings through a mobile, community-based care model that improves access to early detection, particularly for women with dense breast tissue. HerScan partners with clinics, employers, and community organizations to bring certified sonographers and board-certified radiologists directly to the communities they serve, emphasizing convenience, affordability, and clinical quality.

As Mary Jo began planning her retirement, she engaged Timothy Fischer of Atlas Bay Investments, who served as both acting CFO and M&A advisor, to lead a sale process to support a successful ownership transition and position the business for continued growth.

When marketed via the Axial platform, the opportunity generated strong interest from potential buyers. The deal was matched with 45 buyers and sent to 40, of whom 26 pursued the opportunity, resulting in a 65% pursuit rate. CiCi McMullen, Managing Partner of Alpine Crest Capital, pursued the opportunity in January 2025 and closed 131 days later. CiCi assumed the role of CEO following the acquisition. Under new ownership, HerScan is positioned to expand access to mobile breast health services while maintaining its operational and clinical strengths.

Industrials

Texas EcoGrow, a commercial landscaping and outdoor services company, was represented by Lane Carrick of Optima Mergers & Acquisitions in its sale to NextGen Growth Partners, a Chicago-based private equity firm.

Texas EcoGrow serves agricultural, commercial, and environmental end markets, with a focus on environmentally responsible products and services that support soil health and sustainable land use. The company’s operating model and market positioning attracted interest from a broad range of buyers, generating 746 recommended buyers and 126 pursuits when Lane Carrick brought the deal to market via Axial in March of 2024.

Texas EcoGrow was acquired by NextGen Growth Partners in February 2025, providing the business with a financial partner positioned to support its next phase of growth. Reflecting on the process, Carrick noted, “This was a challenging deal for a number of reasons, and I’m proud of our team for getting it to the finish line. It was our first deal for which we sourced a buyer through Axial, and we look forward to many more of these outcomes.”

The transaction was nominated for three categories for the 2025 Annual M&A Advisor Awards for Industrials Deal of the Year, Private Equity Deal of the Year, and M&A Deal of the Year, all in the $10MM–$25MM range.

Media

Greenleaf Book Group, founded in 1997 in Austin, TX, is an independent publisher and distribution platform serving authors and organizations across business, leadership, and professional development categories. The company supports authors with editorial, design, distribution, and marketing services, and has established a strong reputation within the independent publishing market.

Alex Blitstein of FINNEA Group was engaged by AAVIN Equity Advisors, a private equity firm based in Cedar Rapids, Iowa, which had acquired Greenleaf in 2019. As Greenleaf approached the end of AAVIN’s standard investment hold period, AAVIN elected to pursue a sale process.

Greenleaf was acquired by Civica Media, a newly formed publishing company, backed by BlackBern Partners, a New York-based independent sponsor and Axial member since 2011. The transaction represents Civica’s first completed acquisition as it seeks to build a scaled publishing platform through strategic add-ons.

Technology

FanFlix, headquartered in Los Angeles, is a digital technology platform that supports direct-to-consumer content distribution for major Hollywood studios and content companies. Through its data-driven enterprise SaaS platform and digital movie marketplace, FanFlix helps studios optimize the value of their content libraries by acquiring new customers, driving repeat purchases, and improving digital monetization.

The platform serves content companies of all sizes, from small aggregators to major studios. FanFlix has built long-standing partnerships with leading content providers, including Lionsgate, Paramount, Sony Pictures, Universal, Disney, and Warner Bros.

FanFlix was represented by Aaron Solganick of Solganick & Co. in its acquisition by Solen Software Group, a holding company based in Midvale, Utah. As Solganick explained, “The owners were two co-founders who bootstrapped the company and were ready to bring on a new partner to help grow the business. They selected the buyer because of its software focus and assistance in helping to grow the company and take it to the next level.”

This transaction marked the first of two Axial closed deals represented by Aaron Solganick and Solganick & Co. in 2025. Just six weeks after FanFlix closed in May, the firm advised Columbia Advisory Group in its sale to Heritage Holding.

Transportation

ICAT Logistics is a global freight and logistics company that manages air, ocean, and ground transportation for complex, time-critical shipments. Operating in more than 60 offices across 190 countries, the company serves clients in live events, luxury, technology, defense and aerospace, and financial institutions.  ICAT’s proprietary, AI-powered technology platform provides end-to-end visibility and predictive intelligence, enabling precise execution for the most demanding operations. 

Seeking partial liquidity while positioning the business for continued growth, ICAT engaged Lance Meilech of IBG / Fox & Fin to lead a sale process. The opportunity generated interest from 109 buyers from the 914 recommendations when Lance brought the deal to market via Axial in Q1 2025. New Atlas Capital ultimately won the deal and closed the transaction in September.

Following the transaction, ICAT Logistics launched a new brand identity to mark the next chapter in the company’s evolution. “We are at the start of an exciting new chapter for ICAT. Our new brand reflects how our business operates every day: focused, disciplined, and engineered for results,” said Brad Stogner, CEO of ICAT Logistics. “We are grateful for the customers who trust us to deliver every day and for the talented ICAT team dedicated to their success.”

Definitions

Buyer Match: Axial sell-side members receive a matching set of buyside members for every deal they manage via Axial. A “Buyer Match” refers to a specific buyside Axial member who matches a particular deal.

Pursuit: Axial buyside members express initial interest in a deal by clicking “Pursue,” after which they can access and sign the NDA.

Pursuit Rate: The deal “Pursuit Rate” is defined as the number of times a particular deal is pursued by unique buyside members (i.e., the buyer shows explicit interest in exploring the deal) divided by the total number of buyside firms invited to evaluate the deal.

Deal Eligibility: 2025 deals did not have to close with an Axial buyer to be considered for these awards.