Axial Top Deals of Q1 2026

Every quarter, a steady flow of lower middle market transactions close through Axial. These are companies that sold after decades of ownership, recapitalized for the next phase of growth, or were acquired by investors and operators looking to build something larger. Most of these deals do not make headlines. They simply close. A founder gets the outcome they worked toward, a buyer finds the right fit, and an advisor runs a process that works.

To shed light on some of these transactions, we’re excited to share the Top Deals of Q1, a curated look at ten notable transactions from last quarter, selected by our research and business development teams. Each entry highlights the business, the process, and the stakeholders who brought the deal to the finish line.

Deals were selected based on a review of Q1 2026 closed transactions

• The advisor’s ability to target buyers effectively & display robust buyer coverage
• The advisor’s ability to run an efficient, expedient marketing or diligence process
• The advisor’s ability to generate buyer demand & competition effectively
• The advisor’s ability to undertake deal complexity with nuanced deal structuring
• The advisor’s ability to incorporate owners’ objectives into the M&A process

Palmer Advised Sales Factory in Acquisition by Rob Belk

Greensboro entrepreneur Rob Belk acquired Sales Factory and stepped in as CEO of the 41-year-old marketing and insights agency. Belk succeeded longtime CEO Ged King, who wanted to step back from operational duties to focus on his role as a professor. The firm has built deep retail expertise across clients, including Channellock, WD-40, Tempur Sealy, and General Electric, alongside its Trades ProPulse insights community, which connects brands to professional trades. King stayed on as Chief Revenue Officer and Equity Partner to lead new business development and support the transition.

Palmer Advisors served as the exclusive sell-side M&A advisor, with Ben Engvall leading the engagement. Engvall brought the opportunity to market via Axial in April 2025; Belk signed the LOI in July 2025 and successfully closed in January 2026. The process matched the agency with individual investor, Rob Belk, whose retail, ecommerce, and supply chain background aligned with both the financial outcome and the cultural continuity the seller had in mind.

“Rob brings fresh energy, a growth mindset, and a strong alignment with the values that have defined Sales Factory,” said King. “He understands our business, believes in our people, and shares our long-term commitment to this community.”

Top Deal Reason → Buyer Targeting | Buyer <> Seller Alignment

Ambassador Consulting Solutions Advised BASELoad in Recapitalization by Iron Creek Partners

Iron Creek Partners completed the recapitalization of BASELoad, a Rock Hill, SC–based healthcare data solutions provider serving health plans and third-party administrators across the U.S. Founder and CEO Gerard Szatkowski rolled equity, with Main Street Capital Corporation joining the investment group. 

Founded in 1999, BASELoad’s data-matching and loading platform helps payers dramatically improve claim auto-adjudication rates, while its W-9 Corrections subsidiary keeps health plans up to date on IRS 1099 compliance. The transaction provides growth capital to meet rising demand; Szatkowski remains CEO and joined the company’s Board.

Ambassador Consulting Solutions served as the exclusive sell-side M&A advisor, with Ronna Prince leading the engagement. The process drew exceptional buyer interest on Axial: of the 83 recommended buyers, the deal was sent to 78, with 63 firms pursuing the opportunity, resulting in an 80.77% pursuit rate. The depth of engagement reflected the demand for mission-critical healthcare data infrastructure embedded in payer workflows.

Top Deal Reason → Buyer Demand Generated

Crowne Atlantic Advised Protech Lab Corp in Acquisition by Fusion Capital Partners

Protech Lab Corp, a Hilton Head Island, SC–based materials testing laboratory specializing in thermal spray coatings, metallographic evaluation, and ASTM-standard testing, was acquired by Excel Engineering, a portfolio company of Fusion Capital Partners. 

Founded in 1990 by Kenneth and Kathie Couch, Protech serves customers in the aerospace, energy, medical, semiconductor, and wind turbine industries with deep expertise in thermal spray, weld overlay, and 3D-printed alloy characterization. With the owners moving toward retirement, the transaction was structured around a multi-year transition. For Fusion, Protech adds capability to the testing platform anchored by Excel Engineering, which the firm acquired earlier in Q1 2026.

Jackie Ossin Hirsch of Crowne Atlantic served as the M&A advisor for Protech. The transaction marks Excel Engineering’s first add-on acquisition. Fusion’s prior exits in the space and operating experience in the niche made it a natural fit and supported the sellers’ multi-year path toward retirement.

Top Deal Reasons → Buyer Targeting | Portfolio Company Coverage

Peakview Partners Advised Select Oil Tools in Sale to Silver Swan Capital

Looking to retire while creating liquidity for his investors and employees, the founder of Select Oil Tools hired Tim Dailey of Peakview Partners to run the sell-side process. The result was a sale to Silver Swan Capital that retained the entire team, including senior leadership, post-transaction.

For more than 18 years, Select Oil Tools has served customers across the Western U.S. by solving one of the industry’s hardest problems: removing tools, equipment, and other obstructions from wellbores deep beneath the surface so production and drilling can resume quickly.

Peakview took the unusual step of investing alongside management and Silver Swan to close the transaction, a structure that gave the founder a clean path to retirement while keeping the team aligned with the next chapter of growth. Tim brought the opportunity to market via Axial in June 2025, and Silver Swan Capital pursued it that same month; the LOI was executed in July 2025, and the deal closed in March 2026.

“It was a delight to work with Peakview to achieve a flexible ownership transition transaction, while also enabling existing management and employees to participate in the next phase of Select’s growth,” said Kyle Detwiler, Founder of Silver Swan Capital. “Peakview served as a solutions-oriented advisor, even investing alongside management and Silver Swan to create a win-win for all transaction participants.”

Top Deal Reasons → Management Team Retention | Advisor Co-Investment

IAG M&A Advisors Advised Flying Wrench Services in Sale to Intermountain Industries

The deal moved fast, then nearly stalled entirely. Within two days of Flying Wrench Services & Performance coming to market via Axial in August 2025, Nate Packer of Intermountain Industries, an Axial member since 2023, had pursued the opportunity. The path from there to closing took seven months and a creative save by the sell-side advisor.

Flying Wrench was founded in 2002 and has been owned by husband-and-wife operators Bernie and Coleen Brazeau since 2018. The business has built its reputation over more than two decades across diesel truck and engine repair, heavy equipment service, DOT inspections, RV chassis and trailer work, and diesel performance, complemented by an online parts operation.

David Michaelson of IAG M&A Advisors led the sell-side process. Headquartered in Addison, Texas, IAG has been an Axial member since 2010 and was recently ranked among 2025’s Top 25 Business Brokers. After the LOI was executed in October 2025, a property dispute involving a family member surfaced and pushed the buyer toward walking. Michaelson engineered a compromise that satisfied all parties, and the deal closed on March 13, 2026.

Top Deal Reasons → Deal Structuring | Process Resilience

Sunbelt Business Brokers, Atlanta Advised Cherokee Fiber & Associates in Acquisition by HB Global

After more than 30 years of building underground and aerial utility infrastructure for major telecom customers, Cherokee Fiber & Associates was acquired by HB Global, an employee-owned holding company with a national portfolio of mechanical, electrical, HVAC, and infrastructure contractors. The Atlanta-based business brought to the table what many strategic buyers in the space are looking for: specialized field crews, recurring maintenance work, and long-tenured customer relationships.

Sunbelt Business Brokers, Atlanta served as the exclusive sell-side M&A advisor. Doreen Morgan led the engagement, running a targeted process that positioned Cherokee Fiber in front of qualified strategic acquirers and structured a transaction aligned with the owner’s financial and succession goals. Doreen brought the opportunity to market via Axial in June 2025; HB Global signed the LOI in September 2025, and the deal closed in early January 2026.

Top Deal Reason → Fast Sale Process

GaP Transaction Advisors Advised DLG Infrastructure Services in Recapitalization by Del Monte Capital

In five years, DLG Infrastructure Services (formerly D.L. Glover Utilities and D.L. Glover Pipe Bursting) grew from a two-founder Houston startup into one of the region’s most trusted municipal water infrastructure companies, completing nearly 1,000 projects spanning water line upgrades, drainage, wastewater rehabilitation, and neighborhood flood mitigation.

With one founder looking to retire and the other ready to keep building, the partners hired Bret Pardue of GaP Transaction Advisors to run the sell-side process. DLG was brought to market via Axial on August 10, 2024, and drew 127 pursuits across seven buyer types from 607 recommendations, resulting in a 20.92% pursuit rate. Del Monte Capital (DMC) pursued the transaction within five days, but the initial LOI was executed by a different buyer who was unable to close. Pardue returned to the platform’s pursuit pool and re-engaged a handful of investors, including DMC.

In January 2026, the founders, Chris Scott-Ford and Danny Glover, closed the majority recapitalization with DMC, their third platform investment. Scott-Ford retained significant ownership and continues as President; Glover retired as part of the deal.

“As part of this process, I talked to a lot of private equity firms before choosing a partner, and they all said the right things,” said Scott-Ford. “What set DMC apart was that they actually meant it. They understood our business, respected what we had built, and made it clear from day one that my role and our culture weren’t up for negotiation.”

Top Deal Reasons → Deal Structuring | Deal Complexity

Calhoun Companies Advised Preferred Tool in Acquisition by Thirty31 Partners

Headquartered in Hugo, Minnesota, Preferred Tool is a precision tooling and custom injection mold manufacturer. The company designs, engineers, and builds plastic and metal injection molds, from simple tooling to complex multi-cavity systems, for customers across a wide range of industries.

When the owner of Preferred Tool decided to retire, he hired Jon Tichich of Calhoun Companies, a top-ranked business brokerage based in Edina, Minnesota, to run a controlled bidding process. Brought to market via Axial in September 2025, the deal received 36 pursuits and yielded nine IOIs. Thirty31 Partners, an Independent Sponsor based in Huxley, Iowa, ultimately won the deal, executing the LOI in October and closing at the end of January 2026.

Top Deal Reason → Buyer Competition Generated

Pension & Wealth Management Advisors Advised S&S Fabric Products in Acquisition by Sancho Creek, Inc.

David Serpa of Pension & Wealth Management Advisors, Inc. represented S&S Fabric Products in its sale to Sancho Creek, who sourced and pursued the opportunity on Axial.

Founded in 1985 and headquartered in Portsmouth, RI, S&S Fabric Products is an integrated yacht upholstery company that offers a wide range of services to corporate clients, marinas, and individual boat owners. The company produces custom yacht interior cushions, exterior canvas and cushions, curtains, bedding, and related finishes, supported by in-house design, manufacturing, and installation capabilities. 

Serpa’s process on Axial surfaced Sancho Creek as a strong fit, with the buyside criteria aligning closely with the S&S opportunity when it came to market. Sancho Creek was one of 13 buyers who pursued the deal, ultimately winning out over a group that included independent sponsors, search funds, and a family office. They executed the LOI in January 2026 and closed the transaction in March. The acquisition marks Sancho Creek’s first completed deal on Axial since joining in 2025, building on multiple successful exits prior to joining the platform.

Top Deal Reason → Fast LOI to Close

True North M&A Advised Everflow Eaves & Exteriors in Acquisition by Noverra Capital Group

Everflow Eaves & Exteriors, a Canadian exterior finishing company with more than 20 years of operating history, was acquired by Noverra Capital Group, a Burnaby, BC–based holding company. Everflow specializes in eavestrough installation, soffit and fascia, siding, and other residential and commercial exterior solutions. Noverra’s portfolio spans mechanical contracting, fire protection, commercial concrete, and home exterior services,  businesses the firm acquires from founders and continues to run rather than reposition for resale.

Emily Hale of True North M&A ran the sell-side engagement. True North is a national Canadian M&A firm focused on lower middle market exits in the $1M–$10M EBITDA range, reporting a 90% transaction close rate since 2015. The deal was brought to market via Axial in March 2025 and pursued by Noverra in April. The LOI was executed in September 2025, and the transaction closed just after the new year, a roughly ten-month process from market launch to close.

Top Deal Reasons → Buyer Targeting | Stewardship

Final Thoughts

Across the ten transactions featured here, no two deals look the same. Buyer types span individual operators, strategic acquirers, independent sponsors, and private equity platforms. The businesses range from a 70-year-old Minnesota manufacturer to a five-year-old Houston infrastructure company that has already completed nearly 1,000 projects.

What connects them is the process, specifically, how each business was positioned in front of the right buyer at the right time.

A few patterns:

Founder-led exits continue to drive activity. Eight of the ten deals involved a founder or owner-operator stepping back, most into retirement and others through rolled equity or partner buyouts.

Buyer diversity is the norm. No single cohort dominated. Individual investors, PE platforms, independent sponsors, and holdcos all closed transactions, reinforcing that fit matters more than buyer type.

Process discipline separates outcomes. Several deals closed only after complications, including broken LOIs, third-party disputes, and extended transition timelines. In each case, the advisor’s ability to stay engaged and navigate through uncertainty ultimately drove the outcome.

Axial is the trusted deal platform serving the lower middle market ($2.5-$250M TEV).

Over 3,500 advisory firms and 3,000 corporate and financial buyers have joined Axial to efficiently connect with relevant capital partners, source actionable deals, and build new relationships.

Visit the Member Closed Deals page to see selected transactions that have been sourced and closed via Axial.

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