From Unsolicited Offers to a Competitive Process

“Looking back, the process delivered a meaningfully better result than what we would have achieved handling inbound interest on our own.”

– Robert DeLair, Founder, RD Nutrition Consultants

Transaction Overview

The Background

Robert DeLair built RD Nutrition Consultants into a fast-growing healthcare services company with strong fundamentals and a long runway ahead. He wasn’t actively looking to sell, but he didn’t need to be. Inbound interest from private equity firms and independent sponsors arrived in his inbox almost weekly.

At one point, Rob engaged with a group he liked. They reached an LOI. The deal didn’t close, and the experience left him with a clear lesson about how the absence of competition can quietly erode a transaction.

“Without a competitive, structured process, there’s a greater risk that terms shift as the deal progresses. That shaped our approach the second time around. We wanted a well-run, competitive process from the start.” – Robert DeLair

The Search for the Right Advisor

When Rob decided to formally explore a sale, he ran into a familiar problem for owners in regional markets: a thin local bench of qualified investment bankers, several of whom asked for what he considered excessive upfront retainers.

He wanted to cast a wider net and to vet potential buyers properly. Through Axial’s Advisor Finder Program, six firms were recommended, and Rob interviewed each one. The structured process helped him narrow in on firms with healthcare expertise and the right fit for his business size and goals.

Along the way, Rob worked with his Axial exit consultant to compare fee structures, deal terms, and the breadth of services offered by each firm.

“Working with Axial was especially useful to evaluate which advisors had the right sector experience and could support us throughout the entire process, not just on the front end, but through due diligence and closing. That guidance made it much easier to make an informed decision and feel confident in our selection.” – Robert DeLair

Timeline: 8 Weeks From Initial Consultation to Signed Engagement Letter

Why Vertess

Several firms made strong impressions, but Vertess Healthcare Advisors stood out. Healthcare specialization ran deep; the broader team brought strong capabilities across finance, marketing, and deal execution, and Rob’s banker, Gene Quigley, understood the nuances of the business immediately. That combination gave Rob the confidence that Vertess would run a professional process and represent the business well from start to finish.

From Gene’s side, taking on the RD Nutrition engagement was an easy yes.

“Fast-growing, successful company with a strong long-range growth outlook. Owner Rob was very intelligent and had a strong vision.” – Gene Quigley, Managing Director, Vertess

The Process and the Outcome

Rob came in with a clear thesis: find a private equity partner, retain meaningful equity, and pursue a buy-and-build in a fragmented market. Vertess heard him out, but didn’t let the thesis narrow the buyer universe prematurely.

“While it’s a great strategy, we wanted to ensure we went out to as many qualified buyers as possible. The market will determine the price based on buyer needs as well as our ability to see the value proposition and create competition.” – Gene Quigley, Vertess

The team spent two to four weeks building the CIM, completing the financial analysis, and assembling the buyer list before launching the process. The market responded quickly. RD Nutrition received multiple LOIs from groups Rob describes as “fairly consistent” in valuation, which allowed him to optimize for fit rather than chase the highest number on paper.

The buyer Rob ultimately selected had a strong track record in healthcare services and brought both capital and hands-on operational support. They understood the business, believed in the opportunity, and shared his vision for where it could go.

“The final outcome was very much aligned with what we were hoping for, both in terms of valuation and finding a capital partner we were genuinely excited to work with going forward. That alignment was more important to us than any single term in the deal.” – Robert DeLair

The Takeaway for Owners

Looking back, Rob is direct about what made the difference.

“Bringing on Vertess to run the process made all the difference. It allowed us to create a true competitive environment, evaluate multiple buyers side by side, and ultimately achieve the best overall outcome. More importantly, it gave us the ability to choose a long-term partner thoughtfully, not just react to whoever reached out first.” – Robert DeLair

His advice to other founders weighing a sale: creating a competitive environment leads to better outcomes, not just in valuation, but in finding a partner who is truly the right fit. The process, he says, delivered a meaningfully better result than handling inbound interest on his own.

Considering a Sale?

The Axial Advisor Finder Program matches you with the most relevant M&A advisor for your objectives, size, and industry, drawing from a network of 2,000+ proven experts. We help you secure maximum value, protect confidentiality, and find the right steward for your legacy.