What True North Mergers & Acquisitions does

True North Mergers & Acquisitions (TNMA) is a privately held, lower-middle-market M&A advisory firm founded in 2021 and headquartered in Minneapolis, Minnesota, with additional regional offices in Sioux Falls, South Dakota, and Naples, Florida. The firm provides sell-side representation, buy-side acquisition advisory, business valuation, exit planning, and certified business appraisal services to private company founders, family-owned businesses, and PE-backed acquirers, primarily targeting companies with $10M–$250M in annual revenue across more than 15 industry verticals.

TNMA's service stack is anchored by three proprietary methodologies: QuietAuction (a controlled competitive sales process designed to drive optimal pricing and confidentiality), Compass Exit Opinion (a valuation and exit-readiness assessment), and Net After Tax Planning (a tax-aware sale-proceeds optimization process). The firm prepares Confidential Information Memorandums (CIMs) as its primary buyer-side marketing tool and pairs long cultivated referral relationships with accountants, attorneys, business brokers, and former clients to source deal flow. Revenue is generated almost entirely through success-based professional services fees tied to completed M&A transactions, supplemented by standalone valuation and appraisal engagements.

The firm operates a team of 30+ M&A professionals led by CEO Brian Slipka, with Ben Utecht serving as Chief Culture Officer and Erica Gilson as Managing Director. According to firm disclosures, True North has closed more than $4 billion in cumulative transaction value. Go-to-market is direct and relationship-led, combining field sales, an annual M&A Summit hosted on the Whova platform, educational webinars, content marketing (The M&A Insider blog), and a systematic referral network; the firm does not use resellers, distributors, or marketplace channels.

Name

True North Mergers & Acquisitions

Legal name

True North Mergers & Acquisitions

Website

https://tnma.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

True North Mergers & Acquisitions is a privately held lower-middle-market M&A advisory firm serving founders, family-owned businesses, and PE buyers of companies with $10M–$250M in revenue, providing sell-side and buy-side advisory, business valuation, and exit planning via proprietary methodologies including QuietAuction.

Ownership category

akta.pro rank

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D, Others

Revenue model

1. M&A Advisory Fees: The firm earns fees for providing merger and acquisition advisory services including sell-side representation, buy-side representation, and business valuation. Revenue is generated through success-based advisory fees tied to completed transactions.
2. Business Valuation Services: Fees for business valuations, price opinions, and certified business appraisals conducted for succession planning, estate planning, or transaction purposes.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels7 records

Core offering

True North Mergers & Acquisitions provides sell-side and buy-side M&A advisory services, business valuations, and exit planning for private company founders and family-owned businesses with $10M to $250M in revenue. Core services include the proprietary QuietAuction competitive sales process, Compass Exit Opinion valuations, Net After Tax planning, Certified Business Appraisals, Retained Buy-Side Representation, and acquisition search services delivered by a team of 30-plus M&A professionals.

Product overview

True North Mergers & Acquisitions offers a unified platform of M&A advisory services for private company founders and family-owned businesses ready for ownership transition. The core offering centers on sell-side advisory services (Sell a Business with QuietAuction) and buy-side acquisition services (Acquisition Strategy with Retained Buy-Side Representation), supported by valuation capabilities (Business Valuation with Compass Exit Opinion and Certified Business Appraisals). Key differentiators include the proprietary QuietAuction process for competitive sales and comprehensive exit planning services including Net After Tax Planning. The company also prepares Confidential Information Memorandums (CIMs) as part of its marketing approach. Services target companies with $10M to $250M in revenue.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 25% higher sale price achieved for Skin Rejuvenation Clinic compared to initial owner expectations
• +1 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators3 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Generational Group: One of the largest U.S. M&A advisory firms focused on lower middle market sell-side transactions, with a multi-office national footprint and proprietary deal processes directly comparable to TNMA's model.
• Benchmark International: Global lower middle market M&A advisor with a strong U.S. presence, offering sell-side representation, buyer sourcing, and transaction support in similar revenue ranges to TNMA.
• Sunbelt Business Advisors (Sunbelt M&A): Large network of business brokerage and M&A intermediaries serving main-street and lower middle market sellers with a similar buyer-qualification and confidential process.
• Morgan & Westfield: M&A advisory firm specializing in the sale of small and lower middle market businesses, providing sell-side representation, business valuation, and exit planning services comparable to TNMA.
• Woodbridge International: Lower middle market M&A advisor with global reach, providing sell-side advisory and buyer sourcing for companies in similar revenue bands to TNMA's target market.
• Transworld Business Advisors: Franchise of business brokerage and M&A advisory offices serving small and lower middle market sellers and buyers, overlapping with TNMA on transaction size and advisory services.
• Calder Capital: Lower middle market M&A advisory firm with a Midwestern footprint, offering sell-side and buy-side representation in similar transaction sizes to TNMA.

Broad incumbents

• M&A Source: Industry association and broader network of lower middle market M&A intermediaries; competes for the same advisor and referral mindshare that TNMA relies on for deal flow.

Regional players

• Cornerstone Business Services: Midwest-focused M&A and business brokerage firm serving lower middle market sellers in geographies that overlap with TNMA's Minneapolis/Sioux Falls footprint.

Emerging players

• Pivotal Advisors: Boutique M&A advisory firm serving lower middle market companies with sell-side and exit planning services, competing with TNMA for similar founder-owner clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about True North Mergers & Acquisitions