CMA

What CMA does

CMA (The CMA Group, formerly Carl Marks Advisors) is an independent, privately-held financial advisory firm founded in 1925 and headquartered in New York, with additional offices in Bedminster (NJ), Charlotte (NC), and Houston (TX). The firm operates two integrated service lines: Investment Banking — covering Mergers & Acquisitions advisory, Debt & Equity Capital Advisory, and Acquisition Financing — and Turnaround & Restructuring — covering Creditor Support, Financial & Operational Advisory, Strategic & Transaction Advisory, and Turnaround Management including interim executive placements. Securities services are offered through the affiliated FINRA- and SIPC-member broker-dealer Carl Marks Securities LLC, led by CEO Evan Tomaskovic.

The firm specializes in U.S. middle-market, family-owned and closely held businesses across verticals including Industrial Technology & Manufacturing, Healthcare, Consumer & Retail Products, Business Services, Food & Beverage, Restaurant, Energy Services, and Transportation & Logistics. Notable disclosed mandates include the $190 million recapitalization of JDC Power Systems with Madison River Capital (2024), the $55 million Kewaunee Scientific acquisition of Nu Aire (2024), the $82.5 million Bar Louie bankruptcy emergence and sale (2020), the HealthTronics recapitalization (2025), and ongoing lender-side recoveries across consumer and industrial portfolio companies. CMA has received M&A Advisor Awards annually from 2023 through 2026, including Utilities Deal of the Year (2024) and Divestiture of the Year (2026).

Revenue is generated through professional services fees — primarily transaction success fees in M&A and capital raising, plus restructuring retainers and CRO/interim management billings. The GTM model is senior partner-led, direct engagement-only with no intermediary or digital channels. Branding emphasizes a 100+ year Carl Marks legacy and an "owner's mindset" derived from senior professionals who have themselves owned, operated, and sold businesses. CMA rebranded from Carl Marks Advisors to CMA with a refreshed website in January 2025/2026, reflecting repositioning under the consolidated identity.

Name

CMA

Legal name

The CMA Group

Website

https://thecmagroup.com

Company type

Private

Founded year

1925

Operating status

Operating

Headcount range

101–250 employees

Short description

CMA is an independent, privately-held U.S. financial advisory firm providing investment banking (M&A, capital advisory, acquisition financing) and turnaround & restructuring services to middle-market, family-owned and closely held businesses across multiple industries.

Ownership category

akta.pro rank

Product category

Investment Banking & Financial Advisory

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Restructuring & Turnaround Advisory (BPAHAOAC)

akta.pro secondary industries

Turnaround, Restructuring & Crisis Management Consulting (BPAHACAO), Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit) (BPAHAOAD), Restructuring & Turnaround Advisory (BPAHADAD)

Keywords

• Investment banking services
• Mergers and acquisitions
• Financial restructuring advisory
• Turnaround management services
• Middle market advisory

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Banking Advisory Fees: Fees from M&A advisory, sell-side and buy-side mandates, and capital raising transactions for middle-market companies. Revenue includes success fees tied to transaction completion.
2. Turnaround & Restructuring Advisory: Fees for financial restructuring, CRO services, creditor advisory, and operational turnaround engagements. Services include interim management roles and strategic advisory.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

CMA provides a full suite of Investment Banking and Turnaround & Restructuring services through an integrated advisory platform. Investment Banking covers mergers and acquisitions, debt and equity capital advisory, and acquisition financing for middle-market, family-owned, and closely held businesses. Turnaround & Restructuring covers creditor support, financial and operational advisory, strategic and transaction advisory, and turnaround management for distressed companies and their stakeholders.

Product overview

CMA (formerly Carl Marks Advisors) is a financial advisory firm offering two primary service lines: Investment Banking and Turnaround & Restructuring. Investment Banking encompasses Mergers & Acquisitions, Debt & Equity Capital Advisory, and Acquisition Financing. Turnaround & Restructuring includes Creditor Support, Financial & Operational Advisory, Strategic & Transaction Advisory, and Turnaround Management. The firm serves middle-market businesses across industries including Industrial Technology & Manufacturing, Consumer Products, Business Services, Healthcare, Food & Beverage, Restaurant, Energy Services, and Transportation & Logistics.

Differentiator

Problem solved

Functional benefit

Products and services

• Mergers & Acquisitions Sell-side and buy-side advisory services for family-owned and closely held businesses, including recapitalizations, transaction structuring and negotiation, and market positioning and deal preparation. Positions owners to pursue transactions with their priorities defined.
• Debt & Equity Capital Advisory

Quantifiable outcome

• $190 million recapitalization achieved for JDC Power Systems with Madison River Capital
• +3 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Houlihan Lokey: Public middle-market investment bank with a dedicated restructuring practice and corporate finance M&A advisory. Directly comparable to CMA's integrated IB + turnaround platform serving U.S. middle-market companies and stakeholders.
• Alvarez & Marsal: Global professional services firm renowned for turnaround management, restructuring advisory, and CRO/interim management services. Closest comparable to CMA's Turnaround & Restructuring practice, especially creditor advisory and operational restructuring.
• FTI Consulting: Public global advisory firm with large restructuring and corporate finance practices serving distressed and middle-market clients. Comparable to CMA's integrated M&A and restructuring services with broader geographic reach.
• AlixPartners: Global consulting firm specializing in performance improvement, restructuring, and turnaround management. Overlaps directly with CMA's financial & operational advisory, turnaround management, and creditor support services.
• Huron Consulting Group: Public consulting firm with a financial advisory practice covering restructuring, M&A, and interim management for middle-market companies. Directly comparable in service mix and client profile.
• Portage Point Partners: Boutique middle-market advisory firm providing restructuring, interim management, and M&A services. Closely comparable to CMA's boutique scale, middle-market focus, and integrated advisory model.
• SSG Capital Advisors: Middle-market investment bank specializing in distressed M&A, restructurings, and special situations advisory. Highly comparable to CMA's restructuring and special situations mandate profile.
• MorrisAnderson: Middle-market restructuring advisory firm providing interim management, creditor advisory, and turnaround services. Comparable boutique scale and middle-market restructuring focus to CMA.
• Berkeley Research Group: Global consulting firm with significant restructuring and financial advisory practices. Comparable to CMA's restructuring advisory capabilities, with broader geographic and practice breadth.
• Imperial Capital: Middle-market investment bank with restructuring, special situations, and M&A advisory capabilities. Comparable boutique middle-market IB + restructuring profile to CMA.

Market position

Strengths5 records

Weaknesses2 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/carlmarksadvis
• LinkedInlinkedin.com/company/carl-marks-advisors

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 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 CMA