What Stillwater Capital does

Stillwater Capital Corporation is a privately held, boutique mid-market M&A advisory firm headquartered in Oakville (Greater Toronto), Ontario, with additional offices in Nashville and Dallas. Founded around the early 2000s, the firm specializes in mergers, acquisitions, divestitures, financing advisory, and business valuations for companies typically valued between $10 million and $500 million. Its services are organized into five core lines — Divestitures Advisory, Acquisitions Advisory, Financing Advisory, Advisory Services, and Business Valuations — delivered through senior-led deal teams in a high-touch, relationship-driven model.

The firm differentiates through sector specialization (transportation & logistics, industrials, and distribution represent a large share of its 120+ completed transactions) and through network effects derived from membership in Geneva Capital Group and Geneva Group International, which together connect Stillwater to roughly 26,000–31,000 professionals across 126–140 countries. Senior advisors — notably Chairman & CEO Douglas Nix, EVP Jordan Nix, and Managing Director Mark Herndon — bring combined experience of more than 200 M&A mandates and individual deal credentials ranging up to $36 billion in enterprise value.

Stillwater earns revenue through professional services fees: success-based advisory fees contingent on transaction close, retainers, and transaction fees tied to deal value, plus standalone valuation and financing mandates. Pricing is negotiated per engagement and not publicly disclosed. The firm acquires clients through direct senior-level outreach, referrals from professional advisors, content marketing (an extensive insights blog, case studies, and eBook), conference presence, and inbound from the Geneva network. Reported outcomes include a 95% close rate on sell-side mandates, 82% of deals closing above initial valuation, and an average engagement-to-close timeframe of 6.5 months.

Name

Stillwater Capital

Legal name

Stillwater Capital Corporation

Website

https://stillwatercapital.ca

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Stillwater Capital is a privately held, boutique mid-market M&A advisory firm headquartered in Oakville, Ontario, with U.S. offices in Nashville and Dallas. It provides divestitures, acquisitions, financing, advisory, and valuation services to privately held companies typically valued between $10M and $500M, with deep specialization in transportation and logistics.

Ownership category

akta.pro rank

Product category

M&A Advisory Services

NAICS

Management Consulting Services (54161), Portfolio Management and Investment Advice (52394)

SIC

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

akta.pro primary industry

Sell-Side M&A Advisory (FSAEAGAA)

akta.pro secondary industries

Buy-Side M&A Advisory (FSAEAGAB), Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG), Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Mid-market M&A advisory
• Mergers and acquisitions
• Divestiture advisory
• Business valuation services
• Acquisition financing advisory

Headquarters

HQ city

Oakville

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. M&A Advisory Fees: Stillwater Capital earns fees for sell-side and buy-side M&A advisory mandates. Revenue is generated through success fees (contingent on closing), retainer fees, and transaction fees tied to deal value. The firm also earns financing advisory fees and valuation service fees.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Stillwater Capital is a mid-market M&A advisory firm that provides divestitures, acquisitions, financing, general advisory, and business valuation services to privately held companies typically valued between $10M and $500M. Services are delivered through senior-led deal teams who guide clients through preparation, market outreach, negotiation, due diligence, and closing phases. Revenue is generated via success fees, retainers, and transaction fees tied to deal value.

Product overview

Stillwater Capital is a mid-market M&A advisory firm offering a unified suite of professional services centered on mergers, acquisitions, and divestitures. The core offerings include Divestitures Advisory (selling all or part of a business), Acquisitions Advisory (evaluating targets and structuring deals), Financing Advisory (capital raising), General Advisory (transaction guidance), and Business Valuations. These services are delivered through experienced deal teams who guide clients through preparation, market outreach, and closing phases, providing strategic analysis, deal structuring, and negotiation support.

Differentiator

Problem solved

Functional benefit

Products and services

• Divestitures Advisory Expert guidance for selling all or part of a business, including financial and strategic analysis, optimal partner identification, deal structuring, and negotiation support. Targeted at privately held mid-market companies seeking to exit.
• Acquisitions Advisory Strategic acquisition advisory to help clients increase revenue, diversify cash flow, and expand into new markets through evaluation of market opportunities and potential targets. Targeted at mid-market companies executing growth strategies.
• Financing Advisory Capital raising services for growth, expansion, or restructuring, supporting clients in securing debt or equity financing. Targeted at mid-market companies seeking capital for healthy business development.
• Advisory Services Innovative, objective and timely advice on all phases of complex transactions, bringing clarity and resources to clients. Targeted at mid-market business owners and management teams navigating strategic decisions.
• Business Valuations Independent, professional and fair valuations of all types of businesses as an essential first step to grow or sell. Targeted at mid-market business owners considering a transaction.

Quantifiable outcome

• 95% of sell-side transactions close successfully
• +3 more outcomes

Named customers19 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Geneva Capital GroupcoreOthersStillwater Capital is a member of Geneva Capital Group, the world's premier professional advisory organization. This membership provides Stillwater with access to a network of 26,000–31,000 legal, accounting, and M&A professionals operating in 750–800+ offices across 126–140 countries. The affiliation enables Stillwater to source international counterparties for cross-border transactions — more than 30% of Stillwater's transactions involve an international element. Geneva Capital Group is the fifth-largest professional service organization globally.
• Geneva Group International (GGI)minorOthersStillwater Capital is also a member of Geneva Group International (GGI), a global alliance of professional advisory firms. GGI extends Stillwater's international reach and referral capability beyond Geneva Capital Group's core network.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Origin Merchant Partners: Toronto-based independent advisory firm focused on mid-market M&A in Canada, with a comparable size profile and similar sell-side and buy-side advisory practice. Highly comparable as a Canadian boutique competitor targeting the same $10M–$500M EV transaction range.
• MNP Corporate Finance: Canadian mid-market M&A advisory practice within a national accounting and business advisory firm, with deep mid-market deal flow across Canada. Directly comparable as a Canadian-focused mid-market advisor with similar client segments.
• Cascadia Capital: US middle-market investment bank with a strong transportation and logistics sector focus and a similar senior-led, advisory-driven model. Closely comparable given the shared T&L specialization and mid-market positioning.
• Lincoln International: Global mid-market M&A advisory firm with deep sector practices and senior-led execution, operating from multiple offices including North America. Comparable mid-market M&A advisory model with a similar transaction-size focus.
• INFOR Financial Group: Canadian boutique M&A advisory firm focused on mid-market transactions across diverse industries. Directly comparable as a similarly sized Canadian boutique competitor serving privately held mid-market businesses.
• Burrowes & Company: Canadian boutique M&A and financing advisory firm serving mid-market private companies. Comparable in scale and service mix (M&A advisory, financing, valuations) to Stillwater's offering.
• Crosbie & Company: Canadian boutique investment bank focused on mid-market M&A advisory with deep sector expertise. Comparable as a Canadian boutique competitor with a similar mid-market transaction profile and advisory-led model.

Broad incumbents

• Stout: US-based middle-market advisory firm with M&A, valuation, and transaction advisory capabilities across multiple sectors. Comparable as a broader mid-market advisory competitor, though with wider sector coverage and a larger team.
• Houlihan Lokey: Global investment bank with a strong middle-market M&A advisory franchise and a dedicated transportation and logistics sector practice. Comparable as a larger-scale incumbent competing for the same mid-market M&A mandates.
• D.A. Davidson: US employee-owned financial services firm with a middle-market M&A and capital markets practice spanning multiple sectors. Comparable as a larger-scale incumbent with overlapping mid-market M&A capabilities and a US footprint relevant to Stillwater's Nashville/Dallas offices.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/stillwater-capital
• Xx.com/stillwatercorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 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 Stillwater Capital