Ehlers

What Ehlers does

Ehlers, Inc. is an employee-owned municipal advisory firm founded in 1955 and headquartered in Minneapolis, Minnesota, with a regional office in Waukesha, Wisconsin. The firm exclusively serves public-sector clients — local governments, K-12 school districts, public agencies, special districts, community development authorities, joint powers boards, and select non-profits — across five states: Minnesota, Wisconsin, Colorado, Illinois, and Kansas. Ehlers reports a 1,500+ client base and ranks in the top three nationally for the number of competitive bond sales advised (first in Minnesota and Wisconsin, second nationwide per Bloomberg data for the period ending 12/31/23), advising on more than $3.1 billion in successful bond referendums since 2018 and completing 300+ competitive bond sales per year on average.

The firm delivers integrated public-finance solutions through three affiliated, wholly-owned entities: Ehlers & Associates (EA) for municipal advisory, Ehlers Investment Partners (EIP) for SEC-registered investment advisory, and Bond Trust Services Corporation (BTS) for paying agent services under a limited Minnesota banking charter. Service lines span debt issuance and management, school finance, financial management planning, economic development and redevelopment (including tax increment financing), investments and treasury management, arbitrage consulting, and post-issuance compliance. There is no proprietary technology platform; value is delivered through the expertise of 35 registered municipal and investment advisors and 80 total professional staff, with advisor tenure averaging more than 12 years and industry experience averaging 20 years including direct local/state government work.

Ehlers is structured as a 100% employee-owned ESOP, with no external parent or private equity sponsor, and reports distributing approximately 12% of profits annually to staff as profit sharing. Its go-to-market is direct, senior-advisor-led enterprise sales to public entities, supported by a content-marketing apparatus (E-Quarterly newsletter, market commentary, client alerts) and a network of 15+ state-level professional association partnerships. Customer concentration is low given the long-tail of 1,500+ municipal clients and the absence of any dominant single account.

Name

Ehlers

Legal name

Ehlers, Inc.

Website

https://ehlers-inc.com

Company type

Private

Founded year

1955

Operating status

Operating

Headcount range

101–250 employees

Short description

Ehlers is an employee-owned municipal advisory firm founded in 1955, serving 1,500+ public-sector clients across Minnesota, Wisconsin, Colorado, Illinois, and Kansas with integrated debt issuance, school finance, treasury management, and post-issuance compliance services.

Ownership category

akta.pro rank

Product category

Municipal Advisory Services

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Compliance, Risk & Audit Support Services (EHS, Title IX/Clery Support, Policy Admin) (EDAEALAK)

Keywords

• Municipal advisory services
• Public finance advisory
• Bond issuance services
• Debt management consulting
• School district finance

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Municipal Advisory Services: Ehlers generates revenue through fees for municipal advisory services including financial management planning, debt issuance and management, school finance services, economic development, investments and treasury management, and arbitrage consulting. These are professional service engagements with public sector clients.
2. Post Issuance Services: Ehlers' disclosure coordinators handle continuing disclosure and payment requirements associated with debt issuance, including paying agent services through affiliate Bond Trust Services Corporation and continuing disclosure services through Ehlers & Associates.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Ehlers is a municipal advisory firm providing integrated public finance solutions to state and local government clients across Minnesota, Wisconsin, Colorado, Illinois, and Kansas. The firm delivers debt issuance and management, school finance advisory, financial management planning, economic development and redevelopment advisory, investments and treasury management, post-issuance compliance, and arbitrage consulting services. Services are delivered through three affiliated entities: Ehlers & Associates (municipal advisory), Ehlers Investment Partners (investment advisory), and Bond Trust Services Corporation (paying agent and banking services).

Product overview

Ehlers is a municipal advisory firm offering integrated public finance solutions through a portfolio of advisory services. The core offerings include Post Issuance Services (continuing disclosure and paying agent services), School Finance Services, Debt Issuance & Management, Economic Development & Redevelopment, Financial Management Planning, Investments & Treasury Management, and Arbitrage Consulting. These services are delivered by three affiliated entities: Ehlers & Associates (EA) for municipal advisory, Ehlers Investment Partners (EIP) for investment advisory, and Bond Trust Services Corporation (BTS) for paying agent and banking services. The integrated approach allows clients to access multiple financial advisory disciplines through a single provider.

Differentiator

Problem solved

Functional benefit

Products and services

• Post Issuance Services

Quantifiable outcome

• Top 3 nationally for number of competitive bond sales advised
• +4 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

15 partnerships are on record, tiered minor.

• Colorado Association of School BoardsminorOthersProfessional association partnership supporting school board governance and finance education in Colorado.
• National Government Finance Officers AssociationminorOthersNational professional association partnership supporting government finance professionals.
• Wisconsin Town AssociationminorOthersState association partnership supporting Wisconsin town governments.
• Wisconsin Rural Schools AssociationminorOthersState association partnership supporting rural school districts in Wisconsin.
• Minnesota Clerks and Finance Officers AssociationminorOthersState association partnership supporting Minnesota municipal clerks and finance professionals.
• Colorado Clerks and City Managers AssociationminorOthersState association partnership supporting Colorado city management professionals.
• Wisconsin County Treasurer's AssociationminorOthersState association partnership supporting Wisconsin county treasurers.
• Colorado Counties, Inc.minorOthersState association representing Colorado counties.
• Kansas Government Finance Officers AssociationminorOthersState association partnership supporting Kansas government finance professionals.
• Wisconsin Counties AssociationminorOthersState association representing Wisconsin counties.
• Illinois Library AssociationminorOthersState association partnership supporting Illinois libraries.
• Minnesota Municipal Utilities AssociationminorOthersState association partnership supporting Minnesota municipal utilities.
• Illinois Association of School Business OfficersminorOthersState association partnership supporting Illinois school business officials.
• Minnesota Association of TownshipsminorOthersState association partnership supporting Minnesota townships.
• Association of Minnesota CountiesminorOthersState association partnership supporting Minnesota counties.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• PFM Group (Public Financial Management): Largest independent municipal advisory firm in the U.S., providing debt issuance, treasury management, and investment advisory to state and local governments — the same integrated, independent-only model Ehlers operates in a smaller geographic footprint.
• Hilltop Securities: Broker-dealer-owned public finance firm that advises on municipal bond issuance, school district financings, and continuing disclosure — directly comparable to Ehlers on debt issuance and school finance (Ehlers' Director of Operations, Alyssa Glaser, most recently worked at Hilltop Securities).
• Baker Tilly (Springsted): Accounting and advisory firm with a Springsted public-sector practice that advises cities, counties, and school districts on debt issuance, referendum planning, and financial management — directly comparable service set (Ehlers' Director of Operations, Alyssa Glaser, spent 17 years at Springsted/Baker Tilly).
• FHN Financial (First Horizon): Middle-market focused public finance and fixed income advisory that serves municipalities and school districts with debt issuance, continuing disclosure, and investment services — comparable integrated municipal-advisory business model.

Broad incumbents

• Piper Sandler: Large diversified investment bank with a significant public finance group that advises cities, counties, and school districts on bond issuance — competes with Ehlers on competitive and negotiated municipal deals, particularly for larger issuers.
• Stifel: Diversified brokerage and investment bank with a public finance division serving municipalities, school districts, and public agencies — competes with Ehlers on negotiated and competitive bond sales across the Midwest.
• Robert W. Baird: Midwest-rooted investment bank with a public finance practice advising school districts, municipalities, and state agencies — geographic and client overlap with Ehlers in MN/WI.
• Raymond James: Diversified financial services firm with a public finance group advising state and local issuers on bond issuance, infrastructure financing, and school district capital programs — competes with Ehlers for mid-market municipal mandates.
• Wells Fargo Public Finance: Bulge-bracket bank's public finance group advises large municipalities, counties, and school districts on bond issuance and capital planning — competes with Ehlers primarily on larger negotiated deals where balance-sheet support matters.

Regional players

• Bernards (formerly Wulff, Hansen & Co.): Independent West Coast municipal advisor serving California and Pacific Northwest issuers — comparable independent-only positioning but operating in a different geography than Ehlers' Upper Midwest footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries3 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 Ehlers