What Philpott Ball & Werner does

Philpott Ball & Werner (PB&W) is a private investment banking firm founded in 1991 that advises middle-market companies, private equity groups, and publicly traded corporates on company sales, mergers and acquisitions, divestitures, capital raises (private placements), and fairness opinions and valuations. The firm is headquartered in Charlotte, North Carolina, with a second office in Salem, New Hampshire (Boston area), and serves clients throughout the United States, Canada, the United Kingdom, and Western Europe, including cross-border transactions for foreign buyers and sellers.

PB&W operates as a boutique advisory platform organized around five market sectors—Defense & Government, Space, Aerospace (Military & Commercial), Industrial, and Specialty—with particularly deep coverage of the U.S. Department of Defense, the Intelligence Community (NSA, CIA, DIA, NRO, NGA), U.S. Cyber Command, DHS, and allied foreign defense organizations. The firm's value proposition is built on senior-director involvement throughout every engagement, a research-based approach to selling businesses, and in-house command of the regulatory frameworks (ITAR, FARs, DCAA, CIFIUS) that materially shape transactions in defense and aerospace. Core deliverables are: (1) Company Sales / M&A Advisory on transactions typically ranging from $20 million to $400 million, (2) Private Placements / Capital Raises on debt or equity placements of $20 million to $100 million, and (3) Fairness Opinions and Valuation Advisory using Market, Transaction, Asset, and Income approaches to ASA standards. Cumulative deal value across hundreds of transactions is reported in the multi-billions of dollars.

PB&W generates revenue exclusively through advisory and success fees (professional services model), with no subscription, licensing, or technology revenue streams. GTM is relationship-driven direct advisory: senior bankers originate from long-standing relationships with founders, boards, and PE decision-makers, supported by active participation in industry conferences (Satellite, SpeedNews, NBAA, HAI, AUVSI, AUSA, ACG) and proprietary market publications such as A&D Market Updates and DoD Budget Reports. The firm does not develop or sell technology products and does not operate a public or partner-facing platform.

Name

Philpott Ball & Werner

Legal name

Philpott Ball & Werner, LLC

Website

https://pbandw.com

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

11–50 employees

Short description

Philpott Ball & Werner is a Charlotte-based private investment bank founded in 1991 that advises middle-market companies, private equity groups, and public corporates on M&A, divestitures, capital raises, and fairness opinions, with deep specialization in Defense, Intelligence, Space, Aerospace, and Industrial sectors across the U.S., Canada, U.K., and Western Europe.

Ownership category

akta.pro rank

Product category

Investment Banking & M&A Advisory

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Fairness Opinions & Independent Board Advice (FSAEAGAF)

akta.pro secondary industry

Purchase Price Allocation (PPA) & Intangible Asset Valuation (FSAEAHAF)

Keywords

• Mergers and acquisitions advisory
• Investment banking services
• Fairness opinions
• Private placements
• Valuation advisory

Headquarters

HQ city

Charlotte

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. M&A Advisory Services: PB&W earns fees from advising company founders, owners, shareholders, and boards of directors on strategic alternatives including company sales, mergers and acquisitions, divestitures, capital raises (private placements), and fairness opinions and valuations. Revenue is generated through advisory fees and success fees upon transaction completion.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Philpott Ball & Werner is a boutique investment bank that advises middle-market company founders, owners, shareholders, and boards of directors on strategic alternatives including company sales, mergers and acquisitions, divestitures, capital raises (private placements), and fairness opinions and business valuations. The firm specializes in the Defense, Intelligence, Aviation, Industrial, and Specialty sectors, with transaction values typically ranging from $20 million to $400 million for M&A and $20 million to $100 million for capital placements.

Product overview

Philpott Ball & Werner (PB&W) is a private investment banking firm that operates as a unified advisory platform rather than a software product company. The firm provides three core advisory services: Company Sales/Mergers & Acquisitions advisory, Private Placements/Capital Raises, and Fairness Opinions/Valuation Advisory. PB&W specializes in serving clients across five market sectors—Defense & Government, Space, Aerospace (Military & Commercial), Industrial, and Specialty—providing specialized expertise in the technologies, applications, programs, market dynamics, and regulatory requirements (ITAR, FARs, DCAA, CIFIUS) that impact transactions in these sectors. Transaction values typically range from $20 million to $400 million for M&A and $20 million to $100 million for capital raises.

Differentiator

Problem solved

Functional benefit

Products and services

• Company Sales | Mergers & Acquisitions Advisory Advisory services for company sales, mergers, acquisitions, and divestitures, including strategic positioning, sale process management, due diligence support, and negotiations. Advises on transactions ranging from $20 million to $400 million for middle-market companies, founders, owners, boards, and shareholders in Defense, Aerospace, Space, Industrial, and Specialty sectors.
• Private Placements | Capital Raises Advisory and assistance on capital placements supporting acquisitions and growth initiatives, typically ranging from $20 million to $100 million for debt or equity placements. Identifies qualified institutional investors and capital sources for middle-market companies.
• Fairness Opinions | Valuation Advisory Independent valuation opinions and corporate valuations using standard methodologies including Market, Transaction, Asset and Income Approaches, adhering to ASA standards. Supports boards, shareholders, and legal proceedings with fairness opinions and business valuations.

Quantifiable outcome

• Transaction values ranging from $20 million to $400 million
• +1 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles3 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

• Stout: Global advisory firm specializing in M&A, valuation, and financial advisory for middle-market companies. Comparable as a boutique competing in middle-market M&A and fairness opinions with overlapping transaction sizes.
• Lincoln International: Global mid-market M&A advisory firm with dedicated aerospace, defense and government services coverage. Comparable as a middle-market advisor with overlapping A&D vertical, though larger in scale and with broader geographic footprint.
• Cascadia Capital: Middle-market M&A advisor with dedicated aerospace, defense and government services practice. Comparable as a boutique with sector-specialist A&D coverage, similar transaction size focus, and relationship-driven senior banker model.
• AGC Partners: Boutique investment bank focused on middle-market technology and technology-enabled services M&A. Comparable as a relationship-driven boutique with overlapping middle-market transaction sizes and a senior-led coverage model.
• KippsDeSanto & Co. A boutique investment bank exclusively focused on aerospace, defense, and government technology M&A. Most directly comparable peer—same sector specialization, similar boutique scale, and overlapping sell-side and capital raise services in the same $20M-$400M deal band.

Broad incumbents

• Houlihan Lokey: Large global investment bank with a dedicated aerospace and defense group active across M&A and capital raising. Comparable through A&D sector coverage and middle-market M&A advisory, but operates at materially larger scale across multiple industries.
• KeyBanc Capital Markets: Middle-market investment bank with a dedicated aerospace, defense and government services group. Comparable through middle-market A&D advisory and capital raising, though operating as part of a much larger bank holding company.
• Jefferies: Global investment bank with an active aerospace, defense and government services investment banking group. Comparable through A&D M&A and capital markets services, though Jefferies operates at much broader scope and scale.
• Baird: Global investment bank with a dedicated aerospace, defense and government services practice covering middle-market M&A. Comparable through sector coverage and middle-market transaction sizes, though at materially larger scale.
• Raymond James: Large diversified financial services firm with an investment banking group that includes aerospace and defense coverage. Comparable through middle-market A&D M&A advisory, though embedded in a much larger full-service platform.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks3 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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 Philpott Ball & Werner