ButcherJoseph: Redefining Middle Market M&A With Precision And Purpose

In this edition of Leaders InFocus, we speak with the team behind ButcherJoseph & Co., winner of both the Best Investment Banking Deal USA 2025 and Best Boutique Investment Bank USA 2025. These dual accolades highlight the firm’s unique ability to navigate complex transactions with a combination of institutional-grade expertise and the bespoke, client-centric service expected of a boutique advisor.

With standout work on the ITR Economics sale to Crowe, ButcherJoseph has demonstrated how aligning stakeholder values with strategic fit can deliver not just transactional success, but long-term impact. In this conversation, Rose Thompson and Tristan Tahmaseb share their approach to ownership succession, their dedication to preserving legacy while maximising value, and how their focus on mid-market founders has created a sustainable and scalable model for deal execution across the U.S. economic landscape.

Brett  

Congratulations on winning the best investment banking deal USA 2025 and the best boutique investment bank USA, 2025. What does this dual accolade reveal about ButcherJoseph's unique approach to complex transactions? We'll

Rose Thompson  

I think the dual accolades highlight our innate ability to navigate complex transactions with precision, creativity and a deep understanding of stakeholder objectives. At ButcherJoseph, I think what's important to highlight is our ability to combine technical expertise often found in larger institutions, and marry that with tailored, relationship-driven levels of service often found in a boutique firm. So for us, it also highlights our unrelenting dedication to our clients and the trust they place in us as we guide them through transformative transactions with clarity and confidence.

Brett  

The ITR Economic (ITR) sale to Crowe was a landmark deal. Could you outline the most significant challenges you faced during that process and how you turned them into opportunities?

Tristan Tahmaseb  

On one hand, ITR was such a unique business in the marketplace with a long-standing brand in economic consulting. They have this fervent audience of middle market business leaders who listen to them, but their offering is so unique that there really isn’t an immediately obvious natural buyer for the business itself. As we took a step back to assess the business, prepare our materials, and develop our thesis and how we were going to market the business, we listened to the owner’s objectives and realised the value proposition was this connectivity they had to middle market business leaders. That was their audience. So it was selling that value proposition of ITR’s connectivity to business leaders that really led us to think of what the proper buyer for this business should be, and that's what ultimately got done. It was a buyer, that being Crowe, that really valued the connective tissue to the business leaders and their audience, and that's what they were seeking in the transaction.

Brett  

Okay, that brings me nicely to ButcherJoseph and the reputation you have built on facilitating ownership succession transactions. How do you balance maximising financial value while preserving a company's legacy and culture?

Rose Thompson  

I think for us, we recognise that ownership succession really isn't just a financial event, it's a pivotal moment that defines a company's future, and our approach is rooted deeply in understanding what's important to our clients. What are their values? How do they want to preserve that legacy? What's the vision they have for that business moving forward? And when you align the transaction strategy with both financial and non-financial objectives, that's where we really shine. Helping owners and families maximise value while understanding all their options, which is often a piece that's missing at the front end that can lead to a failed process or an unsuccessful close. We focus on presenting them with all the information upfront, and this allows them to make an informed decision on the transaction path that they ultimately pursue.

Brett  

Just thinking about the tailored process for ITR Economics. How did you focus on aligning corporate values with the ideal buyer, what were the most critical factors in selecting Crowe?

Tristan Tahmaseb  

It's a lot of upfront communication with the client to understand their objectives, and once we do have common ground and a deep understanding of what they're looking to get done, that becomes our North Star throughout the process. When we're marketing and negotiating the business itself, I would say for ITR specifically, the baseline had to be a business fit. Principally through that common client base or connectivity that I mentioned before, then on the corporate values. It was ultimately the shared value system between Crowe and ITR. I would say that shared strategic vision for both sides is ultimately why Crowe was the best suitor for ITR.

Brett  

All deals rely on comprehensive due diligence this would have played a pivotal role. How do your team manage the rigours of this process. You will have a “standard” checklist of due diligence items that you will have developed over the years that you will want to go through. But I am sure each deal has a unique element that you know you'll take lessons from and can take to the next deal?

Tristan Tahmaseb  

Yeah, a good question and particularly relevant for Crowe and ITR because Crowe is in the business of performing due diligence and transactions themselves. So they were experts for this deal in particular. I think it really comes down to you're wanting to move a buyer as efficiently through their diligence process as possible, so staying really disciplined, keeping them to milestones, and giving them the information as efficiently as possible is the most critical factor. Key to all of that is upfront organisation. When we're getting a company prepped for market, you’re getting all the data organised. We're pulling it all from the company system. We're managing all the facilitation of data, so that when it comes time to perform the confirmatory diligence or later stage diligence in the marketing process, we've got all the answers right there. We were incredibly prepped on the business itself, and could provide comprehensive answers very quickly to move through the process efficiently.

Brett  

Being a boutique player comes with many advantages, including agility, custom deals, and working for the client rather than the deal itself. Can you share examples where a customised strategy was essential in unlocking value for your client?

Rose Thompson  

We're fortunate to have many instances of that, where we have an opportunity to work with clients on more than one event, and that often comes through our ESOP advisory practice area. We will often advise a family or a founder on selling their company to an employee stock ownership plan. And that's in many instances the first transaction that company’s likely ever gone through. But it's an ownership structure that can be highly customised, and just like any other ownership structure, you need to ensure it allows the business to create value and create growth opportunities over time. So there are many instances in which we sell a company to an ESOP or a company may already be in that ownership structure, but as the company matures in that life cycle, it often needs some fine-tuning and recalibration to ensure that business is not only durable and sustainable, but that there's a continuous opportunity for growth and value creation. It is fascinating when you observe these types of transactions occurring across a variety of industries, and it's just true corporate finance at the end of the day.

Brett  

Rose with offices across major US cities. How do you maintain a consistent service model and a firm culture across a geographically diverse operational region?

Rose Thompson  

I think it's got to start with clarity and being clear on what is our mission, and what is it we're seeking to achieve for our clients. When we're clear on our purpose and we share the same value sets, oftentimes those of which our clients do, that creates clear expectations across the board. Not only in live engagements, but internally, as we're operating as a team together. That, of course, informs how we recruit and who we ultimately integrate into the organisation as an investment banking professional, ensuring that those folks have the same character traits and high achievement levels that we already have as an organisation – which has been consistent since our founding in 2011. We have found a lot of success with former student athletes or candidates who have participated in a team sport. They understand what their role needs to be, and they're very clear on that piece and how that translates across the organisation and ultimately to our clients. So, there's a lot of shared respect and likability across the whole firm, and we've been intentional in maintaining that as a culture.

Brett  

The investment banking landscape is evolving rapidly. What innovations or strategic shifts do you foresee having the greatest impact on investment banks in the near future?

Tristan Tahmaseb  

I would say the biggest thing, and it's been kind of a stark change over the last 18 months, is all the AI-related tools that are now available, particularly when it comes to research. A snap of the fingers and one can prepare a target list for who to go out to quickly. Now, we joke, anyone can have the target list, but now you really need a banker to get the deal done, and get it done on the right terms.

Brett  

A high-profile transaction like ITR Economics. How does this deal influence your approach to sourcing and managing future deals? 

Tristan Tahmaseb  

We are proud of the deal. A high-profile business like ITR, that's really trusted by the middle market in the United States, and to place that business with a company like Crowe, one of the largest accounting and consulting firms in the US, where it will continue to grow, is something to be proud of. I would say you always want to learn from each transaction experience. Take some new knowledge and apply it to a future deal. However, I think Rose spoke to this earlier. We have found a nice product and service market fit for who we're working with, and that's with founders in the middle market across the US. So I don't want us to stray too much away from managing the deal. I feel like we have found the right recipe. We have the right team right now, and I hope that the deal we got done continues to broadcast our brand and create more awareness our of firm in the marketplace.

Brett  

Is one of the key priorities for ButcherJoseph to continue leading complex transactions and expanding your influence in the mid-market?

Rose Thompson  

We have been living in such a dynamic world, particularly in the last five years. Our North Star has not changed, and it will not change. To Tristan’s’ point, it's rooted in advising founders and families on what all their options are. When we do that, and we focus on first doing no harm to that company, that family, their wealth and their liquidity opportunity, that translates to ultimately becoming their advisor at the right time for the right reasons. There are many instances in which we've been introduced to a company, a founder or a family, and maybe the circumstances are such that it's not the right time to pursue that transaction. When we prioritise what's best for our clients, that positions us to ultimately be there when all the variables come to fruition for that to be the right time to pursue something.

Additionally, I think just continuing to build out our team, ensuring that we maintain that focus on our core culture. There are lots of businesses out there. We all know the statistics around baby boomers and the demographic base and the amount of wealth that's tied up in that generation of owners, that's not going to change. As long as we stay focused on who we are, and how we work best, I think that will continue to be the North Star, no matter what the dynamics of the world look like.

Brett  

What a great place to finish. Thank you both for that thoughtful and insightful view of ButcherJoseph, and again, congratulations on the awards.

About Brett Hurll

Brett Hurll, Executive Editor at Global Financial Market Review, draws on over 35 years of international experience across technology and finance sectors, providing readers with sharp analysis and unique perspectives on emerging trends, market shifts, and the complex interplay between global business and political dynamics. His extensive background and senior leadership role position him as a trusted voice on financial markets and economic developments. If you have an interesting editorial reach out to our team at editoral@gfmreview.com