it’s all about our people
THE IRREPRESSIBLE SPIRIT OF HVA IN M&A
2024 was a year that called for resilience and fortitude, given persistent inflation, elevated interest rates and uneven M&A activity - regardless our clients and teams rose to the occasion. Across the board, we saw exceptional commitment and grit as we worked together to achieve remarkable outcomes.
Our Buy-side team set new records for growth, while our Sell-side industry specialists delivered with dedication. Among the many client successes this year, three stood out:
• On the Sell-side, a founder spent 30 years building a market-leading TPA compliance firm. Through a collaborative process, we uncovered stronger earnings power and created competitive tension, ultimately delivering a final offer nearly three times the initial inbound.
• On the Buy-side, our PE client sought our help to overcome an unproductive call center provider. We recalibrated the search strategy, discovered an amazing prospect and closed a large, industryaltering add-on.
• And in another Sell-side engagement, two technology founders approached us with complex challenges around ownership, incentives, and growth. Together, we navigated shifting market dynamics, challenging accounting, and an arduous diligence process to deliver what was described as an “all-hands outcome of great joy.”
Beyond transactions, our team reached personal milestones—scaling mountains, completing marathons, and celebrating marriages and births!
Professionally, we marked one of our strongest years for talent development. Notably, Nate Shepherd was promoted to Partner, supported by his exceptional Industrial team with Suzi, Zuri, and Carson.
This June, we’ll welcome a new group of Analysts and a fresh class of Summer Interns —bringing us to over 70 interns since our founding.
Our clients continue to inspire us. We’re grateful for feedback that describes HVA as a firm “creating something special”, with an “amazing team” and “the most professional Buy-side practice.”
As we look ahead to the opportunities and challenges of the years to come, we do so with gratitude and grit!
Warm regards, The Partners
» PARTNER SPOTLIGHT
» MEGATRENDS
» EVENT HIGHLIGHTS
» ACCOMPLISHMENTS
» OUR OFFSITE
» PROMOTIONS & HIRES
» YEAR IN PICTURES
» COMMUNITY
» KEEP IN TOUCH years since our founding 17 growth of our Buy-side practice’s team
investment bankers on our team 19
years recognized as an INC Best Workplace 5
PARTNER SPOTLIGHT - NATE SHEPHERD
We are thrilled to announce that Nate Shepherd has joined the firm Partnership! Nate first joined the firm in late 2020 to start a new vertical practice area, Industrials.
“Over the past four years Nate has been a driving force behind our firm’s growth and strategic vertical expansion, consistently demonstrating exceptional leadership and vision,” shared Carolyn Mathis, Partner. “His deep industry expertise and unwavering dedication have not only helped us achieve key milestones but also have set the foundation for continued success. As we look ahead, we see tremendous opportunities for growth, and we’re thrilled to have Nate by our side as we lead the charge.”
Nate joined the firm with nearly 25 years of Investment Banking and Private Equity experience. He was previously a Managing Director at BellMark Partners, a middlemarket Investment Banking firm, and prior to that he co-founded TSG Equity Partners, a middle and lower-middle market Private Equity firm.
Nate received a Bachelor of Science degree from Roger Williams University studying Civil and Mechanical Engineering. He also earned a Master of Business Administration (MBA) with a focus on finance from Clark University, where he subsequently served on the Graduate School of Management advisory board.
This Partner appointment is a reflection of his contribution and his dedication to excellent value creation for clients and the firm. Under his new title, Nate will continue as the Industrials team lead.
“I could not be more pleased to join the Harbor View Partnership. When joining the firm, I was drawn to the quality and experience of the entire team, the firm’s commitment to growth and its verticallyfocused model, and the relentless pursuit of service excellence. I was honored to be asked to become a Partner of the firm and look forward to my expanded role.
- NATE SHEPHERD, Partner
Our Industrials practice focuses on clients in the Automated Solutions, Industrial Services, and Traditional Industrial sectors, helping business owners navigate the company sale, acquisition, and capital raise process.
Congratulations, Nate, we are so excited to have you as a leading force of the firm. Cheers to more growth within your vertical and of the Harbor View Advisors Investment Banking brand!
DID YOU KNOW
INDUSTRIALS MEGATREND
“In
2024,
we saw M&A activity in the Industrial Services sector take the lead,” said Nate Shepherd.
“Valuations in the environmental, design & engineering, and TICC sectors continued to rise, and demand for facility and site service companies—like HVAC, electrical, plumbing, paving, and roofing— remained strong.
We also saw continued buyer interest in manufacturers, distributors, and service & repair providers, particularly in industries tied to water and wastewater infrastructure, perimeter security, waste and recycling, and utilities and telecom.
Our Industrials team experienced these trends firsthand, successfully bringing several well-positioned companies to market. Looking ahead to 2025 and beyond, we expect these dynamics to remain much the same.”
UPSKILLING, PROFESSIONAL DEVELOPMENT, AND SUCCESSION PLANNING IN
HUMAN CAPITAL MANAGEMENT (HCM)
The second half of 2024 began to show signs of recovery in Human Capital Management M&A activity, despite continued muted VC funding levels. Volume of deals across Talent Acquisition, Core HR and Talent Management remained consistent with 2022, yet transactions skewed smaller in 2024.
Despite resolving certain macro uncertainties in 2024, others are front and center for 2025. Conversely, there is continued pressure for investors to both deploy new capital and exit investments, generating returns for LPs. Within HCM, we expect continued focus on resilient businesses including compliance-oriented solutions, Core HR platforms and outsourcing solutions. Tailwinds in upskilling, professional development and succession planning remain top of mind with disruptive technologies and continued retirement of Baby Boomers.
“THE SILOS ARE CONVERGING” IN FINANCIAL SERVICES & TECHNOLOGY
Within Wealth Management, what were once standalone practices such as tax, insurance, annuities, estate planning, retirement plan services and alternative investments, are increasingly being consolidated under “One Roof.” The goal is to provide a single destination for Wealth Management clients to address all of their financial planning needs. This is also happening “in reverse,” where for example insurance brokers are adding Wealth Management capabilities. As discussed in our earlier white paper Investing Along The Retirement Continuum, this supports greater movement horizontally across the Retirement Continuum vs. historically more vertical subsector investing.
MOMENTUM BUILDS FOR 2025: A RECORD YEAR FOR HVA’S BUY-SIDE TEAM
Our dedicated buy-side team delivered a standout performance in 2024, driving exceptional results for our Private Equity and Strategic clients. That momentum has carried seamlessly into 2025, fueled by a resurgence in M&A activity after an 18-month slowdown. Clients are eager to make up for lost time, and we’re seeing heightened demand for both platform acquisitions and add-ons.
What’s particularly striking this year is how early we’re being brought into our clients’ processes. For instance, several engagements kicked off at the thesis formulation stage, evolving through market testing into fully targeted acquisition searches. This shift underscores a growing trust in our ability to shape strategy from the ground up.
Our clients seek niche market expertise, and we’ve built a robust knowledge base spanning over 100 specialized sectors. This depth allows us to align opportunities with their unique goals—whether financial, cultural, or strategic.
Our Buyside Approach: Precision Meets Connection
At Harbor View, our Buyside process begins with a meticulous landscaping of acquisition opportunities. We match prospects to our clients’ criteria, considering not just financial metrics but also intangibles like cultural fit and founder motivation. Our team—composed of seasoned investment bankers—engages with founders daily, representing our clients’ interests while fostering genuine connections with potential targets.
2025: Turning Opportunities into Results
The results speak for themselves. In 2025, we’re excited to capitalize on the opportunities we’ve cultivated with our clients. Our cross-team stats highlight the strength of our approach: a 30%+ response rate from founders who routinely say, “I get tons of inbounds and usually ignore them, but yours stood out—you took the time, did the research, and gave me a real reason to pay attention.”
More importantly, we’re seeing tangible progress: a steady pipeline of Letters of Intent (LOIs) and a consistent flow of acquisition closings. As the M&A landscape heats up, our buyside team is positioned to deliver for clients looking to act decisively in a competitive market.
INDUSTRY CONFERENCE HIGHLIGHTS
FENCETECH
2024 was our first year attending FENCETECH, and it was a great opportunity to get a closer look at the fence, gate, and access control space. The event brought together more than 4,000 professionals—from manufacturers and distributors to installers and service providers—all under one roof. We’ve been tracking this sector for a while, given how large, fragmented, and active it is with over 50,000 contractors operating across the U.S. It’s a space that’s naturally aligned with our experience in facility & site services and niche construction, so it was exciting to connect with people on the ground and see the momentum firsthand.
HR TECH
NAPA 401K
Among many, four key themes that emerged from the 2024 NAPA 401(k) Conference in Nashville included:
1.) An update on the retirement legislative and demographic landscape
2.) A continued focus on Small Plans to close the “Coverage Gap”
3.) The use of AI in delivering advice
4.) What plan participants care about most
Every year, we attend HRTech to stay at the forefront of the technology, innovation, and transactions shaping the future of work. This year we noted the emphasis on Core HR solutions, AI throughout the employee onboarding and development journey, and innovative learning tools to deliver learning at scale. We also noticed a rise in attention and solutions targeting the frontline workforce, a segment that suffers from some of the highest turnover rates. We look forward to attending more HRTech conferences in 2025 and keeping our pulse on M&A and investments in the space.
EI DIGEST
Attending EI Digest in San Diego, CA for the first year was a valuable opportunity to connect with, and learn from, leaders from the largest environmental services businesses in the U.S. Key themes identified during the conference include M&A in North America continuing to be at the forefront of strategic planning, navigating labor shortages as one of the most prominent challenges in the space, and increased attention on PFAS regulation.
ACG TOUR OF ‘24
2024 marked a transformative year for Harbor View’s buyside practice, as we expanded our team and refined our processes. We strengthened our private equity relationships through various channels, notably by attending eight ACG conferences nationwide and hosting dinners with key industry players
total conferences attended by members of the firm 33 ACG events attended 8 meetings held at ACG Conferences
498
PE firms with dedicated industry coverage 175
2024 HVA MILESTONES
We want to recognize our team not only for the work they do among the team but also for their achievements outside of the office. We take pride in supporting a well-rounded team! #winning
Suzi Felix, Senior Associate, married the love of her life in Amelia Island, FL
Doug Moffitt, Managing Director, traveled to celebrate his wife, Libby’s birthday, and cheer on the Jags
Gabe Lorin, Analyst, ran the Philly marathon, which was his first marathon
Cameron Bruce, Associate, summited Mont Blanc, at 15,781 ft located in the French/Italian alps via the Goûter (“Afternoon Snack”) Route
Tyler Eure, Vice President, and his wife Melissa, welcomed their son, Xander into the world
Sarah Adams, Office Coordinator, and her husband Allen welcomed their daughter, Amelia into the world
Michelle McCullough, Partner, ran the New York City marathon
Katherine Carlo, Associate, ran the Donna Half marathon as her first half, then the New York City marathon as her first marathon
Alex Woeste, Senior Brand & Marketing Manager, traveled to 12 different cities in 12 months
OUR 2024 OFFSITE DID YOU KNOW
Each year, our team steps away from HQ for a few days to reflect on our accomplishments, set goals for the year ahead, and strengthen our bonds. It’s also a time for open dialogue, providing transparency on the state of the firm and our vision for the future. In 2024, we proudly marked a decade of hosting offsites and nine incredible years of gathering in Sea Island, GA for this tradition.
10
years of offsite meetings we have enjoyed as a firm
most number of pizzas ordered from Sals in Sea Island 35
NEW TITLES
At the end of the year, we were excited to announce the promotion of several team members. Each promotion represents well-earned recognition of that individual’s professional development and contribution to the success of our client engagements and the growth of our firm. We recognize that our team is the glue that holds us together and what truly makes Harbor View Advisors the client-driven force it is today. Congratulations to our team on their well-deserved recognition.
NATE SHEPHERD promoted to: Partner
NICK MIGNONE promoted to: Vice President
SUZI FELIX promoted to: Senior Associate
KATHERINE CARLO promoted to: Associate ZURI GOODMAN promoted to: Associate
CAMERON BRUCE promoted to: Associate
HARSH PAREKH promoted to: Senior Associate
CARSON KING promoted to: Senior Associate
TATIANA LATHION promoted to: Associate Reseearch Specialist
ALEX WOESTE promoted to: Senior Brand & Marketing Manager
“Leading the coaching and analyst training sessions in 2024 has been an incredibly rewarding experience. As Richard Feynman famously said, “If you want to master something, teach it.” Sharing knowledge with our Analyst class has not only reinforced my own expertise but also played a role in strengthening the firm by upskilling the next generation of talent. This was a true team effort, and I’m grateful to my colleagues for their support in making it a success. Seeing our new analysts confidently take on both sell-side and buy-side tasks has been immensely fulfilling, and I look forward to continuing these sessions to help our team grow even stronger.
- HARSH PAREKH, Senior Associate
Welcome to the View
ISABEL ALLIANCE, Analyst
AIDAN MORAN, Analyst
GABE LORIN, Analyst
is the year our official internship program began 2016 of our interns returned to work at HVA after their internship 26%
number of different schools our interns have come from 31
70
students have interned with us and 3 out of 5 new team members completed our internship program
CARSON LUBIN, Analyst
A YEAR IN PICTURES
IN THE COMMUNITY
Our clients span the country, but we also pay attention to what’s important at home. Harbor View is dedicated to building a vibrant, inclusive business community in Jacksonville. Whether through sponsoring events, helping new grads, or serving on boards, we strive to give back and get involved. #impact
“Our non-profit outreach strategy continually evolves each year, but we remain grounded in four key themes: education, community, environment, and health,” said Michelle.
“Just as important is supporting our team members and the causes they feel passionate about—we believe that empowering our people to give back creates a ripple effect of positive impact. It’s truly inspiring to see our team rally behind the causes they believe in, and it shows that as a firm, we’re committed to standing behind them and making a difference together.
-MICHELLE MCCULLOUGH, PARTNER
