For advisers · Acquisition mandate

What we buy, on one page.

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Acquisition mandate.

Print it or file it. We'll send an update when it changes.

Acquisition mandate

Current as of September 2026
Size
Roughly $1–3M of annual EBITDA. Exceptional businesses outside the range get a look.
Geography
Pacific Northwest first. Exceptional businesses anywhere in the United States.
Industries
Industry-flexible. Trades and field services, business services, manufacturing and distribution, software and online, and most things adjacent. Not pre-revenue, not turnarounds.
What we look for
Established and profitable, with real earnings at the end of the year. Customers who come back. A team that can run the business for a month without the owner. No single customer the business can't afford to lose. Books that can be tied to bank statements and tax returns.
Transaction types
100% acquisitions. Majority recapitalizations with the owner retaining a stake and continuing to run the business. Occasionally a division, a location, or the real estate.
Situations
Owner transition or retirement. Succession with no successor. An owner seeking liquidity while staying on. A business that went to market and didn't clear.
Owner's role
The owner’s choice: stay in a defined role, transition over an agreed period, or leave at close. Set in writing before closing.
Structure and funding
Fellwater equity, partner equity where a deal calls for it, bank debt including SBA-backed loans where they fit, and seller financing where it makes a deal work. Each component is identified in the LOI as committed or conditional.
Process
A short call after an initial email. An LOI after basic financials and a real conversation. Diligence focused on what could change the deal, with a timeline set at the LOI. One decision-maker throughout.
Intermediaries
We honor existing fee agreements and don't go around them. Financials are exchanged under NDA. The advisor stays in every conversation that touches the numbers or the documents.
Contact
Elijah Reeder, Managing Partner · inquiries@fellwater.com · (206) 895-7474
Bellevue, Washington · inquiries@fellwater.com · (206) 895-7474 · fellwater.comDownload PDF

Have a client who might fit?

Tell us what the business does, roughly what it earns, where it is, and what the owner wants. It reaches the person who decides, and you'll hear back either way.

Goes to the person who decides. You'll get a short confirmation by email and can reply to it directly.

Prefer to reach us directly? inquiries@fellwater.com · Call or text (206) 895-7474

What to expect

How we work with you:

  • We honor your fee agreement and never go around you
  • Financials move under NDA, never through a web form
  • You're in every conversation that touches the numbers
  • One decision-maker, and a timeline set at the LOI
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