Principal-led acquisitions for owner-operated businesses
Private process. Long-term operators. Flexible structures.
Our goal
Thomas & Thomas Legacy Group exists so owner-operated businesses in the lower middle market can transition without erasing what they built. Every business carries a story built from years of work, relationships, and trust in a community, and a transition should extend that story, not reset it.
Sometimes we serve as advisors, guiding an owner through a structured process. In other cases we acquire and operate directly, with a long horizon. Either way, we build the deal around the business and its people, not an arbitrary timetable.
We are principal buyers: you are speaking with the people who would own and operate the business, not intermediaries syndicating a mandate to outside investors or lenders.
Investment Thesis
We partner with owners of durable lower middle-market businesses where continuity, reputation, and execution drive long-term value.
- Acquire fundamentally sound companies with stable demand and defensible customer relationships.
- Preserve operational strengths while improving systems, reporting, and growth discipline.
- Structure transitions around owner outcomes, employee stability, and customer continuity.
- Create value through operational excellence, not financial engineering.
Why Thomas & Thomas Legacy Group
- Principal buyers with direct decision-making from first conversation to close.
- Confidential, relationship-led process designed for owner privacy and certainty.
- Operator mindset focused on long-term stewardship, not a quick exit.
- Structures built around your timeline, your people, and what you need from the transition.
- We close what we commit to.
Target Company Profile
- 1. Owner-operated businesses with a strong local or niche market position.
- 2. Established operating history and consistent cash flow.
- 3. Leadership open to thoughtful transition, succession, or growth partnership.
- 4. Operations with clear room for improvement in systems, efficiency, or scale.
- 5. Industries we know: manufacturing, medical manufacturing, logistics & transportation.
Investment Criteria
We work with owner-operated businesses that have earned their reputation and need a partner who respects it. Principal buyers, not listing brokers.
Scale, profitability & diligence
$3M to $6M in annual revenue with demonstrated profitability and stable performance. We require clean, reviewable financials and KPI visibility. Underwriting reflects track record and depth, not surface narratives.
Commercial strength & operations
Strong customer relationships with repeat or resilient demand, an operational foundation that supports transition without disruption, and a clear path for post-close value creation.
Owner alignment & transition
Alignment on plan, timing, and continuity expectations so structure and timeline match how you want to step away, stay involved, or hand off over time.
Geography & fit
Our primary focus is the Midwest. We remain open to strong opportunities nationwide when the strategic fit is clear and the business meets our criteria.
Leadership through transition
We operate as principals and can supplement or recruit management when an owner steps back. Execution is planned, not improvised.
Fit & integrity
Alignment on values matters as much as alignment on numbers. We pass on deals that do not feel right for the business, the owner, or the people who depend on it.
Global Industry Overview
Manufacturing
$16.8T
Global value added (2024)
$46.7T
Projected global output (2025)
$900B
Smart mfg. market by 2034
Growth drivers
- Industry 4.0 & IIoT adoption
- Nearshoring & supply chain resilience
- Electrification & green mandates
Future outlook
- Global CAGR of 2.3% projected through 2030, with Asia leading at 3.3%
- Smart manufacturing sector on track to more than double by 2034, driven by AI-enabled factories
Sources: Cargoson / World Bank — Global Manufacturing Value Added (2024) · Interact Analysis — Manufacturing Industry Output Tracker (Dec 2025) · Precedence Research — Smart Manufacturing Market Report (2025)
Global Industry Overview
Medical Manufacturing
$679B
Global medical devices market (2025)
$191B
U.S. market size (2025)
$1.2T
Projected global market by 2035
Growth drivers
- Aging population & rising chronic disease burden
- AI-powered diagnostics & robotic-assisted surgery
- Shift to wearables & remote patient monitoring
Future outlook
- Asia-Pacific is the fastest-growing region at a 9.23% CAGR through 2030, led by China and India's expanding healthcare infrastructure
- Global market on track to surpass $1T by 2035 as decentralized, connected care models drive demand beyond hospitals
Sources: Precedence Research — Medical Devices Market Report (2025) · Mordor Intelligence — Global Medical Device Technologies Market (Feb 2026)
Global Industry Overview
Logistics & Transportation
$9.4T
Global logistics market (2024)
$987B
U.S. trucking revenue (2023)
$23T
Projected global market by 2034
Growth drivers
- E-commerce expansion & last-mile delivery demand
- Autonomous vehicles, drones & warehouse robotics
- Nearshoring reshaping global freight corridors
Future outlook
- Asia-Pacific leads with 44.6% of global revenue; North America projected as the fastest-growing region through 2034
- 84% of logistics leaders plan to implement AI-powered operations by 2030 for cost reduction and speed
Sources: Precedence Research — Global Logistics Market Report (July 2025) · Cargoson — How Big Is the Logistics Market (2025) · MarketsandMarkets — Logistics & Transportation Market Report (2025)
Open to New Industries
We evaluate opportunities on unit economics and fit, not sector labels. Durable demand, clear operations, and the right owner matter more than what industry a business falls in.
Midwest first. Open nationwide when the fit is right.
Our Process
1. Confidential Intro
Private discussion to understand business fundamentals, owner objectives, and transition priorities.
2. Fit Assessment
High-level review of strategic fit, performance profile, and preliminary valuation framework.
3. Terms & Alignment
Transparent indication of terms and alignment on structure, timeline, and diligence scope.
4. Focused Diligence
Efficient diligence covering financials, operations, legal considerations, and transition risk.
5. Definitive Structuring
Collaborative documentation and final structure balancing certainty, fairness, and speed.
6. Close & Transition
Coordinated close with a clear communication plan for employees, customers, and key partners.
Post-Close Operating Philosophy
- Respect what already works before introducing change.
- Retain and empower proven teams with clear accountability.
- Implement practical operating cadence, clear metrics, and consistent decision-making.
- Invest in durable improvements that compound over multi-year horizons.
- Protect legacy relationships while building scalable growth infrastructure.
Leadership Team
Thomas Dunlap
Founding Partner
Tom is a sales and operations leader with 12+ years of experience across insurance, medical, and home improvement. He builds trust-driven teams and delivers measurable results with a disciplined focus on people, efficiency, and sustainable growth, so owners get a partner they can depend on.
Chad Thomas
Managing Partner
Chad brings 20+ years of experience spanning consulting and senior leadership roles within a Fortune 50 organization. He specializes in building high-performing teams, optimizing operations, and implementing scalable processes across industries, driving efficiencies and best practices that create lasting business value.
Sebastian Amieva
Senior Partner
Sebastian is a seasoned investor who has led and advised on 50+ transactions across the U.S. and Europe. His expertise in SME mergers and acquisitions, paired with a strong sales and marketing background, helps business owners maximize value on their terms. He works from long-standing founder relationships and a practical, repeatable approach to deal structure, with no two deals structured the same way.
Geographic Focus
Our primary focus is the Midwest. We pursue opportunities nationwide when the strategic fit is clear.
At a glance
Preserving Legacies. Building the Future.
We acquire and advise owner-operated businesses in the lower middle market. Principal buyers, not intermediaries.
- Sectors: Manufacturing, medical manufacturing, logistics, and select adjacencies.
- Scale: $3M to $6M revenue; profitability and reviewable financials.
- Geography: Midwest first; nationwide when the fit is right.
- Structure: Flexible transitions aligned to owner goals and continuity.
- Operators: Principal buyers: long-term stewardship, not a listing process.
- Fit: Integrity and alignment over rigid formulas.
Contact
Contact us today to explore partnership opportunities.