Industry Expertise
Industrials & Infrastructure
Industrial and infrastructure businesses form the backbone of the economy, delivering essential services, products and capabilities that drive commerce, development and prosperity. Massive public investment, reshoring initiatives and abundant private equity capital are fueling strong momentum across key markets. Positioning your business effectively in this era of transformation is essential to maximizing value and the objectives of the owners and investors in the business.

Focus Areas
Northborne’s Industrials & Infrastructure Team combines deep sector expertise, a comprehensive understanding of the buyer universe and a proven track record of crafting investment theses to deliver exceptional outcomes for our clients.
Manufacturing
- Aerospace & Defense
- ARMA (Aggregates, Ready-Mix & Asphalt)
- Automotive
- Building Products
- Chemicals & Materials
- Industrial Products & Technology
- Machinery, Tools & Equipment
- Packaging
Services
- Airport & Aviation Services
- Construction & Engineering
- Environmental Services
- Industrial & Specialty Distribution
- Industrial Services
- Lumber & Building Materials Distribution
- Traffic Safety
Transportation & Logistics
- Asset-Light Logistics / Freight Forwarding
- Asset-Heavy Logistics / Trucking
- Ports & Terminals
- Short Line Rail / Rail Services
- Student Transportation
- Warehousing
Meet Our Experts
-
Managing Director
Benjamin Marks
-
Managing Director
Eric Nicholson
-
Director
Mat Marcussen
-
Director
Chris Klotsche
-
Managing Director
Paul Jevnick
-
Director
Cam Wood
Ben has spent his career advising closely held businesses, private equity firms and corporations on complex sell-side M&A transactions.
Prior to co-founding Northborne, Ben was a Managing Director at BMO Capital Markets, where he played a key role in building and leading the firm’s highly successful short line railroad advisory practice. In addition, he focused on specialty industrial sectors including transportation, chemicals, packaging and short line railroads.
Ben joined BMO through its acquisition of Greene Holcomb Fisher.
Ben earned a BS from Boston College’s Carroll School of Management.
Recent Deals
North Water District Laboratory Services has been acquired by SPL (a portfolio company of Sentinel Capital Partners)
Sierra Railroad Company (a portfolio company of Ridgewood Infrastructure) has acquired Central Valley Ag Transport
Sierra Railroad Company has been acquired by Ridgewood Infrastructure
- Savage Enterprises has agreed to sell Savage Rail to Cando Rail & Terminals Industrials & Infrastructure
- FORTA has been acquired by The Heritage Group Industrials & Infrastructure
- Labsurface has received a minority investment from Idealist Capital Industrials & Infrastructure
- Harrison Paint Company has been acquired by A Local Investor Group Industrials & Infrastructure
- Universal Transportation Systems has been acquired by Student Transportation of America Industrials & Infrastructure
- G.L. Capasso has partnered with Northern Lakes Capital Industrials & Infrastructure
Eric has over 30 years of experience advising private and public companies, private equity investors and entrepreneurs on M&A transactions.
Prior to co-founding Northborne, Eric was a senior investment banker at Piper Jaffray and a partner at Greene Holcomb Fisher. Following BMO’s acquisition of GHF, he became Head of BMO Middle Market M&A. He began his career as a corporate attorney at Dorsey & Whitney.
Eric earned a JD from the University of Minnesota Law School and a BA from Carleton College. Eric has served on the adjunct faculty at the University of Minnesota Law School, the board of directors of the Wilder Foundation, and as a discussion leader for the Anderson Center for Management and Leadership Development.
Fun fact: Eric hails from Northfield, Minnesota, famous for Defeat of Jesse James Days, Malt O Meal cereal, St. Olaf College, Eric’s alma mater Carleton College, and the proudly quirky slogan “Cows, Colleges, and Contentment.” After living in St. Paul for more than 25 years, he’s discovered the State’s Capital City offers plenty of colleges and contentment of its own. The cows, however, are still in Northfield.
Recent Deals
Durex Products (a portfolio company of Borgman Capital) has been acquired by Gerard Daniel Worldwide (a portfolio company of Graycliff Partners)
Weather Shield has been acquired by Pella Corporation
Paine's has been acquired by All American Waste
- BETE has merged with EXAIR Industrials & Infrastructure
- Salo has been acquired by Korn Ferry Services
- Intek Plastics has been acquired by Vermilion Group Industrials & Infrastructure
- LJP Waste Solutions has been acquired by Nonantum Capital Partners Industrials & Infrastructure
- JMH Premium has been acquired by Southeastern Mills Food & Consumer
- Pride Engineering has been acquired by Arcline Investment Management Industrials & Infrastructure
Mat brings more than a decade of experience executing M&A transactions across industrials, infrastructure and various other sectors.
Prior to Northborne, Mat held roles at BMO Capital Markets and BMO Harris Bank and began his career at Chartwell, specializing in ESOP-related transactions.
Mat earned a BS in Finance from the University of Minnesota Carlson School of Management.
Fun fact: Mat grew up in a very small town in Northern Minnesota, where he was the quarterback of his 9-man football team. Unfortunately, as one of eight children across blended families, they were one shy of a full roster.
Recent Deals
Labsurface has received a minority investment from Idealist Capital
Specialty Wood Products has been acquired by SRS Distribution (a subsidiary of The Home Depot)
Disdero Lumber Co. has been acquired by BlueLinx Holdings
- Harrison Paint Company has been acquired by A Local Investor Group Industrials & Infrastructure
- Universal Transportation Systems has been acquired by Student Transportation of America Industrials & Infrastructure
- Minnesota Coaches has received a growth capital investment from Tiger Infrastructure Partners Industrials & Infrastructure
- Andrie has been acquired by Rand Logistics Industrials & Infrastructure
- Gilbert & Jones has been acquired by Shrieve Industrials & Infrastructure
- NORA (Nationwide Organ Recovery Transport Alliance) has received an investment from Norwest Equity Partners Healthcare
Chris has nearly a decade of experience in M&A and corporate finance, with experience executing M&A transactions across the industrials, infrastructure and services sectors.
Prior to joining Northborne, he worked on middle-market M&A transactions at Cowen & Company and held finance roles at General Electric.
Chris earned a BS in Finance and Marketing from the Carroll School of Management at Boston College.
Fun fact: Chris is a proud Eagle Scout and enjoys passing on his love of the outdoors to his two young children.
Recent Deals
Sierra Railroad Company (a portfolio company of Ridgewood Infrastructure) has acquired Central Valley Ag Transport
Sierra Railroad Company has been acquired by Ridgewood Infrastructure
Savage Enterprises has agreed to sell Savage Rail to Cando Rail & Terminals (a portfolio company of AIMCo)
- FORTA has been acquired by The Heritage Group Industrials & Infrastructure
- Durex Products has been acquired by Gerard Daniel Worldwide Industrials & Infrastructure
- Weather Shield has been acquired by Pella Corporation Industrials & Infrastructure
- G.L. Capasso has partnered with Northern Lakes Capital Industrials & Infrastructure
- Restoration Systems has been recapitalized by Blue Point Capital Partners Industrials & Infrastructure
- Lehigh Valley Rail Management has been acquired by Phoenix Rail Industrials & Infrastructure
Paul has 30 years of deal-making experience as both an M&A attorney and investment banker. He has completed transactions for more than 100 privately held clients, with deep expertise in the consumer and industrial sectors.
Prior to co-founding Northborne, Paul led the Middle Market Consumer M&A team at BMO Capital Markets and was a partner at Greene Holcomb Fisher. Earlier in his career, he held senior roles at Piper Jaffray Companies and practiced M&A and securities law at Morrison & Foerster and Faegre & Benson.
Paul earned a JD from Cornell Law School and a BS from the University of Wisconsin–Madison.
Fun fact: Paul is a massive English football fan and proudly supports Tottenham Hotspur. He has attended more than 75 matches across England, Wales and Scotland, making a pilgrimage to the UK every fall for the last 16 years. COYS!
Recent Deals
Aluma Trailers has been acquired by Novae (a portfolio company of Brightstar Capital Partners)
Specialty Wood Products has been acquired by SRS Distribution (a subsidiary of The Home Depot)
Disdero Lumber Co. has been acquired by BlueLinx Holdings
- Mercer Culinary has been acquired by CFS Brands Food & Consumer
- Branding Iron Holdings has been acquired by Kingswood Capital Management Food & Consumer
- Intek Plastics has been acquired by Vermilion Group Industrials & Infrastructure
- Dur-A-Flex has been acquired by The Sherwin-Williams Company Industrials & Infrastructure
- Solgen Power has received an investment from The Edgewater Funds Food & Consumer
- Transplant Connect has received an investment from InVita Healthcare Technologies Healthcare
Cam has more than 10 years of transactional advisory experience, with a primary focus on M&A. He joined Northborne after a successful legal career as a partner in the M&A group at Dorsey & Whitney. His significant deal experience (75+ transactions) includes both buy-side and sell-side representations across a broad array of industries.
Cam began his career at Cleary Gottlieb in New York.
He earned a JD from the University of Minnesota Law School and a BA from Wheaton College.
Fun fact: Cam has been known to dabble in the performing arts: including performances as Will Parker in the high school production of Oklahoma and Puck in the Law School musical production “A Mid-Semester Night’s Dream”. More recently, North Shore residents might recognize him as the Singing Santa Claus from the 2025 Grand Marais Holiday Parade.
Recent Deals
Mercer Culinary has been acquired by CFS Brands (a portfolio company of TJC)
AGT Food and Ingredients (a portfolio company of Fairfax Financial Holdings) has sold its Short Line Rail and Bulk Handling Infrastructure business to GCM Grosvenor
Branding Iron Holdings has been acquired by Kingswood Capital Management
- ACI Asphalt & Concrete has been acquired by Soundcore Capital Partners Industrials & Infrastructure
- East Coast Warehouse & Distribution has received an investment from Equity Group Investments Industrials & Infrastructure
Related Industry news
Working with Northborne

Northborne has been an invaluable partner to guide us through this important milestone. They listened to our desires and created a carefully crafted process to help achieve those goals. Their industry knowledge, M&A experience and systematic execution were instrumental in helping us achieve this excellent outcome.
John Rickoff
President and CEO • LSRC

Northborne was an outstanding partner for Disdero in navigating a complex transaction process. Thanks to their team's commitment and expertise, we were able to reach a result that not only benefits the ownership group, but most importantly, ensures a strong future for our employees.
Ryan Kline
CEO • Disdero Lumber Company

The Northborne team was a trusted partner in helping us navigate this complex transaction. Their deep knowledge of the rail and broader transportation industry across North America as well as their thorough M&A experience were instrumental in helping us achieve this great outcome.
Murad Al-Katib
President and CEO • AGT Foods

AWP is a highly experienced acquirer owned by a major private equity firm, so I am particularly happy to have had Northborne Partners in my corner for this once-in-a-lifetime transaction. Paul Jevnick and Chris Klotsche proved to be invaluable partners throughout the negotiation and due diligence processes. True professionals, they had my back all the way, and I am very pleased with the result.
Jeff Johnson
CEO • Trafficade Service Companies