Coalesce Capital, a private equity firm focused on human capital-driven and technology-enabled services businesses, has made a majority investment in Marshall & Stevens, an independent valuation advisory firm known for appraisal, litigation support, and transaction consulting work.
The deal was structured as a majority recapitalization, with Marshall & Stevens’ management team retaining a meaningful ownership stake and continuing to lead the business alongside Coalesce. The transaction closed in December 2025. Financial terms were not disclosed.
Founded in 1932, Marshall & Stevens provides valuation advisory, litigation support, and transaction advisory services to public and private companies, investors, individuals, and advisors. The firm’s work spans mergers and acquisitions, financings, and ESOP-related assignments, as well as valuations tied to estates, divorces, and commercial litigation. It serves clients across sectors including energy and infrastructure, healthcare, manufacturing, financial services, and real estate.
Coalesce said it plans to back Marshall & Stevens’ growth through investments in talent development and technology, as well as additional acquisitions intended to broaden service capabilities and extend the platform’s reach in what it described as a fragmented and regionalized market. Marshall & Stevens has completed nine acquisitions since 2023, according to the announcement.
Coalesce framed the investment as aligned with increasing demand for specialized “Office of the CFO” support, as businesses navigate more complex regulatory, financial reporting, and transaction environments. Coalesce said valuation advisory services have become increasingly non-discretionary across economic cycles, supporting a durable need for independent expertise in valuation, transaction support, and dispute-related matters.
Support: Holland & Knight served as legal advisor to Marshall & Stevens. Ropes & Gray served as legal advisor and Stifel served as financial advisor to Coalesce.
KEY QUOTES:
“Marshall & Stevens has built an exceptional reputation as one of the most trusted independent valuation firms in the market. Our partnership with Coalesce gives us the insight and capital to build on the nine acquisitions we’ve completed since 2023 to create a full-service platform that can provide a comprehensive portfolio of services to our customers. Coalesce’s transformational capabilities demonstrate the power of this strategy to build market-leading platforms in professional services.”
Mark Santarsiero, President and CEO, Marshall & Stevens
“We’re seeing a powerful and durable megatrend driving demand for specialty Office of the CFO services as companies increasingly need support navigating complex financial, regulatory, and transactional challenges. This aligns squarely with our longstanding investment thesis that valuation advisory services have become non-discretionary through changing economic environments. Marshall & Stevens is exceptionally well-positioned for growth, and we’re excited to partner with Mark and the management team to capture the opportunity in what remains a highly fragmented and regionalized industry.”
Stephanie Geveda, Founder and Managing Partner, Coalesce Capital
“Marshall & Stevens’ strong position as a leading independent valuation firm with differentiated expertise across valuation advisory, transaction consulting, and litigation support makes the company a natural platform for consolidation in its market. This investment reflects our focus on white collar, professional services firms that provide essential guidance to management teams navigating an ever-changing business environment. We are excited to support their growth through senior-level talent additions and strategic acquisitions.”
Jon Gurss, Partner, Coalesce Capital
