BLACKSPEAR, LLC

Board-Level Judgment for Complex, Regulated Businesses

Blackspear is a research-led advisory engine for operators, boards of directors, and investors focused on how major structural forces transmit into strategy, margins, capital allocation, competitive position, and governance.

Our work is informed by proprietary research and grounded in capital markets judgment, operating experience, and disciplined governance. Research areas of focus include Blackspear’s Four Freight Trains:

1. AI + Automation — the shift from software as a tool to intelligence as infrastructure.

2. Energy, Power + Industrial Electrification — the physical constraint behind AI, reshoring, grid demand, and industrial growth.

3. Monetary Regime Change + Geopolitical Fragmentation — the repricing of trust, capital, supply chains, commodities, and national security.

4. The Healthspan Economy — the convergence of metabolic health, diagnostics, devices, data, and incentives into a new healthspan stack.

Advisory Services

Blackspear helps leadership teams and boards make better decisions at the intersection of strategy, capital, governance, and long-term value creation.

We work best where the question is consequential, the facts are incomplete, and the decision requires capital markets judgment, operating context, and board-level discipline.

Capital Formation

Blackspear helps companies evaluate, prepare for, and pursue debt and equity capital solutions. Our role is advisory: we help management teams sharpen the business case, assess financing alternatives, prepare capital-provider materials, and run a disciplined process with appropriate legal, tax, and regulated partners where required.

M&A and Strategic Alternatives

Blackspear helps companies, investors, and boards evaluate, prepare for, and pursue acquisitions, divestitures, recapitalizations, partnerships, and other strategic alternatives. Our role is advisory: we help leadership teams assess the transaction thesis, pressure-test value creation, prepare decision materials, evaluate counterparties, and run a disciplined process with appropriate legal, tax, accounting, and regulated partners where required.

Independent Board Representation

Blackspear provides independent board representation through Kurt M. Roth, bringing disciplined governance experience, capital markets judgment, and corporate strategy expertise to companies navigating growth, complexity, transition, or capital allocation decisions. Our role is independent and advisory at the board level: we help leadership teams and owners evaluate strategy, financing, M&A, risk, performance, and long-term value creation with the perspective of an investor, former public-company executive, and private-equity partner.

About Blackspear, LLC

Our Expertise

Kurt M. Roth is the founder and managing member of Blackspear, LLC. He brings more than two decades of experience in corporate development, strategy, investment banking, capital allocation, and governance across public companies, private equity-backed businesses, and founder- or family-owned enterprises.

From 2022-2024, he was a Partner and Head of Healthcare at Compass Diversified (NYSE: CODI), a permanent capital vehicle focused on acquiring and building middle-market businesses, where he sourced and evaluated healthcare investments.

From 2015-2022, Kurt served as Senior Vice President of Corporate Development and Strategy at Sotera Health (NASDAQGS: SHC), a global provider of mission-critical sterilization and lab testing services, where he led M&A, strategic planning, and capital allocation across a complex, regulated operating platform.

From 2007-2015, he was an investment banker at Robert W. Baird & Co., earning the title of Partner and Managing Director prior to being recruited to Sotera Health. Kurt started his investment banking career in the M&A Group at Montgomery Securities in San Francisco, CA.

Kurt holds a BA from the University of California, Berkeley. He and his wife reside in downtown Chicago, IL.

Select Transactional Experience:

HEALTHCARE FOCUS

Nelson Laboratories (US) — Buy-side: Largest U.S. provider of lifecycle microbiology testing.

Toxikon Europe (Belgium) — Buy-side: Leading global extractables & leachables biopharmaceutical testing lab.

Nordion Medical Isotopes (Canada) — Sell-side: Leading medical isotope platform.

Iotron Industries (US & Canada) — Buy-side: E-beam sterilization platform; geographic and technology diversification for Sterigenics.

Regulatory Compliance Associates (US) — Buy-side: Regulatory advisory platform; broadened Nelson’s compliance offerings.

Gibraltar Laboratories (US) — Buy-side: Biopharma-focused analytical lab in the Northeast; proximity to Nelson’s key customers.

BioScience Laboratories (US) — Buy-side: Analytical lab services for pharma, med-device, and consumer hygiene; expanded Nelson’s service offering.

Reviss Services (UK) — Buy-side: Strategic add-on for Nordion; supplier of gamma radiation technology and associated services.

DNA Diagnostic Center (US) — Sell-side: Acquired by GHO Capital from WindRose Health Investors.

i-Trax (US) — Sell-side: Acquired by Meridian Occupational Healthcare.

CONSUMER, INDUSTRIAL, & BUSINESS SERVICES

Bass Pro Shops (US) — Sell-side: Acquisition by J.W. Childs; growth and store expansion.

Bushnell (US) — Sell-side: Acquisition by ATK; strategic sporting optics combination.

CorePower Yoga (US) — Sell-side: Buyout with Catterton Partners; growth and franchising expansion.

Beachbody (US) — Sell-side: Acquisition by LNK Partners; health & wellness platform scale-up.

Founders Brewing Company (US) — Sell-side: Recapitalization with Mahou San Miguel (Spain).

Battenfeld Technologies (US) — Sell-side: Acquired by Smith & Wesson Brands.

Feradyne Outdoors (US) — Sell-side: Acquired by Snow Phipps.

Fitness Connection (US) — Sell-side: Acquired by LNK Partners.

Wisconsin Specialty Protein (US) — Sell-side: Acquired by Omega Protein.

Plano Molding (US) — Buy-side: Acquired by Ontario Teachers’ Pension Plan.

Crosman (US) — Sell-side: Acquired by Wellspring Capital Management.

Ames True Temper (US) — Sell-side: Acquired by Griffon Corporation.

Liberty Safe (US) — Sell-side: Acquired by Compass Diversified.

Zenith Administrator (US) — Buy-side: Acquired by Aspen Partners and Caltius.

Jerdon Products/Newell Rubbermaid (US) — Sell-side: Acquired by Focus Products.

Pelstar (US) — Sell-side: Acquired by Newell Rubbermaid.

Rogue Wave Software (US) — Sell-side: Acquired by Quovadx.

Fender Guitar (US) — Sell-side: Acquired by Weston Presidio.

CAPITAL MARKETS/IPOs

Sotera Health Company (US) — IPO & follow-on offerings; role: SVP, Corporate Development.

Fox Racing Shox (Fox Factory) (US) — IPO (lead left) and follow-on (bookrunner); Compass Diversified portfolio company.

MasterCraft (US) — IPO (lead left bookrunner); leading sport boat manufacturer.

Planet Fitness (US) — IPO; TSG Consumer Partners portfolio company.

Freshpet (US) — IPO and follow-on offerings; MidOcean Partners portfolio company.

BRP (Bombardier Recreational Products) (Canada) — IPO and follow-on offerings; Bain Capital portfolio company.

BLACKSPEAR, LLC

Board-Level Judgment for Complex, Regulated Businesses

Advisory Services

Capital Formation

M&A and Strategic Alternatives

Independent Board Representation

About Blackspear, LLC

Our Expertise

Proprietary Research

Blackspear Research Library

What We Stand For

Discuss an Engagement

BLACKSPEAR, LLC

Board-Level Judgment for Complex, Regulated Businesses

Advisory Services

Capital Formation

M&A and Strategic Alternatives

Independent Board Representation

About Blackspear, LLC

Our Expertise

Proprietary Research

Blackspear Research Library

What We Stand For

Discuss an Engagement

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