Experts in Private Equity Valuation
Our specialists work with funds invested in a great variety of businesses, real estate, infrastructure and energy generation projects.
We are engaged to assist with transactions:
- Transaction Due Diligence: Quality of Earnings, Fairness Opinions, Solvency Opinions, proforma purchase price allocations, scenario analyses and transaction advisory.
- Financial Reporting – US GAAP and IFRS
- Corporate Tax Reporting and Reorganization
- Financing and Recapitalization including Fund to Fund transactions
- Real Estate, Facility/Project, and Personal Property Valuations
We assist with reporting requirements, such as:
- Investor Reporting: Carried interest analyses, as frequently as quarterly, in the form of a complete valuation, and upon request, with a positive or negative assurance letter.
- Estate and Gift Tax Planning and Reporting
On the occasion that our clients find themselves in matters of dispute, we are called upon to provide:
How Marshall & Stevens can help with Private Equity Specialists
Our Private Equity Specialist Team collaborates with our internal multi-disciplinary professionals to provide the value analyses and fresh independent opinions to fiduciaries, financing sources and investors for public and private company transactions.
Fairness Opinion
A Fairness Opinion from a disinterested valuation firm provides decision makers with an independent analysis of the transaction, unbiased by commissions and other potential conflicts.
Solvency Opinion
A common myth is that when two parties are dealing at arm’s length there is no such thing as “too good of a deal.” This view ignores the laws relating to solvency.
Quality of Earnings
The specialists at Marshall & Stevens have decades of experience with a variety of factors affecting sustainable EBITDA and cash flow, so we are able to better assess the issues which will impact your business.
Frequently Asked Questions
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Marshall & Stevens has a large team of valuation professionals, all of which have industries where they have a particular expertise, including agriculture, automotive, chemical, construction
and engineering, consumer products, energy and infrastructure, entertainment and media, food and beverage, healthcare, hospitality and gaming, manufacturing and distribution, real estate, professional services, technology.
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If a company has their purchase price allocation and other financial reporting done for compliance with private company GAAP and then goes public (IPO, SPAC, merger, etc.), the financial reporting will have to be redone and restated to meet the public company standard prior to going public. The initial small cost savings of following private company GAAP for acquisitions is far outweighed by the cost to redo the work in the future.
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We perform onsite inspections of facilities to improve the accuracy of the asset records and the valuation analysis. Site inspections keep investors from capitalizing and paying for property taxes and insurance on assets no longer owned or in use (aka Ghost Assets).
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Each audit firm has their preference for the way certain financial instruments should be valued. We initiate a call with the audit team before performing the analyses to reduce the potential for delays and surprises.
The Marshall & Stevens Difference
Marshall & Stevens provides Fairness and Solvency Opinions, valuation analyses, investigative accounting, and expert witness services to assist public and private clients with their important transactions and litigation matters.
Client Highlights
Here are a few client success stories from
Private Equity Specialist Contacts at Marshall & Stevens
Background
Jonathan Adelson is a Managing Director, Business Development with Marshall & Stevens.
Mr. Adelson joined Marshall & Stevens in 2024. He leads business development efforts with public and private companies and private equity funds to deliver independent financial opinions with respect to valuation, solvency, capital adequacy and fairness in connection with mergers, acquisitions, divestitures, leveraged buyouts, recapitalizations, financings and financial and tax reporting matters for businesses, equity and debt securities, loans, derivative instruments, structured products, intangible assets, fixed assets real estate and more.
Prior to Marshall & Stevens, Mr. Adelson was a Manager at KPMG and a Managing Director at Alvarez & Marsal. He has served in business development roles for Valuation Research Corporation, Adelson Strategies (a global business development and strategy firm), and Trio Media Ventures. He began his career in public policy.
Mr. Adelson volunteers with multiple organizations.
Professional Highlights
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Managing Director, Business Development, 2024-present - Valuation Research Corporation
Managing Director, 2017-2024 - Adelson Strategies
Managing Director, 2015-2017 - Trio Media Ventures
Founder, Head of Global Strategy & Business Development, 2015-2017 - Alvarez & Marsal
Managing Director, 2005-2015 - KPMG LLP
1998-2005
‣ Manager, 1999-2005
‣ Intern, Washington National Tax Practice, Summer 1998
- American Iron and Steel Institute
Law Clerk, Office of the General Counsel and VP of Public Policy, Summer 1995 - Liz Robbins Associates
Junior Associate, Washington Representatives, 1991-1994
- Bondville Fair (Bondville, VT)
Board of Directors, 2023-present - The M&A Advisor 2022 (New York, NY)
Advisory Board, 2022-2023 - The Stratton Foundation (Stratton, VT)
Volunteer, 2020-present - Stars of Hope (New York, NY)
Volunteer, 2019-present - Progressive Policy Institute (Washington, DC)
Board of Directors, 2016-present - Ithaca College Alumni Association (Ithaca, NY)
Board of Directors, 2002-2008
Background
Darleen Armour is a Managing Director for the Financial Valuation and Consulting practice with Marshall & Stevens. She is responsible for all financial valuation assignments in the West Region. Ms. Armour leads the Technical Standards Committee for the national Financial Valuation & Consulting practice.
Ms. Armour has been in the valuation business since 1987. Her experience includes Fairness Opinions, Solvency Opinions and the valuation of businesses, intangible assets, and securities for financial reporting purposes (purchase price allocation and impairment), estate and gift tax reporting, equity compensation/stock options (IRC 409A), ESOPs, and litigation support.
Ms. Armour works with public and private companies in a wide range of industries. She has a great amount of experience in the valuation of entertainment and media companies and their intangible assets including film libraries and music catalogs.
Prior to joining Marshall & Stevens, Ms. Armour has served as Director of BDO’s Valuation and Business Analytics practice, Senior Vice President at FMV Opinions, Inc., and Senior Vice President at Houlihan Lokey Howard & Zukin, Inc.
Ms. Armour served as an Adjunct Professor at California State University, Fullerton teaching a Graduate Level Business Valuation/Mergers & Acquisition Course from 2010 to 2018.
Ms. Armour has been qualified as an expert witness, has provided testimony, and been a neutral third appraiser in arbitration and legal proceedings.
She is an active member of the Association for Corporate Growth having served on the Orange County Board of Directors from 2001 – 2020 and is a member of the Membership Committee for the Los Angeles Chapter of the Association for Corporate Growth.
Professional Highlights
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- Membership Committee, Los Angeles Chapter
- Orange County Board of Directors, 2001-2020
- Marshall & Stevens, Inc.
October 2015-present
‣ Managing Director, Financial Valuation & Consulting, 2019-present
‣ Director, Financial Valuation & Consulting, 2015-2019 - BDO
Director, Valuation & Business Analytics, 2014-2015 - FMV Opinions
Senior Vice President, 2012-2014 - Cronkite & Kissell
Principal, 2001-2012 - Houlihan Lokey
Senior Vice President, 1987-2001
- California State University, Fullerton
Adjunct Professor, 2010-2018
‣ Business Valuation/Mergers & Acquisitions (graduate level)
Background
Patrick Craig is a Principal, Executive Managing Director, and National Practice Leader for the Real Estate Valuation Practice at Marshall & Stevens Incorporated.
Mr. Craig has over 30 years of experience in the real estate business involving valuation of single assets or portfolios, serving clients in the financial services, banking, REIT, insurance, legal, accounting, audit, corporate, development, pension and asset management sectors. His experience includes valuation and consulting for proposed and existing real estate projects and real estate portfolios including office, industrial, apartment, retail, hotel, mixed-use, self-storage, and community facility uses. He has also worked on matters of dispute including serving as a valuation expert in litigation.
Mr. Craig entered the real estate business in 1986. Prior to joining Marshall & Stevens, he led the Northeast valuation practice for Colliers International, while running the firm’s Portfolio Valuation Group and Business Innovation Committee and serving on the firm’s Global Leadership Team. Prior to Colliers International, he spent almost two decades with Cushman & Wakefield serving in numerous leadership roles including co-leader of its Portfolio Valuation Group, as Chairman of the firm’s Business Innovation Committee, and as a member of the Global Business Initiatives Council. Prior to Cushman & Wakefield, he held real estate appraisal positions at Dorman & Wilson and European American Bank.
He has served on the Board of Directors for the NY Chapter of the Appraisal Institute. He is an affiliate member of ADISA, a member of the Real Estate Board of New York, NCREIF, and the International Council of Shopping Centers. He is licensed as a Certified General Real Estate Appraiser in: New York, New Jersey, Connecticut, Pennsylvania, Georgia, Florida, Michigan, Virginia, Iowa and Illinois.
Professional Highlights
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- Board of Directors, New York Chapter, former
- Affiliate Member, Alternative & Direct Investment Securities Association (ADISA)
- Member, Real Estate Board of New York
- Member, National Council of Real Estate Investment Fiduciaries (NCREIF)
- Member, International Council of Shopping Centers
- Marshall & Stevens, Inc.
Executive Managing Director, 2013-present - ARGUS Software
Senior Vice President, Client Management, 2012-2013 - Colliers International
Regional Managing Director - Northeastern US, 2010-2012 - Cushman & Wakefield
Senior Managing Director, 1991-2010 - EAB Bank
Vice President, 1990-1991 - Dorman & Wilson
Associate, 1986-1990
Background
Scott M. DeMarco provides clients and courts with highly credible financial expert opinions in cost effective manners. Scott has been qualified and appointed by courts as an expert witness, and his opinions have been adopted by the court system. He also draws upon his experience working in early stage technology companies and hundreds of business appraisals to accelerate an organization's value creation based upon innovative management, marketing, and technology solutions. His curriculum vitae includes a list of speaking engagements and publications.
He is a Certified Business Appraiser accredited by the Institute of Business Appraisers, Certified Valuation Analyst accredited by the National Association of Certified Valuators and Analysts, Certified Divorce Financial Analyst accredited by the Institute for Divorce Financial Analysts, and Certified Patent Valuation Analyst. He has been involved in the valuation of privately held business enterprises, professional and medical practices, professional licenses, advanced academic degrees, economic damage analysis, and real estate holding companies.
He gained finance, accounting, and marketing experience growing and selling two software companies, AutoQuant Imaging, Inc. and Agora Games, Inc. He helped grow AutoQuant Imaging, Inc., and assisted in the sale of the majority of the company’s assets to a major player in the life science imaging research industry. As Chief Financial Officer at Agora Games, Inc., Scott helped profitably grow and sell the company to Major League Gaming (MLG).
Scott has lectured on valuation, tax concepts, technology trends, sustainable development, litigation, and other topics for attorneys, business owners, consultants, and universities. Please contact him to schedule a speaking engagement.
Professional Highlights
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- Member, National Association of Certified Valuators and Analysts
- Member, Estate Planning Council of Eastern New York
- Member, Licensing Executives Society (LES)
- Member, Collaborative Divorce Association of the Capital District (CDACD)
- Member, New York Association of Collaborative Professionals
- Equitable Value LLC
Managing Director, 2010-present - BST & Co.
Partner, 2010-2017
Senior Client Consultant, 2009-2010- Agora Games, Inc.
CFO, 2001-2004 - BST & Co.
Senior Valuation Analyst, 2006-2007 - AutoQuant Imaging, Inc.
Management Associate, 2004-2006
Background
Greg Feldman is a Managing Director with Marshall & Stevens Incorporated and MS Capital. He is responsible for business development and client management.
Mr. Feldman joined Marshall & Stevens in 2010. He works with public and private companies and their trusted advisors to provide valuations of businesses, equity and debt instruments, intangible assets, machinery & equipment, and commercial real estate including cost segregation studies. Analyses are provided for buy/sell consideration, financial reporting, financing and recapitalization, tax planning and reporting, insurance placement and dispute resolution.
Prior to Marshall & Stevens, Mr. Feldman successfully served in business development and operational roles within a diverse group of industries including Big 4 and other international accounting firms, retail, consumer products, and printing.
Mr. Feldman has received extensive training in Sales, Sales Management, Negotiation, Project Management and overall Business Development.
He is active on several boards including Bloomingdale Youth Sports Association and the Tampa Chapter of Association of Corporate Growth (“ACG”) serving as the Membership Committee Chair.
Professional Highlights
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- Membership Committee Chair, Association of Corporate Growth, Tampa Chapter
- Marshall & Stevens, Inc.
Managing Director, Business Development, 2010-present - Grant Thornton LLP
Business Development Executive, 2010 - Ernst & Young
Business Development Executive, 2007-2010 - RR Donnelley (formerly Wallace Computer Services)
Regional Sales Manager, 1992-2007
Background
Martin Hanan is the Founder and President of ValueScope, a Marshall & Stevens company. He works primarily in transaction advisory and financial valuation.
Having almost 40 years of business valuation, transaction and business economics consulting experience and having created two industry-leading firms, Mr. Hanan has managed hundreds of engagements for other professional advisors, and government and corporate clients in a wide array of industries.
Mr. Hanan’s expertise includes the valuation of closely held business interests, financial derivatives, and intellectual property; governance issues including executive compensation; and financial and tax reporting issues including transfer pricing, transactional assistance and methods designed to accelerate corporate cash flow and value.
Mr. Hanan’s strengths include deep insight into econometrics, theory and methodology, business appraisal, and empirical analysis. He is highly analytical, quantitative and creative, and utilizes these skills in assignments ranging from value measurement to value harvesting to expert testimony.
Professional Highlights
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- Dallas Society of Financial Analysts
- Beta Gamma Sigma Alumni - Dallas Chapter
- Scale Marketing LLC, Director
- Director, Project Chimps (non-profit)
- Former Director, Einstein Noah Bagel Corp.
- Former Director, Luna Carpet, Inc.
- Former Director, Board of Trustees, Alliance for Higher Education / North Texas Regional Center for Innovation and Commercialization
- ValueScope, Inc.
Founder and President, 2001-present - Business Valuation Services, Inc.
Founder and President, 1987-2000 - H.D. Vest Business Valuation Services, Inc.
President, 1987 - Touche Ross & Co.
Senior Manager, Valuation Engineering and Appraisal Services, 1986-1987 - Arthur D. Little Valuation
Manager, 1983-1986 - Motorola Govt. Electronics Group
Design and Manufacturing Engineer, 1978-1982
Background
Roger Smith is a Managing Director with Lone Peak Valuation Group, a Marshall & Stevens company. He works primarily in business and intellectual property valuation and commercial litigation support.
Mr. Smith has over twenty five years of experience providing consulting and business valuation services to clients involved in a very wide range of industries. He has been primarily involved with valuing businesses, intellectual property and ownership interests for transactions, buy/sells, disputes and financial reporting purposes.
Mr. Smith is a Certified Public Accountant, Accredited in Business Valuation and Certified in Financial Forensics by the American Institute of Certified Public Accountants. Mr. Smith has hundreds of hours of additional training in the areas of valuation, litigation, and lost profit calculations. He has testified in Federal Court, State Court, Arbitrations, and acted as a court appointed expert and special litigation committee member.
Professional Highlights
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- Member, Utah Association of Certified Public Accountants
- Chairman of the Business Valuation Committee (2001-2002, 2002-2003)
- Member, National Association of Certified Valuators and Analysts
- Co-Instructor NACVA-Valuing Intellectual Property
- Instructor NACVA-Valuing Intellectual Property for Financial Reporting Purposes
- Member, Supreme Court’s Oversight Committee for the Office of Professional Conduct (2019-present)
- Board Member, School of Accounting Advisory Board, University of Utah (2019-present)
- Lone Peak Valuation Group
Managing Director, 2008-present - LECG, LLC
Director, 2001-2008 - PricewaterhouseCoopers, LLP
Manager, 1995-2001
Relevant Insights
Secondary Investments
Decoding Fairness Opinions: Comprehensive Guide to Their Role in Mergers and Acquisitions
