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WEST MICHIGAN DEALMAKER HALL OF FAME
Prior to founding BlueWater Partners LLC in 2001, Ronald Miller already had a quarter-century of experience leading mergers and acquisitions as a business owner and shareholder in multiple middle-market companies.
As the sole deal facilitator without an outside adviser, Miller completed 18 deal transactions at companies that spanned pharmaceuticals to plastics to furniture components.
That’s because, at the time, most investment bankers and business brokers were not interested in representing companies in the middle-market range of $5 million to $50 million in revenue, Miller said. He saw that as an opportunity and ultimately seized on it to form the investment banking and turnaround management firm BlueWater Partners.
“I saw the need for privately owned businesses to engage someone that understood their business, understood what it took to grow the business, and understood, at times, what the challenges of the business were,” he said.
Miller’s track record includes complex turnaround deals for private companies including Proos Manufacturing, General Products and Orchid International. In 2006, he was also engaged by publicly traded Perrigo Co. plc to divest its effervescent tablets business.
Without naming names, he said some of his most complex and challenging transactions have involved distressed automotive suppliers.
“Suppliers are critical to the original equipment manufacturers, and any interruption in supply can be extremely costly to the customer,” he said. “The (most) challenging transactions are those where we’re engaged by a company that is experiencing distress, and we need to work with the customers and the lenders and all the stakeholders to get them all on the same page.”
Miller said the best transactions are the ones in which an agreement is forged that “allows the company to continue to operate, and the customers to retain their supply base” while also satisfying the lenders.
Eric Green, Miller’s colleague and fellow managing director at Cascade Partners, which acquired BlueWater Partners in 2023, said Miller’s extensive body of work and “lead from the front” mentality makes him the perfect person to offer M&A advisory services today at the investment banking firm, which is based in Southfield with offices in Grand Rapids and Cleveland.
Miller runs the firm’s restructuring practice out of an office in the Waters Center in downtown Grand Rapids.
Green described Miller as “one of the hardest-working people I know,” who isn’t slowing down, even though he’s in his 80s.
“What I think sets him apart from other people … is his level of caring for all the stakeholders,” Green said. “He goes into some really dicey situations where tensions are high, people are angry, shareholders are potentially going to lose money, and he has an ability to calm people down, be realistic but rational, and empathetic to everyone.”
Green noted Miller also “works his tail off” to try to get the best outcome for everyone, whether it’s the investment bank, the company or the founder.
“That line of work is not for the faint of heart,” Green said. “He’s masterful at it.”
Miller said his dedication comes from a place of knowing firsthand that business founders and executives “put their heart and soul” into the business, and they want to see it continue.
“When we’re engaged by a family-owned, privately owned business, it’s important for them to find the right home for their company and for their employees,” Miller said. “The most important highlight for me as an adviser and facilitator of a sale process is finding that home for those employees and continuing the legacy of the owner.”
Miller said he plans to continue working at Cascade Partners for at least another year.
“I’m probably going to begin to wind down the first quarter of next year,” he said.
In addition to his work in M&A, Miller gives his time and funds to nonprofits across West Michigan. He has served on several boards, including the Child & Family Resource Council, the Children’s Advocacy Center, the Children’s Law Center, Michigan’s Children and the American Cancer Society.
Green said Miller also gives back on the job at Cascade Partners, passing on “by example” his “learning, knowledge and empathy” to the next generation.
One recent instance, Green said, came when Cascade Partners won a bid for a turnaround client. Miller dropped everything on a Sunday night and drove several hours out of state to help the client.
“That’s the kind of dedication and devotion that Ron gives to his practice and his clients, and it’s 100% an inspiration,” Green said. “He continues to build a lifetime of achievement in his work ethic and ‘lead from the front’ (mentality).”
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