When people think about Memphis, they often think first of logistics, healthcare, or the major companies headquartered there. However, its economy extends far beyond a handful of recognizable names. Thousands of privately held companies support the region’s healthcare systems, manufacturing base, distribution networks, and industrial infrastructure, creating an environment that continues to attract investment and acquisition activity.
Those characteristics are among the reasons Viking Mergers & Acquisitions recently expanded into West Tennessee. For Managing Partner Kyle Kerrigan, the decision was driven by both the strength of the market and longstanding ties to the region.
“Memphis felt like a natural next step as we build out Tennessee,” Kerrigan said. “I know the business community fairly well. Before entering M&A, I worked for FedEx and developed relationships throughout the Memphis area. Also, all four of my children were born here, so I have personal ties as well.”
While familiarity with the market helped shape the decision, Kerrigan says the region’s fundamentals are what made the opportunity compelling.
A Diverse Economy Creates Opportunity
Memphis occupies a unique position within Tennessee and the broader Southeast. Its transportation infrastructure has helped establish one of the country’s most significant logistics ecosystems, supporting a wide range of distribution, warehousing, and supply chain businesses.
Healthcare represents another important pillar of the local economy. Organizations such as St. Jude Children’s Research Hospital, along with companies including Medtronic and Smith+Nephew, have helped create a robust network of suppliers, contractors, and support businesses throughout the region.
Manufacturing and industrial businesses continue to contribute to that diversity as well. Automotive suppliers, packaging companies, industrial distributors, and business service providers all play important roles in the local economy.
According to Kerrigan, those supporting businesses are often where the most compelling opportunities exist in the lower middle market. For buyers seeking well-run private companies, those businesses frequently offer the characteristics that remain attractive in today’s market: established customer relationships, durable demand, and experienced ownership.
Business Owners Are Asking Important Questions
The same factors that make Memphis attractive from an M&A perspective also create important questions for business owners. As companies mature and ownership transitions approach, conversations around valuation, succession planning, and long-term strategy become increasingly common.
“What is my business worth? Could I actually sell it if I wanted to? Who would take it over?” are among the questions Kerrigan says owners increasingly ask themselves. Those conversations have become more important as many founders approach retirement and begin thinking about what comes next. Increasingly, owners are wisely exploring their options years before they intend to step away.
That trend has highlighted another reality in the Memphis market. According to Kerrigan, conversations with attorneys, bankers, financial advisors, and business owners have consistently highlighted a common theme: many lower middle market companies have limited access to advisors who specialize exclusively in privately held business transactions.
The challenge is not unique to Memphis. Rather, it reflects a growing need for experienced guidance. Understanding how buyers view a company can provide valuable insight, whether an owner plans to sell in the near future or continue building the business for years to come. In many cases, the advisory process helps identify opportunities to create additional value before ever going to market.
Those conversations are often most productive when they happen early. The more time owners have to understand their options and prepare, the more flexibility they typically have when the time comes to transition.
Why Local Presence Matters
Although technology has changed the way transactions are managed, Kerrigan believes one lesson remains unchanged: M&A is still a relationship business. He says one of the biggest takeaways from launching Viking’s Nashville office in 2021 was the importance of establishing a genuine local presence.
“Presence matters in this industry,” Kerrigan said. “Business owners want advisors who understand their markets and who are invested in the communities they serve. That philosophy is shaping our approach in Memphis.”
While the firm already serves clients across Tennessee, the goal is to build a lasting presence in West Tennessee and continue developing relationships with business owners and professional advisors throughout the region. That approach reflects a broader philosophy that has guided Viking’s growth across the Southeast and beyond: build relationships first, earn trust, and focus on serving business owners throughout the life of their companies.
An Attractive Market for the Long Term
Kerrigan believes one of the biggest misconceptions about markets is the tendency to reduce them to a few headlines. “Cities are made up of people, not headlines,” he said. “Those people still need manufacturers, distributors, service companies, contractors, and transportation businesses. The essential nature of those industries creates opportunities that often endure regardless of changing perceptions or economic cycles.”
Memphis, he believes, has no shortage of those businesses: “There are a lot of hardworking business owners here, and their companies are exactly the kinds of businesses that create long-term value.”
As Viking expands its presence in West Tennessee, the firm’s objective remains straightforward: to provide business owners with a trusted resource as they navigate questions around growth, succession, valuation, and eventual transition.
For Kerrigan, Memphis was never simply another dot on the map. It was a market worth investing in.