About Black Cliffs Partners

Black Cliffs Partners is a private investment firm headquartered in Salt Lake City, Utah, which partners with successful companies and entrepreneurs to promote successful and sustainable growth. Black Cliffs supports the goals of business owners whether by providing capital, operational expertise, or by creating a liquidity event and transition. Black Cliffs’ team has experience as investors and entrepreneurs and looks to have a hands-on collaborative relationship with owners. In addition to private company investments Black Cliffs’ team is also an active real estate investor.


Our Investments


Investment Focus

Black Cliffs looks to make control investments in profitable companies, but will often make minority growth capital investments as well. Black Cliffs has a flexible approach and looks to structure investments creatively and will make investments in the form of debt or equity in a variety of industries and asset classes.


Our Partners


Marshal Lunt | Founder/Partner

Marshal has spent his career working in financial and operational consulting, controllership, and CFO positions. Marshal has acted as CFO and controller for several growth-stage companies in various industries. He is experienced in accounting, finance, and operations. In a prior role, he gained business development experience globally, including managing a team in India. Marshal also has operations consulting experience, working directly with business leaders and staff to identify process improvements and cost saving opportunities.

Marshal earned his MBA from the University of Chicago, with emphases in Accounting, Entrepreneurship, Operations Management, and Strategic Management. Marshal received his undergraduate degree in Accounting from Brigham Young University, and is a Certified Public Accountant.

Michael Lunt | Founder/Partner

Mike has extensive experience in both public and private investments across a variety of industries. Previously Mike formed Bennett Capital with former U.S. Senator Bob Bennett, which provided capital and consulting to both early and late stage busineses. In addition Mike worked with Lunt Capital Management, an investment advisory firm that manages a series of innovative alternative investment strategies for private and institutional investors. He worked as a venture partner with Intrepid Equity Partners, a successful middle market private equity firm. In addition, he has participated as both a managing and capital partner in multiple ventures. His background also includes experience with Ford Motor Company, Fidelity Investments, and the Notre Dame Endowment Fund. Mike serves as the Board Chair for the Salt Lake County Economic Development Revolving Loan Fund, which provides capital to early stage companies. He holds a BS in Finance from Brigham Young University and an MBA from the University of Notre Dame. He is fluent in Portuguese.

Ben De Voe | Founder/Partner

Benjamin has served in a wide range of roles in various mergers & acquisitions with an emphasis on corporate branding, marketing, sales and operations. He has participated as both a managing and capital partner in multiple ventures. Benjamin works with Pro Image Sports as the Development Director. He serves as a board member of Stiry production Co. He recently founded the non-profit Hats-4-Heroes, supporting service people across the nation. Benjamin was named the 2006 Utah Sportswriter of the Year by the National Sportscasters & Sportswriters Association and has a BS from the University of Utah.

Michael Rhodes | Partner

Michael has extensive experience both as an entrepreneur and an investor. He has a broad range of industry experience and has been in the financial services sector for 30+ years. He is the founder and CEO of Professional Benefits Services working with corporate and municipal clients in the Western United States. He is a founding partner of the first L3C affordable housing fund in Ogden City. His marketing experience and connections in the UK, Southeast Asia, Middle East and Africa have led to the formation of Global Growth Strategies, and multiple international ventures. He is the co-founder of Rhodes Ward Agro, Plc, which has interests in East Africa, and developed a unique farm hub model aimed at enhancing agricultural practice, and developing a supply chain to enhance food security. He is currently serving on the Utah District Export Council helping Utah companies expand globally; chairman of the Stella Oaks Foundation that has given scholarships to 500+ single mothers; and is a 40+ year member of the Boy Scouts of America. He holds a Bachelors Degree from Brigham Young University.

Adam Nelson | Vice President

Adam is a seasoned M&A professional, with experience on both buy and sell-side mandates. He also has operational experience as general manager of a local distribution company. Mr. Nelson previously led the due diligence operations for WebBank, a nation-wide bank focusing on private-label financing for major industry leaders. Adam managed mergers and acquisitions at a boutique firm, United Mergers & Acquisitions. Prior to United, Adam worked as a research analyst for both a family investment office and Thorpe Capital. Adam is an emeritus member of the David Eccles Alumni Network Advisory Board and former vice president of the Young Financial Professionals of Salt Lake City. He holds a BS in Finance and a minor in French from The University of Utah, and an MBA from the University Texas at Austin.