A former attorney, Mike Healy founded Gardner Standard in 2010. His initial focus was on overlooked geographies, such as western North Dakota, Montana, Wyoming, and similar markets that institutional capital largely ignored at the time. From roughly 2010–2014, he spent weeks at a time on the ground, often driving from Minneapolis, meeting owners and advisors in oilfield-services-heavy towns.
As Gardner Standard matured, geographic arbitrage became less defensible, and the firm shifted toward legal complexity as a more durable edge. This includes bankruptcies, distressed situations, asset deals, receiverships, and transactions with recalls, warranty claims, or hidden liabilities. These deals often require closing in a few weeks, favoring buyers with speed and flexibility. Sourcing now centers on the distressed ecosystem: turnaround advisors, insolvency lawyers, special-situations bankers, and workout groups inside commercial banks. In some cases, Gardner even buys the loan itself, using creditor status as a path to long-term ownership. Legal complexity continues to scare off most buyers, preserving valuation dislocation.
