Client Testimonials

We measure our success by the value that our clients ascribe to our services. Our reputation is built on the people and institutions we represent, ranging from private business owners to leading investors and lenders. We are also proud to note that Capstone Headwaters is an alliance partner of several prestigious Wall Street firms.

At the conclusion of each engagement, we seek direct feedback from our clients across 10 key performance categories. To date, our team has achieved a 96% performance rating. Clients highlight our ability to increase the probability of success, speed to completion and shareholder value. We take great pride in this achievement.

"Capstone successfully managed the balance of identifying the right partner for Sedaru to accelerate our growth, while maximizing shareholder value, consistently taking these equal factors into consideration with every decision. This, augmented by the technical strengths to support our process with the understanding of our utility industry, made Capstone a perfect fit.”
Paul Hauffen
"I am pleased that I chose Capstone Headwaters to represent me in the market. The Capstone Headwaters team’s professionalism and dedication was exceptional. Not only did they possess in-depth sector knowledge, they truly understood and prioritized my desire to partner with a like-minded organization. I look forward to working with Tim and the SSG leadership team to make our combined company the industry standard."
Mark Stubits
Founder & CEO
EBS Healthcare
“The Capstone team did a far better job prepping us for this transaction than we possibly could have done on our own, and their guidance throughout the process allowed us to keep running the company during our busy season. They presented a thorough list of potential acquirers that ranged from private equity firms, to strategic buyers, and family offices. This was a universe we wouldn’t have possibly reached or even known about without Capstone. We ended up meeting with several very qualified partners and within a month of concluding management meetings, we reached agreement on terms of our deal.  Throughout all of this, the Capstone team provided great advice and guidance.”
Tom Spalding
Spalding Labs
"Capstone flawlessly executed the sale process delivering an outcome that exceeded my expectations.  In addition, Capstone served as one of my most trusted advisors in planning and preparing for this transaction to help set the stage for buyer discussions.  Overall, we benefitted enormously from Capstone’s market knowledge, industry contacts, transaction experience, and client commitment."
Roy Pross
SAFE Electronics
“The Capstone team was relentless in pursuit of the most advantageous transaction and provided exceptional leadership, technical advice, and support that enabled us to achieve our objectives. Thanks is not enough to express my gratitude, appreciation, and respect for the professionalism I witnessed from the entire team. We couldn’t have aligned ourselves with a better investment banking firm. The Capstone team was first class every step of the way.” 
David Lawrence
Special Applications Group
"This transaction enabled us to realize the value in the decades of hard work that have gone into building our business, and we are excited to pass the torch on to the next generation of leaders, in partnership with Alaris Equity Partners. The team at Capstone helped us anticipate and navigate the many issues that arise during a process like this, and we could not have reached the incredible outcome that we did without their guidance.”
Michael Kirkpatrick
Edgewater Technical Associates
"Capstone Headwaters was a trusted advisor throughout the entire process leading us to a successful partnership with Lithko in spite of the many challenges in 2020. Working with their team proved to be invaluable, and we look forward to partnering again on future projects.”  
Rob Pikus
Pikus Concrete
“Capstone’s insightful industry knowledge coupled with their excellent attention to our needs reassured us they were the right partner. They also proved their expertise by keeping both sides on track when it was the toughest job in town.” 
Rick Oliver
American Sentinel University
“The Capstone Headwaters team did a fantastic job finding a great fit for Avenger even with all the Covid challenges in 2020. Just as I knew little about brokerage when I first started Avenger, I knew little about how to sell a company when we started down this path. Without Capstone's expert guidance I would have been bogged down with all the things involved to sell a complex company. From start to finish, a closing of 60 days is hats off to Capstone's participation.”    
Don Godsey
Avenger Logistics
“What a great outcome, both for my family and for the company.  Every deal like this is a journey. Our journey was made longer and more difficult by Covid, but the Capstone team was unwavering throughout.  We very much appreciated their professional approach and personal commitment to getting a great result for our family.”
Jim Mohead
Inland Dredging
"This is a perfect alignment of two cultures with very similar missions: To serve our clients in a very focused, very extensive manner, providing them with innovations and resources that continuously improve their ability to manage the complexities of global workforces."
Umesh Vaidyamath
Founder and CEO
“Capstone Headwaters was an excellent partner in helping Ei complete this strategic combination. They became an extension of the Ei team, providing critical analysis and advice along the way.  Capstone Headwaters’ support remained steadfast during the COVID-19 crisis, which paused but did not disrupt our transaction process.”  
Greg Cobb
Ei Companies
“Capstone Headwaters provided Eden the support needed to navigate the capital formation process during a global pandemic.  The new capital enabled the immediate completion of the Terpene Belt Processing plant where we have scaled our Fresh Never Frozen cannabis derived terpene business line.  We will continue growth in 2021 by expanding our cannabis retail footprint into the untapped territories of Southern Alameda County.  We are fortunate to have tapped into non-dilutive capital pools and ended a challenging year with a bright outlook on the future.”
Shareef El-Sissi
Eden Enterprises
“Working with Capstone enabled us to achieve an optimal result in all facets of the transaction.  In-depth industry knowledge, outstanding process execution, and skilled negotiating enabled us to complete a fantastic transaction with a highly strategic buyer.  We are very excited about the potential for accelerated growth and success as part of ConnectWise.”     
Kevin Prince
“Capstone Headwaters was an excellent partner to work with. Diligent, patient, focused, and determined are but a few attributes that highlight our experience with the team .... navigating the process through a very difficult year is a testimony to their capabilities and to the strength of their team.” 
Tom Vossman
President & CEO
The deal team “extensively contributed to this transaction thanks to its strong knowledge in the aerospace & defense sector, a comprehensive coverage of the potential buyers and a deep operational understanding of our business. Their full commitment was a key element for the success of the transaction.”
Michel Nespoulous
FIRST Switchtech
“We chose Capstone originally because of their connections to the existing buyer pool. The team provided quality support.”
Richard Burlingame
Director of U.S. M&A
National Grid
"The dedication and joint efforts of Capstone Headwaters and Serficor were key to achieving the shareholders’ goals in arranging this successful partnership.”
Javier Larraza
Managing Director
Investar Financial
“Capstone was incredibly supportive at each step. They got up to speed quickly and were highly professional. We certainly expect to utilize their expertise again in the future.” 
Ray Hatch
Quest Resource Holding Corporation
“Capstone combined passion, expertise and a genuine concern for me throughout the entire process.  The team communicated proactively and consistently.  They listened incredibly well and made sure that my needs were met at every stage.  I can't imagine going through this process without them.” 
Clifford B. Allen
Clifford Allen Associates
“Capstone was diligent and unmatched every step of the way. As a third-generation family business, certain things were not negotiable in bringing on an investor.  First and foremost, they had to respect the culture we have worked hard to cultivate over many years. Through Capstone’s hard work and diligent leadership, they were able to find the perfect fit for us and help us consummate a deal during trying Covid-19 times."
Dustin Rogers
Rogers Mechanical Contractors
“From our first meeting several years ago through close a few weeks ago, Capstone’s pedigree and thorough knowledge of the M&A landscape was present.  The entire Capstone team made a tremendous effort to understand the uniqueness of SCI and provide the appropriate guidance and advice that directly attributed to maximizing the value of the acquisition.  This transaction was not simple nor easy, but the team never wavered through the seemingly endless negotiations, always with a simple goal of doing what is right for SCI.  We definitely had the Capstone heavyweights going to battle for us.  A huge thank you to the team for their tireless efforts throughout the entire process.” 
John Ashton
General Manager/Executive VP
“We are excited to have closed upon such a favorable credit facility with Wingspire Capital and look forward to working with our new lender.  This credit facility will allow us to pursue new strategic growth opportunities in addition to continuing our strong growth with our sister auctions as part of the XLerate Group.  We are also very pleased with Capstone’s execution and the favorable outcome of the debt financing process as they introduced us to a number of strong institutional lenders and provided us with strategic advice throughout the entire transaction process.”
Joel Garcia
XL Funding
“This was the first time we’ve hired an advisor to arrange financing on our behalf, but felt it was necessary given the unique market environment and ACP’s need to move quickly. Capstone ran a comprehensive offering process, did exactly what was promised, and played an instrumental role in getting this transaction over the finish line.”
Matt Iodice
Vice President
Align Capital Partners
“From the top to the bottom of their organization, Capstone has an experienced, well trained professional team that handled all aspects of our successful sale.”
Rick Duffy
CEO & Founder
Themis Bar Review
“I have nothing but good things to say about Capstone Headwaters. If you are looking for a value-added banker to help you with your transition, I recommend Capstone. Their entire team worked tirelessly to help me achieve our goals. You will be well served to hire Capstone.”
John Fallin
“My team and I were impressed with Capstone’s team from the very beginning. They took the time to understand the company, understood the real value, and then they truly delivered. With their guidance, we prepared a package that made us ready to enter the market at auction and ultimately, we found the perfect strategic buyer. The team guided 3i into a position to take us off the street. Capstone made the process virtually seamless and I could not be happier with the results.”
Richard Shor
CEO and Founder
Sani-Tech West
“The Capstone team leveraged their sector expertise and deep industry relationships to achieve a tremendous outcome for Sun Devil Auto, despite unprecedented market uncertainty during the COVID pandemic. Through a very customized process, Capstone Headwaters did a terrific job in driving value and striving for an optimal outcome for shareholders as well as our employees.”
Tom Higginbotham
Sun Devil Auto
"Capstone provided unwavering support throughout the entire process to help us navigate the complexities of our deal structure and to find the appropriate partner that shared our vision.”
David Kelley
Chief Financial Officer
SIB Fixed Cost Reduction
“Thank you to the Capstone team for believing in our company and representing us so well. The team did a fantastic job of revealing the value of our family company and matching us with a suitor who appreciated us. Their belief got us to the Dance, and we left with the best possible suitor. Capstone delivered! I highly recommend Capstone.”
Dan Cooley
Chairman of the Board
Western Forge
“The Capstone team did a terrific job in representing Knight Enterprises and our leadership team in closing an extremely complicated transaction, right in the middle of a global pandemic."
Jeffry Knight
Founder and Owner
Knight Enterprises
“The Capstone Headwaters Cyber team did an excellent job representing Revolutionary Security. Capstone’s industry experience, technical expertise, and unwavering commitment to exceeding expectations were key to our success. The team’s attention to detail and problem solving allowed us to manage considerable deal complexities amidst an extraordinarily challenging market environment to deliver an outstanding result for both our equity holders and our employees.” 
Richard Mahler
Revolution Security
“I was blown away by the work of the Capstone Headwaters team from start to finish and so appreciate all they did in creating this outcome.”
Jonathan Leonard
Lencore Acoustics
"Time and time again, we both were just amazed at the level of professionalism, levelheadedness, and knowledge Capstone Headwaters brought to every situation.  For us, Capstone was the tide that came in and caused all the boats to rise.  We could not have done it ourselves.” 
William McDonald
MMi Sonora
"I couldn’t imagine going through this process without the expertise and guidance of my investment banking advisors at Capstone Headwaters. They were extremely thorough as they clearly and concisely laid out the options in front of me. Without their commitment to keeping this process moving and getting over the goal line, I am confident the deal would not have closed, and I thank them for keeping me focused and grounded. Congrats to Team Capstone as well."
Steve DeLalio
Owner and CEO
EB Industries
“The Capstone team worked closely with us through each step of the transaction process to identify and position with the strongest strategic partners and to ultimately achieve an optimal transaction.  We benefitted greatly from the team’s industry expertise and transactional experience.” 
Walter Zuniga
Managing Director
Backbone Consultants
“There are three things one should never discount - your brain surgeon, your parachute packer, and importantly, the investment banking advisor/team that will ensure the greatest inurement of value from a transaction to shareholders and stakeholders. The Capstone team excelled providing the industry knowledge and adept negotiating skill to complete a watershed transaction for everyone at Caliper.”
Steve Wills
Executive Chairman
“We selected Capstone Headwaters as our advisors based on their prior marine experience and sector knowledge. Having them at our side and ready to go to market when ADM pre-emptively approached our company positioned us for a successful deal negotiation.”  
Daniel B. Altman
TPG Marine Enterprises LLC.
“The Capstone team worked assiduously throughout the sale process to meet the stringent demands of our stakeholders. Their expertise and work effort guided us successfully through to close with a great buyer and a top of the range valuation.”
John Elsey
“With the additional investment and operational support...we’ll be able to deliver even greater value to them through expanded inventory management services, shortened delivery times, and improved end-customer experience."  
Stephen Adelé
"Thanks to Capstone Headwaters and IMAP’s international positioning and direct contacts we were able to find Albany International as a strategic partner. Albany will enhance CirComp’s ongoing growth plans, supported by their global reach and strong customer relationships. Together we will strengthen one another’s advanced materials and engineered products capabilities.”
Dr. Ing. Ralph Funck
Managing Director
"Network for Good was created to democratize charitable giving - enabling anyone, anywhere to give to charity. Now, our award-winning donor management technology and expert fundraising knowledgebase allows charities to raise more money and do more good faster. We chose Capstone because they know our industry and they are top ranked for middle market M&A. Both of those proved to be key to our collective success, but what ended up really differentiating them was their dedication and availability from the top of their team to the bottom, their clear, comfortable communication style, and their deal structuring experience.”
Bill Strathmann
Network for Good
“We look forward to continuing to deliver IT architecture and electronic security services to our customers with BBNC’s Government Services Group.  The Capstone Headwaters team delivered expert advice and seamless execution throughout the process, resulting in aligning us with a strong partner to continue our growth. The Capstone team’s knowledge of the Defense and Government Services is in-depth and nuanced – very pleased I selected them to represent this important milestone for my company.”
Dan O’Sullivan
“We are thankful to Capstone Headwaters’ Industrial Technology Group for their invaluable advice, unwavering advocacy and meticulous attention throughout every step of this once-in-a-lifetime transaction. It was a real pleasure working with sector experts and a smart team.”
Dan Trujillo
“Having a team like Capstone shepherd us through the negotiations of an integral partnership was imperative to the success of the venture. Their level-headed, strategic knowledge of the industry and of the process always put our mind at ease and enabled us to make confident decisions.” 
Marsh Mokhtari
Gray Whale
“Capstone Headwaters’ deep understanding of our company and the payments industry combined with their experience in dealing with every aspect of the M&A process from the time we entered the market until closing was critical to getting this over the goal line with Repay.” 
David Ford
Founder and CEO
APS Payments
“Rarely do you have the pleasure of working with a diverse team of dedicated, honest, and hard-working individuals with the sophistication of a big bank and none of the ego.  Throughout the process, Vigor felt supported and well-represented, which helped focus my thinking and emotions as a seller.  The Capstone Headwaters bankers became a cohesive team with the key leaders at Vigor in a way that feels uncommon for a banker-client relationship. Long term relationships have been born out of this deal, and I wasn't expecting that.  Ultimately, the team found the kind of buyer that was appropriate for the growth path of the business.”  
Frank Foti
Chairman, CEO, and President
Vigor Industrial
“The Capstone Headwaters team took the time to understand our Company’s unique position in the market and growth strategy, as well as identifying potential transaction risks far in advance and advised on the best way to handle any of the same. Capstone Headwaters was instrumental in structuring a transaction that maximized value and allowed our management team to maintain control."
Steve Sandler
Founder and Chairman
Gold Medal Pools
“We are excited to have closed upon such a favorable credit facility and look forward to working with our new lender group to support our continued growth at TEAM. We are also very pleased with Capstone’s execution and the favorable outcome of the debt financing process as they introduced us to a number of strong institutional lenders and provided us with strategic advice throughout the entire transaction process.”
Dan Sanner
Alpine Investors
“From the start we knew it was going to be an extremely complicated transaction since my partners had different objectives. It was only because of the diligence, creativity and industry knowledge of Capstone's Consumer Group that such an extraordinary outcome was achieved. Our family made the right choice by retaining this team. Capstone’s approach as a strategic partner allowed me to achieve my objectives of being both the largest individual investor in this transaction while attaining some liquidity.”
Dan Gerawan
“CSHW’s ability to quickly understand and create a theme around what makes VarcoMac unique among its peers was invaluable.  The team was our advocate throughout the entire process and helped us resolve many complex issues through the day of closing."  
Shane Wilemon
“We are excited to have found such a great strategic partner in Whitehorse and look forward to working with them to support our continued growth at Vessco. The Capstone Headwaters team introduced us to a number of strong institutional lenders and provided us with strategic advice throughout the entire transaction process.”
Pat Corden
Vice President
O2 Investment Partners
“Capstone Headwaters was our firm of choice to represent us in this important point in our long history. Their knowledge of our technology, the FinTech industry, and extensive experience with finding the most appropriate partner to monetize what we have built, was critical to the success of this transaction.”
Boyce Adams, Sr.
Founder and Chairman
“From the CIM through the due diligence, the Capstone Headwaters team has been great to work with. We appreciate the energy you guys brought and how you coached the team.”
Steve Fleagle
ABC Industries
“[Capstone Headwaters is] an amazing team of professionals. The choice we made to have Capstone represent us was, in my opinion, the best one we made in 32 years. We’ve come to an amazing realization of a dream that I know would not have happened without Capstone.”
William Rose
Milrose Consultants
"Capstone was a great partner – the process and industry relationships of the deal team generated multiple offers that allowed my brother Tim and I to achieve our numerous objectives. Given the transaction’s complexity, achieving all our objectives required incredible creativity and tenacity.  The industry knowledge, honest and straightforward advice, and dedication of Capstone team members exceeded all expectations.  They are trusted advisors and true leaders in the healthy-living industry.”
Randy Strauss
Strauss Brands
"The Capstone Headwaters Team kept the PSI Family Team focused on the prize through highs and lows and assisted us to ‘Finish Strong!’ and we did! The Shepherd Family will eternally be grateful for the care and attention! I could not have asked for a better set of mentors and professionals than the cast of professionals we dealt with from the Capstone Headwaters organization!" 
Pat Shepherd
Pelton Shepherd Industries
“As a first-time founder, selecting the right adviser that could guide us was essential.  Working with such an experienced team at Capstone Headwaters was key to our success.  Not only did they open many doors for us, they prepared us properly for all the hard work, and kept us focused despite several challenges along the way.  Everyone at Capstone Headwaters was professional, knowledgeable, and worked tirelessly to get us across the goal line.”
Collin Holmes
Founder & CEO
“We sought an engaged partner, capable of helping Aspen with strategic planning, infrastructure development, and growth initiatives including expanded product adoption, international expansion, and acquisitions. The Capstone team was extremely helpful during our journey to find just the right partner and worked diligently with our executive staff and legal advisors to make sure we were meeting all of our objectives.”
Dan Williamson
Founder and CEO
Aspen Medical Products
“Capstone’s deep expertise in the distributed generation and capital markets, was the key to structuring a successful project with Coca Cola Puerto Rico Bottlers and finding the right capital partner.”
Marcus Martin
Martin Energy Group
“I chose Capstone Headwaters after receiving a glowing recommendation from Chris Whelan at Health Express and they certainly lived up to it. They were a true partner and trusted advisor every step of the way and created a well-designed competitive process which was key in achieving a great outcome.”
Dr. Bob Anderson
Calcasieu Urgent Care
“We vetted several investment banks before ultimately choosing Capstone Headwaters due to their superior knowledge of the buyer universe, the energy of the team and their extensive experience with closing deals in the education sector. We were extremely happy with our decision, as our team at Capstone Headwaters overdelivered on their promises and ensured that the process, materials, timeline, and results were delivered as expected.”
Gary Knippa
The Center for Legal Studies
“The team at Capstone Headwaters did an incredible job combining these two successful family owned companies,” agreed  “Current and new customers now have a real cost-saving alternative with our nationwide volume LTL network.”
Mike Wallace
Am Trans
“Capstone Headwaters made the difficult task of marketing and selling our closely held family business a real success. They guided us through all phases of the transaction from valuation, to preparation and presentation of marketing and financial information, through the offer and negotiation phase, to a successful closing, with exceptional commitment and diligence.” 
Anthony Matarazzo
“Joining Milliken is the right progression for Andover Healthcare to usher in its next level of growth. We look forward to serving our customers at a greater capacity with the research, design and manufacturing capabilities as well as trusted brand recognition that Milliken brings.”
Tom Murphy
Founder and CEO
Andover Healthcare
“This acquisition was the perfect fit and we are very excited to bring our experts and service delivery innovation to Sophos, a global leader in next-generation cybersecurity, Capstone Headwaters’ understanding of the market, commitment to the process, longstanding relationships and deal management were key factors in the success of this transaction.”
J.J. Thompson
Founder and CEO
Rook Security
“Our partnership with Ridgemont will not only allow us to expand geographically but also offer new treatment modalities to better serve the autism community.  Ridgemont has deep experience investing in behavioral health and we are excited for the future growth of SPG.”
Susan Stark
Founder & President
"Capstone Headwaters’ deep sector expertise and industry relationships in photonics, optics and lasers were critical factors that ensured a successful transaction. I am very thankful for all of their hard work during this sale process.”
Steve Yao
General Photonics
"The Capstone Headwaters team was very thorough in its analysis of Arbor and provided us with the pros and cons of all potential transaction options to assist in our decision making.  They were instrumental in structuring a transaction that both maximized value and allowed the existing management team to obtain control. Capstone Headwaters’ experience in the industry, buyer universe and lending markets was invaluable at every key milestone on the path to closing." 
Paul Devereux
Founder & Chairman
Arbor Contract Carpet, Inc.
“This new partnership will help alleviate some of the burden on South Shore Hospital’s busy emergency department and give patients an option that will save them time and money for care that is closer to home. We are thrilled to join an organization that has a shared vision for the health of the communities we serve.”
Chris Whelan
MD, Founder, and Owner
Health Express
“The Capstone Headwaters Team showed a keen understanding of the Industrial Automation sector and provided invaluable help in positioning the Company and identifying the right buyers.”
Larry Blue
Bell & Howell
"We greatly appreciated Capstone Headwaters’ efforts to help us navigate the selling process and to find such a fitting strategic partner.”
Scott Stiner
Taylor Consulting and Contracting
“Due to the complexities involved in selling our business, we knew that we needed a professional group to guide us through the process. We elected to retain the investment banking group Capstone Headwaters.  This turned out to be an excellent decision.  They helped identify potential buyers and, through a detailed process, helped us select the ultimate purchaser from a number or qualified offers.  We could not have completed the transaction without the knowledge, guidance, professionalism and hard work of Capstone Headwaters.“
Kim Kimmons
Knoxville Landfills
“We had interviewed six investment banking firms and were taken with the breadth of expertise and experience the Capstone Headwaters team would bring to the transaction.  They were our true partners throughout the process offering outstanding advice and assistance at every step.  We wouldn’t have been successful without them.” 
Joe Masciocco
SI Technologies.
“The Capstone Headwaters’ team completed a complex transaction with many obstacles.  They were able to positively navigate the deal, will all organizations through selection, management presentations, due diligence and to a successful closing.   Overall a very positive result for all parties.”
Todd Mueller
AUC Group
"There were challenges along the way and the transaction process strained our management team but Capstone Headwaters’ ability to understand our business and navigate through each challenge was invaluable to closing this transaction"
John Mai
CEO & founder
Mai Mechanical.
“Capstone Headwaters did a great job with our transaction. They showed fantastic knowledge of our market and ran a tight and competitive process.”
Duncan Young
“We expected the people of Capstone Headwaters to be smart and hardworking, but we discovered they were also genuinely good and caring. We'd use Capstone again and again because of their character as much as for the very good results they achieved.”
Ladd Lavallee
Our long-term, trusted relationship with Capstone Headwaters began with an institutional equity raise from Alerion Capital in 2014.  The Capstone team leveraged their key insights and deep industry relationships to achieve a successful outcome for our shareholders.
Rob Mossman
“Working with the team from Capstone Headwaters was a very positive experience. From the beginning, CH laid out the process and expectations in a well-organized fashion.  They provided constant communication and support throughout and also made sure we were educated on all of our options.  An overall solid team effort with great results!”
Leading Provider of Durable Medical Equipment
"We are thankful for the Capstone Headwaters team’s deep strategic relationships, sector expertise, and execution precision which collectively played a critical role in the success of this transaction.”
Paul Kelly
“Capstone definitely exceeded our expectations in the journey of our transaction.  We had so many defining moments that could have been detrimental to the process without Jacob’s extensive knowledge and experience.  No one could have done a better job than Nick in helping us prepare the documents for due diligence.  We truly appreciate their passion and effort in getting the maximum value for the company.”
Beth Tripodi
Allied Business Schools
"The Capstone Headwater’s team was unique in its ability to bring together expertise in oilfield services, automation & industrial technology and value-added distribution in telling the Eagle story and cultivating the right set of potential partners for the Company. Our new investors have the passion and commitment to continue our growth path through service line additions, geographic expansion, and  select acquisitions."
Brandon Giles
Eagle Automation
It was a positive experience working with the Capstone Headwaters team. They were a dedicated, hardworking team that fit in extremely well with RedZone.  Sam Ewing’s quote summed up my thoughts of the entire team, "It’s not the hours you put into your work that count, it's the work you put in the hours."  We were grateful to have partnered with Capstone Headwaters.
Dan Yingst
“Capstone Headwaters executed an effective process that resulted in a superior outcome for RMD shareholders.  Capstone Headwaters' team understands the mindset of strategic buyers and how to manage towards an optimal result.”  
Dave Kane
Revolutionary Medical Devices, Inc.
“Capstone Headwaters spearheaded this strategically critical step for Aeronautics with a depth of market knowledge and deal finesse required of a complex cross-border transaction.”
Amos Mathan
"The Healthcare & Life Sciences team at Capstone Headwaters have, again, proven themselves to be knowledgeable in our space and skilled in the process of getting deals done.  Our thanks go out to them for their commitment to getting the best possible result for Concord’s ownership while respecting our insistence on maintaining the level of quality provided to clients and preserving the career interests of Concord’s management and staff."
Clifford Croley
Concord Biosciences
“From the moment we engaged with Capstone Headwaters we felt we were in a safe pair of hands.  This proved to be the case throughout the entire process.  CSHW listened carefully and understood our needs and were extremely professional and supportive throughout the journey.  I have no hesitation in recommending CSHW, confident in the knowledge that they will give excellent and diligent service.”
Paul Blundell
“The process of taking your company to market can be extremely intimidating, but the Capstone Headwaters team were incredible partners through the whole process.  We always felt like they had our best interests in mind - they weren’t just trying to make a deal. With detailed knowledge of our industry and the structure of similar deals, they helped us locate the perfect private equity sponsor. We would never have closed this deal without their guidance.”
Matt Riley
Blueprint Test Preparation
The team at Capstone Headwaters is so experienced and methodical that I can’t imagine working with another firm.  They were on point with everything and I had so much confidence in them, we could not have gotten through the process without them.
Mike Patterson
“Over the past 15 years, we have built this CPG business with the intent to ultimately bring in a financial partner that can dramatically accelerate our growth. Capstone Headwaters found the perfect partner in Promus to help us take Quest to the next level in the CPG industry.”
Don Ryan
Quest Products, Inc.
“The team at Capstone Headwaters was professional and worked tirelessly to maximize the value of Circlepix while managing the emotions of our founders and objectives of buyers. In the end they helped create a transaction that was compelling for both parties.”
Craig Bingham
“It was a pleasure working with Capstone Headwaters in our financing of Medsphere and the follow-on acquisition of Stockell. The team at Capstone Headwaters played a key role in shepherding the deal from start to finish, and we look forward to working together in the future.” 
Shant Sood
Managing Director
Hercules Capital
“The team of Mangrove/Hunter is the perfect partner to advance RCR’s leadership within the marine construction supply market, We were extremely pleased with Capstone Headwaters who represented us in this complex sale process, and optimized all aspects of the transaction for our family.”
Rick Rasmussen II
RC Rasmussen
"The team at Capstone Headwaters was responsible for maximizing our value in the market.  They exceeded my expectations and most importantly found the perfect partner in Halo Branded Solutions."      
Tom Savio
"We have nothing but great things to say about the team at Capstone Headwaters.  As with many transactions, ours was not a straight forward engagement.  We engaged the Transportation & Logistics team very early in order to help us gauge the market and to benchmark our performance as we prepared for a transaction.  They were extremely helpful with providing guidance and analytics that refined our timing to market and overall strategy.  We benefited greatly from their industry expertise and transaction experience.” 
Mark McIntosh
Partner and Chief Financial Officer
Apex Logistics Group
 “Our multi-year relationship with Capstone Headwaters' Aerospace and Defense team enabled us to be prepared and positioned to achieve an optimal outcome.  The Headwaters team’s key industry insights coupled with strong negotiation skills enabled us to proceed with confidence and complete a transaction that exceeded expectations.”    
Allen Gross
Founder and President
GPS Source
"This is the third time we’ve worked with the Headwaters team. They’re true advocates and their ability to understand our business was invaluable to this transaction."
Todd Seufer
President & Founder
Harmony Gardens
“I am proud of the business that we have built and I look forward to the next chapter.  The Headwaters deal team went above and beyond in making this transaction a success.” 
John Lapicola
Founder & Vice Chairman of the Board
Technical Diagnostic Services
"On behalf of the MHC team, we are excited that we found a partner who shares our vision for MHC. We needed a growth-oriented partner to help facilitate our next stage of development. We look forward to a tremendous relationship with O2. Headwaters worked tirelessly and provided us with professional well thought out guidance every step of the way to help us find the appropriate partner that shares our core values. Their FinTech team understood not only our products and business model but our technology and our value differentiators that made a difference in our process.”
John Shields
MHC Software, Inc.
"The Headwaters Aerospace and Defense deal team, provided key insights on the large defense primes and private equity-backed buyers, as well as in-depth C4ISR market analysis. Their team skillfully negotiated every step of the deal process, with professionalism and technical analysis that maximized our valuation and key deal terms.  We are delighted with their M&A advisory service – from beginning to end."
Andrew Marshall
"We are most pleased with our partnership with Headwaters. From pre-offering preparations through to the final agreement, Headwaters managed every phase of our process, effectively utilizing our corporate, legal, finance and tax teams, while understanding the objectives of all stakeholders to achieve a great result for our employees and shareholders.”
Tony Frederickson
Defense Group Inc
“These developments are a game-changer for our company, vaulting us much closer to our goal of becoming a $300 million annualized revenue business. We believe this refinancing of our balance sheet and simultaneous closing of two acquisitions will help us unlock significant value, especially as we leverage our projected positive operating cash flow from these transactions to drive additional organic and acquisitive growth.” 
Brendan Flood
Executive Chairman
Staffing 360 Solutions
“Headwaters’ extensive network and intimate knowledge of potential buyers were invaluable in allowing the transaction team to quickly identify and engage a short list of highly qualified buyers.  Headwaters did a terrific job in driving value and striving for an optimal outcome for our shareholders and the company.  At every step in the process, Headwaters was professional, insightful and their access to an abundance of resources was invaluable in helping us to execute the transaction successfully."
Jay Lewis
Chief Financial Officer
ID Watchdog, Inc.
"Choosing to work with Capstone to sell our business was the best decision we could have made. The team was always available when we needed them, very knowledgeable, patient as we learned the process, and through it all, easy to work with. Our perfect deal took time to come around, but their attention to our success never faltered.”  
Debra Delaney
CCI, Inc.
"First and foremost, Capstone is a team of professionals at every level. They took the time to understand our business and marketed the deal well. After LOI, they kept the deals momentum even as we dealt with several twists and turns. We can confidently refer people in our network to them because we know they will be in good hands and we look forward to working together on deals in the future."
Joe Bowman
Finance Director
Seventh Generation Ventures
"This move is a win-win for all parties involved, It’s good for the customers, the employees and each company. Both businesses are very healthy and on a significant growth trajectory. With this new direction, each can now focus their time, resources and development efforts to better serve their customers. The Headwaters Industrial Technology Group was outstanding and we were extremely pleased with their investment banking services."
Gregory Segall
Bell and Howell
“We are excited that the scientific and operational excellence that has characterized Ricerca throughout its history will be continued under Olon’s ownership. The Headwaters MB team did an excellent job running and managing our process and their experience in the biopharmaceutical CMO/CMDO space was invaluable.”
Clifford W. Croley
Ricerca Biosciences
“We are excited to join the WestView team and look forward to working closely with their team to expand Nwestco’s business.  The Headwaters team were great partners throughout the transaction and were instrumental in finding the ideal partners to support our continued growth..”
Tim Gibbar
“Headwaters’ sector expertise was key in identifying industry trends and valuation drivers. As our investment banking advisor on this transaction for Trinseo’s Performance Materials business, Headwaters made introductions to chemical and plastics companies, including API, and provided us financial valuation assistance. They worked closely with Trinseo’s corporate development team in our evaluation of deals that were in line with our strategy and would integrate well into our culture.”
Christopher Pappas
President & CEO
"The Headwaters team were great partners and understood the CPG landscape and importance of natural products like Crystal with proven efficacy. Our new owners have the passion and commitment to continue our legacy of offering healthy, natural and sustainable products."
Jerry Rosenblatt
Founder & CEO
Crystal Deodorant
“I’m thrilled to bring Neya into the ARA family of companies. Over the last 7 years, we have developed a broad range of autonomy technologies for off-road, multi-robot navigation and control. ARA has a long history of successfully transitioning R&D to applied customer solutions that will allow us to jointly develop the next generation of advanced unmanned systems capabilities.”
Parag Batavia
President & Founder
Neya Systems
"As the market for enterprise AI continues to grow at an unprecedented pace, we are excited that, with this transaction, we will be able to further scale and deploy advanced solutions across a broader client base. With the ability to leverage Genpact's deep domain expertise, together, we have the ability to generate an even deeper level of actionable insights and AI-driven automation businesses need to create sustainable competitive advantage."
Dr. Venkat Srinivasan
Founder & CEO
RAGE Frameworks
"We are excited to join the ATX team. Strategically, InnoTrans will benefit greatly from being part of a larger organization and we are looking to fully utilize ATX’s scale and resources to deliver increasingly differentiated solutions and value to current and new customers on a global basis."
Mani Ramachandran
Founder and CEO
“We are excited to partner with Baymark Partners and look forward to growing DGI together.  The choice to engage Headwaters was one that served me very well.  I highly recommend them to other business owners in need of investment banking services.” 
David Uhey
Founder & President
Denver Glass Interiors
"The Capstone team was great to work with; responsive, communicated well and delivered excellent results.  I always felt I was getting the straight story which enhanced the trust factor between us.  We were pushed to project a stretch budget early in the process which was great advice as we achieved it and got a higher valuation."
Chuck Dorsey
Halo Innovations, Inc.
"We are proud to be working with MB Bank. Their confidence in our company and their ability to understand our business is greatly appreciated. This financing will allow us to further grow our company. This is the second time we have used the team at Headwaters. They are true advocates and really understand our business.”
Todd Seufer
President & Founder
Harmony Gardens
“Capstone did a great job at helping us to secure an investment from Spectrum Equity.  Capstone helped by setting expectations, managing negotiations, working through terms of the LOI and the definitive agreement, and smoothing down the many bumps that always come up during negotiation.”
Craig Johnson
“We appreciated the outstanding work by the entire team.  We are amazed at their ability to work on financial statements. Capstone was involved in every step of the way and ensured progress was made daily towards closing.”
Shri Thanedar, Ph.D.
“Headwaters played a critical role in this deal, by providing deep insight in the aerospace and defense industry as well as by facilitating the discussions from the very first meeting until the closing.”
Xavier Paternor
Managing Partner
Vinci Capital
“The Headwaters team were great partners and exceeded expectations throughout our process, which resulted in a great outcome for our shareholders. The approach employed in this transaction is worthy of a business school case study on managing and negotiating an M&A sale process.”
Alex Martin
"The Capstone team did an outstanding job handling our transaction; I am very thankful for their hard work.  They are professional, knowledgeable and a pleasure to work with.  Their ability to analyze the deal and negotiate with the buyer was a huge benefit to us financially while allowing us to remain focused on running our business.  We would not have made it through this process without them; I am forever grateful."  
Frank Gazzillo
Accurate Neuromonitoring
“It was a privilege for our firm to work with Headwaters MB to provide global financial advisory support to Razvan and BeOne Invest BV."
Erwin Schellenberg
Managing Partner
Capital Mind
"I am thrilled about the strategic global partnership as a part of Nissha. Our shared vision on how we treat our customers and employees will establish a solid foundation for our shared desire for growth.”
Sam Heleba
President & CEO
Graphic Controls
“Securing financing is a milestone for NTEC.  With the advisement from Headwaters MB, NTEC secured a Credit Facility on our company’s merit without having to seek the financial backing of the Navajo Nation, the first for a tribal enterprise.”
Clark Moseley
Navajo Transitional Energy Company
“We’re very excited about the future with Patrick Industries who shares our passion and uncompromising commitment to providing the most innovative and superior products on the market, and to be at the forefront of the marine and RV industry in design, performance and customer service.  We appreciate the professional advice provided by Headwaters and results in bringing the perfect organization with which to grow our business.”
Glen Brown
BH Electronics
“We are very excited to become part of UDC and build additional synergies between both companies, and further enhance the growth of UDC’s OLED leadership. In addition, we anticipate that Adesis will benefit from UDC’s financial and business acumen to better support our clients with world-class technology and expertise, and reinforce our positioning for continued growth as a specialty chemical CRO.”
Andrew Cottone
Adesis, Inc.
“We are delighted by this opportunity to position the company and its management team for future growth. We are also grateful for Headwaters' outstanding professionalism in bringing together two great companies and managing the entire transaction process."
Sam Weiner
"We are delighted that our technology will now be deployed globally to assure the authenticity and eliminate adulterants in the food chain.  We founded AuthenTechnologies to bring the technology of genetic identification to botanical and other natural substances and welcome our new partners as they introduce these techniques to their broader customer base and the consumers they serve.”
Danica Harbaugh Reynaud, PH.D.
Founder and CEO
"SOCAN is a leader in ushering the transition from physical to digital through a commitment to data and artist advocacy. We are thrilled to join the SOCAN family and realize our shared goal of pioneering high-scale technology solutions that ensure fair and accurate royalty administration."
Frank Johnson
“We were extremely pleased with the job Headwaters did for NANA – getting us excellent value, working through some complex issues, and closing the deal quickly. We’re very happy with the result.” 
Peter Reckmeyer
Senior Vice President & Chief Legal Officer
NANA Development Corp.
“FYI has worked tirelessly for more than 15 years to develop a superior database capable of fueling devices with carefully organized and flexible datasets that hundreds of clients and 100+ million U.S. viewers have come to trust and depend on daily. FYI was ready to expand its global capabilities, and with Ericsson’s worldwide presence and expertise in content discovery, it is without question the right move for both companies.”
Christopher S. Stark
President and CEO
FYI Television
“Headwaters did a terrific job pushing the transaction forward, getting us from initial calls to closing in just two months, and creating a great outcome."
Tom Archie
Managing Director
Kayne Anderson
"We were impressed with the Capstone team at the first introductory meeting.  From that point forward, they continued to exceed our expectations.  They lead us down a very successful path.  I would highly recommend them; you could tell it was not their first rodeo."
Alan Weiss
Managing Partner
Whitehouse Laboratories, LLC
“The Headwaters team introduced us to a well-targeted group of institutional lenders and provided us invaluable advice through the whole transaction. We could not have been more pleased with our selection of them as our advisor.”
Dustin Miller
Auction Credit Enterprises
“Headwaters impressed us with their ability to understand, absorb and present a very complex company to prospective partners throughout the world. We thoroughly enjoyed working with them through this process and could not have been more pleased with our selection of them as our advisors."
Gary Sable
Former Managing Director and Shareholder
The Phillips Screw Company
“It’s hard to imagine success without Headwaters as the result was much better and far less painful with Headwaters leading the way.” Laura continued, “We feel very fortunate to have an outcome that is beneficial for both the buyer and seller.”
Laura Beller
Belson Outdoors
"The transaction realized through Capstone’s efforts resulted in a sale price at the upper end of Capstone’s initial estimate. I am thrilled to have had such a successful sale of my business and for the choice I made in hiring Capstone Partners."  
Don Forrest
President and Owner
FlexXray LLC
“This is an important transaction for RMI to fuel our growth in the aerospace and defense segment and further entrench our position as a key manufacturer of laser-grade CVD Zinc Selenide, thermal imaging, infrared and laser optics. The Headwaters team provided us with invaluable advice, meticulous execution and went the extra mile on all fronts. We are extremely pleased with the results and service we received.” 
Steven Hahn
Rocky Mountain Instrument Co.
“We are pleased with the professional and detail oriented approach Headwaters MB used throughout the deal process. They found us a compatible partner in Zschimmer and Schwarz who will optimize the value of Interpolymer and allow us to continue operating with minimal changes.”
Norwin Wolff
President and Founder
Interpolymer Corporation
“This was a tremendous result for Tech Oil Products. Hoover Container Solutions is the ideal partner for us, culturally and operationally. This deal will allow us to leverage their global reach, and expand our presence to offshore and marine equipment markets globally.” He added, “We could not be happier with the result that Headwaters MB achieved for us.”
John Zimmer
Founder and CEO
Tech Oil Products
   “We are excited about the combination and its growth synergies for both organizations. Rouge Wave brings Zend additional credibility and reach into the largest enterprises in the world, while Zend brings Rogue Wave the opportunity for expansion into Web and Mobile with strong Continuous Delivery and DevOps credibility as well. The Headwaters team developed a deep understanding of our business and worked seamlessly with our Board, Management and Shareholders to achieve this result.”   
Andi Gutmans
Co-founder and CEO
“It was an absolute pleasure working with the professionals at Headwaters and I would highly recommend them to anyone. Thank you so much for the education, and ultimately the satisfaction of having a successful transaction. Now I know what an ‘investment bank of the year’ looks like."
Bob Hajdukovich
Ravn Air Group
"Capstone’s deep knowledge of the SaaS space, high-touch guidance and uncanny ability to instantly understand my company and the highly specialized market it serves paved the way for a great outcome.  Their skill in positioning my company in the most attractive light, bringing all of the right potential partners to the table and managing a competitive process resulted in a valuation that far exceeded my expectations and allowed us to attract the ideal partner in Waud Capital Partners."  
Sean Flanagan
CyberGrants, Inc.
“Headwaters exceeded our most optimistic expectations. They structured and negotiated the term sheet with EMR Capital for a highly unusual, combined pre-production and development equity finance package.“  
Lance D’Ambrosio
EPM Mining Ventures, Inc.
“Headwaters was instrumental in making this deal happen. Their team outworked everyone and their vast industry knowledge was crucial in completing this transaction. After considering several options, we chose this investor group as partners going forward because we believed in their vision and were impressed with their experience in running successful companies.”
Chris Goodwin
CFO and shareholder
Nelson Pipeline Constructors, Inc.
"Capstone was a wonderful addition to our team.  Not only did they find us the best possible options for our company, but held our hand throughout the entire process.  I would highly recommend Capstone."
Robin Barnett
Park Bench Consulting Group
“Capstone was an invaluable partner in the sale of Penn Foster.  They were unrelenting in their commitment to securing a deal and remained balanced despite dissenting shareholder goals.  They bridged the transaction when dysfunctional buyer/seller/management dynamics emerged and deftly became psychologists, mediators and voices of reason all in one.  Their temperament and expertise was a very rare combination.  We look forward to a long-term relationship.  Thank you for everything!”
Frank Britt
Penn Foster
“I do deals all the time in this part of the market and it’s rare that I get to work with investment bankers like Headwaters that both diligently respond to information requests and keep the deal on track in a constructive and helpful manner.”
Brad Whitman
Renovus Capital Partners
“After more than 20 years, I’m proud of the business I’ve built and I am thrilled to be combining forces with Top Knobs. The guidance, advice and skillful process management that Headwaters provided helped me achieve an outlier result.”
Adrienne Morea
Atlas Homewares
“Headwaters helped us evaluate our strategic alternatives and find the right investor. They were there every step of the way helping us navigate the market and complete this institutional equity financing.”
Rob Mossman
“Capstone was definitely the right banking partner to hire. They were tasked with a difficult sale in a very volatile environment and never gave up.  Their fortitude and loyalty is something to be truly admired.”
Bill Hillard
BrightStar Education
“We’d like to thank Headwaters for their incredible advocacy throughout our sale process. Their diligence in preparation and ability to deliver on every promise found us the right partner in RFE, who will take us to new heights. We’d also like to thank Centre Partners and Housatonic Partners for supporting us as prior owners in building this business.”
John O’Connell
Wind River Environmental LLC
“Headwaters gave us expert advice and guidance throughout the entire process. Having sector-focused bankers made all the difference in ensuring an in-depth knowledge of the market. We are delighted with their efforts on our behalf.”
Wayne Vespoli
Advanced Lighting Technologies
“Capstone secured a great transaction for us that far exceeded our expectations.  Their senior Capstone team was always available – across time differences in Europe, Australia and California as well as over the  weekends.  Their accessibility played a major role in getting this transaction completed given some significant time pressure.  This deal would not have been possible without Capstone.”  
Clien Wintzen
Ex'pression College
“We were pleased to work with Headwaters MB on this important strategic opportunity. Headwaters was a great partner throughout the process. They had a strong understanding of our market and provided excellent guidance along the way to help us achieve our strategic objectives in a timely manner.”
Allan Weiss
Weiss Residential Research
“Headwaters ran an exhaustive search for us and uncovered a variety of interesting operating assets. Their global network allowed us access to the senior leadership of WPP, a global communications powerhouse. Their deal savvy and market knowledge made this international transaction a reality.”
Marco Villarreal
"I have had the pleasure of working with the Capstone team on multiple occasions. Their depth of M&A expertise and  their  industry knowledge were very helpful to us. During each transaction, they made recommendations  on the positioning of the business and  the structuring of the transaction that had a significant positive impact on our results. A Managing Director worked closely with us throughout the process and overall they provided us with trusted, objective advice and technical expertise.”  
Bob Forslund
CEO & Principal Shareholder
Vapor Power International
"The Capstone team was always there for us.  Nothing got in their way; not time zones (there was a seven hour difference), nights, weekends or holidays.  It was a complex transaction involving three countries and different business cultures.  In tough times, the Capstone team was always poised and looking forward to deliver solutions.  What struck me, after working with other investment banking firms, is Capstone’s 'get it done' approach – they consistently reached out for additional activities versus only 'overseeing the process'.  Capstone achieved a significant premium for our company and I highly recommend the firm.  They were real partners for our team." 
Rammy Ringel
Board Member
Tiny Love
 “Having an experienced M&A advisor such as Capstone Partners on our team was invaluable to us. They really took the time to gain a deep understanding of the technology and operating metrics that drive our business and played a key role in helping us evaluate the strategic implications of this transaction. Capstone did a great job.” 
Tom Tullie
“The Headwaters team provided us with the trusted advice to guide this transaction to closing.  Their level of international sophistication helped us navigate the cultural dealmaking challenges to arrive at a successful transaction result for everyone involved.”
Pontus Kristiansson
Avail Intelligence AB
 “I was very impressed with Capstone Partners, particularly for their depth of knowledge in the technology sector and ability to navigate complex issues with ease and professionalism. The team took a ‘roll up the sleeves’ approach to managing the deal cycle, which kept the negotiations on course. The level of attention and overall deal expertise was instrumental to the success of our transaction. I look forward to the opportunity to utilize Capstone’s services again in the future.” 
Robert Jordan
KMS Software Company
 "During our M&A process the Capstone team was supportive, involved, and responsive to our needs and questions…day, evening or weekend…whatever it took.  Our Invo team benefited from excellent preparation and valuable debriefing.  The robust process brought us many excellent potential partners, and we closed our deal successfully within our targeted timeframe." 
Mary McClain
Invo HealthCare Associates, Inc.
 "We interviewed many firms - local, national, large and small.  Capstone was the perfect fit.  They are large enough to have the resources and connections we needed and small enough to provide a personal touch.  Senior level management were involved from day one and the entire team worked extremely hard to close on a very tight schedule.  I highly recommend Capstone and their team!" 
Joe Cronin
Founder and President
“The entire Headwaters team was fantastic throughout the process. My decision in choosing this firm was one of the best of my professional career. They were all real pros, especially when I needed it most.”
Mike Evans
Founder and Chief Executive Officer
“The divestiture of these assets is consistent with Oclaro’s strategy to focus resources on our core competencies. We benefitted throughout this transaction process from the experience, professionalism  and  responsiveness of the Headwaters team resulting in a transaction that achieved our goals in a very efficient manner.” 
Kate Rundle
Executive Vice President and General Counsel
Oclaro, Inc.
“Headwaters was committed to our objectives and helped us to explore a number of potential financing avenues; we appreciated their hard work, dedication and advocacy throughout our process.”
Graham Weaver
President and Managing Partner
American Gaming Systems
  “Capstone did a very good job in representing us in this transaction.  Specifically, I thought they did very well listening to our concerns, fielding questions and giving us sound advice all along the way. We were very impressed with The team’s overall knowledge of the M&A process and negotiating tactics. All in all, we thought our skill sets were well complemented by Capstone and thank them for their help in our transaction.”  
Arthur Bourque
“The team from Headwaters provided the steady hand to navigate the sometimes stressful process of selling one’s company to a successful outcome for our shareholders and Dohmen.”
William W. Smith
“The Headwaters team has known us and our unique position in the marketplace for several years. They understand the market dynamics and skillfully helped us to explore our options, so that we knew Teledyne and this deal were right for us. This was an excellent outcome for our team and for our shareholders.”
Lee Thompson
BlueView Technologies
“The Headwaters team delivered an outstanding effort in putting this deal together. They were instrumental in the development of our new lending relationships. Their capital markets savvy helped us position our company for the credit process and achieve our capital structure objectives.”
Gabrielle Chevalier
Co-Founder & CEO
Solutions 2 Go Inc.
“The Headwaters team helped us negotiate the difficult moments of our transaction and advocate for a positive result at every pass. Their dealmaking abilities helped us successfully complete the transaction.”
Scott Nicholson
Empire Gas & Electric
“The Headwaters team provided invaluable advice and exemplified veteran expertise in executing the transaction. They persisted over the course of a lengthy transaction, exceeded my expectations and helped realize my goals.”
Jerry Roby
Chairman & CEO
IMC Networks
“I’ve been a client of three investment banking firms in my career. The level of service and especially the professionalism of the Headwaters team went far beyond my expectations. At every step of the way, I felt that I had a strong advocate by my side. We are very excited about the opportunity to partner with Phil Walton and the team at Topperscot.”
Robert Donegan
Founder & CEO
Classic Brands LLC
“The Headwaters team really rolled up their sleeves to fully understand our business and our strategy. Their attention to detail from start to finish was impressive. They were able to reach every targeted buyer and get solid feedback, allowing us to proceed confidently with a very successful transaction.”
Scott Agge
Continental Fire & Safety
“The Headwaters team produced an outstanding result for all involved. They worked closely with us at every step of the way and provided senior leadership and guidance throughout. We made the right decision in selecting them as our partner.”
Martin Germanis
Chief Executive Officer
CR Software, LLC
"Headwaters did a terrific job. They worked closely and effectively with CES and with our MRV deal team and helped us overcome many obstacles, including the unprecedented volatility of the Swiss Franc after we went to market. Through hard work and resourcefulness, they helped us bring this deal to a close and delivered a positive result for MRV and its shareholders."
Barry Gorsun
MRV Communications, Inc.
“With the structuring complexities inherent in tax equity, Headwaters’ professionalism and tax equity expertise was invaluable throughout this process. We are now well positioned to execute our long-term growth strategy.”
Terry Williams
President & CEO
EWP Renewable Corporation
“With the structuring complexities inherent in tax equity, Headwaters’ professionalism and tax equity expertise was invaluable throughout this process. We are now well positioned to execute our long-term growth strategy.” 
Terry Williams
President & CEO
EWP Renewable Corporation
“Headwaters was an unabashed advocate for ATAC and ran an outstanding process for us. They worked diligently across many capital markets, simultaneously creating numerous partner and capital structure alternatives. We now have a balance sheet that is a competitive advantage and allows us to aggressively take advantage of new business opportunities.”
Jeffrey Parker
President & CEO
Airborne Tactical Advantage Company (ATAC)
“Capstone Headwaters was an unabashed advocate for ATAC and ran an outstanding process for us. They worked diligently across many capital markets, simultaneously creating numerous partner and capital structure alternatives. We now have a balance sheet that is a competitive advantage and allows us to aggressively take advantage of new business opportunities.” 
Jeffrey Parker
President & CEO
Airborne Tactical Advantage Company
 “My expectations were very high going into the process, so exceeding them was next to impossible.  That said, I gave Capstone top marks across the board, especially in the areas of senior level attention and the ability to deliver technical deal expertise and negotiation strategies.” 
Roger Malinowski
Chief Executive Officer
B.O.B Trailers Inc.
“I believe that this is a very good fit and will secure the future of SMA, allowing it to compete effectively without compromising its historical standards of excellence in patient care.  The Capstone team lived up to their reputation and I know that an enormous amount of time and effort was expended in seeing this often bumpy flight to a smooth landing.“ 
Dr. Daniel Schwartz
Founder and Chairman
Surgical Monitoring Associates
“Capstone's team were, by a large margin, the best sell side investment banking team we have transacted with in all the companies we have acquired”
David Smith
Chief Executive Officer
RectorSeal Corporation
“Headwaters sourced a compelling acquisition opportunity for us. JWC is a clear market leader with a strong brand and is a great fit for Windjammer’s investment strategy. Windjammer’s resources will enable JWC to fully capitalize on its multiple growth opportunities. We are very excited about the opportunities ahead.”
Jeff Miehe
Managing Director
Windjammer Capital Investors
“Headwaters sourced a compelling acquisition opportunity for us. JWC is a clear market leader with a strong brand and is a great fit for Windjammer’s investment strategy. Windjammer’s resources will enable JWC to fully capitalize on its multiple growth opportunities. We are very excited about the opportunities ahead.” 
Jeff Miehe
Managing Director
Windjammer Capital Investors
“The Capstone team is filled with quality individuals with great integrity and work ethic.  It was our pleasure to be able to know and work with them.”
Brad Manatt
Manaco, Inc.
“Capstone Headwaters guided us through this financing and helped us secure an attractive, all-cash flow based loan that was supported by our performance, but extraordinary in our industry.” 
Marcus B. Peperzak
Chief Executive Officer
Aurora Organic Dairy
 “This transaction featured a number of unique and highly complex deal issues. The professionalism and creativity exhibited by the Capstone team were key to facilitating a successful close.” 
Pam Carr
Vice President
Bright Horizons
"Two factors greatly influenced this transaction: we were insistent on finding a private equity sponsor that shared our philosophy and we kicked off this transaction in challenging market conditions. The team from Headwaters was incredibly persistent. They helped us identify a great sponsor and create a capital structure that supports our goals for growth.”
Mike Clark
Chairman & CEO
“I was very pleased with the service and professionalism of the Capstone team. They had a great process which enabled me to receive maximum value for my company. They were very engaged in every step of the process and their advice was insightful and constructive. I would highly recommend Capstone Partners.”
Frank Hoogland
Birdola Products
 “We were initially hesitant to engage an investment banking firm based on prior experiences, but when we started conversations with Capstone, what struck us the most was … their willingness to put their own money where their mouths were.” 
Maureen Finlayson
CEO, Principal Shareholder
Radius Medical
“Headwaters guided us through this financing and helped us secure an attractive, all-cash flow based loan that was supported by our performance, but extraordinary in our industry. It was great to have Headwaters by our side throughout this transaction. They helped us to position the company correctly, gave us thoughtful input on many key decisions along the way, and went deep on many issues regarding terms and covenants.”
Cammie Muller
Chief Financial Officer
Aurora Organic Dairy
"This transaction required a broad reach across the renewable energy sector in order to find the ideal partner to maximize the value of these assets.  Headwaters provided depth and reach, and from start to finish provided a high-touch, high-quality service experience to Marubeni Sustainable Energy. We are now ideally positioned with an excellent partner to execute our long-term growth strategy."
Terry Williams
President & CEO
Marubeni Sustainable Energy
“We chose Capstone Headwaters as our advisor because of their in-depth knowledge across debt markets and their culture of urgency and advocacy.  Their efforts made a real difference for our company.”
Jamie Turner
Co-Founder & Vice-Chairman
Alta Colleges
“Our transaction was highly difficult and complex and we encountered many hurdles. Capstone was instrumental in keeping the team focused on the goal. We were very impressed with the level of preparation, thoroughness and dedication that the Capstone team exhibited. This deal closed because of Capstone’s long hours and creative problem solving.” 
Randy Herman
President, Chief Executive Officer
GI Plastek
“The Headwaters team was instrumental in assisting us as we evaluated alternatives, negotiated terms of the various agreements and ultimately in finalizing the transaction.  The advice we received from Headwaters was critical in helping us achieve this key strategic objective.”
Chuck Cargile
Senior Vice President, CFO and Treasurer
Newport Corporation
“There was never a doubt that Capstone had the College’s best interests at heart throughout the entire transaction process. Capstone would have cancelled the deal versus seeing our shareholders less than excited about the terms. Fortunately, they made sure that we were. We signed the purchase agreement at the beginning of the credit crisis and financial market meltdown. Despite the landslide in the broader economic environment at the time, we closed the deal by the end of the year, due in large part by Capstone’s doggedness, creative approach and technical deal negotiation capabilities. I hired Capstone because of the firm’s industry expertise, but more so because of the feedback I received from their clients. Now, I am happy to add my name to that list.”
Jack Miller
CEO & Shareholder
Pacific College of Oriental Medicine
“Capstone’s performance greatly exceeded our expectations. Their team demonstrated commitment, integrity and a passion for getting the deal done. They promised senior level attention at every stage of the transaction and they delivered on that promise. I am very satisfied with the service they provided and feel they earned every bit of their fee.”
Bernard Noe
Information Management Corporation
“Capstone was instrumental in helping us maximize the value of our business. In addition, I was particularly pleased with how well Capstone worked with our corporate counsel to ensure all the details of this transaction were properly handled. I feel that the process was well managed at all times and that Capstone was the right investment banking partner for J.H. Emerson Company.”
George Emerson
J.H. Emerson Company
“We always got top-notch advice, with outstanding industry knowledge, good foresight, and ferocious attention to detail. Senior level attention remained at 100% throughout when other firms would have punted to a junior associate.”
Enrique Marroquin
Director of Finance
Hunt Power, L.P.
 "I was very familiar with Capstone before we engaged them to represent us.  I knew the quality of people and their industry coverage of our sector was important to us.  During the transaction, they made recommendations on positioning and market timing that had a significant positive impact on our transaction results.  The Managing Partner of the firm was in the trenches with us on a daily basis during the most critical aspects of the process and Capstone provided us with the trusted, objective advise and technical experience we were looking for.” 
Jim Cegelski
CEO, Principal Shareholder
Accessories Marketing, Inc.
"Our partnership with Riverside will vault L-com to even greater success, Riverside understands our goals and, together with its financing partners, will route the necessary capital for L-com to further grow the business."
Edward Caselden
Chief Executive Officer
L-Com, Inc., MA

Capstone Partners successfully advised L-Com, Inc. on its recapitalization with The Riverside Company.  L-com, Inc. is a manufacturer and direct marketer of interconnect components such as copper and fiber-optic cable assemblies, adapters and terminators which are used in diverse applications such as video, audio, data, instrumentation, process control, and network connectivity solutions.

“Our Board was keen to evaluate multiple strategic options and Capstone delivered. We received comprehensive and thoughtful advice, good industry knowledge and overall process management such that the Board could make appropriate decisions.”
Mark Noyes
Chief Executive Officer
WebGen Systems, MA
“Our transaction was highly difficult and complex and we encountered many hurdles. Capstone was instrumental in keeping the team focused on the goal. We were very impressed with the level of preparation, thoroughness and dedication that the Capstone team exhibited. This deal closed because of Capstone’s long hours and creative problem solving.” 
Randy Herman
President, Chief Executive Officer
GI Plastek
 “Capstone’s understated professional demeanor was a major selling point as we evaluated potential partners to assist with the sale of our company.   Once engaged, they produced a comprehensive list of premier buyers dedicated to closing a transaction that met the needs of all shareholders.  As promised, Capstone delivered a partner and a transaction that positioned the Company and its management team for future success while maximizing value for its existing shareholders.” 
Richard McGrail
President, Chief Executive Officer
Avtek, Inc.
 “When we first met the Capstone post-secondary education team, they impressed us with their honesty and integrity.  They developed a plan to position and market our company to the premier buyers.  They told us we could realize maximum value for the business.  Ultimately, the company was acquired by the multi-billion dollar leader in the industry at a value exceeding my expectations.  Capstone delivered as promised  and never gave us a reason to doubt our trust in them.”  
John M. Kwitek
President, Principal Shareholder
Martin's College of Cosmetology, Inc.
 “Having to run a business through a transaction was more difficult than I expected. The transaction alone was challenging enough since I had to do it twice. Capstone stood by me the entire time and they were on top of everything. I don’t think this transaction would have closed without them. Capstone was a great fit for my Company and the strategic partner I secured for the business through this transaction is top notch. 
Dwight Peterson
President, Principal Shareholder
 “My dealings with Capstone were pleasant and professional.  They understood that in selling a company that I built over 28 years that the myriad of finer points were perhaps personally as significant as some of the greater points.  Capstone’s consistently prompt communication skills relaxed the process of selling my business and helped secure my financial objectives.” 
Thomas McGuern
President, Chief Executive Officer
Pierre's School of Cosmotology
 “I was very impressed with Capstone’s rapid turnaround time.  They always seemed to be first out of the gate in identifying the most prominent transaction issues and recommending resolutions.  Their approach was unassuming and intelligently focused.  The quality of the advice Capstone provided us was outstanding.” 
Richard Lockman
Principal Shareholder
Ross Learning LLC
 "Capstone Partners was key for AQS in achieving our objectives of securing a growth equity partner, realizing liquidity for our shareholders, and managing many divergent and, oftentimes, conflicting constituencies.  Capstone’s ability to secure an acceptable transaction was noteworthy as was their passion and commitment to the process.  In fact, an acceptable transaction was only realized because of Capstone’s ability to keep multiple buyers interested and committed to a transaction.  Given the relationships that developed over our process, I would not hesitate to use Capstone again in our future endeavors.” 
Kevin Flanagan
President and CEO
AQS, Inc.
  “Capstone was tenacious about our transaction.  They did a great job under difficult circumstances and tough timing with an acquirer base that seemed significantly more defensive than offensive.  Nonetheless, their senior executives were intimately involved in getting the transaction done.  Great execution.”
James Lousararian
President and CEO
Angiolink Corporation
 “I was very pleased with Capstone’s ability to negotiate on our behalf in acquiring Altaworks.  Capstone has demonstrated a real commitment to clearly understand our expectations and requirements as we continue our use of M&A as a core strategy.  This desire to be close partners will ensure that our M&A efforts go smoothly.  I look forward to using Capstone again as a core member of our M&A team.” 
Alain Cohen
President and CEO
OPNET Technologies, Inc.
“Capstone is a team of professionals.  They were highly sensitive in guiding me, as a sole proprietor, through the process of divesting my life’s work …  My transaction has become noted as the best in the industry.  Capstone did it.  What more can I say about them?”  
Henri Blaine
CEO, Principal Shareholder
Blaine Beauty Schools
“I hired Capstone because of their track record and industry focus, which I believe made a difference.  Capstone committed their best resources to us and delivered. The personality and professionalism of the firm are stellar.”
Arnold Heinrich
CEO, Princiapl Shareholder
SBPA Systems
“Capstone has a style and approach that is remarkable to watch. They have a way of roping in wayward issues with complete finesse. Bottom line – a phenomenal job. We did not have one moment of regret in our decision to engage Capstone.”
Peter Pierce
CEO, Princiapl Shareholder
Punch Software
“I have used a number of investment banks over the past 17 years including most of the larger Wall Street firms and the Capstone team not only far exceeded my expectations but  also clearly outperformed any of those firms.”
Jim Calnan
CFO & Shareholder
 “… they seemed more focused on how they were going to deliver value … Our transaction was very challenging in that we were dealing with a relatively inexperienced acquirer.  I enjoyed watching Capstone educate the acquirer while continually pushing the deal to closure.” 
Richard Kivel
CEO & Shareholder
"The Capstone Headwaters Team took the time to understand the Company’s niche product line and growth strategy, as well as identifying any potential transaction risks far in advance so we could plan for them. This resulted in an excellent outcome for all shareholders with a sale to a strategic buyer, along with seamless execution that met our timing objectives."
Erika Highland
Managing Director
Gladstone Investment
“We selected Capstone Headwaters as our advisors based on their prior marine experience and sector knowledge. Having them at our side and ready to go to market when ADM pre-emptively approached our company positioned us for a successful deal negotiation.”  
Daniel B. Altman
TPG Marine Enterprises LLC