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.

"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
CEO
Envision
“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
Co-President
Laddawn
“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!”
CEO
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
CEO
REO
“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
CEO
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
CEO
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
CEO
RedZone
“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
CEO
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
CEO
Aeronautics
"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
CEO
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
CEO
PRQA
“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
CEO
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
CEO
Plixer
“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
CEO
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
CFO
Circlepix
“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
President
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
CEO
CSE
 “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
President
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
Co-owner
Solidyn
"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
CEO
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
CEO
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
Chairman
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
CEO
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
CEO
Nwestco
“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
Trinseo
“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
"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
"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
InnoTrans
“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
CEO
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
CEO
Tenstreet
“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.
Founder
Avomeen
“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
CEO
Puricore
"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
Owner
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
CEO
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
President
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
President
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
President
EdgeCraft
"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
AuthenTechnologies
"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
CEO
MediaNet
“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
CFO
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
President
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
CEO
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
Zend
“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
CEO
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
CEO
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
CEO
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
CEO
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
CEO
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
Co-Founder
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
CEO
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
CEO
ISONAS
“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
CEO
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
CEO
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
President
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
Owner
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
CEO
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
CFO
Qualfon
"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
CEO
ecoATM
“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
CEO
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
CEO
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
President
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
Edvisors
“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
PLAYTIME, LLC
“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
CEO
SURV
“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
Chairman
Reglera
“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
CEO
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
President
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
CEO
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
CEO
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
President/CEO
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
H2X
“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
President
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
President
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
President
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
IEFC
 “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
NetDecide
 “… 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
Molecularware