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Bill Sprague

  • Managing Director
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Bill Sprague is a Managing Director in Capstone Headwaters' Infrastructure Finance practice. Prior to Capstone Headwaters, Bill was previously Chief Executive Officer of Madison Williams and SMH Capital, a full service investment bank.

Previously, Bill was the founder of Crest Communications, a middle-market private equity firm. In addition, he was a Managing Director and Co-Head of Mergers and Acquisition Group at Smith Barney. Bill realigned the M&A Department to partner with each of the industry groups which led to a four–fold increase in revenues within 2 years. Bill also chaired the Firm’s Fairness Opinion Committee. He has completed more than 40 M&A transactions during his career, totaling in excess of $7 billion of transaction value. 


University of Pennsylvania, The Wharton School - MBA - Finance

Williams College - BA - Political Economics

Registrations & Affiliations

FINRA - Series 7 & 63 Registered General Securities repsentative

FINRA - Series 23 Registered General Securities Principal

FINRA - Series 79 Registered Investment Banking Representative

Industry Coverage

America is currently facing major problems in the development of key projects that are essential to maintaining and improving the nation’s infrastructure. A primary problem is that rarely...Read more

Most of our major bridges, tunnels, highways, dams and ports are nearly 60 years old and, in some cases, older. The average age of the bridges and tunnels around New...Read more

In 2017, nearly every capital market reached an all-time high.  The year started with some market uncertainty, but by the end of the year all major markets, except energy, surged forward and...Read more