Client Testimonials

We measure our success by the value that our clients ascribe to our services.  Ultimately, Capstone’s 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 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, Capstone has achieved a 95% performance rating.  Clients highlight Capstone’s ability to increase the probability of success, speed to completion and shareholder value.  We take great pride in this achievement.

“The process of taking your company to market can be extremely intimidating, but Jacob and 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.

Quest Products is a multi-faceted CPG company supplying top category leading brands, within OTC healthcare, into retail and online e-tail stores. Quest’s mission is to bring new innovative and quality health and wellness products to consumers doors or retail stores. For more information, visit

“With the significant growth opportunity ahead for the Company, now was the optimal time to bring on a partner.  Being a local firm with an outstanding track record, Summit Park is a perfect partner for the Company. We are excited about the FGT’s future and look forward to continuing to provide our customers with the highest quality products and best customer service in the industry.”
Evan Felker
Company Director
Fast Growing Trees
“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
"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
"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.
“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.
"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
"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 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
"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.
"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
“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
“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
"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
 “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
  “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
 “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
“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.
 “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
“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
“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
“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.
"I knew how to run a business, but knew very little about how to sell or recap a business. The team at Capstone gave me the confidence to proceed with speed into a perfectly timed marketplace. There were many times during the process that honest, confidential advice was needed. We always felt comfortable that we could trust Capstone with anything. You need that support during one of the most stressful and significant events that will ever happen in your lifetime."
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
“I extend my sincere thanks to the Capstone team for the amazing job they did with Project Haley.  I couldn’t really imagine a better outcome and I’m quite sure that without Capstone’s involvement, it wouldn’t have happened this way.  There was never any doubt in my mind that Capstone always had our best interests at heart and were working hard on our behalf... not just working to get a deal done.”
William R. Schmid
Halo Innovations, Inc.
  “Capstone did an enormous amount of counseling both internally and with prospective buyers to get the deal closed.  Senior level attention never lagged in spite of the inordinate delays.  Management and investors felt that their interests were protected by Capstone at all times.“   
Raghu Chintala
CEO, Princiapl Shareholder