Capstone Strategic is the meeting point of passion and process in the field of mergers and acquisitions. Founded in 1995 by CEO David Braun, Capstone meets the unique demands of mid-market companies and their corporate growth initiatives. We help clients achieve their dreams through proactive strategic growth programs and successful acquisitions. Put simply, we help companies grow.
Capstone’s State of Midmarket M&A Q1-Q3 2014 Update indicates a steady growth in midmarket mergers and acquisitions. We surveyed midmarket executives from multiple industries to learn how the first nine months of 2014 matched expectations from 2013, and to indicate any new trends in midmarket M&A. The survey was conducted in October 2014, and follows a […]
Capstone Webinar: Keys to Integration Success Thursday, September 17, 2009; 1:00 PM ET Hosted by David Braun, Capstone CEO Join Capstone CEO David Braun as he leads a webinar on how to successfully plan and execute the integration of two companies. The closing of a deal is the fruition of months — even years — […]
Thank you for your comment. At Capstone, David Braun recommends including people from functional areas of your company in your acquisition team. This helps to...Commented on From Markets To Prospects: “Taking The Emotion Out”.
A common error in the M&A game is to over-delegate the process to the financial team. I had a highly successful client who put an entire acquisition in the hands of his CFO. Like many (but not all) of his kind, this financial executive could only see or understand spreadsheets. He had zero patience for […]
There is an old way and a new way to go about the M&A process, and it’s essential to know the difference. I had a client that perfectly exemplified the old way. She would be regularly approached by investment bankers hawking “the book” on a company they had for sale. She would listen to the […]
The right acquisition can dramatically accelerate your company’s growth. Sadly, great opportunities are widely missed, especially in the mid-market. Many companies shy away because the whole field of M&A seems too intimidating. There are others who attempt acquisitions and are disappointed by the outcome, often because they try to follow a rote system overly focused […]
This isn’t the time to be down on private equity. They aren’t the bad guys and they brought a lot of value to companies in recent years. But the growth economics have changed. Private equity buyers have wrung out much of the financial value from these companies. When it comes to business acquisitions, it’s time […]
Much of the buildup that’s been happening over recent years in the residential mortgage market is similar to what has been going on in the commercial market. It’s all about financial engineering. Typically, the financial investor looks at an acquisition and says: “Let’s restructure the balance sheet so that the company doesn’t fundamentally change. We […]
When the smoke clears and the dust settles, what does the Wall Street meltdown mean? We’re back to cash is king. The Golden Rule has been restored: he who has the gold, makes the rules. It’s a return to old-fashioned investing. Companies with strong balance sheets and lots of cash are moving in to make […]
In the current crisis, people are rightly concerned about a declining dollar and its impact on all aspects of business, including Mergers and Acquisitions. Outbound, the weaker dollar is making it more difficult for US companies to make acquisitions abroad, because they’re now more expensive. On the inbound side the impact has been positive. We’ve […]
I was asked the other day about the meaning of “enterprise value”. We have two different terminologies that are used in the marketplace: enterprise value and equity value. Enterprise value is the value of a business including its debt. Equity value is the value of the business debt free. In some situations, you might be […]
It’s been a dramatic time for investment banking, and many people are anxious. We probably haven’t seen the bottom yet, but there’s no cause for panic. In fact, good things may come from this latest turmoil. Take Lehman, the smallest of the four majors. They had tremendous exposure to real estate and their balance sheet […]
There’s some confusion around about the direction of the M&A market, and it comes from seeing the market as an undifferentiated whole. For example, a recent article in the New York Sun predicts a comeback in M&A activity after a year in the doldrums. The article is generally correct and I do see a strong […]
If you look at the divide in the M&A market, the growth you will see is in strategic acquisitions — either very large or very small. Where we can expect the least amount of activity is what I call the wedge: $1B to $10B transactions. This market sector is inherently ripe for private equity. It […]
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