Access Capital Partners Research
Advisory Approach
Access Capital Partners (ACP) is a specialized middle market investment bank focused exclusively on raising debt and equity capital for independent sponsors (also known as fundless sponsors), executives, and family offices. Founded in 2014 by Greg Tobben, the firm has developed a distinctive niche in the independent sponsor financing market, helping sponsors secure capital for acquisitions and recapitalizations while optimizing their economics and fee structures.
The firm's thesis is that independent sponsors need a capital raising partner who understands their unique model and can help them achieve above-market economics. Unlike traditional M&A advisors who work on sell-side mandates, ACP operates on the buy-side—connecting independent sponsors with the debt and equity capital providers they need to close acquisitions. This focus has made ACP a trusted partner in the independent sponsor community, with the firm claiming a "really, really good" success rate and 100+ completed transactions representing $8.0 billion in total transaction value.
Sector Focus
ACP works across a diverse range of industries, reflecting the broad mandate of independent sponsors who acquire businesses across many sectors. Their primary industry concentrations include manufacturing (both discrete and process), distribution and logistics, building products and materials, business services, transportation and logistics, healthcare, energy services, consumer products and services, technology, and specialty finance.
Within manufacturing, the firm has experience with precision machining, contract manufacturing, and industrial companies. Their distribution and logistics experience extends to supply chain management businesses. In business services, they work with various B2B services companies. The healthcare practice focuses on services businesses rather than medical devices or pharmaceuticals. Their technology experience is primarily in B2B software and services rather than high-growth SaaS platforms.
Notably, ACP's industry focus is determined by the types of businesses independent sponsors are acquiring, which spans both traditional industrials and more modern service businesses. This breadth reflects the firm's flexible, relationship-based approach rather than deep sector-specific expertise in any one vertical.
Deal Track Record
Access Capital Partners reports having completed 100+ transactions representing $8.0 billion in total transaction value, with 35+ years of combined middle market experience across the team. The firm maintains relationships with 1,000+ capital providers including alternative debt funds, family offices, private equity firms, traditional institutional LPs, banks, specialty finance companies, insurance companies, BDCs, SBICs, credit opportunity funds, mezzanine funds, asset managers, and hedge funds.
Typical transactions in their portfolio feature companies with $5-$500 million in revenue and $1-$50 million in EBITDA. The firm focuses on businesses headquartered in the United States or Canada. While ACP does not publicize individual transactions (reflecting the confidential nature of capital raising for independent sponsor acquisitions), their aggregate track record demonstrates substantial activity in the lower middle market independent sponsor space.
It's important to understand that ACP's deal profile differs from traditional sell-side M&A advisors. Rather than announcing individual deal closings, the firm's role is to help independent sponsors secure the capital they need to complete acquisitions. This means their "deals" are capital raises that enable transactions, and these capital raises are typically not announced publicly. The firm's value is measured by their success rate in helping sponsors close acquisitions, not by public deal announcements.
Process & Fee Structure
ACP's capital raising process is designed to create optionality for independent sponsors, uncovering the right capital partners and improving success rates. The firm runs a tailored process that targets appropriate debt and equity providers based on each transaction's characteristics, sponsor economics, and market conditions. They emphasize saving time for sponsors (allowing them to focus on deal sourcing and value creation) while improving the probability of transaction success.
The firm employs success-based engagement structures to ensure alignment of interests. In some cases, ACP co-invests alongside independent sponsor clients and capital providers, further demonstrating alignment. Their website emphasizes that when they take on an opportunity, it's because they believe in it as much as the client does.
While specific fee structures are not disclosed publicly, the firm emphasizes that their clients historically achieve "above market deal fees, ongoing compensation, management fees and equity participation." This focus on optimizing sponsor economics is central to their value proposition. The success-based fee model and potential for co-investment suggest a fee structure tied to successful capital raises rather than traditional retainer arrangements.
Buyer Network
ACP's capital provider network is their primary asset and differentiator. The firm claims 1,000+ relationships with capital providers, representing the full spectrum of private capital sources that work with independent sponsors. This includes alternative debt funds, family offices, private equity firms, traditional institutional LPs, national/regional/local banks, specialty finance companies, insurance companies, BDCs, SBICs, credit opportunity funds, mezzanine funds, asset managers, and hedge funds.
This network is particularly valuable to independent sponsors who may not have established relationships across all these capital provider types. ACP's role is to match sponsors with the appropriate capital sources based on transaction characteristics, sponsor economics, and market conditions. The firm's long track record (100+ transactions, $8.0 billion in total value) suggests they have deep, repeat relationships with many of these capital providers.
Competitive Positioning
Access Capital Partners differentiates through extreme specialization in the independent sponsor niche. While many middle market investment banks work with independent sponsors opportunistically, ACP focuses exclusively on this segment. This specialization allows them to develop nuanced expertise in independent sponsor economics, deal structures, and capital provider preferences.
The firm's positioning emphasizes:
- Improved Sponsor Economics: Helping sponsors achieve above-market fees and economics
- Relationship Leverage: Providing access to 1,000+ capital providers
- Time Savings: Handling capital raising so sponsors can focus on deal sourcing
- Success Rate: Emphasizing a "really, really good" success rate
- Alignment: Success-based fees and co-investment opportunities
This positioning is highly targeted—ACP is not trying to be all things to all clients, but rather the go-to capital raising partner for independent sponsors. This focus has allowed them to build strong brand recognition within the independent sponsor community, as evidenced by their Axial membership since 2016 and thought leadership content on independent sponsor topics.
Not a Fit If
Based on ACP's exclusive focus on independent sponsor financing, the firm is not a fit for:
- Business owners seeking to sell their companies (they don't do sell-side M&A)
- Traditional private equity firms seeking buy-side advisory (they work with fundless/independent sponsors)
- Companies seeking general strategic advisory or restructuring services
- Transactions outside the $5-$500 million revenue range
- Businesses outside the United States or Canada
- Independent sponsors who are not actively seeking capital for an acquisition or recapitalization
The firm explicitly states they would "prefer to work on fewer, high-quality opportunities with a high degree of success, than take on every transaction we see." This selective approach reinforces their focus on opportunities where they can add genuine value through their capital provider relationships and independent sponsor expertise.
Team
Access Capital Partners is led by Greg Tobben, Managing Partner and Co-founder. Tobben has more than 15 years of experience in investment banking, capital markets advisory, turnaround advisory, and principal investing. He has led the development of ACP's independent sponsor financing practice since the firm's founding in 2014. His sector experience spans manufacturing, transportation, logistics, food and beverage, restaurants, consumer products, business services, technology, distribution & supply chain management, specialty finance, and real estate.
Prior to forming ACP, Tobben led origination and execution of debt and equity capital raises, M&A assignments, and turnaround/restructuring engagements at another middle market investment bank. Earlier in his career, he focused on business development and raising institutional capital for multi-family acquisitions at a private equity firm. Tobben graduated from the University of Missouri-Columbia with a dual concentration in Finance and Real Estate. He holds FINRA Series 63, 79, and 82 registrations through StillPoint Capital, LLC, with a clean BrokerCheck record (no disclosure events).
The firm appears to be a lean organization (LeadIQ indicates approximately 2 employees), suggesting that ACP operates as a boutique focused on quality over quantity. This lean structure is consistent with their stated preference for working on fewer, high-quality opportunities rather than scaling to maximize transaction volume.
Geographic Coverage
Access Capital Partners is headquartered in Saint Louis, Missouri, at 7733 Forsyth Blvd., Suite 1151. The firm focuses on businesses headquartered in the United States or Canada, with no international footprint. This domestic focus aligns with their capital provider network, which appears to be primarily U.S.-focused private capital sources. The firm's long-standing presence in the St. Louis market (founded in 2014) provides a Midwest base, though their Axial membership since 2016 and digital presence suggest they work with sponsors and capital providers nationally.