Capital Run Research
Advisory Approach
Capital Run is a boutique investment banking firm specializing in M&A advisory and capital raising services for the lower middle market. The firm operates with a client-focused business model rooted in the belief that successful transactions require institutional-quality advisory services combined with deep industry expertise. Capital Run's founding partners, including John Carey Siegler, bring more than 25 years of investment banking experience, having previously led private placement and investment banking teams at major institutions including Piper Jaffray, Dain Raucher Wessels, and Volpe Brown & Whelen.
The firm's thesis centers on the idea that relationships are the cornerstone of successful transactions. Rather than a transactional approach, Capital Run commits to being a true partner with clients throughout complex deal processes. Their focus on integrity and long-term client success distinguishes them from larger, more transaction-oriented competitors. The firm emphasizes providing thoughtful, direct counsel from veteran dealmakers with extensive industry knowledge and broad capital markets connections.
Sector Focus
Capital Run maintains expertise across five primary industry verticals: consumer products and retail, enterprise software and technology, healthcare services and medical devices, business services and distribution, and alternative energy. The firm combines deep sector knowledge with long-standing relationships among general sponsors and strategic buyers.
In consumer products, retail, and restaurants, the firm advises on transactions ranging from specialty foods to direct-to-consumer brands, understanding the unique dynamics of consumer-facing businesses. In technology, the firm has particular expertise in enterprise software, digital media, online consumer platforms, mobile applications, and big data analytics companies—sectors where Capital Run brings both banker expertise and understanding of market dynamics.
Within healthcare services and devices, Capital Run advises on physician practice management consolidations, healthcare IT implementations, medical device manufacturers, and healthcare service providers. The firm's industrial and business services practice covers manufacturing, distribution and logistics, staffing, outsourced operations, and facility management—sectors where operational leverage and buyer networks are critical to valuation.
The alternative energy vertical, including both software and hardware solutions, represents an emerging focus where the firm brings energy industry relationships and understanding of both utility-scale and distributed solutions.
Transaction Philosophy and Process
Capital Run has developed what it describes as a streamlined transaction process designed to minimize management distraction while maximizing competition and deal outcomes. The firm believes successful transactions begin with rigorous due diligence that yields thorough understanding of a company's story—understanding which Capital Run positions as critical to selling the company's strengths to potential acquirers.
For sell-side mandates, Capital Run executes what it calls "institutional-quality sell-side processes" involving targeted buyer identification and outreach, comprehensive quality-of-earnings support, management presentation coaching, and structured data room preparation. The firm tailors its approach to different buyer types, recognizing that financial buyers (private equity firms), strategic acquirers, and family offices have different goals, strategic needs, and financial capacity.
Capital Run's transaction process emphasizes accountability and transparency throughout. The firm provides daily "Transaction Updates" to senior management and boards, enabling real-time monitoring of investor interest, competitive positioning, and marketing milestones. This structure allows clients to adjust strategy as needed while maintaining focus on their core business.
The firm also provides buy-side advisory, representing companies seeking acquisitions and handling target identification, financial modeling, preliminary due diligence, and negotiation of definitive agreements. Additionally, Capital Run provides fairness opinions that mitigate risk for investors, directors, and management by offering unbiased assessment of transaction valuations and competing offers.
Valuation and Fee Structure
Capital Run has positioned valuation expertise as a core differentiator. Beyond M&A advisory, the firm provides comprehensive fairness opinions, valuation analyses, and analysis supporting refinancing decisions. This depth of valuation expertise enables the firm to guide clients on fair value, understand competitive positioning, and anticipate due diligence challenges.
Regarding fee structure, the firm has not publicly disclosed specific fee formulas on its website. However, the firm appears to operate on a modified advisory model common in the lower middle market boutique space, likely involving retainers and success fees scaled to transaction size. The firm's service model suggests a commitment to value-aligned arrangements where advisors' interests align with client outcomes.
Capital Raising Track Record
A significant portion of Capital Run's business involves raising institutional private equity and debt capital for growth and later-stage private companies. The firm reports completing more than 100 transactions in this space, ranging in size from $6 million to $125 million. This demonstrates deep relationships among venture capital firms, private equity sponsors, mezzanine debt providers, and strategic investors.
The firm's capital-raising practice emphasizes introducing growth companies to qualified institutional partners while leveraging its network of general sponsors and industry investors to create competitive tension and achieve favorable terms for clients.
Competitive Positioning
Capital Run differentiates from other lower middle market advisors through several dimensions:
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Institutional Heritage: The managing partners bring backgrounds from leading regional and national investment banking firms, translating institutional-quality processes to the boutique setting.
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Integrated Valuation: Unlike many boutiques that treat valuation as a secondary service, Capital Run places valuation expertise at the center of advisory, enabling differentiated counsel on fair value and transaction structuring.
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Senior-Level Focus: The firm commits to senior partner involvement throughout transactions, avoiding the model where junior staff primarily serve clients.
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Process Discipline: Capital Run's emphasis on rigorous due diligence, tailored marketing strategies, and real-time transparency throughout the transaction process contrasts with less-structured approaches.
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Geographic and Sector Depth: Based in Seattle with demonstrated expertise across consumer, technology, healthcare, and industrial verticals, the firm brings both regional relationships and broad sector knowledge.
Not a Fit If
Based on the firm's positioning and service model, Capital Run appears to be less focused on:
- Companies seeking highly asset-light, quick-turnaround processes where minimal due diligence is acceptable
- Pure financial sponsors seeking arms-length transactional advisory
- Situations where price discovery through minimal buyer outreach is the priority
- Extremely small transactions where the firm's process model would not be economical
Team and Leadership
John Carey Siegler, Managing Partner and Founder, brings 25+ years of investment banking experience. Before founding Capital Run, Siegler was a Managing Director at Piper Jaffray, Dain Raucher Wessels, and Volpe Brown & Whelen, where he ran each firm's private placement group and consumer investment banking teams. He previously held positions at Montgomery Securities and Paine Webber in San Francisco and New York.
Siegler's transaction experience is extensive, spanning consumer products, healthcare, technology, and alternative energy sectors. He has advised on transactions for companies including Amgen, Cabela's, Outback Power, Silicon Energy, Organic to Go, Nanostring Technologies, Pacific Coast Restaurants, Gart Sports, Heat-N-Glo, Apex PC Solutions (Avocent), Wycoff Farms, Issaquah Dental, iWon, Avtech, Julep, Medsphere, Plansoft, Cool Cuts 4 Kids, Zoots, USA.Net, Bridge Medical, Aventail, Optum Software, Butter London, BSquare, LeeAnn Chin, House of Blues, School Specialties, Seattle Hospitality, iVow, Medical Arts Press, Image-X, Blue Rhino, Rosella's Fruit & Produce, Tweeter, Crocs, Yesmail.com, InfoSpace, Paper Warehouse, Brass Eagle, Guitar Center, Wild Oats Markets, Harris Interactive, Rainforest Café, Ultimate Electronics, Rock Bottom Restaurants, Cross Town Trader, Nordstrom.com, and WeddingChannel.com.
Siegler is a Princeton University graduate (1977) and earned his MBA from the University of Chicago Booth School of Business (1982). He serves on various boards including Julep and Balanced Health, and has previously served on boards of Music of Remembrance and the American Liver Foundation. He is co-chair of the St. Albans School for Boys Centennial Campaign and Chairman of the Princeton Prize for Race Relations in the Pacific Northwest.
Geographic Coverage and Market Position
Capital Run is based in Seattle, Washington, positioning the firm as a Pacific Northwest anchor for middle market M&A advisory. The firm serves clients globally, leveraging relationships across the United States and internationally.
The firm's positioning in the Seattle market, combined with managing partners' backgrounds (Siegler's connections span Silicon Valley, San Francisco, New York, and the Pacific Northwest), gives Capital Run both regional depth and national reach.
Summary
Capital Run represents a classic lower middle market boutique investment bank: founder-led, relationship-driven, and committed to institutional-quality processes that differentiate the firm from transactional competitors. The firm's focus on integrated advisory (combining M&A, capital raising, and valuation), sector expertise, and partner-level client service positions Capital Run as a trusted advisor for business owners and management teams navigating complex corporate transactions in the $6M-$250M range.