Capstone Strategic Research
Advisory Approach
Capstone Strategic embodies a distinctive thesis about M&A in the middle market: "Every company is for sale... for the right equation." Founded in 1995, the firm specializes in helping privately-held companies that appear to have no intention of selling discover strategic buyers and unlock value through thoughtfully structured transactions. This philosophy reflects deep expertise in finding hidden deal opportunities and unlocking value for business owners who may not have actively considered M&A.
The firm operates with an institutional-quality process methodology called the "Roadmap to Acquisitions," which provides a structured, repeatable framework for managing complex middle-market transactions. Over 30 years, Capstone has developed particular mastery in transactions that others might overlook—deals involving founder dynamics, family business considerations, not-for-sale companies, and strategic recapitalizations that require nuanced advisor guidance.
Sector Focus
Capstone Strategic has evolved to become the acknowledged leader in Credit Union Service Organization (CUSO) M&A and strategic growth. Their CUSO practice includes advising credit unions on CUSO acquisitions, divestitures, and strategic partnerships. Recent transactions demonstrate deep expertise in CUSO segments including lending platforms, analytics, payment processing, insurance services, and technology services.
Beyond the credit union ecosystem, Capstone maintains active practices in business services, professional services, healthcare services, and light manufacturing. The firm's 300+ client relationships span more than 100 industries and 30+ countries, indicating broad cross-industry capability balanced with sector depth in financial services and CUSOs.
Deal Track Record
Capstone Strategic has completed over $2 billion in transaction value across 300+ client engagements. Recent deal activity (2024-2025) demonstrates strong market momentum:
CUSO and Credit Union Transactions:
- Advised Janusea (fintech CUSO) on acquisition by Kinective Capital (2025)
- Guided OceanAir Federal Credit Union on acquisition of Larson Insurance Agency, LLC (2025)
- Advised Datava on successful sale to Kinective Capital (2025)
- Guided Skyla Financial Solutions on acquisition of PolicyLine Insurance (2025)
- Advised Achieva Credit Union on acquisition of Cannella Insurance Services (2025)
- Advised Achieva Credit Union on acquisition of Veritas Title and launch of new CUSO (2024)
- Advised Nutmeg State Financial Credit Union on CUSO divestment (2025)
- Guided PSCU on acquisition of CU Recovery and other strategic initiatives
- Facilitated Pure IT and Janusea acquisition of select assets from KIVA Group
- Advised PSCU on acquisition of Juniper Payments
Broader Middle-Market Transactions:
- Advised Intermatic on acquisition of AquaPro Systems
- Guided SCF Solutions on acquisition of Arthurs Insurance Services
- Facilitated strategic partnerships and acquisitions across diverse industries
- Guided Green Dot Limited on sale of 51% stake to One Caribbean Media (2017)
These transactions span sell-side advisory, buy-side advisory, divestitures, and strategic partnership facilitation. The firm's deal experience provides deep understanding of buyer networks, valuation approaches, and process management across deal types.
Process & Fee Structure
Capstone employs a methodology-driven approach with their proprietary "Roadmap to Acquisitions" framework. Their process is designed to guide middle-market business owners and executives through multi-month engagements that typically involve:
- Strategic planning and target identification
- Market research and competitive analysis
- Prospect identification and relationship development
- Due diligence management
- Valuation and deal structuring
- Negotiation and deal documentation
- Post-close integration support
The firm offers flexible engagement models ranging from strategic advisory retainers to full transaction advisory. Their valuation practice, led by CVA (Certified Valuation Analyst) Anna Kochkina, applies multi-dimensional valuation approaches combining proprietary analytical tools with deep M&A transaction experience.
Fee structure varies by engagement type. For acquisitions, Capstone typically operates on a retainer plus success fee model, with retainers credited against final success fees. The firm's focus on mid-market transactions ($10M-$500M TEV) means engagement sizing is customized to the transaction scope and client needs.
Buyer Network
Capstone Strategic's transaction history demonstrates strong relationships with:
- Private equity firms (Kinective Capital, and others in PE space)
- Strategic buyers across manufacturing, healthcare, technology, and business services sectors
- Family offices seeking add-on acquisition opportunities
- ESOP sponsors and financial buyers
- International acquirers (evidenced by 30+ country transaction experience)
The firm's deep relationships in the credit union ecosystem—including relationships with PE firms focused on CUSO and fintech, strategic credit union networks, and CUSO-focused financial buyers—position them uniquely for CUSO-related transactions.
Competitive Positioning
Capstone Strategic differentiates through:
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Specialization in Not-for-Sale Transactions: Unique expertise in identifying and approaching companies that don't actively market themselves, unlocking value for sellers and buyers
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Methodology Rigor: The proprietary "Roadmap to Acquisitions" provides structure and repeatability, reducing risk for clients relative to ad-hoc approaches
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CUSO Expertise: Recognized as the leading advisor for credit union service organization M&A and strategic growth, with 30+ years of relationships in the credit union industry
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Valuation Strength: In-house valuation practice led by CVA with multi-dimensional approaches, reducing information asymmetry
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Mid-Market Focus: Unwavering focus on $10M-$500M middle market deals, providing specialized knowledge vs. boutiques that are generalist
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Thought Leadership: David Braun (Founder/CEO) is published author, speaker, and recognized expert, with significant media presence (Financial Times, Fox Business, CNN Money, CBS MoneyWatch)
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Customized Engagement Model: Ability to tailor process to client needs—whether strategic planning, target identification, transaction advisory, or integration support
Not a Fit If
Capstone Strategic typically focuses on mid-market opportunities and may deprioritize:
- Transactions below $10M TEV (outside core focus)
- Hostile or contested M&A situations
- Highly distressed or turnaround situations requiring restructuring expertise
- Pure financial engineering / leverage optimization (they focus on strategic growth)
- Companies with significant regulatory or litigation encumbrances
Team
Capstone Strategic's leadership team brings 30+ years of combined M&A experience:
- David Braun (Founder & CEO): 30+ years M&A experience, author of "Successful Acquisitions: A Proven Plan for Strategic Growth", recognized M&A thought leader
- John Dearing (Managing Director & Partner): 15+ years credit union/CUSO expertise, CFA, MBA from Georgetown
- Edelweiss Harrison (Vice President): 20+ years cross-industry experience, leads strategic growth and market research
- Brian Goodhart (Director, M&A Advisory Services): Buy-side and sell-side M&A transactions, former Wipfli Business Transition Group director
- Anna Kochkina (Director, Valuation Services): CVA, 15+ years valuation and M&A consulting, international experience
- Richard Frank (Chief Marketing Officer): 20+ years brand and growth, former T. Rowe Price, AccuWeather, Baltimore Orioles
The firm also maintains an Advisory Board of CEOs, executives, and M&A professionals who provide strategic counsel.
Geographic Coverage
Capstone Strategic operates from their Vienna, Virginia headquarters with domestic and international reach. Transaction experience spans 30+ countries, with demonstrated capability in both US middle-market and cross-border transactions. Particularly active in credit union-dense regions and major metropolitan markets.
Educational Leadership
Beyond advisory work, Capstone operates educational initiatives including:
- M&A University (M&A U™): Dedicated platform for owner education on growth strategies
- Monthly webinar series on strategic growth and M&A topics
- M&A Minute podcast and video series
- Speaking engagements at industry conferences
- Blog (SuccessfulAcquisitions.com) with M&A insights and case studies
This educational investment reflects the firm's mission to elevate the professionalism and success rate of middle-market M&A.
Company Culture
Capstone Strategic emphasizes:
- Client-centric, customized engagement approach
- Long-term relationship building (many client relationships span 15+ years)
- Ethical, professional conduct
- Community involvement (Capstone Cares annual initiative)
- Continuous learning and professional development
Client testimonials emphasize Capstone's "patience and grace," ability to build trust quickly, and talent for translating complex financial processes into clear strategic guidance.