CB Capital Partners Research
Advisory Approach
CB Capital Partners is a specialized investment banking firm founded in 2001, focusing on creating value through customized financial advisory assignments for private middle market companies. The firm operates with an efficient investment banking platform that combines systems and talents learned from sophisticated multinational financial institutions. Their thesis centers on bringing innovative and value-added solutions through a conservative and disciplined application of diverse professional institutional investment banking talents.
The firm's sweet spot includes founder-owned and family-owned businesses in the lower middle market, particularly those with enterprise values between $5 million and $250 million. CB Capital Partners has particular expertise in situations requiring confidentiality, bespoke transaction structuring, and creative financing solutions. They are not a fit for businesses seeking a auction-style process or those requiring extensive public market capabilities.
Sector Focus
CB Capital Partners maintains industry expertise across multiple sectors. The firm's website and transaction history indicate primary focus areas in healthcare services, consumer products and retail, industrial manufacturing, technology, and clean technology. Their real estate asset management practice also provides specialized expertise in real estate transactions, having sponsored over $1 billion in commercial real estate acquisitions, repositionings, and recapitalizations since 2001.
Within healthcare, the firm has worked with medical device companies, healthcare services providers, and pharmaceutical companies. Their technology practice focuses on software, IT services, and technology-enabled businesses. In consumer and retail, they have experience with specialty retail, e-commerce, and consumer products companies. The industrial manufacturing practice covers discrete and process manufacturing, distribution, and industrial services.
Deal Track Record
CB Capital Partners has completed transactions across multiple deal types and industries. Notable engagements include:
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Active Ride Shop (2014): Advised the premier skate apparel retailer on a preferred capital infusion by Tengram Capital Partners, a private equity firm focused on branded consumer products and retail. The transaction was designed to accelerate growth through new unit expansion, with plans to add more than 30 new stores. CB Capital worked with Active Ride Shop for over two years, counseling them through the fundraising process.
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Denali Capital Acquisition Corp / Semnur Pharmaceuticals (2024-2025): Provided financial advisory and fairness opinion services for a reverse merger transaction valued at approximately $2.3 billion. Semnur Pharmaceuticals, a non-opioid pain management company, acquired Denali Capital Acquisition Corp, a SPAC, in a business combination that provided for a pre-transaction equity value of up to $2.5 billion. CB Capital Partners received $35,000 for their fairness opinion services.
The firm's real estate asset management division has completed over $1 billion in transaction value across property types including retail, office, multi-family, hotels, assisted living, and self-storage facilities.
Process & Fee Structure
CB Capital Partners implements customized and comprehensive processes tailored to each client's specific needs and objectives. For sell-side engagements, they conduct processes with the highest level of confidentiality and discretion, extensive industry and buyer research, active senior professional management, and creativity in structuring transactions to meet multiple client objectives.
Their buy-side advisory takes a comprehensive, long-term view of acquisition initiatives, focusing on generating the best return over the long term rather than simply completing transactions. The firm partners with clients to identify acquisition criteria, establish systematic processes to identify and prioritize targets, and manages the entire process from initial contact through due diligence, valuation, negotiation, and deal structuring.
Specific fee structure information is not publicly disclosed. The firm likely charges retainers and success fees consistent with industry standards for lower middle market investment banks, though the exact structure varies by engagement complexity and size.
Buyer Network
CB Capital Partners maintains relationships with various buyer types including private equity firms, strategic acquirers, family offices, and institutional investors. Their transaction history includes engagements with Tengram Capital Partners, a private equity firm focused on consumer and retail companies. The firm's corporate finance professionals have collective experience representing hundreds of companies in M&A and capital raise transactions, suggesting an extensive network of capital sources and acquisition partners.
Competitive Positioning
CB Capital Partners differentiates through its specialized expertise across both investment banking and asset management, providing clients with unique perspectives on transaction structuring and value creation. The firm's ability to combine traditional investment banking services with real estate asset management capabilities offers a value proposition that few competitors can match. Their long operating history since 2001, combined with a conservative and disciplined approach, appeals to business owners seeking trusted advisors for complex transactions.
The firm's global footprint, with offices in Newport Beach, Phoenix, and affiliations in Shanghai and Mumbai, provides clients with access to international buyer and capital sources that smaller regional firms cannot match.
Not a Fit If
CB Capital Partners typically declines engagements where clients require an auction-style process with hundreds of potential buyers, businesses with significant pending litigation or operational issues that would impede transaction completion, companies seeking public market access or IPO advisory services, and situations requiring immediate transaction closing without proper preparation and due diligence.
Team
The firm is led by Christopher J. Baclawski, Founding Partner and Managing Partner, who established CB Capital Partners in 2001. Mr. Baclawski has many years of experience advising specialty retail clients and leads the firm's investment banking practice.
Henry To, CFA, CAIA, FRM serves as Chief Investment Officer, managing the firm's institutional macro research and providing strategic advice to the commercial real estate division. Mr. To has hands-on experience across energy, media, manufacturing, and real estate sectors.
The firm maintains a lean team structure with investment banking professionals, analysts, and support staff. Team members have included professionals with previous experience at larger financial institutions and FINRA registrations for relevant securities examinations.
Geographic Coverage
CB Capital Partners is headquartered in Newport Beach, California at 620 Newport Center Drive, Suite 1100. The firm also maintains an office in Paradise Valley, Arizona at 11201 North Tatum Boulevard, Suite 300. Additionally, CB Capital has international affiliations with an office in Shanghai, China and an affiliate office in Mumbai, India, providing global reach for cross-border transactions.