Turnstone Investment Banking (formerly CC Capital Advisors) Research
Advisory Approach
Turnstone Investment Banking, formerly known as CC Capital Advisors, is a Kansas City-based independent investment banking firm founded in 1994 as Christenberry Collet & Co. The firm was established to bring Wall Street-level guidance to Midwest family and founder-led companies. In 2009, the firm joined Country Club Bank and became CC Capital Advisors, and in January 2026, it returned to independence and rebranded as Turnstone Investment Banking. The firm operates with a clear thesis: business owners selling their companies deserve the same level of sophisticated advisory services typically reserved for larger transactions. They believe that exhaustive buyer outreach combined with institutional-quality process management delivers optimal outcomes for sellers in the lower middle market.
Their sweet spot is family and founder-owned businesses with enterprise values between $5 million and $250 million, particularly those where operational complexity creates valuation challenges or where a highly confidential process is required. The firm deliberately maintains a selective engagement model, taking on a limited number of clients at a time to ensure each transaction receives dedicated attention from senior managing directors throughout the entire process.
Sector Focus
Turnstone Investment Banking maintains deep expertise across a broad range of industries, with particular strength in the Midwest's core economic sectors. Their primary focus areas include manufacturing (both discrete and process), distribution and logistics, construction and engineering, business services, and consumer products. Within manufacturing, they have significant experience with precision machining, contract manufacturing, industrial automation, aerospace and defense, automotive components, building products, chemicals, plastics, and medical devices. Their distribution and logistics expertise extends to transportation, warehousing, and supply chain businesses.
In the business services sector, they work with professional services firms, environmental services companies, IT outsourcing and managed services providers, SaaS businesses, and financial services firms. Their construction and engineering practice focuses on electrical and HVAC contracting, general contracting, and specialty trades. Consumer industry experience includes consumer packaged goods, food and beverage processing, and pet products. The firm also has demonstrated experience in healthcare services, agriculture and animal health, telecommunications and infrastructure, and energy markets.
Deal Track Record
Turnstone Investment Banking has completed 112 transactions over its 30-year history, providing sell-side M&A advisory, buy-side representation, capital raising, and corporate finance advisory services. Recent representative transactions include the sale of Arrowhead Contracting, an environmental remediation and general contracting firm headquartered in Overland Park, Kansas, to Kava Equity Partners (the direct private equity investment group of the Southern Ute Indian Tribe Growth Fund) in October 2024. CC Capital Advisors served as the exclusive financial advisor to Arrowhead Contracting in this transaction.
In December 2024, the firm advised Fidelity Kansas Bankshares, Inc. on its merger with Heritage Bancshares, Inc., a transaction that created a combined institution with approximately $300 million in total assets across three banking offices in the Topeka area. CC Capital Advisors, Inc. d/b/a The Capital Corporation served as financial advisor to Fidelity Kansas Bankshares in this banking merger.
Other significant transactions include advising Black & Veatch on the sale of its environmental services business unit to Versar, Inc. in June 2021; representing Wilbert Funeral Services, Inc. in the sale of a 45% equity interest to Alleghany Capital Corporation in June 2017; and serving as sell-side advisor to Wilbert Plastic Services, a provider of injection molded and thermoformed parts for OEM customers, in its acquisition by Piedmont Manufacturing Group, LLC (an Alleghany Capital Corporation platform) in May 2021. The firm also advised Allied Materials & Equipment Co., Inc. on its sale to Maple Hill Capital and Open Road Brands, LLC in 2024, enhancing the buyer's presence in consumer and government contracting sectors.
In the telecommunications sector, Turnstone advised Tri-County Electric Cooperative on the sale of OneSource Communications, a fiber-fed broadband services provider in the Dallas-Fort Worth metro, to Ubiquity Management, LP in October 2020. They also represented Great Plains Supply, a wholesale distributor of swimming pool and spa supplies, in its sale to Marcone Supply and its financial sponsor Genstar Capital in August 2022, and Hohenschild Welders Supply, a full-service independent distributor of packaged gases and welding supplies, in its sale to Meritus Gas Partners (a portfolio company of AEA Investors Small Business Private Equity), where all employees were retained and the management team continued operating the business.
Process & Fee Structure
Turnstone Investment Banking runs disciplined sell-side processes typically lasting 6-9 months from engagement to close. Their approach includes comprehensive preparation of marketing materials including a confidential information memorandum (CIM), curation of a targeted buyer list, structured marketing phases, management presentations, virtual data room management, and negotiation of letters of intent and definitive agreements. Throughout the more than 60-day due diligence process typical of their transactions, they coordinate between buyers, sellers, attorneys, accountants, and other third-party consultants while allowing their clients to focus on day-to-day operations.
Regarding fee structure, Turnstone's website indicates they use industry-standard compensation models. Engagement fees (retainers) typically range from low tens of thousands to more than $100,000 in total, depending on transaction size and preparation requirements. Success fees often follow the Lehman formula (declining percentage scale using tiered milestones based on enterprise value), though they also utilize accelerator structures, flat percentage fees, or fixed fee arrangements depending on client circumstances. According to industry benchmarks they reference, median success fees for lower middle market transactions are approximately 5.5% for $5 million transactions, 3.7% for $20 million transactions, and 2.1% for $100 million transactions. The firm emphasizes that their services often pay for themselves through value uncovered, improved deal terms, and navigating complexities that might otherwise go unnoticed.
Buyer Network
Turnstone Investment Banking maintains relationships with a broad network of private equity firms and strategic acquirers. Their transaction history shows successful closures with numerous private equity buyers including Kava Equity Partners (Southern Ute Indian Tribe Growth Fund), Genstar Capital, AEA Investors Small Business Private Equity, Maple Hill Capital, and Alleghany Capital Corporation. Strategic buyers in their completed transactions include Marcone Supply, Versar, Inc., Ubiquity Management, LP, and Heritage BancShares. This diverse buyer network spans financial sponsors, strategic acquirers in adjacent industries, and family offices, allowing Turnstone to create competitive buyer environments that maximize transaction value for their clients.
Competitive Positioning
Turnstone Investment Banking differentiates itself through several key factors. First, their 30-year history in the Kansas City market provides deep regional expertise and long-standing relationships with Midwest business owners, professional advisors, and capital providers. Second, their selective engagement model ensures that managing directors are personally involved in every transaction from start to finish, rather than delegating junior staff. Third, their experience across economic cycles since 1994 provides perspective on navigating both favorable and challenging M&A environments. Fourth, their independence allows them to focus solely on client outcomes without conflicts of interest from other business lines. Finally, their authorship of the annual "State of M&A in Kansas City" report for over 20 years establishes them as thought leaders and trusted sources of market intelligence in their region.
Not a Fit If
Turnstone Investment Banking typically declines engagements outside their core lower middle market focus (transactions below $5 million enterprise value), highly distressed situations requiring turnaround expertise, or industries where they lack demonstrated expertise. They also avoid situations where sellers are not genuinely committed to completing a transaction or where unrealistic expectations about valuation or timeline exist. Their selective model means they cannot accept every engagement that comes their way, preferring to focus on opportunities where their specific expertise will create maximum value.
Team
The firm is led by three Managing Directors: John Hense, Jr., Terry Christenberry, and Stephanie Siders. Stephanie Siders also serves as ACG Kansas City Chapter President, demonstrating her leadership in the broader M&A community. The team also includes Vice Presidents Tyler Clement and Jack Rusgis, Associates Jack Schanze and Trent Barnes, and Marketing Manager Laneah Knuth. During the CC Capital Advisors era (2009-2024), several team members held FINRA registrations through the firm's broker-dealer registration, including Terry Christenberry, Tyler Clement, Trent Barnes, and Jack Schanze. Following the 2026 rebrand to Turnstone Investment Banking, securities services are offered through Burch & Co. Inc., an unaffiliated FINRA member firm, with certain Turnstone team members registered as representatives of Burch & Co.
Geographic Coverage
Turnstone Investment Banking is headquartered in the Kansas City metropolitan area with offices in Mission Woods, Kansas and Kansas City, Missouri. While their core focus is the Midwest region, particularly Kansas, Missouri, Nebraska, Iowa, and surrounding states, they have completed transactions nationwide from their home base. Their industry expertise aligns with the manufacturing, distribution, agricultural, and infrastructure-heavy economies of America's heartland, though they regularly work with buyers and sellers from across the United States in their transactions.