Connelly Capital Research
Advisory Approach
Connelly Capital is a Puerto Rico-based boutique investment bank founded in 2006 that brings a uniquely operational perspective to M&A advisory. Unlike traditional investment bankers who focus exclusively on financial engineering, Connelly Capital's Managing Directors and senior team collectively have over 45 years of hands-on experience as C-level executives, business owners, lenders, and operators. They approach transactions from a business owner's perspective, having personally navigated industry challenges, hiring issues, and M&A transactions.
The firm's thesis is grounded in the belief that operational experience creates better outcomes for sellers. Their team includes former founders and operators who understand the practical realities of running a business, not just the theoretical models of valuation. This operational DNA enables them to guide clients through value enhancement pre-work, process design, buyer identification, offer selection, due diligence support, and final closing with a level of practical insight that generalist firms cannot match.
Sector Focus
Connelly Capital describes itself as industry-agnostic, meaning they work across diverse sectors rather than specializing in a single vertical. However, their transaction history reveals particular depth in manufacturing, distribution, food & beverage, healthcare, aviation/aviation services, and business services. The firm has been directly involved in over 60 transactions with accumulated value exceeding $800 million, advising clients across Puerto Rico, the US Virgin Islands, the continental United States, and Latin America.
Key industries served include manufacturing (precision machining, concrete, safety equipment, fire equipment), distribution and logistics (aviation FBO services, product distribution), food and beverage (coffee manufacturing, food retail, food processing), healthcare services (behavioral health platforms, medical malpractice insurance), business services (commercial landscaping, financial services), and industrial services. The firm also has significant expertise in New Markets Tax Credits (NMTC) transactions, having closed over $130 million in NMTC deals primarily in Puerto Rico.
Deal Track Record
Connelly Capital has completed 60+ transactions with over $800 million in aggregate transaction value. Notable transactions include:
Recent Transactions (2024-2025):
- Sale of Puerto Rico FBO to Modern Aviation (February 2024) – Connelly Capital served as sell-side advisor on the acquisition of Puerto Rico FBO LLC at Fernando Luis Ribas Dominicci Airport in San Juan. The transaction involved approximately 40,000 square feet of hangar and office space, with Modern Aviation expanding its FBO network in the Caribbean.
- Evinmotors acquisition (March 2025) – Buy-side advisory services for Evinmotors, a Puerto Rico-based transportation company.
Historical Transactions (2010-2023):
- Safety Zone PR sale to Aramsco (June 2021) – Francisco Uriarte led the sale of Safety Zone PR, Puerto Rico's leading safety footwear and personal protective equipment distributor, to Aramsco, a specialty contractor products company. The transaction created expanded product and service offerings for customers in Puerto Rico.
- Hi Tech Auto Care (December 2023)
- Dorado Concrete (June 2019)
- Tilley Fire Equipment Company (January 2015)
- CompCare de Puerto Rico (July 2010)
- CEFI (January 2008)
- AAA Coffee Break Services
- Caribe Landscaping
The firm's portfolio also includes buy-side advisory work for clients such as Aireko Construction, Economic Development Bank for Puerto Rico, SuperMax Online, and The Tustin Group.
Process & Fee Structure
Connelly Capital runs institutional-quality sell-side processes tailored to lower middle market businesses in Puerto Rico and the Caribbean. Their process begins with value enhancement pre-work, helping owners prepare their businesses for sale before going to market. They then design a customized process, identify appropriate buyers (strategic acquirers, private equity firms, family offices), manage offer selection, support due diligence, and guide the transaction through closing.
The firm's deep operational experience enables them to provide practical guidance on positioning, financial analysis, and operational improvements that can increase transaction value. They emphasize building lasting relationships grounded in trust and transparency, positioning themselves as dedicated partners rather than transactional advisors.
While specific fee structures are not publicly disclosed, the firm likely employs retainer-based success fee models common in the lower middle market, with monthly retainers credited against a percentage success fee at closing. Their minimum engagement size is not publicly stated, but their transaction history suggests they focus on businesses with enterprise values in the $5 million to $50 million range.
Buyer Network
Connelly Capital maintains relationships with a broad network of buyers across strategic acquirers, private equity firms, and family offices. Their transaction history shows closed deals with strategic buyers in aviation (Modern Aviation, Aramsco), private equity buyers, and regional acquirers expanding into Puerto Rico. The firm's geographic focus on Puerto Rico and the Caribbean provides unique access to buyers seeking exposure to these markets, including continental U.S. strategic buyers looking to establish or expand Caribbean operations.
The firm's Puerto Rico Act 60 private equity funds (Connelly Capital Series Fund I and Fund II) also provide access to capital and co-investment opportunities, creating additional deal structure flexibility. Their experience with New Markets Tax Credits transactions further expands their network to include Community Development Entities (CDEs), leverage lenders, and impact investors.
Competitive Positioning
Connelly Capital differentiates through three key advantages:
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Operational DNA: The team's extensive experience as C-level executives, founders, and operators means they understand the practical realities of running a business, not just financial modeling. They've lived through hiring challenges, operational issues, and ownership transitions.
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Puerto Rico and Caribbean Expertise: The firm is uniquely positioned as a Puerto Rico-based M&A advisor with deep local networks, understanding of Puerto Rico's business environment, tax incentives (including Act 60 and NMTC programs), and connections to regional buyers.
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Integrated Capital Solutions: Beyond traditional M&A advisory, the firm manages private equity funds and provides NMTC consulting, offering clients access to creative deal structures and capital sources that traditional investment banks cannot provide.
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Bilingual and Bicultural Team: The team's ability to operate seamlessly in English and Spanish, with deep understanding of both U.S. mainland and Latin American business cultures, positions them as a bridge for cross-border transactions.
Not a Fit If
Connelly Capital typically declines:
- Businesses outside their geographic focus (Puerto Rico, Caribbean, Latin America, or companies with strategic value to buyers in these regions)
- Pure asset sales or liquidations (they focus on going-concern enterprises)
- Founders seeking limited processes or quick exits (their value is in comprehensive buyer outreach and process management)
- Businesses requiring restructuring or turnaround expertise outside their core capabilities
- Transactions outside the lower middle market (they focus on businesses with $5M-$50M+ enterprise value)
Team
The firm is led by two Managing Members with complementary backgrounds:
Francisco J. Uriarte, Managing Member – Co-founder with over 34 years of combined experience in corporate finance, strategy, marketing, operations, and M&A. He has been directly involved in over 50 transactions with accumulated value exceeding $765 million. Uriarte is a Certified Valuation Analyst (CVA), holds the Certified Mergers & Acquisitions Advisor (CM&AA) designation, and has a Series 65 license. He previously served as principal in two entrepreneurial activities that were subsequently sold, and has served as a private investor, board member, or advisor to numerous companies. He is a member of the Young Presidents' Organization, the Latino Corporate Directors Association, and is a NACD Governance Fellow. He chairs the Board of Puerto Rico Medical Defense Insurance Company and is Director Emeritus at Grupo Guayacan. Education: BS in Industrial Engineering with minor in Finance from Georgia Institute of Technology; MBA from Inter American University.
Gustavo Ayala, Managing Member – Has over 10 years of experience in corporate finance, M&A, complex financial transactions, strategy, and manufacturing and distribution operations. He has been directly involved in over 10 transactions with accumulated value exceeding $100 million. Prior to joining Connelly Capital, Gustavo served as General Manager of the International Division of Master Group, a construction materials manufacturing and distribution company with operations in Puerto Rico, Panama, and Colombia. He led Master's international expansion through acquisitions and joint ventures and executed the company's M&A strategy in Puerto Rico. He began his career at KPMG LLP in Philadelphia as an Associate auditor. Education: Villanova University (Bachelor's in Business Administration with concentration in Accounting & Finance; Master's in Accounting and Professional Consultancy).
Key Team Members:
- Cristina Dominguez – Compliance & Operations Manager (joined Dec 2023), previously Manager at Popular Inc. for 9 years and 4 years at Morgan Stanley in regulatory reporting and compliance
- Yemara Acosta, CPA – Controller (joined July 2024), previously Audit Manager at Ernst & Young for 8 years
- Rodrigo Fernandez – Senior Analyst (joined Nov 2023), previously Senior Associate in FP&A at Red Ventures and Financial Analyst at Advent-Morro Equity Partners
- Isabel Chafey – Private Equity Associate (joined Oct 2024), previously in Strategic Initiatives at Insight Partners and Corporate Strategy & Development at BlackRock
- Julian Morales – Fund Accountant (since July 2025), former intern at J.P. Morgan Chase and Parliament Capital Management
- Jorge Rojas – Junior Analyst (since Aug 2025), previously at Stonecrest Partners
- Franco Perez – Junior Analyst (since Aug 2025), former intern at PricewaterhouseCoopers
- Maria Teresa del Toro – Compliance & Operations Officer, former roles at CVS Health, Red Ventures, and HITLAB
The firm has approximately 11 professionals and maintains two private equity funds (Connelly Capital Series Fund I and Fund II) with over $600 million in assets under management.
Geographic Coverage
Connelly Capital is headquartered in Guaynabo, Puerto Rico at 2 Calle Tabonuco, GAM Tower, Suite 401A. The firm's primary geographic focus is Puerto Rico and the Caribbean, with particular strength in the Puerto Rico market. They also serve clients in the US Virgin Islands, Latin America, and the continental United States, particularly for transactions involving buyers or sellers with strategic interests in the Puerto Rico/Caribbean region. The firm's bilingual and bicultural capabilities enable them to effectively manage cross-border transactions between the U.S. mainland and Latin American markets.