Dunning Capital Research
Advisory Approach
Dunning Capital is a lower middle market M&A advisory firm based in Raleigh, North Carolina, specializing in investment banking and financial consulting services for emerging and mid-market companies. Operating since 2000, the firm has advised on over $3 billion in aggregate transaction value. The firm's approach centers on helping business owners maximize shareholder value through carefully structured acquisitions, divestitures, capital sourcing, and strategic planning. Dunning Capital serves as a trusted advisor to business owners and investors who lack the internal resources to manage complex M&A processes, providing institutional-quality advisory services without the overhead costs of larger bulge-bracket firms.
Sector Focus
Dunning Capital maintains deep expertise across healthcare, technology, manufacturing, and business services. Within healthcare, the firm has particular strength in pharmacy transactions—evidenced by numerous successful sell-side advisory mandates for retail pharmacy, long-term care pharmacy, and specialty pharmacy businesses. Notable pharmacy exits include Express Care Pharmacy's sale to Walgreens, Pittmans Pharmacy, Mast LTC Pharmacy's sale to PharMerica, and multiple pharmacy sales to New Capital Partners. Beyond pharmacy, the firm has completed healthcare services transactions including HospiCare's sale to New Capital Partners.
In technology, the firm has deep experience with SaaS and software platforms, notably advising on SAF-T-Net's acquisition by Blackboard—a SaaS platform in the CRM/learning management space. The firm also maintains active practices in IT services and business process management consulting.
In manufacturing, the firm has advised on transactions spanning discrete manufacturing, medical device manufacturing, and specialty chemicals. Deal examples include Sabex, Inc.'s sale to Roundtable Healthcare Partners (medical equipment manufacturing) and capital sourcing for The Kent Manufacturing Company.
Process & Fee Structure
Dunning Capital offers flexible engagement structures tailored to each client's needs. The firm provides services across the full M&A lifecycle:
Sell-Side Advisory: Comprehensive sell-side services including valuation, identification of strategic and financial buyers, management presentation development, confidential information management, buyer qualification, deal structure negotiation, and due diligence process management.
Buy-Side Advisory: Assistance with target identification and evaluation, acquisition strategy development, buyer outreach and negotiation, and integration planning.
Capital Sourcing: Assessment of optimal capital structure, identification of appropriate capital providers (equity, debt, mezzanine), and transaction marketing to competitive capital markets.
Strategic Reviews: Corporate readiness planning, acquirer analysis, and strategic positioning work for companies exploring options.
Fee arrangements are flexible, including fixed fees for project work and retainer + success fee structures for significant transactions. The firm is known for cost-effective delivery, aligning compensation with client objectives.
Deal Track Record
The firm has completed 50+ transactions across healthcare, technology, manufacturing, and business services:
Healthcare/Pharmacy: 20+ pharmacy and healthcare transactions including Express Care Pharmacy → Walgreens (sell-side), Pittmans Pharmacy (retail pharmacy sell-side), Mast LTC Pharmacy → PharMerica (long-term care pharmacy sell-side), InMed RX → New Capital Partners, Hospice Meds Plus → New Capital Partners, HospiCare → New Capital Partners, multiple pharmacy sales to Rite Aid and New Capital Partners.
Technology: SAF-T-Net (SaaS CRM) → Blackboard, BlueLine Associates (IT/BPM consulting) → RFE Investment Partners, Super Market Information Systems (IT services) acquired BFI Pharmaceutical Services and received capital from The Provident Bank.
Manufacturing: Sabex, Inc. (medical equipment) → Roundtable Healthcare Partners, The Kent Manufacturing Company capital sourcing via NationsBank, Belton Industries (industrial machinery) → Leggett & Platt.
Professional Services: Financial Directions Group (employee benefits insurance) → Strategic buyer, DNJ Mortgage Company, multiple strategic reviews for business services companies.
Aggregate transaction value: $3 billion+
Buyer Network & Competitive Positioning
Dunning Capital has developed strong relationships with private equity firms, strategic acquirers, and financial buyers. Deal history reveals relationships with New Capital Partners (active healthcare buyer), Roundtable Healthcare Partners, RFE Investment Partners, Leggett & Platt (strategic), Walgreens and Rite Aid (retail consolidators), PharMerica (pharmacy consolidator), Blackboard (strategic technology buyer), and regional lenders including The Provident Bank and NationsBank.
The firm's competitive strengths include operational expertise from founder-operators, deep relationships across the Mid-Atlantic and Southeast, flexibility in pricing and engagement terms, and demonstrated ability to execute sell-side processes that maximize value across multiple healthcare and technology sectors.
Not a Fit If
The firm is primarily focused on sell-side advisory for lower middle market businesses. Businesses requiring specialized expertise in complex capital structures or global transactions may be better served by larger firms.
Team
The firm is led by two Managing Directors:
Paul Steinke - Managing Director with 24+ years of professional experience in business and financial consulting. Active in the Association for Corporate Growth (ACG), recognized with meritorious service awards.
David Swintosky - Managing Director with extensive M&A and financial services experience.
Geographic Coverage
Based in Raleigh, NC, the firm serves emerging and mid-market companies throughout the Mid-Atlantic and Southeast regions, with demonstrated ability to execute transactions nationally.
Founded & Team Size
Founded: 2000 Team size: 2 Managing Directors with supporting professionals