Falcon Capital Partners Research
Advisory Approach
Falcon Capital Partners is a boutique, knowledge-based investment bank specializing in sell-side and strategic M&A advisory for middle and lower middle market companies. Founded in 2001 and based in Wayne, Pennsylvania, Falcon has established itself as a leading advisor to healthcare service, healthcare IT, technology, business services, and industrial companies. The firm's core thesis centers on the belief that optimized outcomes for business owners result from deep sector expertise combined with institutional-quality process management. Their approach goes "beyond the numbers" into operations, markets, customers, and competitors to unlock hidden value and position companies for maximum valuation.
Falcon's positioning emphasizes "Trusted Advisors. Expert Execution. Optimized Outcomes." This reflects a commitment to long-term client relationships, operational understanding, and disciplined transaction execution. The firm operates as an independent advisory boutique with no proprietary capital agenda, aligning incentives fully with client outcomes.
Sector Focus and Expertise
Falcon maintains four primary practice areas with deep specialization:
Healthcare Services and Healthcare IT (dominant practice): Falcon has represented a broad range of healthcare businesses across the provider, payer, and pharma markets. Within healthcare IT, they focus on revenue cycle management, healthcare services platforms, payer solutions, clinical care IT, ambulatory and post-acute care solutions, and security/privacy solutions. Within healthcare services, they advise physician practices, health systems, managed care organizations, consumer healthcare, and employer health services. Recent healthcare deals include Signallamp Health (healthcare IT merger), GrayHawk Home Care (in-home care), CPA Medical Billing (revenue cycle management), Dynamic Healthcare Systems (payer software), Symed (healthcare revenue cycle), Deerwalk (healthcare analytics merger), and Noesis Health (healthcare SaaS).
Enterprise Technology and Software: Falcon's technology practice is built on managing directors who are successful operators and founders of technology companies. They specialize in software (cybersecurity, telecom expense management, vertical applications), tech-enabled services (managed services, cloud enablement, IT services, technology resellers), and data analytics/intelligence. Notable technology deals include Acuity Technologies (TEMS consulting), CBI Telecommunications (TEMS provider), Cannon Group (TEMS services), iThreat Cyber Group (cybersecurity/managed security services), BTB Security (cybersecurity), Metaport (telecom expense management SaaS), Qualtrax (enterprise quality management software), and Dickinson & Associates (SAP reseller).
Business and Financial Services: Falcon advises accounting firms, professional services businesses, financial services providers, fintech companies, and wealth management firms. The firm successfully advised on the Aprio recapitalization with Charlesbank in 2024, representing a $100M+ transaction with a leading CPA firm that is the nation's fastest-growing accounting firm and a Top 25 CPA firm in the U.S. Aprio has completed 28 business combinations since 2016, underscoring Falcon's capability in services M&A.
Industrial Products and Services: Falcon's industrial practice focuses on niche manufacturing, packaging, and value-added distributors. Deals include HavPak (contract packaging and manufacturing), BrightFields (environmental consulting and remediation), and Prikos & Becker Tool Company (manufacturing).
Process and Transaction Approach
Falcon employs a five-stage institutional sell-side process:
- Planning (The Exit): Foundational work to assess and determine value levers, optimal sales strategy, deal design, and target optimal buyers.
- Preparing (The Sale): Building the business story through comprehensive financial preparation and marketing materials for maximum impact and value.
- Marketing (The Business): Approaching and engaging targeted buyers, vetting for interest and fit, and creating competitive dynamics.
- Evaluating (The Offers): Managing deeper conversations to position value and assess buyer commitment, negotiating offers, and selecting best matches.
- Closing (The Deal): Finalizing negotiations, managing due diligence, and coordinating all parties to ensure smooth closing.
The firm's service offerings include sell-side advisory (private business sales, PE/VC-backed company sales, corporate divestitures), strategic advisory (board-level growth advisory, growth-oriented capital raises), and buy-side acquisitions.
Deal Track Record and Transaction Scale
Falcon's deal history demonstrates consistent execution across healthcare, technology, and business services verticals. The firm has closed 30+ documented transactions, with a concentration in healthcare IT and business services. Recent deals include:
Healthcare: Signallamp Health (2025 merger with PA healthcare IT firm), GrayHawk Home Care (in-home care/Medicaid Waiver services), CPA Medical Billing (FQHC-focused revenue cycle), Dynamic Healthcare Systems (payer software), Symed (revenue cycle/medical billing), Deerwalk (healthcare data science/population health analytics), Aprio (2024 recapitalization, $100M+ transaction value), Noesis Health (SaaS acquisition), Hart Associates (2011 acquisition), and iSirona (2012 acquisition by NantHealth).
Technology: Acuity Technologies (TEMS solutions), CBI Telecommunications (TEMS provider), Cannon Group (TEMS services), iThreat Cyber Group (cybersecurity/managed security services, 2025), BTB Security (cybersecurity, 2022), Metaport (telecom expense management SaaS), Qualtrax (EQMS software), and Dickinson & Associates (SAP reseller, 2020).
Business Services: Aprio (business advisory/accounting, $100M+ recapitalization with Charlesbank, 2024).
Industrial: HavPak (contract packaging), BrightFields (environmental consulting), Prikos & Becker (manufacturing).
Falcon's deal sizes typically range from $10M to $250M+ in enterprise value, with a sweet spot in the $25M-$150M range. The firm has demonstrated capability in sell-side sales, mergers, recapitalizations, and strategic acquisitions.
Buyer Network and Relationships
Falcon's deal history reveals strong relationships with institutional and strategic buyers across healthcare, technology, and industrial sectors. Named buyers include:
Private Equity Firms: Charlesbank Capital Partners (Aprio recapitalization, $18B+ AUM), Madison Dearborn Partners (Navisite/D&A acquisition), Francisco Partners (Healthland partnership), and other PE platforms.
Strategic Acquirers: Navisite (cloud managed services), Calero-MDSL (telecom solutions), CPSI (healthcare IT), NantHealth (healthcare IT), Saaswedo/EPSA Groupe (TEMS/telecom solutions), Netrix (cybersecurity), and family offices.
The breadth of buyers in Falcon's transaction history suggests a well-developed network across healthcare platforms, PE-backed roll-ups, strategic acquirers, and private investment firms. This buyer diversity is a significant asset for sell-side advisory, particularly for sellers seeking competitive tension and optimal pricing.
Competitive Positioning
Falcon differentiates from larger investment banks and national boutiques through:
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Sector Deep Expertise: Managing directors with operating backgrounds in healthcare, technology, and industrial sectors. Multiple MDs have founded or led companies, providing authentic operational perspective beyond finance-only advisors.
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Independence: No proprietary capital or portfolio companies, eliminating conflicts of interest and ensuring 100% alignment with client outcomes.
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Institutional Process: Five-stage sell-side process that mirrors larger-bank rigor (planning, preparation, marketing, evaluation, closing) while maintaining boutique responsiveness and relationship focus.
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Specialized Networks: Relationships with healthcare platforms, technology PE firms, and strategic buyers built over 25 years. Founder Ted Stack brings 200+ transaction experience; Managing Director Mark Gaeto brings 31+ years of enterprise technology expertise.
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Market Knowledge: Falcon publishes thought leadership on industry trends (e.g., healthcare IT market trends, valuation perspectives for tech founders, exit readiness assessments), demonstrating deep market knowledge beyond transaction execution.
Team and Organization
Falcon operates with a lean, experienced team structure. The firm has approximately 12-15 professionals in the M&A advisory practice:
Leadership: Ted Stack (Co-Founder, Managing Director, 35+ years experience, 200+ transactions) and Mark Gaeto (Managing Director, 31+ years enterprise technology expertise) provide senior oversight and relationship ownership.
Execution Team: Don Wanner (Director, M&A and valuation specialist), Steve Wasylenko (VP, CPA, KPMG background), Rob Purcell (Senior Associate, AmerisourceBergen background), Julian DeOliveira (Senior Associate, Lincoln International background with tech/media/telecom expertise), and Matt Dale (Associate).
Operating/Strategic Support: Ryan Hummel (Operating Partner, 25+ years technology/M&A executive, former CIO at Planet Payment).
Administrative: Natasha O'Connell (Director of Administration).
FINRA Registration: Multiple team members are FINRA Series 79 and 63 registered representatives, enabling securities work and capital raise facilitation.
Partner Emeritus: Carl Witonsky (Managing Director, 35+ years healthcare VC) and Keith DeVantier (Managing Director, 30+ years healthcare services) remain affiliated advisors.
Falcon's team composition reflects a healthcare-and-technology-first culture, with most recent hires (2023-2025) focused on expanding technology practice capacity.
Not a Fit If
Based on their website and transaction history, Falcon typically declines:
- Businesses below $10M total enterprise value (below their sweet spot)
- Pure asset sales or liquidations
- Businesses with significant pending litigation
- Founders seeking limited buyer processes (Falcon's value is exhaustive outreach and competitive tension)
- Situations requiring highly specialized horizontal M&A (e.g., commercial real estate disposition)
Geographic Coverage
Falcon operates with a national presence and deep connections in several core markets. Based in Wayne, Pennsylvania (Philadelphia area), they maintain relationships across healthcare centers (Boston, Atlanta, California), technology hubs (San Francisco, New York, Chicago), and industrial regions (Midwest). Their transaction history shows activity across multiple states including Delaware, Florida, Michigan, New Jersey, Pennsylvania, California, North Carolina, and Iowa.
Summary
Falcon Capital Partners is a specialized, 25-year-old boutique M&A advisor with exceptional depth in healthcare IT, healthcare services, enterprise technology, and business services. The firm combines institutional-quality transaction processes with boutique responsiveness, managed by partners with proven operating experience and founder/operator backgrounds. Their deal track record (30+ transactions) and buyer relationships position them as a strong fit for founder-owned or PE-backed healthcare and technology companies in the $25M-$250M range seeking exhaustive sell-side advisory with proven deal execution.