Falcon Capital Partners — M&A Advisory Profile

01Advisory Approach

Sweet Spot

Founder-owned or founder-led middle-market companies ($5M-$100M+ TEV) in Healthcare IT, Healthcare Services, Technology (TEMS, cybersecurity, vertical software), Business Services, and Industrial Products seeking professional sell-side processes and value creation partnerships.

Not A Fit If

Businesses seeking minimal buyer outreach or commodity M&A services, sub-$5M TEV companies, sellers unwilling to invest in pre-diligence work, non-core sectors, pure asset sales.

Operating experience (founder/operator MDs with P&L credibility), deep sector expertise (Healthcare IT RCM/payer, TEMS, cybersecurity), long-term relationship model (9+ year engagements), institutional process rigor balanced with stakeholder protection, knowledge-based advisory approach.

02Process & Fees

Five-phase institutional process: (1) Planning—value lever analysis, strategy definition; (2) Preparing—financial prep, marketing materials, management coaching; (3) Marketing—targeted buyer approach, competitive dynamic; (4) Evaluating—offer negotiation, buyer fit assessment; (5) Closing—due diligence coordination and closing management. Includes exclusivity, QofE support, and data room preparation.

Falcon Capital Partners Research

Advisory Approach

Falcon Capital Partners is a knowledge-based investment banking firm specializing in sell-side M&A advisory and strategic capital raising for middle market companies. Founded in 2001 and headquartered in Philadelphia (Wayne, PA), Falcon operates with a client-centric thesis: success depends on deep industry knowledge combined with uncompromising transaction execution. The firm believes that optimal outcomes for business owners come from institutional-quality processes that balance seller protection with value maximization. Rather than maximizing deal velocity, Falcon emphasizes long-term client relationships and comprehensive value creation work—often beginning with strategic advisory years before a formal transaction engagement.

The firm distinguishes itself through its "knowledge-based" approach, combining operating experience with financial sophistication. Managing Director Ted Stack, the co-founder, brings 35+ years of healthcare services, technology, and operational experience with involvement in 200+ transactions. Managing Director Mark Gaeto leads the Enterprise Technology practice with 31+ years of IT industry expertise and background as a founder and executive at technology firms. This operational credibility allows Falcon to advise beyond the numbers, diving into operations, markets, customers, and competitors to uncover hidden value levers.

Sector Focus & Specialization

Falcon maintains four primary sector practices, each with deep subsector expertise:

Healthcare (30-40% of activity): Falcon represents healthcare businesses across the provider, payer, and pharma markets with national reach. Within Healthcare IT, the firm advises on inpatient clinical care systems, ambulatory and post-acute care platforms, revenue cycle management (RCM), value-based care infrastructure, security and privacy solutions, payer platforms, and pharma IT supply chain services. Recent healthcare IT deals include the sale of Dynamic Healthcare Systems (Medicare Advantage/Medicaid enrollment software) and Symed (healthcare revenue cycle services). Within Healthcare Services, Falcon advises physician practices, management services organizations, behavioral health platforms, consumer healthcare companies, and specialty provider groups. The firm closed the sale of Central Jersey Urgent Care (10-location urgent care operator) and advised on CPa Medical Billing's sale to GeBBS Healthcare (RCM firm), highlighting depth in the revenue cycle management subsector where they have executed multiple transactions.

Technology (35-45% of activity): The Technology practice focuses on software, tech-enabled services, and data analytics. Within Software, Falcon specializes in cybersecurity (iThreat Cyber Group sale), telecom and technology expense management (TEMS) including CBI Telecommunications (sold to Saaswedo), Cannon Group, and Network Control—representing the firm's deepest subsector expertise. The firm also advises on digital marketing, sales enablement, vertical software applications, and risk/compliance platforms. Within Tech-Enabled Services, Falcon guides IT services firms, managed services providers (MSPs), cloud enablement consultants, and technology resellers through M&A and growth capital raises. Data Analytics & Intelligence subsector work includes AI, blockchain, and analytics platforms such as Deerwalk (healthcare data science/population health analytics).

Business & Financial Services (15-20% of activity): This practice covers professional services firms, accounting firms (Aprio recapitalization), human capital/recruiting services, training and education, engineering and infrastructure firms, and environmental services (BrightFields environmental consulting and remediation). Within Financial Services, the firm advises accounting practices, office of the CFO providers, fintech companies, insurance services, and wealth management firms.

Industrial Products & Services (10-15% of activity): Falcon advises niche manufacturers, packaging companies (HavPak contract packaging and manufacturing, sold to Mapaex), specialty materials producers, building products manufacturers, and value-added distributors across HVAC, medical device integration (Capsule Technologies), and related areas.

Deal Track Record & Buyer Network

Falcon has completed 25+ documented transactions in the past 5+ years, with strong momentum in 2023-2025. Recent high-profile transactions include:

HavPak, Inc. (March 2025): Sale of leading contract packaging and manufacturing company (focused on healthcare and beauty, including Procter & Gamble's Oral-B floss brand) to Mapaex Health and Personalcare. Mark Gaeto led. Demonstrates 9-year client relationship (advisory since 2016, formal engagement 2018).
CBI Telecommunications (March 2023): Sale of Grand Rapids-based TEMS managed services provider to Saaswedo (subsidiary of EPSA Groupe, a 1,600-person enterprise with operations in 35 countries). Woman-owned business (WBENC/WOSB certified).
Network Control (August 2022): Sale to Calero-MDSL, a portfolio company of Riverside Partners and Oak Hill Partners. Showcases TEMS market depth.
CPa Medical Billing (February 2023): Sale of revenue cycle management company (founder-led since 2003, specialized in FQHC market serving 500+ community health centers) to GeBBS Healthcare Solutions, a ChrysCapital portfolio company. Ted Stack led.
Aprio (timeframe unclear): Exclusive financial advisor on majority recapitalization. International business advisory and accounting firm, representing Falcon's work with growth-oriented professional services firms.
Signallamp Health (merger, date unclear): Pennsylvania-based healthcare company serving hospitals and health systems.
Dynamic Healthcare Systems (date unclear): Sale of California-based provider of Member Enrollment and Risk Adjustment software to payers (Medicare Advantage, Medicaid, Commercial Exchange). Don Wanner involved.

Additional transactions include iThreat Cyber Group (cybersecurity), Cannon Group (TEMS), Qualtrax (EQMS software to regulated industries), Metaport (SaaS telecom/mobile), Deerwalk (healthcare data science, merged with IntegriChain, Accel KKR portfolio), D&A (SAP reseller), Citra Health Solutions (capitation management), Capsule Technologies (medical device integration and patient monitoring), GrayHawk Home Care (Medicaid-focused in-home care), Wellness Coaches/Benovate (corporate health and digital healthcare), and others dating back to 2017 (Delta Health Technologies → Salo Solutions).

Buyer Network: Falcon maintains relationships with strategic acquirers (Fortune 500 industrials, European manufacturers, Japanese conglomerates), private equity firms (Genstar Capital, Riverside Partners, Oak Hill Partners, Accel KKR, ChrysCapital), and family offices. The TEMS market work demonstrates strong positioning with software-focused PE and strategic buyers.

Process & Engagement Structure

Falcon's engagement process follows a five-phase methodology designed to position companies for maximum value and minimize disruption to operations:

Planning: Comprehensive analysis of value levers, optimal sales strategy, engagement approach, and target buyer identification. Pre-diligence work and exit readiness assessment.
Preparing: Development of company narrative through financial preparation, marketing materials, management presentation coaching, and data room structuring. The firm positions companies "in the best light" to maximize stakeholder outcomes.
Marketing: Identification and approach of targeted buyer universe, vetting for interest and fit, and creation of competitive dynamic through managed exclusivity.
Evaluating: Management of deeper buyer conversations, positioning of value propositions, buyer commitment assessment, and offer negotiation to select optimal matches.
Closing: Finalization of all negotiations, management of due diligence processes, and coordination of all parties to ensure smooth closing.

The firm emphasizes that "Falcon's approach, operating experience, and financial intellect are skillfully applied to define the strategy that will identify serious buyers, optimize the offer, and protect the intrinsic values of the business." Engagements typically include exclusivity provisions and comprehensive quality of earnings support. The firm works thoughtfully with clients on financial and strategic objectives—whether full sales, private equity partnerships, or targeted divestitures.

Fee Structure & Economics

Fee information is not explicitly published on the firm's website. Based on market positioning and deal sizes, Falcon likely operates on engagement-specific fee arrangements, possibly including retainer components and success fees, though exact structure requires direct inquiry.

Competitive Positioning

Falcon differentiates through:

Operating Experience: Co-founder Ted Stack's 35+ years and 200+ transaction background, combined with Mark Gaeto's IT founder/executive experience and Ryan Hummel's 25+ years in technology leadership. Senior bankers have hands-on operational credibility.
Sector Depth: Deep specialist teams in Healthcare (RCM, payer IT, behavioral health), Technology (TEMS, cybersecurity, vertical software), and tight subsector knowledge.
Relationship Continuity: Long-standing client relationships (e.g., HavPak engagement since 2016 with formal advisory from 2018). Falcon acts as strategic partner, not transactional adviser.
Process Rigor: Institutional-quality approach balancing buyer outreach with operational protection and stakeholder alignment.
Knowledge Base: Focus on "knowledge-based investment banking"—combining market intelligence with industry-specific insights rather than commodity M&A services.

Not a Fit If

Based on firm positioning:

Businesses seeking minimal buyer outreach or limited process scope
Companies below ~$5M-$10M TEV (implied by "lower middle market" positioning)
Sellers unwilling to invest in pre-diligence and value creation work
Businesses requiring highly specialized expertise outside Healthcare, Technology, Business Services, or Industrial domains
Asset sales (firm focuses on going-concern enterprises)

Team

Falcon's deal team includes:

Ted Stack, Managing Director & Co-Founder: 35+ years healthcare services, technology, financial, operational experience. Founder of Healthcare Technology Ventures and InHealth Venture Management. SVP Development at PractiCare (The Phoenix Companies subsidiary), EVP Development at Advanced Health Technologies. CEO/Co-Founder of Integrated Medical Management. VP Northeast Management Operations at Medaphis/PerSe. Manager at Ernst & Young Healthcare Consulting. FINRA 79, 63. BA Accounting/Finance, James Madison University. Registered Representative BA Securities, LLC.
Mark Gaeto, Managing Director: 31+ years IT/banking industry experience. Seasoned advocate for private lower-middle-market business owners. Former founder and operator (ISC, doubled business in 18 months, sold to NYSE firm). Senior executive and investor at SAP America, PRTM, Alesco Group. MBA/BBA, Temple University Fox School. Leads Enterprise Technology practice. Registered Representative BA Securities, LLC.
Don Wanner, Director: Joined Falcon 2015. M&A transactions across Healthcare, Technology, Commercial & Industrials. Prior: Cabrillo Advisors and RA Capital (West Coast), building valuation practices. Business valuation analyst (public/private company valuations, purchase price allocation, goodwill impairment, tax restructuring). BBA magna cum laude and MBA with distinction, LaSalle University School of Business. FINRA 7, 79, 63. Registered Representative BA Securities, LLC.
Steve Wasylenko, Vice President: Joined Falcon 2020. M&A across Healthcare, Technology, Financial and Business Services. Prior: Senior Associate at KPMG Deal Advisory (buy-side/sell-side M&A). Big 4 experience at Deloitte Audit & Assurance. Licensed CPA (Pennsylvania). BS Accounting/Minor Finance and MBA, University of Scranton Kania School of Management. FINRA 79, 63. Registered Representative BA Securities, LLC.
Rob Purcell, Senior Associate: Joined Falcon 2023. Prior: Strategy & Corporate Development at AmerisourceBergen (buy, build, partner opportunities). BBA, University of Georgia Terry College. FINRA 79, 63.
Julian DeOliveira, Senior Associate: Joined Falcon 2025. Prior: Investment Banking Associate at Lincoln International (New York, middle-market M&A in Technology, Media, Telecom). SaaS, cybersecurity, digital infrastructure, workforce/HR software, electronics manufacturing. Experience with founder-owned businesses and financial sponsors. BS Finance/International Business, University of Delaware. FINRA 79, 63. Multilingual (English, Spanish, Portuguese Brazil).
Other Team: Matt Dale (Associate, 2025 hire, prior Gulmohar Capital Partners and Hilltop Residential); Ryan Hummel (Operating Partner, 25+ years technology and M&A, former CIO Planet Payment); Natasha O'Connell (Director of Administration, accounting firm background, office/employee/client management); Charlie Rossman, George Pavlus, Aaryan Dwivedi (Analysts through internship program).

Geographic Coverage & Market Presence

Headquartered in Wayne, Pennsylvania (Philadelphia metro area). Primarily US-focused with clients across major markets. Team spans Pennsylvania, New Jersey, Florida, California, Michigan, Ohio, and other states based on transactions. Active in ETMA (Electronics Technology and Management Association) and industry forums. Speaking presence at conferences (ETMA fireside chat April 2026).

Unique Characteristics

Long-Term Engagement Model: HavPak engagement beginning in 2016 (non-transactional advisory), formalized 2018, closed 2025 showcases Falcon's philosophy of multi-year value creation relationships vs. transactional engagements.
Founder/Operator DNA: Co-founder and MDs with founder experience, operational roles, and P&L responsibility differentiate the firm's advice vs. pure bankers.
Diverse Buyer Relationships: Track record of navigating diverse buyer types (strategic acquirers, global companies like Mapaex, PE platforms, international buyers, founder-led firms) suggests flexibility and broad network.
Quality Focus: Client testimonials emphasize trust, process management, and outcomes ("fantastic outcome," "would not hesitate to recommend").

Conclusion

Falcon Capital Partners is a specialized middle-market M&A advisory firm with demonstrated expertise in healthcare services and technology, particularly in the lower-to-middle market ($5M-$100M+ TEV). The firm combines founder/operator credibility with institutional banking discipline. Best suited for founder-owned or founder-led businesses seeking comprehensive advisory relationships, strategic value creation pre-transaction, and professional sell-side processes. The firm's 25-year track record, stable team, and long-term client relationships position it as a trusted partner for companies in Healthcare IT, Healthcare Services, Technology, Business Services, and Industrial sectors.