Pinecrest Capital Partners Research
Advisory Approach
Pinecrest Capital Partners is a Dallas-based middle-market investment bank founded in 2014 by Barrett Kingsriter and Bobby Renkes. Over the past decade, the firm has established itself as a trusted advisor to founder- and family-owned businesses navigating life-changing M&A transactions. Pinecrest operates with a thesis-driven approach emphasizing high-touch advisory services, deep sector understanding, and a commitment to maximizing value while respecting the personal and business objectives of business owners.
The firm's core thesis is that family- and founder-owned businesses benefit most from advisors who understand the emotional and personal dimensions of selling alongside the financial mechanics. Pinecrest has earned recognition as the 2024 D CEO Investment Banker of the Year under Barrett Kingsriter's leadership, reflecting their commitment to excellence and proven track record in the lower middle market.
Sector Focus & Industry Expertise
While Pinecrest positions itself as an industry generalist, the firm's transaction history reveals deep expertise across multiple verticals. The firm has demonstrated particular strength in technology services and managed IT, evidenced by their ongoing relationship with The 20 MSP, a rapidly consolidating managed service provider platform that has completed 44 acquisitions in three years with Pinecrest as exclusive advisor throughout.
Beyond technology, Pinecrest has closed transactions across HVAC and home services, chemicals and distribution, food and beverage, and construction services. This diversified deal flow reflects the firm's ability to adapt its process and buyer network expertise to different industries while maintaining consistent advisory rigor across sectors.
Process & Advisory Services
Pinecrest offers a full range of middle-market investment banking services:
Sell-Side Advisory (Core Focus): The firm specializes in running sophisticated sell-side processes that maximize liquidity and optionality for business owners. Their approach combines institutional process management with deep buyer network relationships to drive competitive dynamics and maximize value.
Pre-Transaction Advisory: Recognizing that strong relationships drive better outcomes, Pinecrest works with clients well in advance of sale processes, assisting with transaction preparation, performance improvement initiatives, executive recruitment, and strategic planning.
Buy-Side Advisory: The firm advises both corporate and private equity buyers on targeted acquisition strategies, candidate identification, due diligence management, and transaction execution.
Capital Raising: Pinecrest sources both debt and equity capital for growth initiatives, recapitalizations, and acquisition financing. The firm has demonstrated access to both traditional banking sources (Sunflower Bank partnership) and private equity sponsors.
Deal Track Record & Transaction History
Pinecrest has completed 80+ transactions representing over $2 billion in aggregate transaction value since founding. Key representative transactions include:
Technology Services:
- The 20 MSP Acquisitions: Exclusive advisor on 44 MSP platform acquisitions including Red Level Group, iStreet Solutions, InData Consulting, Tech Junkies, Matrix Solutions, Level 10 Technology, 3i International, Inerva Technology Advisors, Integrated Technology Services, and CSP Technologies/Code Red Networks. The 20 MSP serves thousands of businesses nationwide providing managed IT services, representing one of the most active consolidation plays in the MSP space.
HVAC & Home Services:
- A#1 Air Recapitalization (Feb 2025): Advised on recapitalization and strategic partnership for Dallas-Fort Worth's leading HVAC, plumbing, and electrical services provider. Founded 35+ years ago and serving 300+ homes daily across DFW.
Chemical Distribution:
- Valley Solvents & Chemicals Sale (March 2024): Served as exclusive advisor on sale of 72-year-old regional chemical distributor and waste management provider to Univar Solutions LLC, the largest chemical distributor in North America. Transaction expanded Univar's local distribution network and environmental services capabilities in Texas and Gulf Coast regions.
Food & Beverage:
- Fuego Tortilla Grill (Dec 2023): Advised on acquisition of fast-casual Mexican restaurant concept (4 locations across Texas) by Crux Capital.
- Floyd's 99 Barbershop Franchisee Recapitalization (Jan 2024): Arranged recapitalization partnership with Dekos Capital for leading Floyd's franchisee.
Team & Leadership
The Pinecrest team consists of approximately 10-11 dedicated investment banking professionals with deep middle-market experience. The founding partners have invested considerable time building a "family-like culture" that enables close client identification:
Senior Leadership:
- Barrett Kingsriter, Senior Managing Director & Founder: 2024 D CEO Investment Banker of the Year. Leads the firm and is actively involved in senior transactions.
- Bobby Renkes, Managing Director & Founder: Co-founder with 10+ years of middle-market advisory experience. CFA-designated. Actively involved in senior engagements.
Directors & Senior Team Members:
- Geoffrey Dunham, Director: CFA-designated. Active on multiple transactions.
- Scott Renkes, Director: Involved in significant transactions (e.g., A#1 Air).
- Wesley Romanowski, Director: Named finalist for D Magazine+ACG DFW Emerging Leader of the Year (2024).
- Ryan Tuohy, Vice President: Supporting key transactions.
Associates & Analysts:
- Liam White, Associate
- Luke Dodson, Associate (worked on Valley Solvents transaction)
- Joseph Vettoretti, Analyst
- Zach Jeffery, Operating Partner
- Hannah Cullum, Executive Assistant
Buyer Network & Strategic Relationships
Pinecrest has developed strong relationships with both financial buyers (private equity firms) and strategic acquirers:
Private Equity Relationships: Evidenced by transactions with Dekos Capital (Floyd's franchisee recapitalization), Crux Capital (Fuego Tortilla), and The 20 MSP (44-transaction platform with multiple PE-backed add-ons). The firm's relationship density is particularly strong in the lower middle-market PE space ($5M-$100M equity checks).
Strategic Acquirers: Demonstrated relationships with large corporate acquirers including Univar Solutions (major distributor), and strong network of strategic buyers across IT services, HVAC, and other sectors.
Financing Partners: Established banking relationships including Sunflower Bank (lead arranger on The 20 MSP syndicated facility) provide access to flexible debt capital for earnouts, working capital, and growth initiatives.
Competitive Positioning & Differentiation
Pinecrest differentiates through:
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Founder/Family Empathy: Deep understanding of the personal dimensions of ownership transitions. Founders consistently praise Pinecrest for "showing respect for the legacy" of businesses and understanding personal objectives alongside financial goals.
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Process Rigor: Sophisticated, institutional-quality transaction processes applied consistently across diverse industries. The firm has demonstrated ability to run competitive processes that drive value.
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Industry Versatility: While competitors often specialize vertically, Pinecrest has proven capability across technology, services, distribution, food & beverage, and construction. This allows cross-sector knowledge transfer and reduces single-industry dependency.
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Buyer Network Depth: Particularly strong in the MSP and lower middle-market PE spaces. The ongoing relationship with The 20 MSP (44 transactions in 3 years) reflects exceptional buyer relationship strength.
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Recognition & Awards: Barrett Kingsriter named 2024 D CEO Investment Banker of the Year. Wesley Romanowski named finalist for Emerging Leader of the Year (2024). Firm recognized for excellence and professionalism in DFW market.
Geographic Coverage
Pinecrest is based in Dallas and operates primarily across Texas and the Southwest region, with demonstrated capability nationwide through The 20 MSP platform (national footprint across 40+ states) and other multi-state transactions. Core markets include DFW, Houston, and broader Texas, with expanding national reach through technology and PE relationships.
Firm Culture & Philosophy
Pinecrest has made community engagement central to its identity, having hosted 4 charity golf tournaments raising over $100,000 for local beneficiaries Vogel Alcove and Jonathan's Place. The firm emphasizes "family-like culture" and client relationships built on trust and respect. Client testimonials consistently highlight the firm's professionalism, character, and deep understanding of client objectives.
Not a Fit If
While Pinecrest is versatile, the firm is likely not the best fit for:
- Extremely large deals ($500M+ TEV) that require broader institutional platforms
- Highly specialized vertical transactions requiring deep industry data
- Clients seeking passive or transactional advisory (Pinecrest requires deep engagement)
- Businesses with significant pending litigation or structural issues