Rush Street Capital Research
Advisory Approach
Rush Street Capital is a Chicago-based investment bank founded in 2014 that specializes in capital markets, mergers and acquisitions, and financial restructuring services for middle-market and lower-middle-market companies. The firm operates with a thesis-driven approach to advisory: they believe that hands-on partnership, institutional-quality process management, and deep relationships with capital providers are essential to achieving optimal outcomes for business owners and private equity sponsors.
The firm explicitly positions itself as an "outsourced debt capital markets desk" for private equity sponsors and business owners seeking to maximize capital efficiency. Rather than competing on comprehensive advisory breadth, Rush Street Capital has built a focused practice around debt sourcing, capital structure optimization, M&A facilitation, and financial restructuring—areas where deep expertise and lender relationships drive measurable outcomes.
Their sweet spot is founder-owned and PE-backed lower-middle-market companies with enterprise values between $10M and $250M, where capital-efficient structures and competitive capital sourcing can unlock significant value. The firm works extensively with private equity sponsors on LBOs, recapitalizations, add-on acquisitions, and dividend recapitalizations—transactions where capital markets expertise directly impacts returns.
Transaction Track Record
Rush Street Capital has built a substantial track record over its 11+ year history. The firm reports having completed 100+ transactions in its first eight years of operation, with capital markets activity being its primary business. As of January 2026, the firm had facilitated 19 deals comprising 7 M&A transactions and 12 capital raising rounds. Through focused capital markets work, the firm has raised more than $1.4 billion in commitments across 93 transactions—a significant portion of which supported private equity portfolio company acquisitions and recapitalizations.
Specific transactions identified include:
- Dorr Oil acquisition by Stone Road Energy (2016) - Sourced subordinated debt financing ($6.5M) for an add-on acquisition in the home heating oil and HVAC services sector
- Blackford Capital portfolio support (2016-2022) - Advised on capital raising for multiple Blackford portfolio companies including Helio Outdoors, Outova, PACIV, Security Fire Systems, and Design Environments, raising more than $367 million across these transactions
- Aqua-Leisure Industries investment (Jan 2021) - Provided debt and equity capital markets advisory for Blackford Capital's investment
- Vertically Integrated Projects & Boston Trade International merger (Mar 2021) - Provided capital markets advisory services for hospitality and interior design services provider
- Artificial Turf Supply acquisition by Blackford Capital (Nov 2022) - Supported Blackford's patio consolidation platform with financing advisory
- Starfire Direct acquisition by Blackford Capital (Nov 2022) - Provided financing advisory services
The firm's deal experience spans manufacturing, distribution, hospitality, business services, and consumer products—reflecting broad lower-middle-market exposure.
Capital Markets Expertise & Process
Rush Street Capital's primary competitive differentiation is in capital markets and debt sourcing. The firm has developed deep relationships with traditional lenders (banks, non-bank lenders), alternative capital providers, and mezzanine funds. Their process for capital raising includes:
Institutional preparation: Comprehensive analysis of a company's capital needs, leverage capacity, and optimal capital structure. The firm brings financial expertise similar to larger investment banks but with the hands-on service model of a smaller firm.
Lender relationships: Direct relationships with hundreds of capital providers across senior debt, subordinated debt, mezzanine, and equity co-investment. The firm functions as a trusted advisor to both borrowers and lenders, having worked both sides of transactions.
Competitive process: Creation of competitive tension among lenders to improve pricing and terms. Rather than approaching one or two lenders, the firm coordinates multi-source capital raises that typically exceed 30-50+ potential capital sources.
Structure optimization: Guidance on capital stack composition—when to use senior debt vs. mezzanine vs. equity, how to navigate leverage covenants, and how to structure for flexible refinancing post-close.
Partnership through close: Active involvement in final credit committee presentations, due diligence coordination, and close execution.
M&A Advisory Services
Beyond capital markets, Rush Street Capital offers traditional M&A advisory services with a focus on sell-side and buy-side representation. Their stated approach includes:
- Competitive market processes that generate buyer interest and competition to maximize proceeds
- Systematic preparation of companies for sale, identifying and proactively addressing value detractors
- Compelling introductory materials that position businesses attractively to potential acquirers
- Persuasive management presentations that highlight synergies and distinguish each company
- Partner-level involvement from inception through close, ensuring clients receive hands-on attention
The firm's M&A practice is complementary to its capital markets work—many transactions involve both debt financing advice and M&A facilitation.
Team & Expertise
The firm is led by experienced investment bankers and lenders with deep middle-market expertise. The partners bring 40+ combined years of corporate banking, investment banking, and leveraged finance experience. The team understands capital provider perspectives, having worked across both sides of transactions (borrower and lender advisory). This dual perspective allows them to structure transactions that appeal to capital providers while maximizing value for their clients.
Client Base & Market Positioning
Rush Street Capital's client base includes private equity firms (primary focus), family offices, independent sponsors, public companies, and private companies seeking capital or M&A guidance. The firm competes with other Chicago boutique banks by offering responsive, professional, results-oriented execution—bringing the sophistication of larger banks with the personalized service of a smaller firm.
Service Lines
Debt Capital Markets - Senior and subordinated debt sourcing, mezzanine financing, capital structure optimization, non-bank lender relationships, acquisition financing, and dividend recapitalizations
Mergers & Acquisitions - Sell-side advisory and process management, buy-side M&A support for PE-backed companies, add-on acquisition financing, strategic acquisition analysis
Financial Restructuring & Valuation - Out-of-court and in-court restructuring advice, valuation services
Geographic Coverage
Primary offices in Chicago, IL and Phoenix, AZ with national reach through lender relationships. The firm serves middle-market companies across the United States, with particular strength in the Midwest and Southwest regions.