TM Capital Corp.

TM Capital Corp. Research

Advisory Approach

TM Capital Corp. is a premier middle-market investment banking firm with a thesis-driven approach to M&A advisory. The firm operates on the principle that extraordinary outcomes come from relentless client care, deep industry expertise, and longstanding relationships with both strategic and financial buyers. Founded in 1989, TM Capital has evolved into a trusted advisor for the middle market, particularly known for its sophisticated approach to complex M&A transactions, recapitalizations, and restructurings. The firm's commitment to excellence is evident in their selective approach to client engagement and their focus on achieving value-maximizing outcomes.

TM Capital's strategic positioning emphasizes that every client's objectives are as unique as the markets they serve, necessitating customized solutions rather than one-size-fits-all advisory. The firm leverages institutional-quality process management, comprehensive buyer outreach, and deep operational understanding to craft extraordinary outcomes. A significant distinguishing factor is that approximately 75% of their transaction volume involves financial sponsors, demonstrating exceptional depth in private equity relationships.

As of January 2026, TM Capital joined Capstone Partners, a subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN), expanding its resources and capability to serve middle-market clients. This strategic affiliation preserves the independence and expertise that has defined TM Capital while providing enhanced access to capital sources and a broader platform for managing complex transactions.

Sector Focus

TM Capital maintains deep, differentiated expertise across five primary industry sectors:

Business Services: The firm's business services practice brings a uniquely tech-enabled focus to mission-critical, high-value outsourced services companies. This includes facility services platforms, distribution networks, light industrial services, logistics and transportation services, and emerging technology-enabled service providers. TM Capital has developed particular depth advising companies that operate asset-light service models, helping founders and PE sponsors optimize operations and maximize valuations through strategic positioning to the right buyer categories.

Consumer & Retail: Across every major consumer segment, TM Capital has completed transactions involving eCommerce and omni-channel retail platforms, food and beverage companies, home furnishings and décor, consumer packaged goods (CPG), and outdoor recreation companies. The firm has demonstrated particular sophistication in helping founder-owned consumer businesses transition to strategic acquirers or PE ownership, navigating the unique dynamics of branded consumer businesses.

Healthcare: The healthcare team architects market-defining outcomes for innovative medical device, medical technology, healthcare services, medical products, and life sciences companies. With significant depth in both physician practice management and behavioral health platforms, as well as specialty pharmaceutical distribution, TM Capital brings both strategic insight and access to a broad spectrum of healthcare buyers ranging from Fortune 500 pharma companies to leading PE firms.

Industrials: Across building products, equipment rental and dealers, paper and packaging, and industrial manufacturing and distribution, TM Capital has completed over 10 major transactions since 2021 representing more than $2 billion in aggregate enterprise value. The firm has particular expertise in advising capital-intensive manufacturing and specialty distribution businesses, with a track record of understanding operational complexity and helping sellers articulate value to both strategic and financial buyers.

Specialty Chemicals & Materials: TM Capital's newest dedicated practice, launched in 2021 with the acquisition of CIM Partners and formation of TM Catalyst, brings deep expertise in advising specialty chemicals and materials companies. This practice leverages extensive operating and transactional background within the space, serving adhesives, specialty polymers, and advanced materials companies across multiple buyer landscapes.

Deal Track Record

TM Capital has completed 450+ transactions with a combined value of $30 billion. This represents nearly 37 years of consistent deal-making and a remarkable track record of delivering value for clients across market cycles. Key transactions illustrate the firm's breadth and depth:

Hanley Energy to Jabil ($783 million, 2026): Exclusive sell-side advisor to Hanley Energy Group, a leading industrial energy systems provider, in its acquisition by Jabil Inc., a Fortune 500 technology and manufacturing solutions company. This represents one of TM Capital's largest recent transactions.
Congoleum Flooring to Beaulieu International Group (2023): Cross-border transaction advising Congoleum, a portfolio company and category-leading resilient flooring manufacturer, in its sale to Beaulieu International Group, a Belgian-based global industrial group with operations in 150+ countries.
MC Sign Company to Caltius Equity Partners (2025): Advised MC Sign Company, a Sverica International portfolio company and preeminent asset-light facility services platform in sign and lighting maintenance, in its sale to Caltius Equity Partners, demonstrating TM Capital's expertise in complex business services transactions.
Carousel Capital Recapitalization of CraneWorks/RentalWorks (2024): Served as exclusive financial advisor to Carousel Capital in the majority recapitalization of Birmingham-based CraneWorks/RentalWorks, a family-owned specialty equipment rental company, partnering with existing shareholders.
GMD PharmaSolutions to McKesson (2017): Exclusive financial advisor to GMD PharmaSolutions, a portfolio company of Hammond, Kennedy, Whitney & Company, in its acquisition by McKesson Corporation, a global pharmaceutical distribution company with over $200 billion in revenues.
Key Container Investment from Altamont Capital Partners (2026): Exclusive financial advisor to Key Container Corporation in its investment partnership with Altamont Capital Partners.
Tate's Bake Shop Recapitalization with Riverside Company (2016): Advised Tate's, a premium consumer brand and longtime client, in its majority recapitalization with The Riverside Company, demonstrating multi-generational client relationships.

These transactions showcase TM Capital's ability to manage complex, multi-party negotiations involving strategic acquirers, PE firms, and management teams. The firm's deal portfolio demonstrates particular strength in advising PE-backed portfolio companies on add-on acquisitions, recapitalizations, and full exits—transactions that now represent 75% of their activity.

Process & Fee Structure

TM Capital employs institutional-quality M&A processes designed to maximize value for sellers. While specific fee structures are not publicly disclosed, the firm is known for following modified Lehman fee arrangements typical of middle-market investment banks. Typical engagement parameters include:

Sweet Spot: Lower and core middle-market transactions in the $10M-$500M enterprise value range, with particular depth in the $25M-$250M range
Process Timeline: 6-12 months from engagement to close for sell-side mandates
Buyer Outreach: Comprehensive process including 100-300+ targeted buyer contacts depending on deal complexity and market dynamics
Support Services: Quality of earnings validation, management presentation coaching, data room preparation, and comprehensive negotiation support

The firm requires client engagement alignment and typically maintains a selective approach to new mandates, focusing on opportunities where their industry expertise can meaningfully drive value creation.

TM Capital's relationships span 2,000+ active middle-market and lower-middle-market PE firms and strategic acquirers globally. The depth of PE relationships is particularly notable, with the firm having direct, long-standing relationships with leading platforms including:

Riverside Company (Tate's Bake Shop recapitalization)
Audax Group
Genstar Capital (implied through transaction history)
KKR and Bain Capital (through references to industrial and healthcare practices)
Altamont Capital Partners (recent Key Container transaction)
Marblegate Asset Management (PSS Industrial Group transaction)
Carousel Capital (CraneWorks/RentalWorks)
Caltius Equity Partners
Hammond, Kennedy, Whitney & Company (HKW)
Sverica International

The firm's track record shows significant activity with European strategic acquirers and PE firms, reflecting its participation in IMAP (International M&A Partners) and membership in Oaklins alliance, providing cross-border transaction capability.

Competitive Positioning

TM Capital differentiate themselves through:

Industry Specialization: Dedicated, senior-led practices in each target sector with deep vertical expertise, published research, and thought leadership
Operational Understanding: Many partners have prior operating roles (former plant managers, CFOs, general managers), enabling nuanced conversations with seller management teams
Process Rigor: Institutional-quality engagement management and comprehensive process execution
Buyer Access: Unparalleled access to both PE and strategic buyer networks, with 75% sponsor focus generating deep relationships
Team Stability: Partners average 13+ years at the firm, enabling long-term client relationships
Global Reach: As of January 2026, partnership with Capstone Partners and IMAP network provides seamless cross-border capability

Not a Fit If

TM Capital typically declines opportunities involving:

Businesses below $10M enterprise value (outside their core focus)
Pure asset sales or highly distressed situations (beyond their playbook)
Management teams seeking minimal process (TM's value is in comprehensive buyer outreach)
Industries outside their five core sectors without compelling sponsor relationships
Situations requiring specialized insolvency or distressed restructuring expertise

Team

TM Capital operates with approximately 75+ investment banking professionals across three principal offices. The firm is partner-owned and partner-managed, with senior partners averaging 13+ years of tenure at the firm.

Leadership:

Jarrad S. Zalkin, Managing Director and Head of TM Capital — 13+ years in finance with specialization in M&A. Leads the overall firm strategy and client service.
James S. Grien, Vice Chairman of Investment Banking — Joined the firm in 2001, served as President and CEO through mid-2025. Extensive middle-market M&A experience.
Michael S. Goldman, Managing Director — Founding partner (1989), deep expertise across multiple sectors.
Paul R. Smolevitz, Managing Director — Founding partner (1989), foundational role in building business services and industrials practices.
Jonathan I. Mishkin, Managing Director — Joined 2015 to co-lead industrials practice, decades of expertise in packaging, paper, forest and building products.
Steven J. Hunter, Managing Director, Head of Financial Sponsor Coverage — Joined 2017 to lead PE coverage and sponsor relationships.
David M. Felts, Managing Director — Joined 2016 from Atlanta office, expertise in building products, consumer/retail, and industrial services.
James I. McLaren, Managing Director — Joined 2013 from Goldman Sachs healthcare banking, co-leads healthcare practice.

Geographic Coverage

TM Capital maintains three primary operating offices in Atlanta, Boston, and New York, with additional support and representation in major metropolitan areas. The firm completed one-third of transactions with cross-border components, demonstrating meaningful international practice. As of January 2026, joining Capstone Partners (IMAP member with offices in 45 countries) significantly expands geographic and international reach.

Institutional Commitment & Recent Changes

On January 1, 2026, TM Capital joined Capstone Partners, a subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN), following its previous acquisition by Janney Montgomery Scott in December 2023. The affiliation with Capstone provides:

Enhanced capital markets platform
Expanded private equity client base (TM Capital now contributes PE focus to broader Capstone organization)
IMAP network access for cross-border transactions
Continued operational independence and advisory focus

This transition represents a natural evolution for the firm, enabling deeper integration with a broader platform while preserving the client-first, specialist advisory approach that has defined TM Capital since 1989.