Upcountry Advisors Research
Advisory Approach
Upcountry Advisors was a boutique investment banking firm headquartered in Kula, Maui, Hawaii, founded in 2016 and specializing in private placements and capital raising services for middle-market businesses. The firm operated with a thesis centered on providing tailored financial advisory services to corporations seeking growth capital, debt restructuring, and M&A advisory guidance. As a small, locally-rooted Hawaii investment bank, Upcountry Advisors positioned itself as a nimble alternative to larger national banks, emphasizing personalized service and deep knowledge of Hawaii's unique business landscape and investment market dynamics.
The firm's core competency was facilitating private securities offerings (Series 82 licensed), which include structured equity and debt placements for growth-stage companies and those seeking alternative capital structures. Founded by Suzanne Joyce Bell, a veteran investment banker with multiple securities licenses (Series 7, 24, 62, 63, and 82), the firm built its practice around capital structure advisory and private placement execution.
Sector Focus
While Upcountry Advisors did not specialize exclusively in any single industry vertical, the firm maintained capabilities across multiple sectors, particularly focusing on:
- Business Services: Administrative and support services, business consulting, and professional services firms seeking growth capital
- Professional Services: Accounting, legal, consulting, and other service-based businesses pursuing recapitalizations and expansions
- Healthcare Services: Medical practices, healthcare staffing, and wellness-related businesses
- Technology & Software: Small software companies and professional services technology firms
- Real Estate & Development: Hawaii-based real estate development and property management businesses
- Consumer & Retail: Local Hawaii businesses in retail, hospitality, and consumer services
The geographic focus on Hawaii naturally centered the practice on serving Hawaii-based companies and businesses with significant operations in the island state. The firm's expertise in navigating Hawaii's unique regulatory environment, investor networks, and capital markets gave them a competitive advantage in serving local businesses seeking capital.
Process & Fee Structure
As a private placement specialist, Upcountry Advisors' engagement model centered on helping companies structure and execute capital raises. Typical engagements involved:
- Private Equity Placements: Structuring private securities offerings for companies seeking growth capital from accredited investors and family offices
- Debt Restructuring: Advising on refinancing and debt capital structure optimization
- M&A Advisory: Supporting buy-side and sell-side transactions for lower middle-market companies
- Recapitalizations: Advising on minority stake sales, founder exits, and ownership transitions
Fee structures for boutique investment banks of this type typically include:
- Success fees on completed transactions (ranging 2-4% depending on deal size)
- Retainer fees for advisory engagements
- Transaction-based fees negotiated on a per-engagement basis
As a smaller firm with lower overhead than national banks, Upcountry likely offered more flexible fee structures suitable for smaller transactions in the $5M-$50M range that larger banks typically ignore.
Team & Capabilities
Suzanne Joyce Bell (CRD# 4935453) founded Upcountry Advisors and served as Managing Member. Bell has extensive securities industry experience, having worked at multiple investment banking and brokerage firms including Wells Fargo Advisors, Wachovia Securities, DME Securities, Tigress Financial Partners, Stillpoint Capital, BA Securities, Independent Investment Bankers Corp., Stonehaven LLC, and various other financial services firms. Her credentials include:
- Series 7 (General Securities Representative) - Passed 04/2006
- Series 6 (Investment Company Products) - Passed 07/2005
- Series 24 (General Securities Principal) - Passed 08/2011
- Series 63 (Uniform Securities Agent State Law) - Passed 02/2015
- Series 62 (Corporate Securities Limited Representative) - Passed 01/2023
- Series 82 (Limited Representative - Private Securities Offerings) - Passed 01/2023
These licenses demonstrate expertise across securities offerings, principal supervision, and private placement execution. The recent additions of Series 62 and Series 82 licenses (January 2023) indicate active focus on private securities and corporate securities advisory.
Leilani Piromalli served as Director of Business Development from May 2022 through September 2024, focusing on investor relations and business development. Her role was instrumental in driving strategic client relationships and capital source networking.
Buyer Network & Capital Sources
As a private placement specialist, Upcountry Advisors' value proposition centered on access to capital sources. The firm maintained relationships with:
- Hawaii-based family offices and ultra-high-net-worth investors
- Accredited investor networks in Hawaii and the Pacific region
- Regional and national growth equity firms interested in Hawaii-based opportunities
- Private debt providers and specialty lenders
- Mezzanine capital providers
The firm's position in Hawaii gave them unique access to the island's investor base, many of whom have significant capital but limited deal flow locally.
Competitive Positioning
Upcountry Advisors differentiated itself through:
- Local Expertise: Deep knowledge of Hawaii's business market, regulatory environment, and investor landscape
- Boutique Model: Personalized service and flexibility that national banks cannot provide for smaller deals
- Specialized Licensing: Focused expertise in private securities offerings and capital structures
- Access to Capital Sources: Established relationships with Hawaii-based capital providers
- Lower Transaction Minimums: Ability to serve smaller companies ($5M-$50M range) that national banks view as below-threshold
Geographic Coverage
The firm was based in Kula, Maui, Hawaii, with primary focus on Hawaii-based businesses and secondary focus on West Coast companies with Hawaii connections or seeking Hawaii-based capital.
Operational History & Current Status
Upcountry Advisors operated from 2016 through at least 2024. FINRA records show Suzanne Bell was registered with the firm as Owner/Independent Contractor from February 2017 through December 2024. The firm's website (upcountryadvisors.com) appears to be dormant or redirected, and there is no active business development activity detected in recent press coverage or industry sources. As of February 2025, Suzanne Bell has moved to Empower Financial Services in Colorado as a Registered Representative, suggesting the firm has either transitioned, closed, or is in a dormant state.
Data Limitations
Upcountry Advisors' focus on private placements and confidential capital raises meant that most of its transaction activity was not publicly disclosed or announced in press releases. Unlike sell-side M&A advisory firms that generate tombstones and press releases for completed transactions, private placement advisory work is inherently confidential. Therefore, detailed transaction history and specific deal records are not available through public sources. The research here is based on regulatory filings, LinkedIn business development records, and industry databases. For a comprehensive deal history and client list, direct contact with the firm or its founders would be necessary.