Waypoint Private Capital Research
Advisory Approach
Waypoint Private Capital is a boutique investment banking firm founded in 2009 that delivers institutional-quality M&A advisory and capital sourcing services to middle-market business owners. The firm operates with a clear thesis: that middle-market companies deserve the same level of investment banking expertise that large corporations receive, but with personalized attention and Midwestern values. Their sweet spot is privately held businesses with $10M-$200M in revenue and $3M-$150M in transaction value, particularly those seeking complete buyouts and exits rather than minority investments or recaps with equity rollovers.
What differentiates Waypoint from business brokers is their investment banking approach. They focus on 6-10 concurrent transactions versus the broker model of taking as many listings as possible. This selective approach, combined with institutional-quality processes, has enabled them to achieve an 80%+ closing rate compared to the 11-22% industry average for business brokers. The firm emphasizes integrity, excellence, communication, and trust as their core values, guiding every client interaction.
Sector Focus
Waypoint Private Capital maintains broad industry expertise across 15 sectors, with particular depth in manufacturing, aerospace/defense, healthcare, and construction/engineering based on their transaction history. In manufacturing, they have completed multiple deals in precision machining, metal fabrication, and steel processing. Their aerospace practice focuses on niche manufacturers serving military and commercial aviation. In healthcare, they have experience with occupational health services, specialty pharmacies, and medical services companies. Their construction and engineering expertise includes self-storage facility construction and industrial building systems.
Beyond these core areas, Waypoint serves clients across automotive, business services, chemical processing, consumer products, distribution/logistics, financial services, food & beverage, franchise systems, retail, software & technology, and environmental services. This breadth allows them to bring cross-sector insights and buyer relationships from adjacent industries to each engagement.
Deal Track Record
Waypoint Private Capital has completed 100+ transactions representing over $1B in cumulative deal value since 2009. Their publicly announced transactions demonstrate their ability to close complex deals across industries and buyer types.
Recent representative transactions include:
- Kiwi II Construction to Janus International Group (2026): $97.2M cash plus restricted stock units sale of a self-storage construction company to a publicly-traded strategic buyer (NYSE: JBI)
- Tulsa Centerless to Specialty Steel Works (2023): Sale of a precision bar processing company to a strategic acquirer, expanding the buyer's Midwest footprint
- Swanda Aerospace to Congruent Investment Partners (2023): Sale of a fourth-generation family-owned jet engine test cell manufacturer to a Dallas-based private equity firm
- Muskogee Metal Fabricators (2024): Successful sale of a heavy metal fabrication company after the unexpected passing of the owner and successor
- National Occupational Health Services to Concentra (2023): Sale of an occupational health provider to a strategic buyer, expanding Concentra's Tulsa presence
- Women's International Pharmacy to Belmar Pharma Solutions (2022): Sale of a bioidentical hormone replacement therapy pioneer to a PE-backed compounding pharmacy platform
This track record spans sell-side M&A to both private equity and strategic buyers, demonstrating Waypoint's ability to run broad processes and identify optimal partners for each client's situation.
Process & Fee Structure
Waypoint Private Capital runs institutional-quality sell-side processes with exhaustive buyer outreach. Their typical engagement structure includes a monthly retainer (credited against success fees) with the success fee following industry-standard structures. While specific fee percentages are not disclosed publicly, their fee structure aligns with lower middle market investment banking norms.
Their process begins with thorough preparation, including quality of earnings readiness, management presentation development, and data room organization. They then execute comprehensive buyer outreach, typically contacting hundreds of potential buyers across private equity firms and strategic acquirers. Waypoint emphasizes communication throughout, ensuring clients understand each stage of the process. Their average timeline from engagement to close is 6-9 months, though they have closed transactions more quickly when market conditions are favorable.
Buyer Network
Waypoint Private Capital maintains relationships with thousands of potential buyers across private equity firms and strategic acquirers. Their buyer network is particularly strong in lower middle market private equity, with relationships at firms like Congruent Investment Partners, Webster Equity Partners, and numerous regional PE firms. On the strategic side, they have connections with publicly-traded companies (as evidenced by the Janus International transaction), large privately-held industrials, and healthcare platforms.
Their team's operational backgrounds as former C-suite executives and business owners give them credibility with buyer management teams, enabling them to effectively advocate for their clients' businesses. They understand both the financial and operational considerations that drive buyer decisions, allowing them to position transactions optimally.
Competitive Positioning
Waypoint Private Capital differentiates through their combination of institutional-quality processes and personalized, relationship-driven service. Unlike business brokers who operate on volume, Waypoint's selective approach ensures each client receives dedicated attention. Unlike bulge bracket banks, Waypoint's principals are involved in every transaction, not just juniors. Their team's 425+ years of combined experience includes time as operating executives, giving them unique insight into both the financial and operational aspects of transactions.
The firm's geographic footprint across nine U.S. locations allows them to be close to clients while maintaining national reach. Their Midwestern values guide honest, transparent communication—they will tell clients if it's not the right time to sell rather than pressuring them into a transaction. Their 80%+ closing rate speaks to their disciplined approach to client selection and deal execution.
Not a Fit If
Waypoint Private Capital typically declines engagements below $3M in transaction value, businesses not ready for sale requiring extensive operational improvements before market, minority investment or recapitalization transactions (they focus on 100% buyouts), and situations where sellers are unwilling to transition with the business post-close. They also avoid industries with poor M&A market conditions or businesses facing significant unresolved legal or regulatory issues.
Team
Waypoint Private Capital was founded by Jim Holder and Steve Sprindis, who serve as Co-Founders and Managing Directors. Jim Holder brings 39 years of experience spanning transaction advisory at PwC and C-suite roles as CFO, COO, and President across manufacturing, distribution, retail, and software companies. He is a CPA and has advised on over 100 M&A and capital sourcing transactions. Steve Sprindis has over 30 years of sell-side M&A, capital sourcing, and private equity experience, with over $1B in transaction value as an advisor. He is a CFA charterholder and has served as CFO for multiple companies across healthcare, fintech, real estate, and distribution.
The team includes 11 additional Managing Directors and Advisory Board members across offices in Tulsa, Madison, Charlotte, Denver, Kansas City, Northwest Arkansas, Oklahoma City, and Chicago. Team members include Dan Bales, Amy Cole, Dale Gillmore, Kevin Guy, Jeb Hutton, Randy Meier, Mark Morelli, Stig Rahm, Bruce Skaistis, and Jeff Wills. The team averages 18+ years of M&A experience per principal, with backgrounds as former C-suite executives, business owners, and investment bankers.
Geographic Coverage
Headquartered in Madison, Wisconsin with nine offices across the United States including Charlotte, Chicago, Denver, Kansas City, Milwaukee, Northwest Arkansas, Oklahoma City, and Tulsa. This broad geographic presence allows them to serve clients nationwide while maintaining local market knowledge.