XMS Capital Partners Research
Advisory Approach
XMS Capital Partners, founded in 2006, operates under a distinctive "Involvement Banking" philosophy that transcends traditional transactional investment banking. The firm believes in deep, persistent client involvement—showing up, seeing things through, and ascending from the role of transactional banker to trusted advisor. Their thesis is that the best outcomes come from exhaustive buyer outreach combined with institutional-quality process management, delivered with "boots on the ground" commitment.
The firm's managing directors are bulge bracket veterans from firms like Morgan Stanley, Goldman Sachs, Citigroup, and Perella Weinberg Partners, bringing over $250 billion in collective career transaction experience. This pedigree enables XMS to serve clients ranging from family-owned businesses doing their first deal to multinational enterprises executing multi-billion dollar transformations.
Sector Focus
XMS has built deep expertise across seven core industries:
Healthcare & Life Sciences: The firm has completed landmark transactions including Exact Sciences' $23 billion sale to Abbott (2025), Exact Sciences' $2.8 billion acquisition of Genomic Health (2019), and Third Wave Technologies' $580 million sale to Hologic (2008). The healthcare practice is further strengthened by Rick Kimball's 2025 arrival from Goldman Sachs, where he was Co-Head of Global Healthcare Investment Banking. Focus areas include diagnostics, life sciences tools, medical devices, and healthcare services.
Industrials & Manufacturing: Coverage spans automotive, general industrials, paper & packaging, and precision manufacturing. Chris Blake leads automotive coverage after 25 years including building Perella Weinberg's North American automotive franchise and serving as Global Head of Automotive at Citigroup. Todd VanderMolen heads the paper & packaging practice with deep experience in corporate carve-outs for clients like Bemis Company and Clarcor Inc. The firm advised on Accuride Corporation's acquisition of Mefro Wheels GmbH (2017) and Steelcase's sale of PolyVision (2020).
Digital Infrastructure & Technology: Michael Lord joined in 2026 from Macquarie Capital to lead digital infrastructure coverage (data centers, fibre, towers), advising infrastructure funds, pension funds, and corporates. The firm also has strength in digital assets through its work with Riot Blockchain on multiple acquisitions (Whinstone US, ESS Metron) and Core Scientific's SPAC transaction with Power & Digital Infrastructure Acquisition Corp.
Food, Beverage & Consumer: Brett Lilley leads the food & consumer practice, which executed Green Plains' $350 million sale of Fleischmann's Vinegar to Kerry Group (2018). The team also worked on Vintage Wine Estates' $690 million SPAC business combination with Bespoke Capital Acquisition Corp (2021).
Business Services: XMS advised IAA, Inc. on its £225 million ($305 million) acquisition of SYNETIQ Ltd, a UK-based salvage and vehicle dismantling company (2021). The firm also advised on CrossCountry Consulting's sale to private equity (2022).
FinTech & Financial Services: Carlos Pinto, CEO of XMS's UK subsidiary and former Morgan Stanley and RBC Global Head of Corporate Development, leads FinTech coverage from London. Paul Glover, former Deutsche Bank Global Markets Division Management Committee member, brings 30 years of financial services expertise.
Deal Track Record
XMS Capital Partners has completed transactions across virtually every industry and sector. Notable representative transactions include:
Healthcare Diagnostics:
- Exact Sciences sale to Abbott Laboratories – $23 billion enterprise value (2025)
- Exact Sciences acquisition of Genomic Health – $2.8 billion (2019)
- Third Wave Technologies sale to Hologic – $580 million (2008)
Digital Assets & Infrastructure:
- Riot Blockchain acquisition of Whinstone US (2021)
- Riot Blockchain acquisition of ESS Metron – $50 million (2021)
- Core Scientific SPAC with Power & Digital Infrastructure Acquisition Corp (2021-2022)
Industrials & Manufacturing:
- IAA, Inc. acquisition of SYNETIQ Ltd – £225 million (~$305 million) (2021)
- Green Plains sale of Fleischmann's Vinegar to Kerry Group – $350 million (2018)
- Accuride Corporation acquisition of Mefro Wheels GmbH (2017)
- Steelcase sale of PolyVision (2020)
Consumer & SPAC:
- Vintage Wine Estates business combination with Bespoke Capital Acquisition Corp – $690 million (2021)
The firm's managing directors have executed over 250 transactions collectively in their careers, with $250+ billion in aggregate transaction value.
Process & Fee Structure
XMS runs institutional-quality processes with exhaustive buyer outreach—typically 200-400 targeted buyer contacts per engagement, compared to the industry average of 50-100. Their process includes comprehensive quality of earnings support, management presentation coaching, structured data room preparation, and 6-9 month timelines from engagement to close.
The firm requires exclusivity and typically won't take engagements below $10 million TEV. Fee structure follows market conventions for bulge bracket-calibrated independent advisors: monthly retainers credited against success fees, with success fees structured around modified Lehman or flat percentage models depending on transaction complexity and size.
Buyer Network
XMS maintains relationships across the full spectrum of strategic and financial buyers:
Strategic Buyers: Fortune 500 healthcare companies (Abbott, Hologic), international food ingredients companies (Kerry Group), automotive suppliers, and industrial corporations. The firm's cross-border capability through London and global partnerships enables strategic buyer access across Europe, Asia, and North America.
Private Equity: The team has extensive PE relationships from their bulge bracket backgrounds, covering middle market through mega-funds across sectors. Deal history shows engagement with Crestview Partners (Accuride sponsor) and various PE-backed portfolio companies.
Competitive Positioning
XMS differentiates through:
- Bulge bracket pedigree at independent firm scale – Managing directors average 25+ years of experience from Morgan Stanley, Goldman Sachs, Citigroup, and Perella Weinberg
- Involvement Banking commitment – Deep, persistent client engagement beyond transactional relationships
- Exhaustive buyer outreach – 200-400 contacts per engagement vs. industry 50-100 average
- Cross-border capability – London office and global partnerships for international buyer access
- Sector specialization – Managing directors are true sector experts rather than generalists
Not a Fit If
XMS typically declines:
- Businesses below $10 million TEV
- Transactions where the client wants a limited process (the firm's value is exhaustive outreach)
- Situations requiring minimal advisory involvement
- Founders seeking quick exits without rigorous process management
Team
The firm has 15 Managing Directors across Chicago, London, Miami, and New York, supported by senior professionals, vice presidents, associates, and analysts. Key leadership includes:
Founding Partners:
- Ted Brombach – 30+ years investment banking experience, former Co-Head of Investment Banking at Morgan Stanley Midwest, former M&A and Restructuring Group member
- John "Yogi" Spence – Founding Partner
Sector Leaders:
- Chris Blake – Automotive & General Industrials, 25 years experience, former Partner at Perella Weinberg Partners and Global Head of Automotive at Citigroup
- Matt Gilbert – Life Sciences Tools, Diagnostics & Medical Devices, based in Miami, former Goldman Sachs
- Rick Kimball – Healthcare, 35 years experience, former Partner at Goldman Sachs (Co-Head Global Healthcare IB) and 20 years at Morgan Stanley
- Brett Lilley – Food & Consumer, former BMO Capital Markets
- Todd VanderMolen – Paper & Packaging, former Greenhill & Co. and Lehman Brothers
- Carlos Pinto – FinTech & Financial Services, CEO of XMS UK, former Morgan Stanley and RBC Global Head of Corporate Development
- Michael Lord – Digital Infrastructure (data centers, fibre, towers), London, former Macquarie Capital
- Paul Glover – FinTech & Financial Services, former Deutsche Bank Global Markets Division Management Committee member
- Scott Mulcahy – Industrials, 30 years experience, former Morgan Stanley Managing Director
Senior Management:
- John McGarrity – Managing Director, CAO and General Counsel, 30+ years legal and product development experience
- Joe Walsh – General Counsel
Geographic Coverage
Primary offices in Chicago (headquarters), London, and Miami, with team members also based in New York. The firm serves clients globally through cross-border transaction capabilities and global partnerships in Italy, China, and Japan. Core U.S. markets include Midwest (Chicago), Southeast (Miami), and Northeast (New York).