Capstone Partners – IMAP USA Completes Transformative TM Capital Acquisition
Leading middle-market investment bank Capstone Partners - IMAP USA, a subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN), has completed a transformative acquisition of TM Capital and select practice groups from Janney Montgomery Scott. This strategic combination delivers approximately 40% headcount growth, expanding Capstone to roughly 300 professionals across major U.S. hubs including Atlanta, Boston, Chicago, and New York.
Strategic Synergies and Expanded Expertise
TM Capital contributes valued PE clients (more than 75% of its transactions involve financial sponsors) enhancing Capstone’s private equity focus, as well as new sectors/geography and stronger market presence, while its clients will now enjoy access to Capstone’s full suite of PE solutions, as well as one of the largest pipelines of privately-owned businesses in the industry.
Colleagues from Janney’s Corporate Finance teams (Infrastructure, Technology/Fintech) and corporate advisory group join Capstone alongside TM Capital’s M&A advisory, enhancing Capstone’s depth in Technology, Healthcare, Business Services, Consumer and Industrials - while also establishing a Founder & Family‑Owned Advisory Group for PE bolt‑ons and deepening presence in Atlanta, Boston, Chicago, and New York.
Global Client Benefits and Leadership Perspective
IMAP clients globally now have access to Capstone’s expanded U.S. footprint, deeper sector expertise and sponsor relationships as middle‑market M&A accelerates into 2026.
IMAP Chairman, Jurgis V. Oniunas, commented:
“This is a tremendous milestone in Capstone's development, with whom we have a shared history over the past decade since their joining IMAP. Throughout, the vision of CEO/Founder John Ferrara and his team has steadily guided Capstone through a series of challenging transactions, sometimes in the face of difficult headwinds, cementing Capstone’s position as one of the leading mid-cap corporate finance advisors in the U.S., and key member of IMAP’s global partnership.
So, congratulations to John, COO and IMAP Board Member Olivia Ferris, and the whole Capstone team, and a warm welcome to our new colleagues, with whom we look forward to working on cross-border transactions for many years to come!”
Jurgis V. Oniunas
IMAP Chairman
At the start of the year, the outlook for Q1 was highly optimistic, with expectations of slowing inflation, lower interest rates, and improving growth projections. Unfortunately, we live in interesting times. Early in the year, speculation around the disruptive impact of AI on traditional SaaS business models triggered a significant revaluation in parts of the Software sector. More recently, escalation in the Middle East conflict has introduced fresh volatility – pushing oil prices higher, adding upward pressure on inflation, and creating supply-chain uncertainties. While it is too early to tell how these new shocks will eventually affect the global M&A market, we can be sure that our dealmakers around the world are on the ground every day – negotiating, re-evaluating, adjusting positions, and adapting to whatever the environment throws at them to deliver the best outcomes for their clients. They’ve done it for over 50 years, and that’s exactly what they’ll continue to do, no matter the conditions.
