Evening Monkeys,
Looking for a little color on Capstone headwaters, specifically the LA team. First look had MDs with strong tract records but I haven’t found much else about that. Seem to run pretty lean, decent(?) deal flow.
Looking for someone to hopefully provide insight on comp, exits, quality?
Anything really that’s relevant.
Thanks!
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Bump for morning crowd. Thanks.
Also interested in both LA and Denver offices
Considerably below market comp vs. MM/EB/BB (WSO has some good data points). It's a hodge podge of MDs, some good, some terrible, some in between. The firm is far less structured than a MM, meaning the MDs have more autonomy and leeway in terms of how much they bring in, how they operate, where they work (some MDs don't even go into the office), etc.
Apparently has some decent groups (HC services guy seems to be doing well as I acknowledged in another thread), but overall is a notch below Cascadia, D.A. Davidson, etc. which are boutique LMM banks.
Haven't seen anyone from Capstone or Headwaters in PE, but I'm sure there are some, would just be an uphill battle. A few have moved in to Corp Dev or Corp Fin.
Was trying to read into this bank as well. What is all in comp, ballpark? The head of consumer had a decent background which led me to believe they did well, is this wrong to think? Thanks
All in comp for analyst is probably maxes out around $100-110K. I think the base is around $60K +/- $5K. There are several MDs that have decent backgrounds, but if it operates anything like Headwaters (wasn't familiar w/Capstone), the culture is to stay in your lane and there is no interaction between groups.
The MDs that descended there historically were guys with decent backgrounds that either got let go by better known firms because they weren't able to meet MD revenue goals or chose to leave to a relaxed environment where they could do a deal per year while they fade into retirement.
Expanding out to Chicago - The MD there does very well with lower MM industrials / tech services coverage.
Had a friend that just summered in the Chicago office who said it was pretty abysmal stuff
Didn't even know it had a Chicago presence. Was he referring to deal size, deal quality or something else?
I've heard it is super, super top heavy and is structured really weirdly as a result. It's really not a place you'd want to work unless you have no other options from what I've heard.
Good for breaking into the industry and getting great experience if you want to lateral down the road. Not so great if you are worried about comp and prestige. They do put out some great research reports that I've used in the past though
Having interacted with Headwaters (not as an employee), I wasn’t a fan. No idea what the capstone deal has meant for them. Headwaters was essentially licensing their broker dealer status to a bunch of random MDs. It didn’t seem right to me, and as mentioned above the talent pool was highly variable.
RE-bumping as I noticed a post for an analyst spot opened up. Any other monkeys with insight? Thanks.
They were the banker on a recent add-on we were looking at that had about $2mm EBITDA...pretty poor experience working with them. Files in the data room were just plain wrong and had to be corrected multiple times..analysis was pretty poor and unhelpful..
Just my experience
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