Capstone Partners Deepens Private Equity Capabilities with Recent Acquisition of TM Capital and Other Business Units from Janney Montgomery Scott

Transaction solidifies Capstone’s position as a top-10 U.S. middle market investment bank.

BOSTON, MA – Capstone Partners, a leading middle market investment banking firm and subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN), recently completed the acquisition of TM Capital and additional strategic practice groups from Janney Montgomery Scott LLC. Representing roughly 40-percent headcount growth for the Company, the acquisition solidifies Capstone’s position in the U.S. middle market as a top-10 investment banking firm and amplifies its focus on serving a growing list of private equity clients.

TM Capital brings Capstone a cohort of highly valued private equity clients, new industry and sector coverage areas, a broader geographic reach, and enhanced market presence. With over 75% of their deals involving financial sponsors, TM Capital’s PE clients will benefit from access to Capstone’s platform of broader private equity solutions offerings, including buy-side advisory, debt advisory, business diligence/Quality-of-Earnings (QofE), valuation and fairness opinions, and access to one of the largest pipelines of privately owned businesses in the industry.

“This is a perfect combination of two exceptional firms that have known and respected each other for quite some time – it is a tailored fit for our organizations,” commented John Ferrara, Founder & President of Capstone Partners. “For the past five-plus years, we have been strategically expanding our offerings to better serve the private equity market and joining forces with TM Capital will accelerate our growth trajectory in this critical arena. We are thrilled to embrace their talented leadership team, all of whom will remain in their roles and become integral members of our executive circle. Together, we will drive greater value for our private equity clients.”

Colleagues from Janney’s Corporate Finance industry teams in Infrastructure and Technology, including Fintech, will also join Capstone. The combination of Janney’s practice groups and TM Capital’s M&A advisory business will specifically bolster Capstone’s industry depth in its Technology, Healthcare, Business Services, Consumer, and Industrials practices. Janney’s corporate advisory group will join Capstone to establish a Founder & Family-Owned Advisory group, which is expected to provide proprietary bolt-on opportunities to private equity portfolio businesses. The deal will establish a deeper presence in key markets such Atlanta, Boston, Chicago and New York, and take Capstone to sixteen specialized industry sector teams.

“Our organization couldn’t be more excited about this combination.  We are bringing together two like-minded, high-performing organizations intent on redefining the middle market investment banking landscape.  We see the M&A environment poised to really accelerate in 2026 and beyond – together, TM, Capstone and Huntington are optimally positioned to capitalize on this market momentum,” said Jarrad Zalkin, Managing Director and Head of TM Capital.

“We’ve long known and esteemed Capstone and its people. In fact, we explored a combination in 2023 until market dislocations led us to pause those discussions.  KKR’s acquisition of Janney in late 2024 presented us with an opportunity to revisit a partnership with Capstone and Huntington, and they moved with resolve to make it happen, bringing us back to where we initially intended to be,” added Jim Grien, Vice Chairman of Investment Banking and one of TM Capital’s founders.

TM Capital will continue to operate under its existing brand for the time being, and all of its professionals have been retained by Capstone Partners. Collectively, the firm will consist of approximately 300 professionals, representative of 250-300 capital markets transactions at any point in time.

“This transaction is a key part of our aggressive growth investments in Huntington’s capital markets capabilities,” said Matt Milcetich, Executive Managing Director of Huntington Capital Markets. “Fueled by a strong cultural fit with our colleagues, we are extremely optimistic about enhancing our collective opportunity with our clients, particularly following the sponsor coverage and leveraged finance build in 2025 at Huntington. We all are excited about the closing of the acquisition and focused now on integrating quickly to maintain our momentum into 2026.”

The transaction closed in December 2025 following receipt of required regulatory approval and satisfaction of customary closing conditions. Terms of the agreement were not disclosed.

ABOUT CAPSTONE PARTNERS

Capstone Partners is one of the largest and most active investment banking firms in the U.S. For over 20 years, Capstone has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors, and creditors through each stage of the company’s lifecycle.  Capstone’s services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions, and financial advisory services.  Headquartered in Boston, the firm has 175+ professionals in multiple offices across the U.S. With 12 dedicated industry groups, Capstone delivers sector-specific expertise through large, cross-functional teams.  Capstone Partners is a subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN).  For more information, visit capstonepartners.com.

ABOUT TM CAPITAL, A DIVISION OF CAPSTONE PARTNERS

TM Capital, now part of Capstone Partners, is the client-first investment banking team advising industry-leading companies across North America. TM Capital professionals share a relentless commitment to engineering extraordinary outcomes with an unmatched standard of client care. Over the last three decades, the firm has completed nearly 450 transactions with a combined value of $30 billion. With offices in Atlanta, Boston and New York, TM Capital’s mission critical capabilities include complex mergers and acquisitions; debt and equity financings; minority and majority recapitalizations; restructurings; and board advisory services. For more information, please visit tmcapital.com.

ABOUT HUNTINGTON BANCSHARES

Huntington Bancshares Incorporated is a $223 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 14 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

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