October 2018www.capstoneheadwaters.com

Source: Capital IQ, Pitchbook, FactSet, and Capstone Headwaters Research

Capstone Headwaters

The Recreational Products industry has been supported by historical levels of

disposable income and significant shifts in consumer preferences towards

products and activities that promote healthy lifestyles. According to the

Outdoor Industry Association’s “2018 Outdoor Participation Report,” 49.0% of

the US population in 2017 participated in outdoor recreational activities, a slight

increase from 20161. The leading motivations for outdoor recreational

participation were to exercise and remain physically fit, to be with family and

friends, and to observe scenic beauty and be close to nature.

Capstone Headwaters’ Recreational Products public company index indicates an

average EBITDA multiple of 12.3x year-to-date (YTD), compared to 11.8x YTD

2017. Robust fundamentals in the space have supported strategic acquisitions

as companies look to expand current product offerings, deepening their reach

into niche corners of the Recreational Products market. Of the 65 transactions

in YTD 2018, 66.1% of deals have been announced or completed by strategic

acquirers. Noteworthy public company transactions include Winnebago

Industries’ (NYSE:WGO) acquisition of Christ-Craft Corporation (June 2018,

terms of the deal were not disclosed) that allows Winnebago access to the

recreational powerboat and water sport market; and Golf Digest Online’s (GDO)

(TSE:3319) acquisition of GolfTEC Enterprises (June 2018, $37.6 million), which

expands GDO’s training capabilities to encompass over 200 GOLFTEC centers.

TABLE OF CONTENTS

M&A Overview

Segment Highlight

Notable Transactions

Select Transactions

Public Company Data

Firm Track Record

RECREATIONAL PRODUCTS

Q4 2018

Buyer Breakdown: Recreational Products

MERGER & ACQUISTION OVERVIEW

CONTRIBUTORS

Sophea Chau

Director

617-619-3307

schau@capstoneheadwaters.com

Jacob Voorhees

Co-Head of Investment Banking

617-619-3323

jvoorhees@capstoneheadwaters.com

Lisa Tolliver

Director

312-674-4532

ltolliver@capstoneheadwaters.com 15.4%

41.5%

18.5%

24.6%

STRATEGIC

Public

Private

FINANCIAL

Direct

Add-on

SEGMENT HIGHLIGHT: WINTER SPORTS

The Winter Sports segment has experienced 10

transactions YTD in 2018, accounting for 15.4% of total

deal volume, compared to 6.7% of total deal volume in all

of 2017. Deal activity is expected to continue to increase

as US Winter Sport (i.e., ice skating, skiing, snowboarding,

snowshoeing, and snowmobiling) participation rates

continue to climb. Rates have reached a five-year peak of

14.9% of the US population. Increasing participation

rates, rising disposable incomes, and favorable weather

conditions are expected to support demand in the Winter

Sports segment.

The global Ski Gear & Equipment market value is

expected to reach $1.4 billion by 2025, representing a

2.9% compound annual growth rate (CAGR) during the

forecast period (2018-2025), according to Coherent

Market Insights.4 North America is anticipated to

continue to hold a dominant market share as it accounted

for 25.9% of the overall Ski Gear & Equipment market in

2017. Capstone Headwaters has identified several

transactions in the Ski Gear & Equipment market,

supported by strong participation rates and resort visits.

For example, Vista Outdoors (NYSE:VSTO) has divested its

winter sports and lifestyle eyewear and product brands,

Bollé, Cébé, and Serengeti (July 2018), to A&M Capital

Advisors for total proceeds of $185.8 million.5 In addition,

Mammut Sports Group, a provider of outdoor recreational

apparel and gear, acquired Mountain Hub, an online and

offline GPS application for outdoor activities in July

(highlighted on the following page).

WINTER SPORTS PARTICIPATION

RATE AMONG US POPULATION 14.9%

Recreational Products | Q4 2018

Winter Sports Participation Rates

(% of US Population)

Source: Outdoor Industry Association

COMPOUND ANNUAL GROWTH RATE –

SKI GEAR & EQUIPMENT MARKET2.9%

US Ski & Snowboard Resorts revenues are expected to

reach $2.8 billion in 2018, indicating an annual growth of

1.5% from 2013 to 2018, according to IBISWorld.2 In the

2017/2018 season, 53.3 million skiers and snowboarders

visited US ski resorts, consistent with the 40-season

average, according to National Ski Areas Association

(NSAA).3 Notably, the share of visits that included a

lesson at US ski areas increased in the 2017/2018 season,

indicating new skiers entering the market and thus

increasing future interest and growth in the industry. The

increased interest and visitation figures are expected to

lead to annual growth of 0.8% from 2018 to 2023, a

conservative forecast as revenue and participation in the

Winter Sport industry remain heavily contingent on

weather conditions.

The heavy concentration and high barriers to entry in the

Ski Resort market has created significant inorganic growth

opportunities as leading mountain resort operators seek

to increase scale and geographic presence, while smaller2

14.0%

14.2%

14.4%

14.6%

14.8%

15.0%

2013 2014 2015 2016 2017

VISITS TO US SKI & SNOWBOARD

RESORTS IN THE 2017/2018 SEASON53.3M

resort operators struggle to keep up with the advancing

technological landscape. Most notably, Vail Resorts

(NYSE:MTN), an operator of mountain resorts and ski

areas holding 46.7% of the US market share, has acquired

Stevens Pass Mountain Resort (June 2018, $67.0 million),

an operator of a ski resort in Skykomish, Washington; and

Triple Peaks (June 2018, $237.0 million) the parent

company of Okemo Mountain Resort in Vermont, Mount

Sunapee Resort in New Hampshire, and Crested Butte

Mountain in Colorado. Steady growth in the Ski &

Snowboard Resorts industry is expected to be a driver of

demand for the Winter Sports market.

OF US SKI RESORT VISITS

COME FROM SNOWBOARDERS 26.1%In 2017, snowboarders accounted for 26.1% of all US

resort visits, an increase from the 2013 level of 22.8%,

according to IBISWorld. Over the last five years, the

spread between snowboard and ski participation rates has

been less than 1.0%, according to the OIA 2018 Outdoor

Participation Report. Growth in snowboard participation

has lead to consolidation among leading snowboard

product brands seeking to bolster their suite of products

and manufacturing capabilities. YTD 2018, there have

been two transactions involving snowboard companies. In

September, Nidecker, a Swiss manufacturer of

snowboards, acquired Rome Snowboards, a manufacturer

of snowboarding products based in Vermont (highlighted

on the following page). Earlier in April, Ride Snowboard

Company, a manufacturer of snowboarding products

based in Seattle, acquired Device Manufacturing

Corporation, a snowboard bindings manufacturer.

Nidecker SA acquires Rome SDS Snowboards Corporation

(September 2018, undisclosed)

Nidecker SA, a manufacturer and supplier of snowboards, snow surf, and water sport products, has

acquired Rome Snowboards, a leading snowboard manufacturer. Terms of the deal were not disclosed.

Founded in 2001 and based in Waterbury, Vermont, Rome Snowboards has established itself as one of

the leading snowboard manufacturers in the US. Rome Snowboards will join Nidecker’s subsidiary Low

Pressure Studios, a multi-brand platform that currently manages and distributes three snowboard

product brands.

Rome Snowboards adds its renown and proven snowboard design and technology to Nidecker’s well-

established product offerings. The strategic acquisition expands Nidecker’s US Snowboard industry

exposure, further establishing its portfolio of leading snowboard product manufacturers.6

Mammut Sports Group AG acquires Mountain Hub, Inc.

(July 2018, undisclosed)

Mammut Sports Group, a Swiss multinational mountaineering and trekking company, has acquired

Mountain Hub, a community-fueled application that allows outdoor enthusiasts to access trail maps

and share insights and experiences with the outdoor community. Terms of the deal were not disclosed.

Founded in 2015, Mountain Hub was created by MIT graduate students looking to enhance the

outdoors experience by crowdsourcing real-time trip routes and conditions. The acquisition aligns with

Mammut’s focus to enhance customer experience and build community through outdoor recreational

activity and products.

“This is about experiences,” said Joe Prebich, CEO for Mammut North America, in a press release. 7 “The

acquisition of Mountain Hub brings a whole new way to partner with consumers and professionals to

deliver a digital experience like no one else can. From trail data to community meetups, athlete profiles

and trip logs to real-time reports that aid in your daily adventures, Mountain Hub truly brings digital

into the outdoors in a seamless and organic way.”

Implus Corporation acquires 32north Corporation

(January 2018, undisclosed)

Implus Corporation, a consumer packaged goods company that specializes in fitness, outdoor, sporting

goods, and footwear, has acquired 32north Corporation. 32north Corporation, doing business as

STABIL, manufactures traction footwear, offering products for a wide range of recreational outdoor

activities. Terms of the deal were not disclosed.

Founded in 1990, STABIL is the designer of patented products, STABILicers, Stat-A-Rest, and STABIL Turf

performance footwear products which are made in the US and Canada. The acquisition expands

Implus’ portfolio, owned by Berkshire Partners, of leading traction brands including Yaktrak, SnowTrax,

and ICEtrekkers. STABIL’s patented design make it an immediate value-add to the Implus’ portfolio.8

Several notable transactions have been announced or completed in the Recreational Products industry in 2018. Select

transactions are outlined below, followed by a more comprehensive list on the following pages.

Acquires

Acquires

Acquires

3

NOTABLE TRANSACTIONS

Recreational Products | Q4 2018

SELECT TRANSACTIONS

4

Date Target Acquirer Target Business Description

Enterprise

Value (mm)

EV / LTM

Revenue EBITDA

10/01/18 Crest Marine MasterCraft Manufactures pontoon boats. $80.0 1.2x -

09/28/18Cardinal’s Sport

CenterAthletic Supply

Produces and distributes apparel for sports, running,

walking, and various mountain activities.- - -

09/19/18 Woolrich L-Gam Advisors Manufactures and sells outdoor clothing and apparel. - - -

09/19/18Teamwork

Athletic Apparel

Badger

Sportswear

Manufactures team uniforms, performance apparel, fan

gear, and other garments and accessories. - - -

09/14/18 Yonder UpventurDevelops an outdoor recreation mobile application and

platform to connect outdoor enthusiasts. - - -

09/12/18 CoyoteLightGood Sportsman

MarketingManufactures and sells hunting lights and accessories. - - -

09/10/18Rome

SnowboardsNidecker

Manufactures and provides snowboards and snowboard

accessories. - - -

09/06/18Performance IQ

SystemsClubessential

Offers exercise data tracking equipment for indoor cycling

groups and classes. - - -

09/04/18Ravin

CrossbowsVelocity Outdoor Designs and manufactures crossbows and accessories. $119.0 2.6x -

09/04/18 EastPoint SportMason Wells

BuyoutsDesigns and distributes home recreational products. - - -

08/29/18 ZoombangCode Green

Apparel

Manufactures and designs protective gear made from

patented polymers. - - -

08/29/18Leadbetter Golf

AcademyGolfzon Newdin Provides golf training services at its training institutes. - - -

08/22/18 Pursuit Boats Malibu Boats Manufactures saltwater fishing boats and sports yachts. $100.0 0.8x 6.5x

08/14/18Twisted

Sportswear

Hot Frog

Print MediaManufactures custom-apparel and athletic wear. - - -

08/06/18 Cambridge Golf ViratechManufactures golf balls, apparel, accessories, and

nutritional products for the golf markets. - - -

08/02/18 ManitouBombardier

RecreationalDesigns and manufactures pontoon boats. - - -

08/01/18Assets of Pro

Performance SportsImplus

Develops and provides athletic performance and skills

training products, doing business as SKLZ. - - -

07/30/18 Tilly Endurables Gibraltar Designs and manufactures hats and clothing for outdoor

and travel. - - -

07/30/18 Mountain Hub Mammut SportsProvides online and offline GPS application for outdoor

adventures. - - -

07/17/18 TeamLine BSN Sports Provides sports apparel, uniforms, and teamwear. - - -

07/09/18Bollé; Cébé;

Serengeti

A&M Capital

Advisors

Develops and manufactures sunglasses, googles, and

helmets for snow sports, golf, tennis, and marine markets. $185.8 - -

06/28/18 Alumacraft Boat BRP Builds aluminum boats and sells them through dealers

globally. - - -

06/27/18Revolution

DancewearAudax Group Manufactures and sells dancewear. - - -

06/27/18 SugoiLouis Garneau

Sports

Manufactures and distributes running, bike, and triathlon

clothing. - - -

06/22/18Assets of

Milestone SportsZwift

Develops and manufactures the MilestonePod, a tracking

device for runners and walkers. - - -

Source: Capital IQ, Pitchbook, FactSet and Capstone Headwaters Research

Recreational Products | Q4 2018

SELECT TRANSACTIONS (CONTINUED)

5

Date Target Acquirer Target Business Description

Enterprise

Value (mm)

EV / LTM

Revenue EBITDA

06/15/18DD’s Deluxe

Rod Holder

Golden Sunset

Group

Develops and sells fishing rod holders primarily for ice-

fisherman. - - -

06/07/18Good Sportsman

MarketingSentinel; Yukon Offers outdoor sports products for hunting. - - -

06/05/18Rawlings

Sporting GoodsSeidler Equity

Manufactures sporting goods for professional athletes,

national governing bodies, and sports leagues worldwide. $395.0 1.2x -

06/04/18Stevens Pass

Mountain ResortVail Resorts Operates mountain resorts. $67.0 - -

06/04/18 Triple Peaks Vail Resorts Operates ski and golf resorts. $237.0 - -

06/04/18 Chris-CraftWinnebago

IndustriesDesigns and manufactures boats. - - -

06/01/18GolfTEC

Enterprises

Golf Digest

Online

Provides fact-based golf instruction and lessons through its

centers worldwide. $37.6 0.8x -

06/01/18 Gracedbygrit HYLETE Provides athletic gear for women. - - -

05/17/18 Tucker Toys Goliath Manufactures sports toys for children. - - -

05/09/18 Ellsworth Bicycles ASG Group Designs and manufactures mountain bicycles. - - -

04/30/18Peak Performance

ProductionAmer Sports Manufactures and retails technical sports and outwear. $307.9 1.8x -

04/17/18 Athletic Supply Barcelona WestDistributes sporting good and equipment primarily to high

schools and colleges.- - -

04/04/18Master Z’s Dart

And Pool SupplyUpper Room Operates a pool table and billiard retail store. - - -

03/28/18 Royal Robbins Fenix Outdoor Manufactures and sells outdoor clothing. - - -

03/28/18 Beeline BikesAccell North

America

Operates mobile bicycle shops that provide on-site and

home bicycle services. - - -

03/20/18 Oboz Footwear KathmanduDesigns and manufactures outdoor footwear for men and

women. $75.0 2.5x 16.3x

03/19/18Worldwide

CampingL2 Capital

Manufactures and designs portable battery lighting and

camping equipment for outdoor activity. - - -

03/14/18Altra Footwear

BrandV.F. Corp. Manufactures athletic footwear. - - -

03/13/18 Niner UWHK Manufactures bicycles and bicycle accessories. - - -

03/07/18 KanJam Wild Sports Manufactures outdoor and indoor games and accessories. - - -

02/27/18Lifeline Fitness

ProductsEscalade Sports Manufactures personal fitness goods and equipment. - - -

01/30/18 Brunswick Owl Creek Designs and manufactures marine boats and engines,

fitness equipment, and billiards tables and products. - - -

01/29/18 Honma GolfItochu; Charoen

PokphandDevelops and manufactures golf club equipment. $547.9 2.4x 9.7x

01/17/18 G/FORE Peter Millar Designs and retails golf accessories and apparel. - - -

01/03/18 Earth Sports Camping WorldManufactures and distributes running, bike, and triathlon

clothing. - - -

Source: Capital IQ, Pitchbook, FactSet, and Capstone Headwaters Research

Recreational Products | Q4 2018

PUBLIC COMPANY TRADING & OPERATING DATA

6

Price % 52 Wk Market Enterprise LTM EV / LTM

Company 10/05/18 High Cap Value Revenue EBITDA Margin Revenue EBITDA

Amer Sports Corp. $39.72 92.0% $4,576.3 $5,520.8 $3,070.8 $329.8 10.7% 1.8x 16.7x

Brunswick Corporation $64.25 92.0% $5,571.9 $5,572.0 $4,610.0 $572.2 12.4% 1.2x 9.7x

Callaway Golf Co. $23.49 95.2% $2,218.4 $2,277.2 $1,234.8 $167.4 13.6% 1.8x 13.6x

Clarus Corporation $10.93 91.0% $323.8 $337.3 $197.6 $13.3 6.7% 1.7x NM

Dorel Industries Inc. $18.13 69.2% $586.8 $1,061.0 $2,585.2 $133.7 5.2% 0.4x 7.9x

Escalade Inc. $12.25 82.2% $180.9 $165.4 $172.4 $18.5 10.7% 1.0x 8.9x

Johnson Outdoors Inc. $85.49 79.6% $844.9 $715.6 $544.9 $74.5 13.7% 1.3x 9.6x

Lafuma SA $27.64 91.5% $196.3 $177.1 $189.3 $8.9 4.7% 0.9x 19.8x

Mean 9.7% 1.3x 12.3x

Median 10.7% 1.3x 9.7x

Harmonic Mean 8.3% 1.0x 11.1x

EV = enterprise value; LTM = last twelve months

$ in millions, except per share data

NM = Not Meaningful

45.8%

26.5%

46.8%

35.1%

23.1% 25.4%

44.3%41.2%

10.7% 12.710.6%

0.3%5.2%

11.0%13.7%

5.9%

0%

10%

20%

30%

40%

50%

60%

Amer Sports Brunswick Callaway Golf Clarus Dorel Industries Escalade Johnson Outdoors Lafuma

Gross Margin % EBITDA Margin %

Last Twelve Month Margin Performance

Last Twelve Month 1-Year Revenue Growth

-1.4%

5.9%

28.0% 29.1%

0.3%

-1.2%

15.0%

-0.4%-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Amer Sports Brunswick Callaway Golf Clarus Dorel Industries Escalade Johnson Outdoors Lafuma

Source: Capital IQ and Capstone Headwaters Research as of October 5, 2018

Recreational Products | Q4 2018

FIRM TRACK RECORD

7

has been acquired by

strategic joint venture

financial advisory

a portfolio company of

has been acquired by

has divested has been acquired by

has been acquired by

a portfolio company of

has been acquired by

has been acquired by

Recreational Products | Q4 2018

has been acquired byhas been acquired by

has been acquired by

a portfolio company of

has been acquired by

has been acquired by

has been acquired by

1. Outdoor Industry Association, “2018 Outdoor Participation Report,” https://outdoorindustry.org/resource/2018-outdoor-

participation-report/, accessed October 9, 2018.

2. IBISWorld, “Ski & Snowboard Resorts in the US,” https://www.ibisworld.com/industry-trends/market-research-

reports/arts-entertainment-recreation/ski-snowboard-resorts.html, accessed October 10, 2018.

3. National Ski Areas Association, “Skier Visits Hit 53.3 Million in 2017-18,” http://www.nsaa.org/press/press-releases/skier-

visits-hit-533-million-in-2017-18/, accessed October 10, 2018.

4. Coherent Market Insights, “Ski Gear & Equipment Market – Size, Share, Trends, and Forecast to 2026,” https://www.

coherentmarketinsights.com/market-insight/ski-gear-and-equipment-market-1943, accessed October 10, 2018.

5. Vista Outdoor, “Vista Outdoor Finalizes Sale of Bollé, Cébé and Serengeti Brands,” http://news.vistaoutdoor.com/2018-

07-09-Vista-Outdoor-Announces-Sale-of-Bolle-Cebe-and-Serengeti-Brands, accessed October 10, 2018.

6. Shop Eat Surf, “Nidecker Brothers acquire Rome SDS, and Bataleon Parent Low Pressure Studio,” https://www.shop-eat-

surf.com/2018/09/nidecker-brothers-acquire-rome-sds-and-bataleon-parent-low-pressure-studio/, accessed October 10,

2018.

7. SNEWs, “Mammut Acquires Mountain Hub – A Leading Outdoor Digital Platform,” https://www.snewsnet.com/press-

release/mammut-acquires-mountain-hub, accessed October 10, 2018.

8. Business Wire, “Implus Acquires Leading Winter Traction Brand,” https://www.businesswire.com/news/home/

20180430006431/en/Implus-Acquires-Leading-Winter-Traction-Brand, accessed October 10, 2018.

8

CITATIONS

Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisi-

tion activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission of

any reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security of

any such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for the

general information of clients and friends of Capstone Headwaters. It does not take into account the particular investment objectives, financial situation or

needs of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for all

investors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied

upon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to vary

mate- rially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are

subject to change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Capstone

Headwaters. The decisions to include any company in this report is unrelated in all respects to any service that Capstone Headwaters may provide to such

company. This report may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone Headwaters. The

information contained herein should not be construed as legal advice.

Recreational Products | Q4 2018

Recreational Products | Q4 2018

RECREATIONAL PRODUCTS REPORT CONTRIBUTORS

9

Jacob Voorhees

Co-Head of Investment Banking & Head of Education Practice

jvoorhees@capstoneheadwaters.com | 617-619-3323

Jacob brings over 15 years of experience to the Capstone Headwaters investment banking team. As one

of the founding members of Capstone Partners, he helped build Capstone’s brand over the past decade

until the merger with Headwaters MB in late 2017. Today, Jacob serves as the Co-Head of Investment

Banking for Capstone Headwaters and is responsible for overseeing the Northeast Region. Jacob has

proved himself to be a talented deal maker with an unyielding commitment to his clients and has

established himself and our firm as a leader in various industries including education and training,

consumer products and business services sectors. He is a highly accomplished leader and serves as a

strong mentor and role model to our developing professionals.

Formerly, Jacob was with Andersen Corporate Finance LLC, where he focused his efforts on the

software and direct marketing industries. He started his career in New York City with Rabobank

International, a multi‐national Dutch investment bank in Utrecht, the Netherlands. While at Rabobank

International, Jacob worked in the mergers and acquisitions group focusing on cross‐border transactions

in South and Latin America in the consumer products, food & beverage industries. Additionally, Jacob

founded Sophie’s Fund which provides college scholarships and financial support to homeless youth.

Jacob received an MBA from the Sloan School of Management at Massachusetts Institute of Technology

(MIT) and a BS from Cornell University. He is qualified as a General Securities Representative.

Lisa Tolliver

Director

ltolliver@capstoneheadwaters.com | 312-674-4532

Lisa has over 18 years of experience in the investment banking industry, primarily focused on advisingmiddle market private business owners in liquidity related transactions. As a Director based in CapstoneHeadwater’s Chicago office, she works closely with clients to advise and execute domestic and cross-border M&A transactions, recapitalizations and capital raises.

Prior to Capstone Headwaters, Lisa worked in the Capital Strategies Group at Morgan Stanley SmithBarney and also spent 10 years working for the middle market investment banking arm of Citigroup,where she was involved in the evaluation, marketing and closing of numerous transactions involvingprivate businesses and corporate divestitures. Over her career, Lisa has developed M&A expertise inseveral industry sectors including government & defense, industrials, consumer products, e-commerceand technology-enabled business services. Lisa received her BA on academic scholarship from IllinoisState University and is a Series 7 and 63 Registered Securities Representative.

Sophea Chau

Director

schau@capstoneheadwaters.com | 617-619-3307

Sophea has more than 12 years of experience in mergers & acquisitions, private placements and financial

advisory services. Her responsibilities include providing financial and valuation analysis, performing due

diligence, asset positioning and strategy articulation.

Prior to joining Capstone Headwaters, Sophea was an analyst at FTN Midwest Securities, a full-service

investment banking firm based in Cleveland. While working in their New York office, she focused on

M&A advisory for middle-market companies in a variety of industries, including healthcare,

pharmaceutical services and marketing & advertising. Sophea is Vice President of the Columbia Alumni

Association of Boston and holds a Bachelor of Arts in Economics from Columbia University.

Report Title | Q4 2017

Leigh Hudson Managing Director

415-464-6322

lhudson@capstoneheadwaters.com

Jeff Ackerman Managing Director

617-275-4401

jeff@capstoneheadwaters.com

Shaun KalnasyManaging Director

404-502-2946

skalnasy@capstoneheadaters.com

EXTENDED CONSUMER & RETAIL TEAM

William Harrison Head of Consumer & Retail

917-596-5533

wharrison@capstoneheadwaters.com

Tom Elliot Managing Director

813-251-7285

telliot@capstoneheadwaters.com

10

Shawn KeenanDirector

813-251-7299

skeenan@capstoneheadwaters.com

MIDDLE MARKET

INVESTMENT BANK OF

THE YEAR

2017

US MIDDLE MARKET INVESTMENT BANK OF THE

YEAR

2017

US - DEBT FINANCING ADVISORY OF THE YEAR

2018

US - GAMECHANGER OF THE YEAR

2018

12

www.capstoneheadwaters.com

Capstone Headwaters is an elite investment banking firm dedicated to serving the corporate finance needs of middle market

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restructuring and financial advisory services across 16 industry verticals to meet the life cycle needs of emerging enterprises.

Headquartered in Boston, MA and Denver, CO, Capstone Headwaters has 19 offices in the US, UK and Brazil with a globalreach that includes over 300 professionals in 33 countries.

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