Huntington Bancshares Inc., the Columbus, Ohio-based regional bank holding company, today announced it has entered into a definitive agreement to acquire Capstone Partners, a Boston-based investment banking firm with an office in Detroit. Terms of the transaction were not disclosed.
Huntington Bank, which has been operating in Michigan for years, expanded its presence in the state when it completed a merger with TCF Bank in June 2021.
“The addition of investment banking and financial advisory services aligns with our Capital Markets strategic plan and better positions Huntington to serve the full range of needs of middle market clients within our footprint, as well as those we serve on an increasingly national basis,” says Scott Kleinman, co-president of Huntington Commercial Banking.
“The combination of Huntington’s brand and capabilities alongside a premier middle market investment banking franchise with unique industry insights creates a differentiating experience for our clients.”
Capstone has four primary areas of expertise: mergers and acquisitions (M&A), capital advisory, financial advisory, and special situations and restructuring. Capstone consistently ranks among the top U.S. advisors for middle market M&A. Alongside it’s Boston headquarters and Detroit office, Capstone has a presence in Denver, Chicago, Dallas, New York, Philadelphia, and more.
“Twenty years ago, we founded Capstone Partners with the goal of building a middle market leader. Since then, we have been an innovative, growth-oriented firm, and we are excited about our future with Huntington,” says John Ferrara, founder and CEO of Capstone.
“Huntington is the perfect partner for Capstone, with complementary cultures focused on people and the community. Our combined capabilities will enhance Capstone’s full suite of products and services to private business owners and financial sponsors. We believe this combination puts us in a strong position to pursue continued market acceleration and deliver a superior experience for our clients, employees, and partners.”
The transaction is expected to close in the second quarter of 2022, subject to receipt of required regulatory approval and satisfaction of customary closing conditions.
Keefe, Bruyette, and Woods, A Stifel Company, served as financial advisor to Capstone Partners.
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.