XMS Capital Partners

What XMS Capital Partners does

XMS Capital Partners, LLC is a privately held, Chicago-based boutique investment bank founded in 2006 that delivers M&A and strategic advisory, corporate finance advisory, capital markets advisory, and restructuring services to corporate clients ranging from family-owned businesses to large multinational enterprises. The firm operates from offices in Chicago, London, and Miami, with additional presence in Dublin, Boston, and Dallas, and formal global partnerships in Italy, China, and Japan, supporting cross-border deal execution. Its four core service lines cover buy-side and sell-side M&A, divestitures, IPOs, equity and debt financings, capital structure optimization, and both out-of-court and in-court restructuring solutions, with sector emphasis on healthcare and life sciences, diversified industrials, FinTech and financial services, and digital assets and infrastructure.

The firm is led by Co-Founding Partners Ted Brombach and John "Yogi" Spence, with a managing director bench recruited from Morgan Stanley, Goldman Sachs, Deutsche Bank, Credit Suisse, Greenhill & Co., Perella Weinberg, Jefferies, and CIBC World Markets; this bench collectively accounts for over $250 billion in career transaction volume. Revenue is generated primarily through negotiated advisory fees on individual transactions, supplemented by a recurring revenue stream from subsidiary XA Investments LLC (founded April 2016), a wholly owned registered fund manager that oversees approximately $866 million in assets under management as of December 31, 2025 across NYSE-listed products including the XAI Octagon Floating Rate & Alternative Income Trust (XFLT) and the XAI Madison Equity Premium Income Fund (MCN). The firm is registered with FINRA and SIPC in the United States, and its UK subsidiary is authorized and regulated by the Financial Conduct Authority.

Distribution is direct: managing directors and senior advisors engage enterprise clients without intermediaries, supported by an analyst and associate layer that conducts research, builds financial models, and produces client materials. Marketing is limited to industry conference participation, press releases, and a professional website, consistent with a relationship-driven boutique model. XMS positions its service approach as "Involvement Banking," emphasizing deep client engagement beyond traditional transaction execution.

Name

XMS Capital Partners

Legal name

XMS Capital Partners, LLC

Website

https://xmscapital.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

XMS Capital Partners is a Chicago-based boutique investment bank founded in 2006, providing M&A, restructuring, corporate finance, and capital markets advisory to enterprise clients across healthcare, industrials, FinTech, and digital assets, with offices in Chicago, London, and Miami and a $866mm-AUM fund subsidiary.

Ownership category

akta.pro rank

Product category

Investment Banking Services

NAICS

Portfolio Management and Investment Advice (523940), Miscellaneous Intermediation (523910), Other Financial Vehicles (52599)

SIC

Services-Management Consulting Services (8742), Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industry

Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI)

Keywords

• Investment banking advisory
• Mergers and acquisitions
• Corporate restructuring
• Capital markets advisory
• Asset management services

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. M&A and Strategic Advisory Fees: The firm earns fees for providing mergers and acquisitions advisory services, including buy-side and sell-side M&A, divestitures, and strategic advisory to corporate clients.
2. Corporate Finance Advisory Fees: Revenue generated from providing corporate finance advisory services including capital structure, credit advisory, dividend policy, share repurchase alternatives, risk management and shareholder relations.
3. Capital Markets Advisory Fees: Fees from advising on IPOs, equity follow-on offerings, and full range of debt financing alternatives.
4. Restructuring Advisory Fees: Revenue from providing restructuring advisory services including out-of-court and in-court solutions for companies, banks, bondholders, and investors.
5. Asset Management (XA Investments): XA Investments, a subsidiary founded in April 2016, manages approximately $866 million in assets under management as of December 31, 2025, providing institutional-caliber alternative investments through registered funds.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

XMS Capital Partners is a global, independent merchant bank headquartered in Chicago that delivers four integrated advisory practice areas to corporate clients: M&A and Strategic Advisory, Restructuring, Corporate Finance Advisory, and Capital Markets Advisory. The firm differentiates through its "Involvement Banking" approach, in which senior managing directors are continuously engaged throughout client transactions. Through its registered fund management subsidiary XA Investments, XMS also manages approximately $866 million in assets on behalf of fund sponsors.

Product overview

XMS Capital Partners is a global, independent financial services firm providing a unified investment banking and advisory platform. The core offering consists of four integrated service lines: M&A and Strategic Advisory, Restructuring, Corporate Finance Advisory, and Capital Markets Advisory. Through its XA Investments subsidiary (founded April 2016), the firm extends into registered fund management, offering alternative investment products including the XAI Octagon Floating Rate & Alternative Income Trust (XFLT) and XAI Madison Equity Premium Income Fund (MCN). The firm leverages its global network and deep industry relationships to deliver bespoke solutions across virtually every industry sector.

Differentiator

Problem solved

Functional benefit

Brands

• Involvement Banking: The firm's proprietary service model emphasizing deep client engagement, trusted advisory relationships, and commitment to client success beyond traditional transactional banking.

Products and services

• M&A and Strategic Advisory Buy-side and sell-side M&A advisory, strategic alternatives review, and transaction execution support for corporate boards, CEOs, and special committees evaluating mergers, acquisitions, divestitures, and other strategic transactions.
• Restructuring Financial restructuring advisory for companies, lenders, and special situations investors, covering liability management, recapitalizations, distressed M&A, and creditor-side negotiations.
• Corporate Finance Advisory Strategic corporate finance advice for companies evaluating capital structure, financing options, and value-maximizing financial decisions across the corporate lifecycle.
• Capital Markets Advisory Advisory on equity and debt capital markets transactions, including IPOs, secondary offerings, and private placements, provided independent of underwriting balance-sheet obligations.
• XA Investments (Fund Management) Registered fund management subsidiary that provides outsourced services — including operational, distribution, and capital-formation support — for independent asset managers and fund sponsors launching registered pooled vehicles such as BDCs and interval funds. Approximately $866 million in assets under oversight.

Named customers6 records

Segments7 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record.

• ItalyOthersGlobal partnership relationship in Italy as part of firm's international network
• ChinaOthersGlobal partnership relationship in China as part of firm's international network
• JapanOthersGlobal partnership relationship in Japan as part of firm's international network

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Lincoln International: Chicago-headquartered global boutique investment bank specializing in M&A advisory, capital advisory, and valuations across mid-market industrials, healthcare, and technology — directly comparable to XMS in scale, geography, and service mix.
• William Blair: Chicago-based investment bank offering M&A advisory, equity capital markets, and institutional brokerage; comparable to XMS as a Chicago-rooted, mid-market-focused advisory franchise with similar sector breadth.
• Houlihan Lokey: Global boutique investment bank with leading M&A, capital markets, and restructuring practices; competes head-to-head with XMS in middle-market M&A and corporate restructuring advisory.
• Moelis & Company: Global independent investment bank providing M&A, restructuring, and capital markets advisory; offers a comparable senior-led boutique model with similar product breadth across healthcare, technology, and consumer.
• Greenhill & Co. Boutique M&A and restructuring advisor; directly comparable to XMS's advisory-only focus and senior-banker-led model, with overlap in healthcare, industrials, and financial sponsor coverage.
• PJT Partners: Independent advisory-focused investment bank with M&A, restructuring, and fund placement practices; competes with XMS for corporate finance and strategic advisory mandates, particularly in healthcare and technology.
• Robert W. Baird: Mid-market investment bank with M&A advisory, equity research, and capital markets services; comparable as a diversified boutique with strong sector coverage and a similar 'trusted advisor' positioning.
• Centerview Partners: Elite boutique advisory firm focused on M&A, restructuring, and capital markets; comparable to XMS as a senior-led independent advisor competing for healthcare and large-cap strategic transactions.
• Loop Capital: Chicago-based investment bank with M&A advisory, capital markets, and equity research; directly comparable given Chicago headquarters and overlap in healthcare, technology, and consumer coverage.

Broad incumbents

• Stifel: Diversified brokerage and investment bank with global M&A, capital markets, and equity research capabilities; overlaps with XMS on mid-market M&A but operates at meaningfully larger scale with broader product breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about XMS Capital Partners