Innovation Capital

What Innovation Capital does

Innovation Capital is a privately-held, Florida-based boutique investment bank founded in 2004 by Matt Sodl that provides mergers and acquisitions advisory, corporate finance and capital raising, financial restructuring, and valuations and fairness opinion services exclusively to mid-market companies (target transaction values $20M–$500M). The firm's client base is concentrated in two verticals: gaming and leisure (tribal gaming operators, regional and large-scale casino owners, gaming technology and equipment suppliers, and iGaming companies) and restaurant and retail (quick-service and fast-casual restaurant operators, regional growth brands, franchisees, and regional specialty retail). Notable disclosed engagements include advising Wind Creek Hospitality on its $1.3B acquisition of Sands Bethlehem, serving as exclusive financial advisor to EBCI on the $250M acquisition of Caesars Southern Indiana, representing Bally's Corporation on Pennsylvania gaming development and the Chicago license bid, and acting as exclusive sell-side advisor on multiple regional casino divestitures.

The firm operates a senior-led, sales-led go-to-market in which founding partners, partners, and managing directors personally originate and execute every engagement; there is no institutional sales force or technology product layer. All revenue is professional services fees—primarily retainer and success-based advisory and placement agent fees for M&A mandates, debt and equity capital raises, restructurings under Chapter 11 and out-of-court processes, and third-party fairness opinions. The firm reports no proprietary technology platforms, software products, or recurring subscription revenue; its commercial moat is its cumulative $13B+ in transactions across 120+ closed deals, a senior team with 15–25+ years of gaming and leisure domain experience, and a strategic alignment with The Innovation Group, the gaming industry's leading consulting firm, that creates cross-referral on consulting-plus-capital mandates.

Innovation Capital, LLC is organized as a Florida LLC with headquarters at 2255 Glades Road, Suite 324A, Boca Raton, Florida 33431, plus a West Coast presence implied by Los Angeles-area direct lines for senior bankers. Headcount is approximately 8 core professionals plus senior advisors, including Chairman Steve Rittvo, Vice Chairman Steve Szapor, founding partner Matt Sodl, partners Kevin Scheible, Alex Wang, and Michael Soll, Director of Operations Cathy Sodl, and recently hired Managing Director of Gaming Technology Marcus Yoder (joined February 2026). The firm does not publish financial statements, has no disclosed institutional investors or parent company, and operates with FINRA-compliant infrastructure including a publicly disclosed business continuity plan.

Name

Innovation Capital

Legal name

Innovation Capital, LLC

Website

https://innovation-capital.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

Innovation Capital is a Boca Raton-based boutique investment bank founded in 2004 that provides M&A advisory, capital raising, financial restructuring, and valuations services to mid-market companies (typically $20M–$500M) in the gaming, leisure, restaurant, and retail industries.

Ownership category

akta.pro rank

Product category

Investment Banking Advisory Services

NAICS

Portfolio Management and Investment Advice (523940), Miscellaneous Intermediation (52391)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Mergers and acquisitions advisory
• Investment banking services
• Capital raising advisory
• Financial restructuring services
• Valuation and fairness opinions

Headquarters

HQ city

Boca Raton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Mergers & Acquisitions Advisory: Advisory fees for buy-side and sell-side M&A transactions, including exclusive sales, divestitures, and buy-side advisory
2. Corporate Finance & Capital Raising: Placement agent fees for arranging senior debt, subordinated debt, private equity, and other financing solutions. Also includes high yield bonds and public equity advisory.
3. Financial Restructuring Advisory: Advisory services for Chapter 11 recapitalizations, out-of-court restructurings, DIP financings, and 363 asset sales
4. Valuations & Fairness Opinions: Expert valuation opinions and analysis for transactions involving security exchanges, acquisitions, divestitures and reorganizations

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Innovation Capital is a boutique investment bank that provides advisory services on mergers and acquisitions, corporate finance and capital raising, financial restructuring, and valuations and fairness opinions. The firm represents mid-market clients in the gaming, leisure, restaurant, and retail industries on transactions typically valued between $20 million and $500 million, delivered through two specialized industry practices.

Product overview

Innovation Capital is a boutique investment bank providing advisory services to mid-market clients in the gaming, leisure, restaurant, and retail industries. The firm offers four core service areas: Mergers & Acquisitions, Corporate Finance & Capital Raising, Financial Restructuring, and Valuations & Fairness Opinions. These advisory services are delivered through two specialized industry practices—Gaming & Leisure and Restaurant & Retail. The company does not offer technology products, software platforms, or modular solutions; it provides only professional advisory and financial services.

Differentiator

Problem solved

Functional benefit

Products and services

• Mergers & Acquisitions Advisory Buy-side and sell-side M&A advisory services including exclusive sales, divestitures, and buy-side advisory for mid-market gaming, leisure, restaurant and retail companies.
• Corporate Finance & Capital Raising Placement agent services for arranging senior debt, subordinated debt, private equity, high yield bonds, public equity advisory, and other financing solutions for mid-market clients.
• Financial Restructuring Advisory Advisory services for Chapter 11 recapitalizations, out-of-court restructurings, DIP financings, and 363 asset sales for distressed and stressed mid-market companies.
• Valuations & Fairness Opinions Expert valuation opinions and analysis for transactions involving security exchanges, acquisitions, divestitures, and reorganizations.

Quantifiable outcome

• $13+ billion in transactions completed since 2004
• +2 more outcomes

Named customers14 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• The Innovation GroupcoreStrategic or Co-development PartnerStrategic partnership with The Innovation Group, the gaming industry's leading consulting firm. Through this relationship, Innovation Capital is positioned as a key component in the Innovation Group of Companies, collectively providing broad consulting and capital raising advisory services to gaming industry clients.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Emerging players

• EdgeMont Partners: EdgeMont Research and its affiliated advisory activities focus on the gaming and leisure sector with research and consulting services. Comparable as a smaller, niche gaming-focused firm, though primarily research-oriented rather than transaction-focused.

Broad incumbents

• Moelis & Company: Moelis is a global boutique investment bank with active gaming, leisure, and restaurant practices. Comparable to Innovation Capital as a senior-banker-led boutique but operating at significantly larger scale with broader sector coverage.
• Stifel Financial (Gaming & Leisure): Stifel has an active gaming and leisure investment banking group serving mid-cap public and private gaming companies. It is comparable to Innovation Capital in target client size and sector focus but operates within a much larger institutional broker.
• Jefferies (Gaming Investment Banking): Jefferies maintains a dedicated gaming and leisure investment banking practice that competes for many of the same mid-market gaming M&A and capital raising mandates as Innovation Capital, though as part of a much larger full-service broker-dealer.
• Macquarie Capital (Gaming Group): Macquarie's gaming investment banking group (reinforced by the Union Gaming acquisition) is a leading advisor to global gaming operators and competes with Innovation Capital for cross-border and large-cap gaming mandates.

Direct peers

• Houlihan Lokey: Houlihan Lokey is a global boutique investment bank with strong coverage in restaurants, retail, and consumer. Comparable to Innovation Capital for restaurant and retail M&A advisory mandates and mid-market transaction execution.
• Solomon Partners: Solomon Partners is a boutique investment bank with a strong restaurant and consumer franchise practice. Comparable to Innovation Capital's restaurant and retail advisory work serving mid-market brands and franchisees.
• Union Gaming (now part of Macquarie): Union Gaming was a boutique investment bank exclusively focused on the gaming and leisure sector before being acquired by Macquarie Capital. It is the most direct comparable to Innovation Capital given its similar niche gaming focus, mid-market positioning, and senior-banker-led model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/in/mattsodl

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Innovation Capital