Telos Capital Advisors

What Telos Capital Advisors does

Telos Capital Advisors is a privately held boutique investment bank founded in 2016 by Robert Rough and Bernard V. Carrico, Jr., and headquartered in Plano, Texas (within the Dallas-Fort Worth market). The firm advises lower middle market business owners — companies with revenues of $5 million to $300 million and/or EBITDA of $2 million to $50 million — across four core service lines: sell-side representation, buy-side representation, debt and equity capital raises, and financial restructuring, with management buyouts (MBOs) cited as a specialization. Securities are offered through a partnership with DCF, LLC, a FINRA/SIPC member broker-dealer, which provides the regulatory license required to act as a registered representative for capital raising and sell-side engagements. Notable closed transactions span healthcare/air medical (First Flight sold to Med-Trans/KKR, Rico Aviation to PHI Air Medical, Vital Art and Science to Genentech, Blais & Associates to Trevale Holdings), heavy equipment and industrial services (Iron Smart Machinery MBO with $13M senior bank facility, On Site Lube sold to Ryder, Intercool acquisition of Freije-RSC's industrial refrigeration division), and building products (Glasshouse Products acquisition from TopBuild Corp, Metar Capital acquisition of Ready Made Trusses, Stafford Crane Group $23M credit facility).

The firm's go-to-market is intentionally relationship-driven and high-touch: Managing Directors personally own client engagements, and the firm deliberately limits volume to 3-5 clients per year to preserve service quality. The differentiator marketed to prospects is the operator background of its three Managing Directors (Rough, Carrico, and Bob Lutz, who joined in 2022), each of whom has more than 25 years of experience as corporate executives, private equity investors, and business operators across multiple industries. Revenue is generated through transaction-based advisory fees on M&A and capital raise engagements; pricing is not publicly disclosed and is negotiated case-by-case. The firm is independently owned by its founders and Managing Directors, with no parent company, private equity backing, or institutional investor ownership.

Telos has built third-party credibility through the 2023 Axial Advisor 100 recognition (top 100 of 2,500+ buy-side members on the Axial lower middle market platform), the 2023 DCEO Magazine / Association for Corporate Growth Investment Banker of the Year award for Robert Rough, and the 2020 Axial Covid-19 Closed Deal Badge. Beyond the Dallas/Plano headquarters, the firm indicates operating activity in Phoenix and Salt Lake City. There are no disclosed AI, technology platform, or productized software capabilities — the offering is a pure human-advisory service with no digital product surface.

Name

Telos Capital Advisors

Legal name

Telos Capital Advisors LLC

Website

https://teloscap.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Telos Capital Advisors is a Plano, Texas-based boutique investment bank founded in 2016, advising lower middle market business owners ($5M-$300M revenue, $2M-$50M EBITDA) on sell-side M&A, buy-side M&A, capital raises, and financial restructuring, delivered by three Managing Directors with 25+ years of operating experience as licensed FINRA registered representatives.

Ownership category

akta.pro rank

Product category

Investment Banking & M&A Advisory

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro industry

PRIMARYFSAEAGAE

Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/M&A Advisory & Corporate Finance

SECONDARYBPAHADAB

Corporate Finance & Capital Advisory

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/Strategy & Corporate Finance Advisory

SECONDARYFSAEAGAC

Capital Raising Advisory (Equity & Equity-Linked)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/M&A Advisory & Corporate Finance

SECONDARYBPAHAOAD

Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/M&A, Transaction & Restructuring Advisory

Keywords

• Investment banking services
• Merger acquisition advisory
• Middle market capital raises
• Financial restructuring advisory
• Sell-side representation

Headquarters

HQ city

Plano

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Advisory Fees: Telos Capital Advisors generates revenue through advisory fees for merger and acquisition transactions, capital raises, and financial restructuring engagements. As a FINRA-licensed broker-dealer operating through DCF LLC, they can provide sell-side advisory services and raise capital for transactions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Telos Capital Advisors is a boutique investment bank that provides mergers and acquisitions advisory, debt and equity capital raising, and financial restructuring services to lower middle market business owners. The firm focuses on companies with $5 million to $300 million in revenue or $2 million to $50 million in EBITDA, intentionally serving only 3-5 clients per year with personalized, high-touch engagement delivered by FINRA-licensed Managing Directors with 25+ years of operating experience.

Product overview

Telos Capital Advisors is a boutique investment bank offering a unified suite of M&A advisory and capital markets services to lower middle market companies with revenues of $5 million to $300 million or EBITDA of $2 million to $50 million. The firm operates four core advisory offerings: Sell-Side Representation, Buy-Side Representation, Debt & Equity Capital Raises, and Financial Restructuring. These services are delivered by Managing Directors who are FINRA-licensed registered representatives with over 25 years of operating experience as business operators, distinguishing the firm from traditional investment banks.

Differentiator

Problem solved

Functional benefit

Products and services

• Sell-Side Representation Advisory services provided to business owners seeking to sell their company, including positioning, buyer identification, and transaction negotiation. Targeted at lower middle market companies with $5M-$300M revenue or $2M-$50M EBITDA.
• Buy-Side Representation Advisory services for companies or investors acquiring businesses, including target identification, due diligence, and acquisition financing. Delivered by FINRA-licensed Managing Directors with 25+ years of operating experience.
• Debt & Equity Capital Raises Capital raising services to secure debt financing, equity investments, or hybrid capital structures to support business growth, acquisitions, or recapitalizations. Enabled by FINRA licensing and partnership with DCF, LLC broker-dealer.
• Financial Restructuring Advisory services for companies facing financial challenges, including debt restructuring, recapitalization, and turnaround strategies. Delivered to lower middle market companies needing to reshape their capital stack.

Named customers8 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• AxialcoreGTM or Marketing PartnerActive presence on Axial's M&A deal platform for the lower middle market. Telos Capital Advisors is recognized as a top 100 advisor among 2,500+ Axial buyside members based on deal quality, volume, and process effectiveness.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Hyde Park Capital Advisors: Boutique M&A and capital-raising advisor serving the lower middle market with similar transaction-size focus and sell-side / capital-raise service mix as Telos.
• Cascadia Capital: Boutique middle market M&A advisor with overlapping sell-side, buy-side, and capital-raise capabilities and similar LMM client focus.
• Northborne: Lower middle market M&A advisory firm with comparable focus on sell-side and capital-raising services for $5M-$300M revenue businesses, overlapping directly with Telos's core mandate.
• Cornerstone Business Services: Lower middle market M&A advisory firm focused on sell-side representation for owner-operated businesses, serving the same $5M-$300M revenue segment as Telos.
• Transworld M&A Advisors: Franchise-based lower middle market M&A advisory network targeting owner-operated businesses, directly competing for the same client size band as Telos.
• Benchmark International: Global lower middle market M&A advisor with a similar client-size profile ($5M-$300M revenue) and service offerings spanning sell-side, capital raises, and transaction advisory.
• Generational Group: Large-scale lower middle market M&A advisory firm serving $5M-$300M revenue business owners, with a multi-advisor model directly competitive with Telos's boutique LMM franchise.
• Calder Capital: Lower middle market M&A advisory firm with comparable transaction size range and sell-side / buy-side service offering to LMM business owners.

Broad incumbents

• M&A Source: Industry association and referral network for the lower middle market M&A community; provides deal-flow infrastructure that indirectly competes with boutique advisors like Telos.

Emerging players

• Grata: AI-driven deal sourcing and business-intelligence platform serving LMM M&A advisors and acquirers; represents a technology-enabled emerging channel competing for sourcing efficiency that Telos currently obtains via Axial.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/telos-capital-advisors

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Telos Capital Advisors