What Steeplechase Advisors does

Steeplechase Advisors was a Minneapolis-based management consulting and transaction advisory firm specializing in middle-market restructuring and turnaround services. Founded in 2017, the firm operated offices in Minneapolis, Buffalo, and Charlotte, serving companies with revenues typically between $20 million and $500 million facing financial distress, liquidity constraints, covenant defaults, refinancing needs, or management transitions. Its core service lines included Liquidity Analysis and Strategic Alternatives (13-week cash flow modeling, credit line availability analysis), Strategic Plans and Business Assessments, Investment Banking and Transaction Advisory (M&A, Chapter 11 proceedings, receiverships), and Interim Management placements in CEO, COO, CRO, and CFO roles.

The firm's business model was engagement-based professional services revenue, with fees structured around project scope and complexity (pricing not publicly disclosed). Its go-to-market relied on direct outreach to company stakeholders, lender relationships, and referrals through the Turnaround Management Association. The team of four to eight senior consultants and financial professionals brought credentials from PwC, Deloitte, Huron Consulting, Ecolab, and major asset-based lenders, led by founder James Cullen with 30+ years of restructuring experience and 250+ completed processes across multiple continents. Sector focus spanned retail, manufacturing, agriculture, real estate, and hospitality.

In August 2026, Steeplechase was acquired by J.S. Held as the fourth strategic addition to J.S. Held's Strategic Advisory Practice, integrating its team into a national platform of more than 85 restructuring and turnaround professionals. The firm has no proprietary technology platform, no disclosed AI capabilities, and no products or services outside its human advisory practice. Its core competitive positioning is built on the senior team's credentials, court appointments, lender network, and ability to serve as interim executives during transition events.

Name

Steeplechase Advisors

Legal name

Steeplechase Advisors, LLC

Website

https://steeplechasemn.com

Company type

Private

Founded year

2017

Operating status

Acquired

Headcount range

11–50 employees

Short description

Steeplechase Advisors is a middle-market management consulting firm that provides restructuring, turnaround, and transaction advisory services — including liquidity analysis, strategic assessments, M&A advisory, and interim CEO/CFO placement — to distressed or transitioning companies primarily in retail, manufacturing, and agriculture.

Ownership category

akta.pro rank

Product category

Restructuring & Turnaround Advisory Services

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit) (BPAHAOAD), M&A Advisory (Buy-Side & Sell-Side) (BPAHAOAA)

Keywords

• Restructuring advisory services
• Turnaround consulting
• Transaction advisory
• Interim management services
• Liquidity analysis consulting

Headquarters

HQ city

Minnetonka

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Professional Services Advisory: Revenue is generated through professional services fees for advisory engagements including restructuring consulting, transaction advisory, and interim management services. Services are provided to middle-market companies and their stakeholders including lenders, equity holders, investors, and creditors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Steeplechase Advisors provides management consulting and transaction advisory services to middle-market companies and their stakeholders undergoing transitions, reorganizations, or mergers. Core offerings include liquidity analysis and 13-week cash flow modeling, strategic plan and business assessment development, investment banking and transaction advisory (M&A, asset monetization, Chapter 11 proceedings), and interim executive management placements in CEO, COO, CRO, and CFO capacities.

Product overview

Steeplechase Advisors is a management consulting and transaction advisory firm that provides a unified suite of restructuring and turnaround services. The core offerings include Liquidity Analysis + Strategic Alternatives (13-week cash flow modeling and credit analysis), Strategic Plans + Business Assessments, Investment Banking + Transaction Advisory (M&A, asset monetization, Chapter 11 proceedings), and Interim Management (executive placements including CEO, COO, CRO, CFO roles). These services are designed to work together to guide companies through financial transitions, with the liquidity analysis informing strategic planning, which then enables transaction execution or interim management support as needed.

Differentiator

Problem solved

Functional benefit

Products and services

• Liquidity Analysis + Strategic Alternatives Development of 13-week and annual cash flow and credit line availability analyses to provide clarity on overall liquidity and cash management, including asset-based borrowing base and availability analysis, for middle-market companies in financial stress or transition.
• Strategic Plans + Business Assessments Independent evaluation of business plans, financial forecasts, capital and liquidity requirements; evaluation of strategic alternatives designed to maximize value for key stakeholders of middle-market companies.
• Investment Banking + Transaction Advisory Pursuit and execution of transactions and liquidity events including mergers, acquisitions, change of control transactions, and asset monetization. Acts as Transaction Advisor in sale processes including Chapter 11 and receiverships.
• Interim Management Provision of interim and permanent executive management in multiple capacities (CEO, COO, CRO, CFO) to support company transitions, liquidity events, reorganizations, or asset divestitures.

Quantifiable outcome

• 250+ restructuring, refinancing and reorganization processes completed across multiple geographies
• +1 more outcomes

Named customers8 records

Segments5 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.

• J.S. HeldflagshipStrategic or Co-development Partner · 11 August 2026J.S. Held, a global consulting firm, acquired Steeplechase Advisors in August 2026 as its fourth strategic addition to the Strategic Advisory Practice following Phoenix Management (2023), Stapleton Group (2024), and MorrisAnderson (2025). The acquisition combines Steeplechase's restructuring and special situations expertise with J.S. Held's platform, forming a national platform of over 85 restructuring and turnaround professionals. Steeplechase brings expertise in receiverships, interim management, and litigation support to enhance J.S. Held's capabilities in capital markets advisory.

Scale indicators4 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• AlixPartners: Global restructuring, turnaround and performance improvement consultancy serving distressed middle-market and large-cap companies. Directly comparable in core services (restructuring, interim management, M&A advisory) and target clients.
• Alvarez & Marsal: Global professional services firm specializing in turnaround, restructuring and interim management services, particularly known for placing CROs and CFOs in distressed companies. Closely comparable to Steeplechase's operator-led restructuring model.
• FTI Consulting: Major global consulting firm with a Corporate Finance & Restructuring segment providing creditor-side advisory, interim management, and transaction services. Direct competitor for middle-market distressed mandates.
• Huron Consulting Group: Business advisory firm with a restructuring and capital markets practice serving distressed companies and lenders. Senior Advisor Michael Ganann previously led Huron's Business Advisory practice, underscoring direct model overlap.
• MorrisAnderson: Middle-market turnaround, restructuring and interim management advisory firm. Now a sister entity under J.S. Held's Strategic Advisory Practice following the 2025 acquisition, making it a directly comparable peer with near-identical service mix.
• Phoenix Management: Restructuring and turnaround advisory serving middle-market and lower middle-market companies. Acquired by J.S. Held in 2023 ahead of Steeplechase, making it a directly comparable peer within the same J.S. Held Strategic Advisory Practice.
• Stapleton Group: Middle-market restructuring advisory firm now part of J.S. Held's Strategic Advisory Practice after 2024 acquisition. Direct comparable peer in service offerings, client size and acquisition path.
• Conway MacKenzie: Middle-market restructuring, turnaround and dispute advisory firm serving distressed companies, lenders and stakeholders. Direct comparable peer in size, service mix and middle-market focus.

Emerging players

• Riveron: National advisory firm providing transaction, restructuring and operational consulting services to middle-market companies and their sponsors. Comparable growth-stage consulting peer with meaningful overlap in transaction advisory.

Broad incumbents

• BDO USA: Top-tier accounting and advisory network offering restructuring, valuation and corporate finance services. Broader incumbent with overlapping restructuring practice serving middle-market companies, though not specialized like Steeplechase.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 Steeplechase Advisors