DCF Affiliates

What DCF Affiliates does

DCF Affiliates (legal entity DCF, LLC) is a FINRA-registered broker-dealer founded in 1979 and headquartered at 629 Market Street, Chattanooga, Tennessee. The company operates a collaborative platform that enables independent CPAs, sell-side advisors, and investment bankers to offer sell-side advisory and capital-raising services to middle-market businesses without bearing the cost and regulatory burden of obtaining their own broker-dealer license — a process the company states requires significant capital and over a year of work. As of August 2022, DCF reported $2.7 billion in cumulative closed transaction value across 69 deals, supported by a network of seven affiliate firms spread across the eastern and southern United States (including Decosimo Corporate Finance, HORNE Capital, Grassi Capital Advisors, Telos Capital Advisors, KingsPoint Capital, Wiss Capital Advisors, and Virentis Advisors). Managing Partner Tom Decosimo leads the firm.

DCF's core product is the broker-dealer platform itself, which delivers three integrated layers to affiliates: (1) regulatory infrastructure and in-house compliance oversight under Capital Acquisition Broker rules, (2) a vetted document toolkit including engagement letters, confidentiality agreements, and confidential information memoranda, and (3) access to licensed research databases (S&P Capital IQ and Pitchbook) via ShareFile client portal. The technology stack is intentionally lean — there is no proprietary AI, no native application, and no API — with the company's competitive position resting on regulatory standing and accumulated reputational equity rather than technical differentiation. Revenue accrues from transaction fees generated by affiliates operating under the DCF umbrella, with no public pricing or formal revenue disclosures.

The go-to-market model is community-led and sales-supported: DCF recruits seasoned financial professionals through its website, direct outreach, and an annual Affiliates Conference held in Chattanooga, positioning the relationship as a collegial affiliation rather than a traditional employer arrangement. Affiliates retain operational independence and focus on client-facing deal execution while DCF absorbs the broker-dealer overhead. End customers of the affiliates are primarily middle-market business owners seeking M&A advisory, business transition, and capital-raising services, spanning verticals including food & beverage, healthcare, business services, and consumer/retail (with notable buy-side mandates involving multiple MLB franchises). The firm has no parent company, no institutional investment, and no disclosed funding rounds — it is a privately-held LLC under founder/management leadership.

Name

DCF Affiliates

Legal name

DCF, LLC

Website

https://dcfaffiliates.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Investment Banking Broker-Dealer Services

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Valuation & Purchase Price Allocation (Deal Valuation) (BPAHAOAK)

Keywords

• Broker-dealer services
• Sell-side advisory
• Investment banking
• Middle-market M&A
• Capital sourcing

Headquarters

HQ city

Chattanooga

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, Others

Revenue model

1. Broker-Dealer Transaction Services: DCF, LLC operates as a broker-dealer providing services to qualified firms and individuals seeking to form or continue an investment banking practice. The company enables professionals to offer sell-side advisory services as registered representatives, with compensation based on results rather than billable hours.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

DCF, LLC operates as a FINRA- and SIPC-registered broker-dealer platform that enables independent CPAs, sell-side advisors, and investment bankers to provide sell-side advisory and capital sourcing services to middle-market businesses without obtaining their own broker-dealer license. The platform delivers regulatory oversight, in-house compliance, legally vetted document templates, and access to research databases such as S&P Capital IQ and Pitchbook. Revenue is generated through transaction-based fees on closed middle-market deals completed by affiliated registered representatives.

Product overview

DCF Affiliates operates as a broker-dealer platform that provides a collaborative network for independent CPAs, sell-side advisors, and investment bankers to offer sell-side advisory and capital sourcing services to middle-market businesses. The core DCF Broker-Dealer Platform provides regulatory oversight, compliance support, document templates, and research database access. The network comprises seven affiliate firms (Decosimo Corporate Finance, Grassi Capital Advisors, HORNE Capital, KingsPoint Capital, Telos Capital Advisors, Wiss Capital Advisors, and Virentis Advisors) who operate independently while leveraging DCF's infrastructure. Supporting modules include an Affiliate Toolkit with vetted transaction documents, in-house compliance services, and access to S&P Capital IQ and Pitchbook research databases.

Differentiator

Problem solved

Functional benefit

Products and services

• DCF Broker-Dealer Platform FINRA- and SIPC-registered broker-dealer affiliation platform that enables independent CPAs, sell-side advisors, and investment bankers to provide sell-side advisory, capital sourcing, and M&A services to middle-market businesses under DCF's regulatory umbrella.
• Affiliate Toolkit and Document Library Library of legally vetted sell-side deliverables, including engagement letters, confidentiality agreements, and confidential information memoranda, shared across all affiliated representatives.
• Compliance and Back-Office Services In-house FINRA compliance, regulatory oversight, and back-office services provided to all affiliates under the Capital Acquisition Broker rules, shielding representatives from compliance liabilities.
• Research and Technology Access Affiliate access to online research and technology services including S&P Capital IQ and Pitchbook databases for transaction analysis and deal sourcing.

Quantifiable outcome

• $2.7 billion in total transaction value across 69 closed transactions

Named customers11 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature2 records

Partnerships

Eleven partnerships are on record, tiered core.

• Grassi & CompanycoreChannel Partner/ Reseller/ Distributor · 16 August 2018Grassi & Company joined DCF, LLC as an affiliate with offices at 50 Jericho Quadrangle, Suite 200, Jericho, NY 11753, and offices throughout the New York and Long Island region.
• Horne Capital AdvisorscoreChannel Partner/ Reseller/ Distributor · 16 August 2018Horne Capital Advisors joined DCF, LLC as an affiliate with offices at 1020 Highland Colony Parkway, Suite 400, Ridgeland, MS 39157, and offices throughout Mississippi and Tennessee.
• 3CR Capital AdvisorscoreChannel Partner/ Reseller/ Distributor · 16 August 20183CR Capital Advisors joined DCF, LLC as an affiliate with offices at 550 Reserve Street, Southlake, TX 76092.
• Austin Growth CapitalcoreChannel Partner/ Reseller/ Distributor · 16 August 2018Austin Growth Capital joined DCF, LLC as an affiliate with offices at 6409 Soter Parkway, Austin, TX 78735.
• Decosimo Corporate FinancecoreChannel Partner/ Reseller/ DistributorDecosimo Corporate Finance, headquartered in Chattanooga, TN, is a founding or primary affiliate firm of DCF. The firm led by Tom Decosimo serves as the managing partner and represents DCF in various sell-side transactions including the notable Carter Distributing acquisition by Cherokee Distributing.
• Grassi Capital AdvisorscoreChannel Partner/ Reseller/ DistributorGrassi Capital Advisors operates from New York, NY with offices throughout the New York and Long Island region. The firm joined DCF as an affiliate providing sell-side advisory services.
• HORNE CapitalcoreChannel Partner/ Reseller/ DistributorHORNE Capital is headquartered in Ridgeland, MS with offices throughout Mississippi and Tennessee. The firm serves as a DCF affiliate completing sell-side transactions in various sectors including Metro Mechanical, B&B Electrical, and Vantage Fitness.
• KingsPoint CapitalcoreChannel Partner/ Reseller/ DistributorKingsPoint Capital, based in Houston, TX, operates as a DCF affiliate led by Steven Silverman. The firm has completed multiple sell-side transactions including MAT Recycling, Pondhop Automation and Controls, and Green Plate Foods.
• Telos Capital AdvisorscoreChannel Partner/ Reseller/ DistributorTelos Capital Advisors, headquartered in Dallas, TX, is a DCF affiliate led by Robert Rough. The firm has completed multiple transactions including Third Corner capital raise, Intercool USA acquisition, and Vital Art and Sciences sale to Genentech.
• Wiss Capital AdvisorscoreChannel Partner/ Reseller/ DistributorWiss Capital Advisors operates from Florham Park, NJ as a DCF affiliate providing sell-side advisory and investment banking services.
• Virentis AdvisorscoreChannel Partner/ Reseller/ DistributorVirentis Advisors, based in Madison, WI, joined the DCF affiliate network providing sell-side advisory services to middle-market clients.

Scale indicators4 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Generational Equity: U.S. M&A advisory firm dedicated to serving middle-market business owners with sell-side advisory, very similar target customer and transaction profile to DCF's affiliates. Both firms compete for the same pool of retiring boomer-owned businesses and rely on a distributed advisor/model.
• Benchmark International: Global lower-middle-market M&A advisory firm with a strong U.S. sell-side franchise across multiple industry verticals. Comparable transaction-size range and middle-market orientation to the deals DCF's affiliates close.
• FMI Capital Advisors: Investment banking arm of FMI, focused exclusively on engineering and construction industry M&A advisory. Comparable as a niche-focused middle-market M&A advisory serving closely-held, often family- or operator-owned businesses.
• Source Capital Group: Broker-dealer and investment bank focused on small-cap and middle-market advisory, providing deal execution infrastructure similar to DCF's platform model. Directly comparable as a distributed advisor-friendly broker-dealer serving independent bankers.
• KPMG Corporate Finance / KPM (now DCCM): Middle-market investment banking boutique providing sell-side M&A and capital-raising advisory to closely-held businesses — same target segment and deal-size band as DCF-affiliated transactions.
• Alexander Capital Group: Independent broker-dealer platform providing supervisory, compliance, and capital-markets infrastructure to registered representatives and small investment banking affiliates — directly comparable in form and function to DCF's broker-dealer offering.

Broad incumbents

• National Securities Corporation: Well-established full-service broker-dealer with a public finance and investment banking practice servicing independent advisors. A larger-scale analog of DCF's broker-dealer platform for affiliated representatives.
• Oaklins: Large international M&A advisory network with hundreds of bankers across dozens of countries. Operates on a similar distributed-affiliate model globally but at substantially greater scale; overlaps directly with DCF's network concept.
• Aegis Capital Corp. Independent full-service broker-dealer offering investment banking, capital markets, and supervisory infrastructure to registered representatives. Operates the same kind of registered-rep affiliation model as DCF but with a broader product set.

Regional players

• MNP Corporate Finance: Canadian middle-market M&A advisory practice serving closely-held businesses across Canada. Comparable in services and client profile, but operates primarily in a different geography than DCF's U.S.-only footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/dcf_llc
• LinkedInlinkedin.com/company/dcfaffiliates

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 DCF Affiliates