Cross Keys Capital, LLC

Background

Cross Keys Capital, LLC is a leading middle-market investment bank headquartered in Fort Lauderdale, Florida. Founded by three seasoned investment bankers with extensive experience from top Wall Street firms such as Goldman Sachs and Morgan Stanley, the firm is dedicated to delivering maximum value to its clients. Specializing in merger and acquisition (M&A) advisory services, Cross Keys Capital focuses on privately-held companies within the middle market—a segment traditionally underserved by larger financial institutions. The firm's mission is to provide expert strategic advice and professional transaction execution, ensuring that clients receive the same level of service typically reserved for significantly larger companies.

Key Strategic Focus

Cross Keys Capital's strategic focus encompasses a comprehensive suite of investment banking advisory services, including:

• Sell-side and Buy-side M&A: Facilitating transactions that maximize value for clients.

• Recapitalizations and Restructurings: Providing strategic financial solutions to optimize capital structures.

• Capital Raising: Assisting clients in securing necessary funding to support growth and operational needs.

The firm has developed deep expertise across various industries, notably:

• Healthcare: Advising on transactions involving physician group practices and healthcare services companies.

• Business Services: Providing strategic guidance to service-oriented enterprises.

• Industrials: Assisting manufacturing and industrial companies in achieving their financial objectives.

• Distribution and Logistics: Facilitating deals within the supply chain sector.

• Consumer Products: Guiding consumer goods companies through complex transactions.

• Natural Resources and TMT (Technology, Media, and Telecommunications): Offering specialized advisory services tailored to these sectors.

By leveraging its extensive industry knowledge and a vast network of strategic and financial investor relationships, Cross Keys Capital effectively identifies and engages suitable partners to meet the unique needs of its clients.

Financials and Funding

As a privately-held firm, Cross Keys Capital does not publicly disclose detailed financial information. However, the firm has successfully closed over 200 transactions since 2010, with a cumulative transaction value exceeding $3.0 billion. These transactions typically range in value from $10 million to $100 million, underscoring the firm's significant impact within the middle-market investment banking sector.

Pipeline Development

Cross Keys Capital maintains a robust pipeline of transactions across its focus industries. The firm's healthcare advisory practice is particularly noteworthy, having successfully sold over 150 physician practice groups, healthcare providers, services, and technology companies. This extensive experience positions the firm to effectively navigate the rapidly changing healthcare marketplace and address the specific nuances that create value for healthcare services firms and practitioners.

Technological Platform and Innovation

While Cross Keys Capital does not publicly detail proprietary technologies or scientific methodologies, the firm employs the same research tools and resources utilized by bulge bracket investment banks. This approach ensures that clients receive comprehensive market insights and strategic advice informed by the latest industry data and trends.

Leadership Team

Cross Keys Capital's leadership team comprises experienced professionals with extensive backgrounds in investment banking and related fields:

• William R. Britton: Co-Founder and Managing Director. Mr. Britton brings a wealth of experience in M&A advisory services, particularly within the healthcare sector.

• Richard A. Becker: Co-Founder and Managing Director. Mr. Becker has a strong background in investment banking, contributing to the firm's strategic direction and client service excellence.

• David A. Burns: Co-Founder and Managing Director. Mr. Burns leverages his extensive experience to oversee the firm's operations and client engagements.

In November 2024, the firm appointed Dr. Jeffrey Baumann, M.D., as Senior Medical Advisor. Dr. Baumann is a board-certified ophthalmologist with over four decades of experience in direct patient care and healthcare administration. His addition enhances the firm's healthcare advisory capabilities, providing clients with insights from a seasoned clinician who has built, managed, and sold a mid-size group.

Leadership Changes

The appointment of Dr. Jeffrey Baumann, M.D., as Senior Medical Advisor in November 2024 marks a significant addition to Cross Keys Capital's leadership team. Dr. Baumann's extensive experience in healthcare administration and direct patient care is expected to provide valuable insights to the firm's healthcare advisory practice.

Competitor Profile

Market Insights and Dynamics

The middle-market investment banking sector is characterized by a focus on transactions typically ranging from $10 million to $500 million. This segment has experienced steady growth, driven by increased M&A activity among privately-held companies seeking strategic partnerships, recapitalizations, or exits. Key industry trends include consolidation within various sectors, heightened interest from private equity firms, and the globalization of middle-market transactions.

Competitor Analysis

Cross Keys Capital operates in a competitive landscape alongside several notable firms:

• Harris Williams & Co.: A middle-market investment bank specializing in M&A advisory services across various industries.

• Houlihan Lokey: Offers a broad range of financial services, including M&A advisory, capital markets, and financial restructuring.

• Piper Sandler Companies: Provides investment banking and institutional securities services, with a focus on middle-market clients.