XMS Capital Partners

Ted Brombach is a founding partner of XMS Capital Partners with over 30 years of investment banking experience across Chicago, New York and London. Before founding XMS, he was co-head of Investment Banking in the Midwest at Morgan Stanley, where he worked in the M&A and Restructuring Groups and was a founding member of the Financial Sponsors Group. He holds an undergraduate degree from the University of Notre Dame and an MBA from Northwestern University's Kellogg Graduate School of Management.

Brett Lilley is a managing director at XMS Capital Partners, where he heads the food and consumer practice. He started his investment banking career as a financial analyst in the Food, Consumer & Retail Group at BMO Capital Markets in Chicago and joined XMS in 2011, working on strategic transactions and financial advisory assignments. He holds a B.B.A. and an M.S. in accounting from the University of Notre Dame, where he played varsity baseball before a brief professional career.

Carlos Pinto joined XMS Capital Partners in 2024 as a Managing Director and serves as CEO of the firm's UK subsidiary, advising FinTech and financial services companies on M&A and capital raising. He began his career at Morgan Stanley in the M&A and Financial Institutions Groups and later served as Global Head of Corporate Development at the Royal Bank of Canada. He has also worked as an investor and advisor to technology and FinTech companies and graduated from the University of St. Gallen in Switzerland.

Chris Blake is an investment banking advisor with over 25 years of experience advising CEOs, boards, shareholders, and financial sponsors on M&A, capital raising, liability management, and financial restructurings. At XMS Capital Partners, he advises clients in the digital infrastructure and digital assets ecosystem. He previously was a Partner at Perella Weinberg Partners, where he led the North American automotive practice, and a Managing Director at Citigroup, including as Global Head of Automotive. He began his career as a CPA at Arthur Andersen, and holds an MBA from the University of Chicago Booth School of Business and a BBA from the University of Michigan.

John McGarrity is managing director and chief administrative officer at XMS Capital Partners and general counsel of XMS Holdings, LLC, with over 30 years of experience in legal and product development roles in the financial services industry. Before XMS, he was managing director and general counsel of River Branch Holdings (acquired by Piper Jaffray), head of product development for Man Investments, Inc., a director on the capital markets desk at Bank One, N.A., and a partner in the corporate and securities group at Sidley Austin LLP. He holds a B.B.A. in finance and philosophy from the University of Notre Dame and a J.D. from the University of Illinois College of Law.

Jonathon DiCicco is a Managing Director at XMS Capital Partners, where he advises public companies, private businesses, and financial sponsors on mergers, acquisitions, divestitures, and other strategic and financial advisory work. He leads the firm's coverage of the IT asset lifecycle ecosystem, including ITAD and related circular-economy and digital infrastructure services, and works across the industrial, technology, and business services sectors. He previously worked in PwC's Corporate Finance practice in Chicago and as an analyst in the Valuation and Financial Opinion Group at Stout.

Matt Gilbert is a Managing Director at XMS Capital Partners, working on M&A execution, strategic advisory, private capital raises, and public financings with a focus on the life science tools/diagnostics and medical device industries. He started his career at Goldman Sachs & Co. in Chicago and joined XMS in 2016. He holds a Bachelor of Business Administration in Finance from the University of Notre Dame (2013).

Michael Lord is a Managing Director at XMS Capital Partners, based in London, focusing on investment banking in the digital assets and infrastructure sector. He has 20 years of experience in investment banking and corporate finance, previously serving as Managing Director for Digital Infrastructure at Macquarie Capital and Torch Partners, with earlier advisory roles at Greenhill & Co. and Credit Suisse. He holds a Master of Applied Finance and a Bachelor of Engineering & Science from the University of Melbourne.

Paul Glover joined XMS Capital Partners in 2025 as a Managing Director, bringing over 30 years of experience in principal investing, investment banking, capital markets and financial leadership. He was previously CFO of fintech payments company CellPoint Digital, Head of Private Capital Markets at R.W. Pressprich & Co., and founder of investment banking boutique Bridgenorth Capital, and has held senior roles at Deutsche Bank and Bankers Trust. He holds BA and MA degrees in Mathematics from Cambridge University.

Rick Kimball joined XMS Capital Partners in 2025 as a Managing Director, bringing over 35 years of experience across investment banking, venture capital, capital markets, and operational leadership. He previously was a Partner at Goldman Sachs, where he co-headed Global Healthcare Investment Banking, and spent nearly two decades at Morgan Stanley leading healthcare equity capital markets and healthcare services banking. He has also held roles including Chief Strategy and Growth Officer of R1 RCM, President of Rymedi, and Partner at CEO Coaching International, and holds a BA in Economics from Yale University.

Scott Mulcahy is a managing director at XMS Capital Partners with more than 30 years of investment banking experience. He joined XMS in 2009 after 17 years at Morgan Stanley, where he advanced from analyst to managing director and served as head of Industrial Investment Banking for the Midwest. At XMS he advises clients on mergers, acquisitions, divestitures, and company sale transactions across industries such as industrial technology, business and industrial services, transportation, healthcare, and technology. He holds a B.B.A. from the University of Notre Dame and an MBA from Northwestern University's Kellogg School of Management.

Steven Strom founded Odinbrook Global Advisors in 2014, where he advises clients on bankruptcy, distressed, and special situations. Over 30+ years he has held senior roles including CEO of Blackhill Partners, global head of the Restructuring and Recapitalization Group at Jefferies, managing director in the Restructuring Group at CIBC World Markets, and managing director at Chanin Capital Partners, with earlier positions at Commodities Corporation and Chemical Bank. He holds an MBA in finance from the University of Michigan and a bachelor's degree in business (finance) from Arizona State University.

Todd VanderMolen is a managing director at XMS Capital Partners with more than 28 years of investment banking experience, having rejoined the firm in 2023 after an earlier tenure there from 2010 to 2018. He leads the firm's paper and packaging efforts and contributes to its general industrials coverage, advising corporate and private equity clients on M&A and financing transactions, including corporate carve-outs. Before returning to XMS he was head of packaging coverage and co-head of financial sponsor coverage at Greenhill & Co., and earlier spent 13 years at Lehman Brothers; he holds a BA from Northwestern University and an MBA from the University of Chicago's Booth School of Business.

Arnav Reddy is an analyst at XMS Capital Partners, where he conducts research, builds financial models, prepares marketing materials, and produces client presentations. He joined the firm in 2024 after graduating from the University of Notre Dame with a Bachelor of Business Administration in finance and a supplemental major in applied and computational mathematics.

Becca Livney is an associate at XMS Capital Partners, where her work includes research, financial modeling, marketing materials, and client presentations. She joined the firm in 2023 after earning a Bachelor of Business Administration in Finance, with a minor in Real Estate, from Southern Methodist University.

General Counsel for XA Investments.

Danh Tran is an analyst at XMS Capital Partners, where he conducts research, prepares marketing materials, builds financial models, and produces client presentations. He joined the firm in 2025 after graduating from Northwestern University with a Bachelor's degree in Economics and minors in Legal Studies and Business Institutions.

Jack Selati is an associate at XMS Capital Partners, where his work includes research, financial modeling, marketing materials, and client presentations. He joined the firm in 2023 after completing a summer internship there in 2022. He earned a Bachelor's degree in Economics with a minor in Jewish Studies from Colgate University in 2023, and played on the university's varsity tennis team.

Joseph Walsh Jr. serves as general counsel for XMS Capital Partners and has over 40 years of experience in corporate law focused on mergers, acquisitions, divestitures, and joint ventures. He was previously a partner and co-chairman of the corporate department at Winston & Strawn, with experience in the packaging industry as well as sports and media law, and earlier served as in-house counsel for McDonald's Corporation. He holds a B.A. with honors from Indiana University and a J.D., magna cum laude, from Indiana University Law School.

John Crompton is a senior advisor to XMS Capital Partners with more than 30 years in banking and capital markets. He began at HM Treasury, spent 20 years at Morgan Stanley leading equity capital markets across the US, EMEA and Non-Japan Asia and serving as deputy UK head, returned to the public sector at HM Treasury and UKFI (managing the government's stakes in Lloyds and RBS), and led global equity capital markets and corporate finance at HSBC for six years. He holds a degree in Philosophy, Politics and Economics from the University of Oxford.

Kim Flynn is president of XA Investments, the registered funds division of XMS Capital Partners, where she oversees product and business development along with the firm's proprietary fund platform and consulting practice. She previously spent 11 years at Nuveen Investments as Senior Vice President and Head of Product Development in its Global Structured Products Group, and earlier worked in Morgan Stanley's Investment Banking Division in Chicago. She holds an MBA from Harvard University and a BBA in Finance and Business Economics from the University of Notre Dame, and has earned the CFA designation.

Kyle Schafer is an analyst at XMS Capital Partners, where his work includes research, financial modeling, marketing materials, and client presentations. He joined the firm in 2024 after completing an XMS internship in 2023 and an internship at a Seattle-based private equity firm. He earned a Bachelor of Science in Finance and in Strategic Business Development and Entrepreneurship from the University of Illinois at Urbana-Champaign in 2024.

Natalie DeMuro is a Vice President at XMS Capital Partners, which she rejoined in 2024 after an earlier tenure at the firm from 2018 to 2022, working on strategic transactions and financial advisory assignments. Between those periods she spent three years on the investor relations and corporate finance teams at Block (formerly Square). She holds a Bachelor of Arts in economics from the University of Chicago.

Nicholas Crompton is an executive director at XMS Capital Partners in London, having previously worked in the firm's Chicago office. His coverage centers on financial services, technology, and media companies, including high-growth fintech and AI businesses across the US, Europe, and Asia. He holds a Bachelor of Arts in Geography from the University of Oxford.

Nicole Duddleston is an accounting manager at XMS Capital Partners, where she handles accounting and tax activities, regulatory compliance and reporting, and annual audits across the firm's entities, along with HR duties and other projects. She has over 20 years of accounting experience and holds a Bachelor of Science in accounting from DePaul University.

Patrick Doyle is an analyst at XMS Capital Partners, where his work includes research, financial modeling, and preparing marketing materials and client presentations. He joined the firm in 2025 after completing an internship there in fall 2024. He earned a Bachelor of Science in Business Administration in Finance from Elon University in 2025.

Roger Gill is a senior advisor to the UK subsidiary of XMS Capital Partners, which he joined in 2011. He began his career as an engineer with Schlumberger in the Middle East and Africa before becoming director of strategic planning at a UK-based international electronics company, and later founded a gas company and led a corporate venturing initiative. He spent five years at Baring Private Equity Partners investing across various sectors in Europe, and subsequently worked with NESTA and the Scottish government on technology and energy investing. He holds degrees from the University of Birmingham, University College London, the University of Geneva (IMI/IMD) and the Open University, and a Ph.D. from Birmingham City University.

Sara Jane Holland is an office manager at XMS Capital Partners, handling daily administrative and organizational tasks. She previously held office management and administrative roles at SuperFile, Solomon Partners, and RCP Advisors. She holds bachelor's degrees in International Studies and French from the University of Denver.

Spencer Farina is a senior associate at XMS Capital Partners, which he joined in 2022, where he conducts research, prepares marketing materials, builds financial models, and produces client presentations. He earned a BBA in Finance with a minor in Entrepreneurship from the University of Notre Dame in 2020 and an MS in Data Science from Northwestern University in 2021. He played varsity soccer at both schools and served as a captain at Northwestern.

Spencer Mabrito is a senior associate at XMS Capital Partners, where he works on research, marketing materials, financial modeling, and client presentations. He joined the firm in 2022 and holds a Bachelor of Science in Econometrics and Quantitative Economics from the University of Illinois at Urbana-Champaign.