Thesis Capital

Our Partnership

“Work Is Love, Service, And Sacrifice For Others”

Our network spans investors and operators who exhibit this principle in their life and work.

The Team

Partners & Team

We’ve executed billion-dollar transactions, guided venture capital portfolio companies to large raises and exits, acquired, run, and grown small companies into large companies; and our goal is to leverage that experience in service of you.

Ian J.H. Reynolds

Ian founded Thesis Capital Partners in 2017 and leads firm strategy, capital formation, and investment oversight across the platform. He has advised on more than $10 billion of M&A and restructuring transactions over the course of his career and is the architect of the T.H.O.R. framework, the proprietary system that governs how the firm sources, acquires, and builds lower middle market businesses. Prior to founding Thesis Capital, Ian served as Head of Venture Partners at Golden Section Venture Capital. His earlier career included energy finance, commodity trading, and strategic advisory roles across crude oil and petroleum products markets. He serves as Chairman of the Board at The Ridge Ohio, Board Chair at NEMA Enclosures, and Board Member at Prosupplyr and Cadillac Services.

Ian J.H. Reynolds

Founder & Managing Partner

Connor M. Chakeen

Connor leads capital formation and investor relationships across the firm, working directly with family offices, RIAs, institutional allocators, and qualified individual investors. Over his career, he has helped raise more than $4 billion across investment platforms spanning multiple asset classes. Prior to joining Thesis Capital, Connor spent over a decade at Principal Global Investors (now Principal Asset Management), where he advanced to Senior Director of Wealth Advisory. In that capacity, he led institutional distribution efforts across private markets, alternative investments, and traditional asset classes, building deep relationships with financial advisors, family offices, and private wealth platforms nationwide. Earlier in his career, he traded fixed income at Traditum Group and M&N Trading.

Connor M. Chakeen

Partner

Joshua Wolf, CFA

Joshua leads transaction execution, underwriting, diligence, and deal structuring across the firm. He has completed more than 46 M&A transactions over the course of his career and brings nearly two decades of advisory and principal investing experience to Thesis Capital. Prior to joining the firm, Joshua served as Managing Director of Mergers and Acquisitions at Cetane Associates for eight years, where he contributed to 45 successful sell-side M&A engagements for privately held companies. He subsequently founded J Wolf and Company, an independent investment bank advising independent sponsors on raising institutional equity and debt capital for lower middle market acquisitions. His earlier career included energy finance roles at Mizuho Corporate Bank, ABN AMRO, and Credit Lyonnais in New York.

Joshua Wolf, CFA

Partner

Tim Belton

More than three decades of senior leadership experience across finance, energy, and professional services. Has served as Chairman, CEO, COO, and restructuring officer for nearly a dozen organizations, including public companies and sponsor-backed enterprises. Previously Chairman and CEO of TDECU Holdings, a subsidiary of a $3 billion financial institution. COO and Restructuring Officer at TRC Companies (NYSE: TRR). Ten-year veteran of Andersen Consulting (now Accenture), where he led the post-merger integration practice in Texas and advised billion-dollar companies on change and acquisition strategy. Currently Chairman and CEO of ZeoGas LLC, developing a $1.5 billion natural gas-to-methanol facility in Port Arthur, Texas.

Tim Belton

Independent Director

Wesley Leblanc

Leads operator-led acquisition sourcing and deal origination at Thesis Capital, with a focus on identifying and partnering with experienced operators to acquire founder-owned service businesses across the lower middle market. Prior to joining the firm, Wesley founded Kinetik Strategic Group, an operator-led acquisition platform focused on acquiring and improving founder-owned service businesses in Florida. Also served as Head of M&A and Underwriting for a private investment group, leading the underwriting division for operator-led acquisitions across the United States. Earlier in his career, founded and grew one of the most recognized kart racing organizations in the country and led three acquisitions in that process.

Wesley Leblanc

Director

Daira Zunino

Supports deal flow origination, due diligence execution, and transaction structuring across the firm's lower middle market investment activities. Prior to joining Thesis Capital, served as Controller and Intercompany Analyst at ExxonMobil in Argentina, analyzing and reconciling intercompany financial packages across multiple entities, executing cost allocations and monthly controls, and supporting internal and external audits. Earlier career included accounting analyst roles at LIAG Argentina, Estudio Contable Monteverde y Asociados, and Consultora LP.

Daira Zunino

Senior Associate

Alan J. Hebert, CFA

Leads business development and investment strategy, architecting private equity fundraises and overseeing investment decision-making across the platform. Previously spent more than three years as Investment Analyst at Atlanta Consulting Group, advising institutional clients and high-net-worth family offices. Before that, nearly four years at Trailmark, rising from Private Equity Research Analyst to Senior Private Equity Research Analyst, supporting fundraises across private equity, private debt, venture capital, and natural resources strategies.

Alan J. Hebert, CFA

Senior Associate

Maximiliano Lieban

Supports opportunity evaluation, financial analysis, and transaction execution across Thesis Capital's target sectors. Brings analytical rigor to the deal team's sourcing and underwriting process.

Maximiliano Lieban

Investment Associate

Emile Hanna

Supports portfolio company operations and firm-level operational initiatives, working across the platform to support post-acquisition integration and ongoing operational improvement through the T.H.O.R. framework.

Emile Hanna

Associate, Operations

Ignacio Medina

Leads software engineering and technology development at Thesis Capital, building and maintaining the firm's proprietary technology infrastructure, including the BEACON deal origination platform.

Ignacio Medina

Software Engineer

Advisors

Our Advisory Board

Dr. William E. Jackson

Dr. William E. Jackson

Advisor

Dustin Carreon

Dustin Carreon

Advisor

Hari Radhakrishnan, MD

Hari Radhakrishnan, MD

Advisor

Ionel V. Nechiti

Ionel V. Nechiti

Advisor

Rob Ferguson

Rob Ferguson

Advisor

Jim Dumler

Jim Dumler

Advisor

Talent Programs

Executives in Residence

Entrepreneurial operators partnering with Thesis to acquire, lead, and build lower middle-market businesses.

Anton Danichevski

Six years at McKinsey as an Engagement Manager focused on implementation. Prior experience at Crane Aerospace and Electronics. Specializes in manufacturing operations, lean transformation, and industrial operational improvement.

Anton Danichevski

Executive in Residence

Mat Podskarbi

18 years in the oil and gas industry spanning Shell, ExxonMobil, BP, and Chevron through roles at Schlumberger and AVEVA. President of FourPointZero, building intelligent RPA solutions for the energy sector. Published researcher. Led Shell's Structural Digital Twin technology implementation.

Mat Podskarbi

Executive in Residence

Rigo Mena

PE-backed CFO with experience managing $30M+ in government contracts. Building a private equity platform investing in real estate, finance, and technology across Latin America. University of Texas at Austin.

Rigo Mena

Executive in Residence

Tan Doan

Staff Software Engineer at Homebase, a SaaS platform serving 100,000+ small businesses. Previously held engineering roles at Broadcom Software, VMware, Homebot, and Tuft & Needle. Deep expertise in JavaScript, TypeScript, Kubernetes, and cloud architecture. Turing School of Software & Design.

Tan Doan

Executive in Residence

Tyler Maglione

Former McKinsey & Company Director with 17 years of experience building and scaling high-impact businesses across the industrial, finance, and technology sectors.

Tyler Maglione

Executive in Residence

Vipul Sharma

Former Associate at McKinsey on the public sector team. 10+ years across public and private sectors. U.S. Air Force veteran: instructor pilot, aircraft commander, and program manager. MBA, Yale School of Management. MS Aeronautical Engineering, Air Force Institute of Technology. BS Mechanical Engineering, U.S. Air Force Academy.

Vipul Sharma

Executive in Residence

Dean Anoje

Financial Planning and Analysis at Ahold Delhaize USA, a major retail and grocery conglomerate. Background in Big 4 accounting and financial operations. Chicago Booth MBA. Focus on B2B SaaS and education sector investments.

Dean Anoje

Executive in Residence

Vince O'Bar

30+ years of executive experience across healthcare technology and industrial logistics. General Manager at Little John Transportation Services for 10 years, growing the Houston branch into a multi-million dollar operation. Previously Senior Director of Sales at ScriptPro (12 years) and progressive roles at NDC/McKesson (10 years). BA Business, University of Arkansas Walton School of Business.

Vince O'Bar

Executive in Residence

Portfolio

Portfolio Leaders

The operators running our portfolio companies day to day.

Chris Kirsch

Serves as Principal at Thesis Capital and President of Cadillac Services, the firm's uniform rental, laundry services, and dust control platform in Puerto Rico. Assumed the presidency following Thesis Capital's recapitalization of Cadillac in December 2024. Brings international operating experience spanning the United States, China, and Latin America, with a background in management consulting, financial analysis, and business development. Previously a consultant with RAV Consulting Group in the venture capital and private equity sector.

Chris Kirsch

President, Cadillac Services

Luke Davis

Serves as CEO of NEMA Enclosures, stepping into the role from the Thesis Capital operating bench following the firm's recapitalization of the company. Previously served as COO of Clean Vapor LLC and spent seven years as a Business Commercial Leader at ExxonMobil. Began his career as an officer in the United States Army. Brings a combination of military leadership discipline, Fortune 100 commercial experience, and hands-on operational management to the portfolio.

Luke Davis

CEO, NEMA Enclosures

Stacy Klousiadis

Serves as Chief Executive Officer of The Ridge Ohio, a physician-led addiction treatment center in the Cincinnati area. Rose from front-line counselor to CEO over the course of a decade, overseeing the organization's growth from a 16-bed residential program to a 32-bed full continuum of care. Works alongside David Delfino, Thesis Capital's Operating Partner deployed to The Ridge, to drive long-term strategic growth and operational improvement following the firm's recapitalization.

Stacy Klousiadis

CEO, The Ridge Ohio

David Delfino

Serves as Thesis Capital Operating Partner deployed to The Ridge Ohio as Principal and Transformation Officer, working closely with CEO Stacy Klousiadis on long-term value creation and strategic growth. Previously served as VP of Centralized Operations and VP of Transformation at CareMax, a Miami-based value-based care provider. Speaker on healthcare operational transformation. Brings deep healthcare operating experience specializing in care delivery optimization and organizational change.

David Delfino

Transformation Officer, The Ridge

Ravi D Parikh

Serves as Co-CEO and Whole-Time Director of Prosupplyr Global (Arkarise), a distribution and business services platform serving Fortune 500 companies in the United States and enterprise firms internationally. Previously completed a private equity associate internship at Thesis Capital before transitioning to portfolio company leadership.

Ravi D Parikh

Co-CEO, Arkarise

Soham H Bhattbhatt

Serves as Co-CEO and Whole-Time Director of Prosupplyr Global (Arkarise), co-directing operations alongside Ravi D Parikh. The company serves as a distribution and business services platform operating across the United States and India.

Soham H Bhattbhatt

Co-CEO, Arkarise

Our Origin

We started in the weeds, and never left

Thesis began in 2017 with a single acquisition. We didn’t hire a management team and monitor from a distance; we ran the company ourselves for four-plus years. Made payroll, hired and fired, fixed what broke. Learned what the job actually is.

Ian came up in startups before finding his way into finance and, eventually, into that first acquisition. He carried the builder’s mentality with him. The partnerships that followed grew organically first; other entrepreneurs who’d been through the same fire. and then explicitly, as the thesis grew from a sapling into a tree.

We don’t sit in an ivory tower. We get into the weeds with our companies. That’s not a pitch, it’s just how we started, and we haven’t found a reason to stop.

How We Operate

Our operating disposition

Stewardship

We've held every business we've acquired. No fund clock, no forced exits, no selling because the calendar says so. When we buy, we mean it.

Operator First

Ian ran a portfolio company for four-plus years before Thesis was Thesis. We have done the job. That changes how we show up, and what we ask of the people running our companies.

Pace of Action

Speed is a competitive advantage in this market. We make decisions quickly, move on opportunities without bureaucracy, and treat slow deliberation as a cost, not a virtue.

Honesty & Humility

We say what's true, including when it's uncomfortable. We know what we don't know. Both of those things are harder than they sound, and we think they're the foundation of every good outcome we've had.

Adaptability

The plan changes. What doesn't change is how we communicate, directly, without noise, and fast enough that everyone stays aligned. Crisp communication is how we stay flexible without losing coordination.

Intentional Innovation

We don't innovate for its own sake. We ask what actually moves the needle, for the business, for the people in it, and we go deep on that. Everything else is distraction.

How We’re Built

Talent first, geography second

We’re remote-first by design. Our offices are wherever the opportunity to create value is; on-site with a portfolio company, in the room with a founder, wherever the work is. Geography isn’t the glue.

Talent is. We’re building the ‘96 Bulls of the lower middle market: a small group of people who take extreme ownership, compete hard, and win together. We hire for that and hold to that standard. Everything else flows from the quality of the people around the table.

Want to learn more about how we work?