ABOUT US
Blystone & Donaldson specializes in investing, raising capital, and providing advisory-type transactions. The firm focuses on delivering tailored financial solutions that help companies navigate complex market environments and unlock growth opportunities. Their expertise spans structuring and executing capital-raising initiatives, guiding mergers and acquisitions, and offering strategic advice to ensure optimal transaction outcomes. By leveraging deep industry knowledge and a client-focused approach, Blystone & Donaldson positions itself as a trusted partner for businesses seeking innovative financing and advisory support.
Their integrated approach combines market insight with bespoke transaction strategies, enabling clients to achieve their financial and strategic goals while mitigating risks in today’s dynamic economic landscape. This commitment to excellence in both capital markets and advisory services underscores the firm's role in driving value and fostering long-term strategic partnerships.
OUR PEOPLE
Co-Founder/Managing Partner
Tom Donaldson
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Tom Donaldson is the Co-Founder and Managing Partner of Blystone & Donaldson, a modern merchant bank focused on strategic advisory, principal investment, and long-term value creation for middle-market companies. Tom leads all aspects of the firm’s operations, including oversight of its portfolio companies, client engagements, and capital markets activities. His leadership reflects a commitment to disciplined investing, deep alignment with stakeholders, and a hands-on, operational approach to building businesses.
Prior to founding Blystone & Donaldson, Tom was with Investors Management Corporation (IMC) and Morehead Capital Management, where he focused on executing direct investments and managing operational risk across a range of portfolio companies. He began his career as a corporate attorney and partner at McGuireWoods LLP, where he advised investment funds and operating companies on complex M&A, capital formation, and governance matters.
Tom’s experience spans multiple industries and includes investing in, advising, and serving on the boards of both private and public companies. He currently serves on the boards of Alliance Entertainment Holding Corporation (NASDAQ: AENT), Legion Brewing Holdings, LLC, and The Olde Mecklenburg Brewery, LLC. His prior board roles include Arcadia Beverage, Fleet Feet, IDOC, and Chop’t Creative Salad Co., among others.
In addition to his professional work, Tom is committed to community leadership. He served as President and Director of the Creative Player Foundation, a nonprofit supporting after-school programs for underprivileged youth for many years. He has also served on the boards of the Charlotte Sports Commission and the Charlotte Regional Partnership.
Tom holds both a J.D. and M.B.A. from Villanova University, and a B.A. from North Carolina State University.
Co-Founder/Chairman
John Blystone
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John is a Co-Founder of the firm and has extensive experience in managing and operating both domestic and international business operations. He has substantial expertise in acquisitions, divestitures, and financial and business operation analysis. He served as Chairman, President & CEO of SPX Corp. Prior to leading SPX, he served in various managerial and operating roles of General Electric Company (GE), including his last position as President and Chief Executive Officer of Nuovo Pignone and Europe Plus Pole, a GE Power Systems company. He also served as the Chairman of the Board at Freedom Group, Inc. as well as Chairman of Remington Arms Co. Inc. He currently serves as Executive Chairman of Worthington Steel, Inc. (NYSE: WS) and Chairman of Worthington Enterprises, Inc. (NYSE: WOR).
Mr. Blystone graduated from the University of Pittsburgh.
B&D Capital Partners CEO
Jason Houseman
Jason provides financial solutions and is a trusted advisor to a variety of middle market companies.
Prior to Blystone & Donaldson, Jason was a Senior Vice President at various regional and super-regional financial institutions with a focus on serving middle-market businesses. He has worked with clients to structure transactions in support of mergers & acquisitions, capital procurement, working capital financing, leveraged buyouts, management buyouts, recapitalization transactions, cash-out dividends/distributions, and other strategic-level transactions. Jason has delivered a wide array of financial services, either directly or through partners and provided business strategy, risk management, credit structuring and industry observations.
Throughout Jason’s experience, he’s had success working with executives and sponsors in several industries, including manufacturing, energy, technology, transportation, distribution, and services.
Jason graduated with a BA in Political Science from The State University of New York at Buffalo and earned a Master’s in Business Administration (MBA) from the University at Buffalo School of Management.
General Counsel
Paul Porter
Paul specializes in M&A transactions and analysis of the strengths and weaknesses of a wide variety of companies. In that role, he performs due diligence and advises on potential business risks and opportunities of the firm's clients and portfolio companies as well as potential targets in various industries.
Paul is a licensed attorney and former CPA. He most recently served as the Chief Financial Officer of Adara Acquisition Corp. (NYSE: ADRA) and was a Partner with McGuireWoods. His 30 years of experience in corporate transactions (primarily, M&A, restucturings and capital finance) and financial statement review provides valuable insights regarding the firms portfolio companies and clients.
Paul received his law degree from the University of Notre Dame, and has a BSBA in Accounting from University of Arkansas (CPA).
Principal
Josh Donaldson
Josh Donaldson is a Principal at Blystone & Donaldson, where he supports the firm’s investment, lending, and advisory activities. His work focuses on evaluating business fundamentals, operational performance, risk, capital and ownership structures, and opportunities for long-term value creation.
Prior to joining Blystone & Donaldson, Josh served as an Assistant Vice President in Bank of America’s commercial banking organization. There, he led a cross-functional team and developed performance metrics, forecasting models, reporting systems, and risk-mitigation solutions supporting Dealer Financial Services and Letters of Credit operations.
Josh also served nearly two decades in the United States Army and North Carolina Army National Guard, retiring as a Chief Warrant Officer 3. His career included service as an airborne infantryman with the 82nd Airborne Division and later as an AH-64D Apache instructor and standardization pilot, with multiple combat deployments to Iraq and Afghanistan. That diverse background gives him a distinctive perspective on leadership, organizational performance, disciplined risk assessment, and execution under pressure.
Josh holds an MBA from the McColl School of Business at Queens University of Charlotte and a bachelor’s degree in Professional Aeronautics from Embry-Riddle Aeronautical University.
Senior Advisor
Kevin Leonard
Kevin Leonard brings more than 25 years of commercial real estate finance, development, and investment experience, with an emphasis on multifamily. Having served as both a lender and developer, he understands transactions from the perspectives of both capital providers and sponsors.
Over nearly a decade with Ready Capital, Kevin evaluated and structured commercial real estate financings across multifamily and other asset classes, working closely with borrowers, mortgage brokers, credit committees, and asset management teams. That experience provides a practical understanding of how institutional lenders underwrite risk, construction, sponsorship, and execution.
As Managing Partner of Newport Capital Partners, he has sponsored and managed investment and development projects, including ground-up multifamily. His combined lender and owner perspective helps B&D structure projects that are financeable, executable, and aligned with both debt and equity capital partners.
Kevin graduated from the University of Georgia with a BBA in Finance.
Admin & Office Manager
Katie Walsh
Katie brings a wealth of experience to her role as the Admin & Office Manager at Blystone & Donaldson. Prior to B&D, Katie had a background spanning 8 years in the food & beverage and travel industries. Katie thrives in dynamic environments, adeptly blending organizational skills with a passion for fostering positive workplace culture.
In her downtime, Katie enjoys spending time with her family, including her daughter, husband, and two dogs. Her dedication to both her professional and personal life reflects her commitment to success and fulfillment in every facet of her journey.
OUR MISSION
Blystone & Donaldson: Reviving the Merchant Banking Tradition for a Modern Economy
At Blystone & Donaldson, we believe the future of finance lies in returning to its roots — not in replicating the outdated models of today's mega-banks, but in embracing the original spirit of merchant banking:
Ownership. Partnership. Stewardship.
Historically, merchant banks weren't just financiers; they were builders.
They partnered with entrepreneurs, invested their own capital alongside clients, and helped companies grow with both strategic guidance and financial firepower.
This model built industries. It built empires.
And we believe it's the model the modern economy desperately needs again.
Today's traditional banks are heavily regulated, risk-averse, and disconnected from the real economy.
Meanwhile, many private equity firms operate as short-term financial engineers, focusing more on arbitrage than building real, lasting value.
There's a growing gap between the capital that's available and the capital that's needed:
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Capital that is patient,
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Capital that is involved,
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Capital that is strategic.
That’s the gap Blystone & Donaldson fills.
We don’t just raise capital for clients.
We deploy it. We co-invest.
We structure financing and ownership solutions that align interests, not divide them.
Through our merchant banking model, we integrate capital raising, investment, and advisory into one seamless, relationship-driven platform.
We are investors first, bankers second.
This makes B&D radically different:
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We think like owners because we are owners.
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We advise businesses with the discipline of an investor and the creativity of an entrepreneur.
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We manage risk with skin in the game — not by passing it off to someone else.
By combining the strength of a private investment firm with the flexibility of an advisory shop, Blystone & Donaldson gives businesses access to the best of both worlds:
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Smart capital.
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Tailored advice.
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Long-term partnership.
