Leon Capital Enters Advisory Fray with Conflict-Free TAS Practice

DALLAS, TX – December 29, 2025 – In a strategic move poised to challenge the traditional financial advisory landscape, diversified holding company Leon Capital Group has announced the launch of a new Transaction Advisory Services (TAS) practice. The Dallas-based practice will be spearheaded by Kevin Muskat, an industry heavyweight with nearly three decades of experience in mergers and acquisitions. This initiative is designed to provide family offices and private capital clients with a distinct alternative to established consulting firms, emphasizing long-term partnerships free from the conflicts and constraints that often plague the industry.

A Strategic Play Against the Establishment

Leon Capital Group's entry into the competitive TAS market is not merely an expansion but a calculated critique of the existing advisory model. The firm is explicitly positioning its practice as being “unencumbered by audit firm conflicts and restrictions,” a direct challenge to the Big Four accounting firms and other large consultancies that dominate the space. These conflicts, a long-standing point of contention for regulators and clients alike, arise when a single firm provides both auditing and non-auditing services to the same client.

Regulatory bodies like the U.S. Securities and Exchange Commission (SEC) have long scrutinized these relationships, concerned that the lucrative fees from consulting engagements could compromise an auditor's independence and objectivity. The Sarbanes-Oxley Act of 2002 established clear boundaries, but the potential for a “self-review threat”—where a firm audits work previously performed by its own consultants—remains a significant concern. By operating purely as a holding company and advisory partner without an audit division, Leon Capital Group inherently sidesteps these ethical and regulatory hurdles, promising clients unbiased, independent guidance focused solely on their strategic interests.

Furthermore, the firm is targeting what it sees as another fundamental flaw in the market: the short-term focus dictated by typical private equity fund structures. By highlighting its freedom from a “3-4 year investment horizon,” Leon Capital leverages its status as a family holding company with a permanent capital base. This structure allows it to engage in patient, long-term value creation that aligns more naturally with the multi-generational outlook of family offices and other private capital investors who prioritize sustainable growth over rapid, high-pressure exits.

The Muskat Effect: Veteran Leadership Signals Serious Ambition

The credibility of Leon Capital's new venture is significantly bolstered by its choice of leadership. The appointment of Kevin Muskat is a clear signal of the firm's serious ambitions. Muskat brings a formidable track record, including two decades as a partner in EY’s Strategy & Transactions practice, where he advised a vast portfolio of financial sponsors, family offices, and corporate clients on hundreds of deals.

During his career, which also includes a recent role as a Managing Director at Accordion, Muskat has guided clients through the full spectrum of M&A activities, including buy-side and sell-side engagements, complex carve-outs, and divestitures. His deep expertise spans numerous industries, from retail and consumer products to manufacturing and logistics. Having advised on well over 500 transactions, predominantly for private equity clients, Muskat possesses an intimate understanding of the unique challenges and opportunities within the private capital ecosystem.

His leadership provides the new TAS practice with immediate institutional knowledge and a reputation for excellence. By bringing in a leader of his caliber, Leon Capital is not just launching a new service line; it is acquiring the experience and network necessary to compete at the highest level from day one, assuring prospective clients that their complex transactional needs will be managed by a seasoned expert.

An Integrated Approach for the Modern Investor

The new TAS practice does not operate in a silo but is woven into Leon Capital Group's broader, diversified strategy. The firm has evolved significantly from its origins as a Texas-based real estate developer into a multifaceted holding company with a portfolio spanning financial services, healthcare, and technology. This diversification provides a unique foundation for an integrated advisory model.

The TAS practice will complement Leon’s existing pre- and post-close capabilities, creating a holistic service suite for investors. These established services include:

• Value Creation: A core philosophy focused on identifying platform businesses and using disciplined diligence and integration to drive long-term growth.
• Outsourced CFO (OCFO) and Technology Consulting: Delivered through its subsidiary, Insight Advisors Group, which provides financial planning, back-office support, and IT strategy, offering clients operational stability and technological leverage.
• Debt Capital Markets: Expertise in capital structuring and financing solutions, ensuring transactions are not only strategically sound but also financially optimized.

This integrated structure allows Leon Capital to offer a seamless, end-to-end partnership that extends far beyond the transaction itself. For family offices and private capital firms, this means having a single, trusted advisor who can assist with everything from initial deal sourcing and due diligence to post-acquisition operational improvements and long-term strategic planning. This comprehensive approach is designed to meet the sophisticated demands of modern investors who require more than just transactional execution.

Meeting a Growing Demand

Leon Capital’s strategic pivot comes at a time when family offices are becoming increasingly active and sophisticated players in the M&A market. This influential investor class, along with other private capital groups, has long expressed a need for advisory partners whose interests are fully aligned with their own. They are often underserved by traditional providers who may not grasp the nuances of their long-term, legacy-driven investment philosophies.

The demand for independent, objective, and integrated advice is a clear market trend. Leon Capital's model—built on a foundation of its own invested capital and a commitment to building enduring businesses—directly addresses these pain points. The firm’s recent partnership with iCapital, aimed at expanding wealth manager access to its investment opportunities, further underscores its strategic focus on the private capital ecosystem.

By launching this new practice, Leon Capital Group is making a definitive statement that the future of advisory for discerning investors lies in productive, forward-thinking partnerships. It is a move that not only expands the firm’s service offerings but also seeks to set a new standard for what family offices and private capital should expect from their most trusted financial partners.