Tom Depping and LKCM Headwater Investments Reunite to Launch Fox Ridge Capital to Reimagine Access to Business Capital

Pioneering Achievement-Focused Financing with a Hybrid Model for Today's Organizations

PORTSMOUTH, N.H., April 21, 2026 (GLOBE NEWSWIRE) -- Fox Ridge Capital LLC today announced its launch, offering achievement-focused financing to small and mid-sized organizations. Led by CEO Tom Depping, who has driven industry-changing innovation for over three decades. Depping’s leadership has provided over $7 billion in cumulative funding to small and mid-sized companies across the nation.

Fox Ridge Capital combines elements of banking and fintech strengths into a hybrid model with a scalable finance platform designed to match the pace and goals of today’s businesses. “We are pleased to come to market as a catalyst for success and bring a foundation of innovation and a culture of collaboration that leverages technology and AI without removing our relationship-based approach,” remarks Depping.

The company benefits from the backing and industry expertise of LKCM Headwater Investments (“Headwater”). "This is a business we know well, led by someone we have backed before. We are proud to support Tom and the Fox Ridge Capital team as they build something we believe can be exceptional," remarks Brad Wallace, Partner at Headwater. "We were early partners with Tom dating back over 20 years and are fortunate to have been chosen as a trusted partner on this next chapter. We look forward to this partnership, this time from a distinct position of strength, with proven leadership, a differentiated technology platform, and a clear market opportunity in small business finance.”

Fox Ridge Capital’s executive team brings a shared history of founding innovative, disruptive financial businesses and is positioned to deliver growth. Previous accomplishments include starting First Sierra Financial and Ascentium Capital, both of which achieved rank as the largest independent equipment finance company and reached $1.0 billion in originations within the first five years of inception. “Our team empowers businesses nationwide by providing swift and agile business finance solutions that focus on accelerating achievement. Collaboration is at the heart of everything, and we prioritize client initiatives. We are not simply a capital provider but a partner in success,” Depping comments.

Keefe, Bruyette & Woods, Inc., a leading specialist investment bank in the financial services and fintech sectors, served as the financial advisor on the transaction.

About LKCM Headwater Investments and Luther King Capital Management

LKCM Headwater Investments (“Headwater”) is a Texas-based private equity firm that seeks to partner with management teams to build highly successful companies, taking an operationally minded approach and providing companies with the tools necessary to build market leaders with sustainable competitive advantages. Headwater’s investment discipline is derived from several decades of investing capital for their partners and themselves. Luther King Capital Management (“LKCM”), Headwater’s investment team, affiliates, and related parties collectively represent approximately 30% of committed capital, demonstrating both a passion and belief in their efforts.

LKCM Headwater Investments is affiliated with Luther King Capital Management, an SEC-registered investment advisory firm that provides investment advisory services to high net worth individuals, foundations, endowments, investment companies, pension and profit-sharing plans, trusts and estates, among other organizations. LKCM is independently owned and operated by employees of the firm. Our 111 employees include 74 investment and other professionals, 29 CFAs, 9 CPAs, 4 CFPs, and 39 employees with MBAs. As of December 31, 2025, LKCM assets under management were $30.4 billion. For more information, visit http://www.LKCMHeadwater.com.

About Fox Ridge Capital

Fox Ridge Capital accelerates achievement with agile business finance solutions that empower clients nationwide to harness opportunities. As a trusted, collaborative ally, Fox Ridge Capital takes strategic goals and transforms them into exceptional outcomes through a scalable, hyper-fast finance platform and relationship-based approach. Fox Ridge Capital serves small to mid-sized businesses and equipment and technology providers who offer financing to their clients. Learn more: www.FoxRidgeCapital.com

connect@foxridgecapital.com

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