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Our History


Based in the Philadelphia suburb of Wayne, Pennsylvania, Conestoga Capital Advisors, LLC is an independent registered investment advisory firm that specializes in small to mid cap growth portfolio management.  The firm was formed in 2001 but traces its roots in the asset management business back many years through its founders. William C. Martindale, Jr. (“Bill”) co-founded Martindale Andres & Company in 1989 after twenty years with Dean Witter Reynolds & Co.  Robert M. Mitchell (“Bob”) joined Martindale Andres & Company in 1995 and began co-managing the Small Cap Growth strategy with Bill.  Later in 1995, the company was purchased by Keystone Bank. Operating as an investment arm of Keystone Bank, Martindale Andres & Company grew to manage approximately $2.3 billion in assets.

In 2000, Keystone Bank was purchased by M&T Bank. Bill and Bob negotiated the purchase of certain client accounts to launch Conestoga Capital Advisors in a manner that allowed for the porting of the Small Cap Growth composite dating to December 31, 1998.  In July of 2001, Bill and Bob formed Conestoga Capital Advisors along with Duane R. D’Orazio and W. Christopher Maxwell (“Chris”). Bill Martindale retired from the firm in 2014, and Chris Maxwell retired from the firm in 2008.

As of September 30, 2023, Conestoga manages approximately $6.9 Billion in client assets. The firm has grown steadily since its inception and has remained 100% employee-owned. This is a defining feature of Conestoga, one that promotes our strategic initiatives and strengthens the culture of our firm. 

We believe our team-based approach to investing ensures a more comprehensive perspective that ultimately supports our clients’ investment goals.  We further believe that the relatively long experience of our senior investment professionals and their tenure working together are both unique relative to most managers.