Another 8x MOIC, 20 Years Later
Doug Song of Prodos Capital has been an independent sponsor for more than 20 years. His first deal returned ~8x. It took 20 years to do it again. In May 2026, Prodos sold New England Applied Products (NEAP) to Ferguson after a 3.5-year hold, generating another 8x MOIC. NEAP doubled organically during the hold, with data centers growing from almost 0 to 25% of revenue and 50% of backlog.
More recent episodes
Another 8x MOIC, 20 Years Later
Doug Song of Prodos Capital has been an independent sponsor for more than 20 years. His first deal returned ~8x. It took 20 years to do it again. In May 2026, Prodos sold New England Applied Products (NEAP) to Ferguson after a 3.5-year hold, generating another 8x MOIC. NEAP doubled organically during the hold, with data centers growing from almost 0 to 25% of revenue and 50% of backlog.
Grew EV 10x in 5 Years
Ben Rudman knew he wanted to work in food before he knew what investment banking was. His first independent sponsor deal, Western Smokehouse Partners, started with ~60 employees in 2018. By the time it sold 4.5 years later, it had almost 700 employees across 4 facilities and enterprise value had grown ~10x.
On the Ground at McGuireWoods 2026
Recorded from McGuireWoods in Dallas after Day 1, Niklas, Max & Will compare notes from the conference floor. Last year had ~2,000 attendees and this year felt bigger. The Minds team had ~30-40 meetings, found 3-5 qualified deal leads & ~6 prospective podcast guests. The day before, Minds hosted its annual Investor Day with 70+ RSVPs from 142 LPs and 8 portfolio sponsors attending.