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.