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
Quadruple EBITDA in 3.5 Years, Then Exit at 14x
From theater to PE: How Cory Sandrock applies stagecraft principles to build successful businesses, attract partners, and deliver exceptional returns.
Pushed Out by Anchor Investor
Learn how Neal Doshi recovered from a devastating anchor investor betrayal to build a successful acquisition strategy with valuable lessons for independent sponsors.
Buying 9-Figure Deals
Discover how Renaud Besançon disrupts PE through his independent sponsor model, acquiring mid-market companies at steep discounts while focusing on operational excellence.