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
How to Build an Indy Sponsor Team Before Chasing Deals
Edward Crawford of Coltala Holdings shares how he raised capital, built a real team, and applied KPI-driven systems before sourcing deals as an indie sponsor.
From Searcher to Independent Sponsor to $225m Fund
Alex de Pfyffer and Ross Porter of Heritage Holdings reveal how they grew from searchers to sponsors to fund managers, achieving 99% IRR across 6 platforms.
Buying an 800-Unit Hair Salon during Covid
Azhar Quader shares how Queens Court Capital rescued Hair Cuttery from bankruptcy, cut costs, and hit $17M EBITDA in under a year through special situations PE.