MidCap Advisors, LLC Company Profile

Background

MidCap Advisors, LLC is a boutique investment banking firm headquartered in New York City, specializing in mergers and acquisitions (M&A), strategic planning, capital raising, and business valuation services for mid-market companies across the United States. Founded in 1989 by Douglas T. Hendrickson and John D. Poppe, both former executives at Chemical Bank (now JPMorgan Chase & Co.), the firm has established itself as a trusted advisor in the financial services industry.

Key Strategic Focus

MidCap Advisors concentrates on providing sophisticated financial advice and M&A transaction services to private companies with revenues ranging from $5 million to $250 million. The firm's primary areas of specialization include:

• Insurance & Financial Services: Advising owners of retail agencies, retirement and wealth firms, and wholesale Managing General Agents (MGAs) in sale transactions.

• Healthcare: Providing M&A advisory services to healthcare providers and related businesses.

• Manufacturing and Business Services: Assisting companies in these sectors with strategic acquisitions, capital structure optimization, and sale transactions.

Over the past two decades, MidCap has been involved in transactions valued at over $4 billion, demonstrating its significant impact in the middle-market M&A landscape.

Financials and Funding

As a privately held firm, specific financial details such as total funds raised and revenue figures are not publicly disclosed. However, estimates suggest that MidCap Advisors generates annual revenues between $5 million and $25 million, with a team of approximately 25 employees.

Leadership Team

MidCap Advisors boasts a team of seasoned professionals with extensive experience in investment banking and related fields:

• Douglas T. Hendrickson, Co-Founding Partner: With over 25 years in financial services, Doug has advised on numerous M&A transactions and serves on multiple corporate boards.

• John D. Poppe, Jr., Co-Founding Partner: John has a diverse background in mergers and acquisitions, bank financings, and private equity investments, focusing on collaborating with entrepreneurial, middle-market business owners.

• Frank J. Robertson, Partner: Specializing in M&A advisory services, particularly in the insurance industry, Frank is also a founding partner of MidCap Consulting.

• Ryan B. Sanford, Managing Director: Ryan partners with business owners and executives to maximize the outcome of middle-market corporate finance transactions, focusing primarily on the insurance and financial services industry.

• Michael J. Fitzgerald, Managing Director: With over 30 years of experience, Mike advises on public and private transactions across various industries, including insurance, education, telecommunications, and business services.

• Scott A. Yoder, Managing Director: Scott collaborates with middle-market business owners to develop and execute strategies that maximize transactional value, leveraging nearly 30 years of experience.

• Shelby Cowley, Managing Director: Joining MidCap in 2024, Shelby brings extensive experience from her previous role as Vice President of Mergers & Acquisitions at Acrisure, where she led over 150 acquisitions.

Leadership Changes

In May 2024, MidCap Advisors appointed Shelby Cowley as Managing Director. Prior to joining MidCap, Ms. Cowley served as Vice President of Mergers & Acquisitions at Acrisure, where she played a pivotal role in expanding the firm's enterprise value through numerous acquisitions.

Competitor Profile

Market Insights and Dynamics: The middle-market investment banking sector is characterized by a competitive landscape with firms offering specialized M&A advisory services. Key competitors include:

• Houlihan Lokey: Founded in 1972 and headquartered in Los Angeles, Houlihan Lokey operates in the banking, financial services, and insurance sectors, generating significantly higher revenue compared to MidCap Advisors.

• MarshBerry: Established in 1981 in Woodmere, Ohio, MarshBerry focuses on the banking, financial services, and insurance sectors, with a larger employee base than MidCap Advisors.

• Berkery Noyes: Founded in 1983 and based in New York, Berkery Noyes operates in the investment banking and securities industry, generating approximately half the revenue of MidCap Advisors.

Strategic Collaborations and Partnerships

MidCap Advisors has a history of facilitating significant transactions that enhance its market position and innovation capacity. Notable deals include advising on the sale of Mint Cars On-Demand to Enterprise Holdings and assisting School Health in acquiring Enablemart.

Operational Insights

MidCap Advisors differentiates itself through a client-centric approach, emphasizing personal relationships and a deep understanding of clients' long-term goals. The firm's unique six-step Transaction Roadmap and industry-leading business analytics contribute to its high transaction close rate and client satisfaction.

Strategic Opportunities and Future Directions

Looking ahead, MidCap Advisors aims to expand its expertise in healthcare, manufacturing, and business services M&A. The firm's commitment to understanding and supporting clients' long-term goals positions it to capitalize on emerging opportunities in these sectors.