Shows
Middle Market MusingsEpisode 73 Robert Landis, The Riverside CompanyBob Landis may be the Middle Market Musings guest least in need of introduction – the O.G. business development partner at one of the most active middle market private equity funds, and the person cited most often by other MMM guests as career inspiration. Bob is Founding Partner, Origination at The Riverside Company, a multi-vehicle investment company with more than $13 billion in assets under management. After charting his Midwestern childhood, military service and early career in commercial banking, Bob shares the details on his arrival at Riverside in 2002. He and the hosts trade stories on early days on th...2025-07-2352 minMiddle Market MusingsEpisode 72 David Acharya, Acharya Capital PartnersDavid Acharya gives Andy and Charlie the chance to dig into the world of independent sponsors. David began his career in leverage finance at JP Morgan Chase and charts his evolution into operationally minded principal investing. Much discussion ensues on Impact XM, an experiential marketing firm built up through acquisition and then sold to Riverside Company in a stellar 2023 exit. Finally, David talks up New York from his perspective as a lifelong Queens resident, while the (Boston- and Philly-based) hosts feign polite interest. 2025-07-0945 minMiddle Market MusingsEpisode 71 Special MMM Golf Edition - US Open preview with Peter KaufmanPeter Kaufman is President/Head of Restructuring and Distressed M&A at Gordian Group, a New York City-based investment bank. He’s found an illustrious second career as a regular golf contributor with The Daily Drive, an online golf journalism collective. Andy and Charlie (who are both still in search of their first careers) enlist Peter in a tour of all things golf on the eve of this year’s U.S. Open. The conversation begins with an update on the current state of distressed M&A activity, but then turns to the main order of business. Peter, C...2025-06-1059 minMiddle Market MusingsEpisode 70b ACG DealMAX, Las Vegas, April 7,2025New Heritage Capital's Greg Katz fills the "yawning" void left by Charlie Gifford's absence.2025-06-0520 minMiddle Market MusingsEpisode 70a ACG DealMax, Las Vegas, April 7,2025Graeme Frazier and Andy discuss GF Data and receiving the ACG Legend Award.2025-06-0334 minMiddle Market MusingsEpisode 69 Christian Bullitt, Raymond JamesChristian is a Managing Director in Raymond James’ Private Capital Advisory Practice. He finally runs out of excuses and ends up squinting under the hot lights of the MMM studios. A discussion with two old friends hits the usual stops – Philadelphia roots, Trinity College, early career in PR before getting into finance – yet still manages to find plenty of opportunity for esoterica. Listeners will learn about Christian’s short-lived acting career, the merits of pickleball vs. padél, and his frequently threatened lawsuit against Charlie. More substantive insight into the evolution of private equity business development, Christian’s transition from the buysid...2025-05-2150 minMiddle Market MusingsEpisode 68 Mark Jones, River AssociatesThis one combines the insight of a WWF wrestling match with the virility of an Aspen Institute panel discussion. Mark Jones is a Partner at River Associates, the Chattanooga-based private equity firm currently investing out of its eighth vehicle. For better or worse (admittedly worse for him), Mark is also a longtime friend of Andy and Charlie’s. He is a true son of the south – childhood in Savannah, boarding school in Virginia, college at Vanderbilt before remaining in Tennessee for his career. Discussion sails through Mark’s early life and work, but mainly comprises 30 years of experience at one of th...2025-04-3056 minMiddle Market MusingsEpisode 67 David Michel, Catapult HealthDavid Michel is Chief Executive Officer of Catapult Health, a Dallas-based innovator in virtual at-home preventive care recently acquired by Teledoc Health for $65 million. Each stop in David’s story is spellbinding. David begins with his upbringing in southern Illinois, where his entrepreneur/radio broadcaster father played a large role in his upbringing. He then charts his own entrepreneurial path culminating in the founding of Catapult Health in 2010. Discussion returns to the March 2025 sale to Teledoc, a signature event transformed by the sudden death of David’s lawyer and close friend in January. This tragedy connected David to Andy. A fast...2025-04-1649 minMiddle Market MusingsEpisode 66 Barbie Adler, Selective SearchBarbie Adler gives new meaning to the phrase “mystery date” with a star turn on Middle Market Musings. Barbie is Founder and President of Selective Search, the nation’s preeminent luxury matchmaker. Barbie traces her origin story from Chicagoland roots to Bradley University to early successes in public relations and executive search. Her work experience led her to found Selective Search in 2000, based on her belief that the principles of high-end executive search could be applied to romantic relationships. In 2019, Barbie brought in an equity partner – Permanent Equity. She hits on a few favorite MMM themes – how to scale a highly speci...2025-04-0247 minMiddle Market MusingsEpisode 65 Ronald Miller, CIBCRon Miller’s good judgment and even temper survive an appearance on Middle Market Musings. Ron, an old friend to both Andy and Charlie, is Managing Director and Head of US Middle Market Investment Banking at CIBC. Ron talks about his youth in Chicago, including early experience in the family clothing business. The story migrates to Milwaukee, where Ron traces his early involvement in the Cleary Gull investment bank and its evolution into CIBC’s US-based M&A arm. The interview concludes with a poignant account of the loss that galvanized Ron’s family and led them into a lifetime o...2025-03-1848 minMiddle Market MusingsEpisode 64 Chris Hendriksen, Pacific Lake CapitalChris is a Partner at Pacific Lake Capital, one of the leading investors in the search fund industry and currently investing out of its $317 million sixth fund. The Stanford Graduate School of Business alum shares stories of his 20 plus years of experience and how the industry has evolved over time. His journey began as a searcher who found, invested in, and ran VRI, a remote patient monitoring company that grew revenue nearly 10x and grew equity value by more than 25x during his time as CEO before its sale to Pamlico Capital. An animated discussion follows about his transition...2025-03-0450 minMiddle Market MusingsEpisode 63 Steve Gurgovits, Tecum CapitalThe Middle Market Musings tour bus pulls into Western Pennsylvania for a lively episode with Steve Gurgovits, Managing Partner & Co-Founder of Tecum Capital. Tecum is a multi-strategy investment firm focused on the lower middle market. Steve gets into his upbringing and football exploits in Sharon, PA; the example his father set as a banker in that economically hard hit community, Steve’s own tenure at FNB Bank and his ultimate evolution into private equity/subordinated debt investing at Tecum. Charlie scores by asking about the origin of the “Tecum” name. Andy scores with his Rain Main-like knowledge of Pennsylvania’s regional e...2025-02-1247 minMiddle Market MusingsEpisode 62 Scott Estill, LancorScott Estill runs out of excuses and ends up in the MMM studio. Scott is partner and head of the New York office at Lancor, a national search and advisory firm. Scott reviews his extensive early career in investment banking and how it evolved into Lancor’s distinctive private equity executive placement model. Before that, the hosts get into Scott’s origin story, including his time producing films for The Beastie Boys (not a typo) and as a college soccer goalie in the United States and England, including how he became Tony James’ go-to in the soccer goal. Scott’s banking an...2025-01-2949 minMiddle Market MusingsEpisode 61 Randy Schwimmer, Churchill Asset ManagementRandy is vice chairman at Churchill Asset Management. With over $50 billion of committed capital, Churchill provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. Randy is widely credited as one of the pioneers in providing loan syndications to private middle market companies and is founder/publisher of the Lead Left market newsletter. He and the hosts dive in to the evolution of non-bank financing and syndications for middle market companies, the emergence of single tranche and second lien products, and Churchill’s role through several incarnations in defining the...2025-01-0746 minMiddle Market MusingsEpisode 60 Pat Galleher, Boxwood PartnersScratch golfer Pat Galleher ends up in the tangled fescue that is Middle Market Musings. Pat is Managing Partner of Boxwood Partners, the middle market investment bank based in Richmond, VA and Jupiter, FL. Pat details his youth in and around golf courses, including encounters with a young Tiger Woods, which compels Charlie to offer Pat and Andy a complicated hypothetical involving Tiger, prison and some money. After college at the University of Richmond, Pat honed his sales and operational expertise at a global financial communications firm, becoming the youngest CEO listed on the London Stock Exchange. Since co-founding Boxw...2024-12-1247 minMiddle Market MusingsEpisode 59 David Walker, EBSCO IndustriesDavid Walker is president and CEO of EBSCO, one of America’s largest family-owned private companies. With approximately $3 billion in revenues, EBSCO traces its origins to a magazine subscription business founded by Elton B. Stephens in 1944. David details EBSCO’s business interests today, comprising information services, diversified industrial and real estate holdings. He also shares his personal story, which includes childhood in the peach orchards of Alabama, college at Auburn and early career experience in public accounting before joining EBSCO in 2000. One highlight: David’s discussion of the particular resonance of the word “humility” at EBSCO. 2024-11-1946 minMiddle Market MusingsEpisode 58 Marty Mannion, Summit PartnersMarty Mannion shows up and puts 40 years of leadership stature at risk. Summit Partners is a pioneer in the private equity industry, with more than $32 billion invested to date. Marty has been at Summit since 1985 and currently serves as Chair of the Board of Managers. His storied path begins in modest surroundings in the Bronx, before formative experiences at Regis High School, Princeton (where he was an Ivy champion basketball player) and Harvard Business School. In school and early career stops, Marty was “just lucky” – always benefitting from mentors and others who saw his potential. Extending to his private equity care...2024-11-0556 minMiddle Market MusingsEpisode 57 David Santoni, Audax Private EquitySince January, David Santoni has been Managing Director, Business Development at Audax Private Equity, now investing out of its seventh flagship fund, a $5.25 billion vehicle. Before Audax, David was a well-known middle-market investment banker based in Minneapolis with several firms, notably Lazard Middle Market (dating back to its Goldsmith Agio Helms days), Hennepin Partners, and Prestwick Partners. David delves into his career, the vibrant Minneapolis deal community and his current experience managing sponsor coverage relationships after so many years as a coverage banker himself. Discussion winds up on David’s Philadelphia sports loyalties – a source of mild pleasure for Andy an...2024-10-2253 minMiddle Market MusingsEpisode 56 Bill Browder, CEO of Hermitage Capital ManagementSir William Felix Browder provides a distinguished start to Season 4. As CEO and Founder of Hermitage, Bill Browder became the largest portfolio investor in Russia. He traces his family’s early connections to Russia, and then tells one of the singular tales of courage in this century. Browder went from Russian insider to mortal Putin foe. He was able to escape Russia, but his attorney and friend Sergei Magnitsky was imprisoned on phony embezzlement charges, tortured and killed. Bill responded by pushing for the enactment of the Magnitsky Act in the United States, as well as laws in 16 other nations...2024-09-1750 minMiddle Market MusingsEpisode 55 Les Alexander, Jefferson Capital & UVA Darden School of BusinessLes Alexander takes MMM on a picaresque back-and-forth between the lowlands of Louisiana and the rolling hills of Virginia. Childhood in New Orleans, college at UVA, a private equity and business career back home, then a return to Charlottesville as an endowed professor. The lively discussion covers such critical questions as the right way to say “New Orleans,” the best restaurant in Charlottesville, the lineage of the hot sauce industry, and what makes someone an effective teacher, as distinguished from all of the practiced good talkers in the deal business. 2024-08-1250 minMiddle Market MusingsEpisode 54 Gabriel Gomez, O2X Human PerformanceAnother episode, another chat with a Navy pilot / SEAL team member / US-Senate candidate / private equity star / private company CEO….Gabriel Gomez stops by to talk about his boyhood in Washington state, his extraordinary military service, and his post-HBS success in business, including his most recent venture as CEO of O2X Human Performance, which provides science-backed training programs to hundreds of public safety departments nationwide, federal agencies, and the military. Falfurrias Capital invested in O2X in early 2024. This one does not lack in memorable moments, but Gabriel’s “you are there” account of how you stick the landing on an airc...2024-07-2556 minMiddle Market MusingsEpisode 53 Jeff Giles, Core & MainJeff Giles is the latest deal professional to run out of excuses and end up in the MMM studio. He is Executive Vice President for Corporate Development at Core & Main, a St. Louis-based publicly traded specialty distributor focused on water, wastewater, storm drainage and fire protection. Andy and Charlie join Jeff in recounting his days as a private equity newbie. Since joining Core & Main in 2018, Jeff has completed more than 30 acquisitions, deploying approximately $1.6 billion of capital. A lively conversation charts the evolution of Jeff’s childhood in St. Louis and his love of hockey, his early career progression, the tab...2024-06-2451 minMiddle Market MusingsEpisode 52 Jeff Henningsen, Lockton CompaniesThis episode features: a University of Missouri starting quarterback who tackled Brian Bosworth, a hardworking youthful entrepreneur, a standout networker in the M&A industry, a pioneer podcaster and a leader in the field of insurance / due diligence. Not five guests! Just one – Jeff Henningsen, President and CEO of Lockton Companies – Texas Series. A veritable Ben Franklin. The episode contains the standard animated discussion that seasoned listeners come to expect from Andy and Charlie. In a varsity move, Jeff refuses to get drawn in to the heated debate over who was responsible for the “lost” first taping attempt of this episode...2024-06-0647 minMiddle Market MusingsEpisode 51c Steve Hunter, TM CapitalSteve was the one “first time, long time” guest in the DealMax extravaganza. Even so, he is as cool as the other side of the pillow in recounting his activities as TM’s head of sponsor coverage and the firm’s recent acquisition by Janney Montgomery Scott. Steve and Andy trade friendly competitive observations on the Braves and Phillies while Charlie – totally not influenced by current Red Sox fortunes – declares baseball passé. 2024-05-2834 minMiddle Market MusingsEpisode 51b Gretchen Perkins, Avance Capital ManagementIf this were a Friends episode, it would be “The One Where Gretchen Shows Up With a Glass of Wine.” Gretchen blows the doors off with insights into Avance’s deal activity, the current temperamental condition of the M&A market, and her own turn as DealMAX conference chair a few years ago. A discussion of her “walk on” music at that event leads to Charlie, Andy and Gretchen all singing at different points in the episode. “Must See TV,” for sure. 2024-05-2840 minMiddle Market MusingsEpisode 51a Brent Baxter, Association for Corporate GrowthBrent returns to the big stage for his first DealMax conference since assuming the reins as ACG’s CEO. He shares some impressive numbers on this year’s event – more than 3,000 attendees and an estimated 35,000-40,000 meetings. Then interesting discussion on how ACG is keeping pace with the industry’s desire for more informed and qualified interactions. In “Gifford or Greenberg,” Brent asserts his own superiority in cooking (uncontested) and musical tastes (heavily contested). 2024-05-2324 minMiddle Market MusingsEpisode 50 Christina Pai, Fort Point CapitalChristina Pai is a partner at Fort Point Capital, a Boston-based private equity firm focused on service businesses with high growth potential. This episode begins and ends with Christina and Charlie swapping captivating Boston sports insights. In between, she charts her Massachusetts childhood, college at Dartmouth, and path to her current role at Fort Point. Discussion ensues around the strengths and appetites of the family office, the fundless sponsor, and the LP-based fund. Andy attempts to get in on the Boston mojo with an origin story that sounds suspiciously like the opening of Good Will Hunting. Christina and Charlie (to no...2024-04-1046 minMiddle Market MusingsEpisode 49 Mark Chesen, SSG Capital AdvisorsMark Chesen is a founder and managing partner at SSG Capital Advisors, a special situations-focused investment bank that has completed more than 400 transactions since its founding in 2001. Mark zips through growing up in Iowa, college at the University of Texas and an early stint in public accounting before turning to the wide world of investment banking. He and the hosts chart SSG’s growth, its sale and repurchase by the founders, and the unusual continuity Mark and his partners have maintained over 23 years. There’s also some interesting discussion about the DNA of the special situations banker and how Mark bo...2024-03-2845 minMiddle Market MusingsEpisode 48 Ashley Hess, Baker HostetlerThe Middle Market Musings tour bus rolls into southwestern Ohio for a discussion with Ashley Hess, Partner-in-Charge of Baker Hostetler’s Cincinnati office. Ashley draws vivid stories out of a succession of stops in his journey: Western Virginia boyhood, school at UVA and Washington & Lee, marriage and life as a young connector in the Cincinnati community and, finally, a demanding and varied corporate law practice. Ashley’s clients include multi-national firms like Toyota and buyers/sellers in the middle market deal space. He talks with equal verve about trends in the automotive industry and his enthusiasm for blues music. One of th...2024-03-1445 minMiddle Market MusingsEpisode 47 Chrisanne Corbett, KPMG Corporate FinanceThis time around, Chrisanne Corbett classes up the proceedings. Chrisanne is Managing Director of KPMG Corporate Finance LLC, leading the Diversified Industrials Team, and co-leading the Private Equity Coverage Team. She starts off recalling a busy, promising childhood in Minnesota and Connecticut. Andy and Charlie – rarely interested in the same thing at the same time – both come to full alert for tales of appearing in early commercials for the gum and candy company where her father worked. Chrisanne then moves on to college at Notre Dame and a career in investment banking, including the last 24 years spent at KPMG. She reco...2024-02-2243 minMiddle Market MusingsEpisode 46 Jon Skinner, PSP PartnersJon Skinner is CEO of PSP Partners, a diversified private investment firm founded by former U.S. Secretary of Commerce Penny Pritzker. Jon is the latest financial honcho to miss his exit and end up in the Middle Market Musings recording complex with Andy and Charlie. Jon reviews his path to his current role – childhood in suburban Boston, football and undergrad at Brown, law school at Boston College, then a storied investment banking career culminating in his tenure as a vice chairman at William Blair. Jon then reviews the investment practices and culture of PSP and concludes by sharing his i...2024-02-0154 minMiddle Market MusingsEpisode 45 Andy Souder, RAF EquityAndy Souder grew up in a steel town and attended Notre Dame, but the similarities to “Rudy” end there. Andy is vice president of acquisitions at RAF Equity, a family office turned private equity fund based in suburban Philadelphia. Andy regales his old friends with stories of his own upbringing and early career in commercial banking and law, then he and Andy Greenberg trade stories about Bob Fox, RAF’s remarkable founder. Discussion then turns to RAF Equity today – new leadership and focus on higher growth industries combined with traditional values and approach. Charlie rises to the challenge of two Philadelp...2024-01-1840 minMiddle Market MusingsEpisode 44 Bob Whalen, HB GlobalBob Whalen is CEO of HB Global, a $550-million revenues commercial specialty contracting firm based in Harrisburg, PA. Bob talks about HB’s evolution since his acquisition of the business and its transition to ESOP ownership in 2008, as well as HB Capital, a private equity vehicle formed to acquire other businesses suited to similar management and ownership. Some interesting discussion on valuations prevailing in HVAC/commercial services. Bob opens with his learnings from being a competitive D-1 college wrestler and the relevance to running HB Global. Andy and Charlie show their prowess as D-1 interviewers, as usual. 2023-12-1441 minMiddle Market MusingsEpisode 43 Brent Baxter, Association for Corporate GrowthBrent Baxter is several months into his tenure as Chief Executive Officer of the Association for Corporate Growth, the premier trade organization serving the M&A deal making community. Brent shares his immediate vision and priorities for serving ACG’s membership, then delves into the path that brought him to this role. Childhood in western Pennsylvania, a college-era stint as in the restaurant business that honed his people and management skills, then a business and banking career in St. Louis culminating at Nolan & Associates. Brent’s youthful experience leads to the discovery that Andy and Charlie have the same favorit...2023-11-3049 minMiddle Market MusingsEpisode 42 Jim Apple, The Sterling GroupJim Apple is partner and head of sourcing at The Sterling Group, an operationally focused private equity firm based in Houston. Jim hits the ground running with stories of a rich upbringing that included antique road shows and no TV in the house. Discussion culminates with a review of Sterling, its two current vehicles and model that includes seven drivers of value including the one Jim is responsible for – acquisitions. Before that, we hit highlights from Jim’s two earlier career stints in industrial development and investment banking. As is often the case, conversation ends up on music tastes. Jim scor...2023-11-1645 minMiddle Market MusingsEpisode 41 Jim Andersen, Clearview CapitalJim Andersen wakes up as if from a bad dream, and finds himself in conversation with Andy and Charlie. Jim is a managing partner and co-founder of Clearview Capital, a Stamford, CT based private equity fund that is often the first source of institutional capital for lower middle market owner/managers. Clearview is currently investing Fund V, an $850 million vehicle. We start off with tales from Jim’s early career experience stationed in Egypt with Schlumberger. Charlie seizes the opportunity to show off his mastery of the geography of North Africa. Jim goes on to detail Clearview’s trajectory as a fu...2023-11-0243 minMiddle Market MusingsEpisode 40 Rob Brown, Lincoln InternationalThis time out, Rob Brown takes us inside Lincoln International LLC, one of the preeminent middle market investment banks. Rob joined Lincoln as one of its first employees in 1998, rising to become CEO in 2021. He charts his own and Lincoln’s development with great insight and good humor. Stick around for the second half, in which Rob, Andy and Charlie have an extended discussion about the “science of the pitch,” particularly as it bears on and channels the development of younger team members. The guitar on the wall in Rob’s Zoom background leads to an even more animated conversation...2023-10-1946 minMiddle Market MusingsEpisode 39 Nishen Radia, B. Riley SecuritiesHollywood settles the writer’s strike, the vast creative team supporting Middle Market Musings swings back into action, and we launch our third season with a standout guest! Nishen Radia is Senior Managing Director and Co-Head of M&A at B. Riley Securities. Nishen starts off with a panoramic tour of his well-traveled boyhood, including a stint selling (and wrecking) cars at his father’s London car dealership. Andy and Charlie then delve into an M&A career highlighted by the 20-year run of FocalPoint Partners, the M&A firm founded by Nish and Duane Stullich in 2002 and the integra...2023-09-2844 minMiddle Market MusingsEpisode 38 Chris Burbach, Fundamental IncomeChris Burbach draws the black marble and finds himself on the podcast with Andy and Charlie. Chris is Co-founder, Partner and CEO of Fundamental Income, an institutionally backed firm that offers efficient real estate-based capital to business owners and buyers, and access to net lease real estate to investors. Chris explains when and how thinking about the monetization of real estate makes sense for a buyer in the capital structure of a contemplated transaction. Before that, Chris shares an entertaining origin story – growing up in Phoenix, getting exposed to real estate value through his parent’s charter school business and h...2023-07-2034 minMiddle Market MusingsEpisode 37 Ted Kramer, HKWTed Kramer is the CEO of HKW, a private equity firm that traces its lineage to the early years of the 20th century. Ted not only shares an overview of his firm’s lineage, but also traces his own beginnings in northwestern Ohio and his immersion in hockey as a schoolboy, University of Michigan star, and eventually as a professional player in the early 90s. From there, the conversation evolves into Ted’s career path, which maps to the increasing centrality of the business development role in private equity fund management. Andy and Charlie relish the appearance of an old fr...2023-06-2145 minMiddle Market MusingsEpisode 36 Devin Mathews, ParkerGaleDevin Mathews wanders out onto the Middle Market Musings stage and the audience goes wild at the cross-platform possibilities. Devin is co-founder of ParkerGale, a Chicago-based private equity fund focused on profitable technology investments, and co-originator of their successful podcast devoted to companies in the tech space. Devin entertains with his account of how an art history major from SUNY Binghamton found his way to the upper reaches of private equity. He assesses the current state of the market and shares best practices on producing an industry focused podcast, something that both Andy and Charlie believe the other desperately n...2023-06-0849 minMiddle Market MusingsEpisode 35C – Parker Weil, TD CowenParker catches the guys up on Cowen’s successful integration into TD since his last visit. He discusses the current market from the perspective of a larger firm with two dozen professionals on the ground in Vegas. Parker and Charlie trade insights on Jerry Garcia vs. Bob Weir while Andy weighs the possibility that this conversation will make him seem “cool” by osmosis. (Prognosis? Unlikely). 2023-05-2531 minMiddle Market MusingsEpisode 35A – Bruce Fenton, Troutman PepperBruce shows his skills as M&A lawyer and raconteur have not diminished since his last visit. Bruce talks about his unusual intentionality in marketing off of a law firm platform at DealMAX and elsewhere. His account of a past encounter with Peyton Manning takes about half as long as an actual football game, but is materially amusing and perfectly captures Bruce’s je ne sais quoi. 2023-05-2527 minMiddle Market MusingsEpisode 35B – Michelle Eidson, Crest Rock PartnersMichelle drops by to talk about how Crest Rock – a Denver-based PE fund founded in 2019 and devoted to software, tech and business services – set out to establish a market presence in the midst of the pandemic. She ignores the premise of “Charlie or Andy” but scores a direct on the hosts by answering, in response to a question about who you would choose to look after your children, “Neither.” 2023-05-2528 minMiddle Market MusingsEpisode 34 David Welinsky, Monroe CapitalAndy and Charlie set their sights on David Welinsky, a young star in the private credit industry. (Young = younger than Charlie.) David is a managing director in capital markets at Monroe Capital, widely regarded as a premier boutique asset management firm specializing in direct lending amongst other strategies. David talks about his upbringing, Monroe’s evolution from public BDC to diversified asset manager and the state of middle market private finance today versus a year ago.2023-05-1130 minMiddle Market MusingsEpisode 33 Jay Weinstein, EisnerAmperNot unlike the guy who drives through the carwash with his top down, Jay Weinstein gets the full Middle Market Musings treatment from the co-hosts. Jay is Vice Chair of Industries and Markets at the EisnerAmper accounting, tax and business advisory firm. Jay has seen all sides of the M&A business – from running accounting firms that merged into progressively larger practices, to overseeing acquisitions for EisnerAmper, to being involved in EA’s 2021 recapitalization by TowerBrook Capital Partners. A common theme is how to build and capture value in a complex professional services firm. Jay shares all – and is able to g...2023-04-2740 minMiddle Market MusingsEpisode 32 Gretchen Perkins, Avance Investment ManagementGretchen Perkins inexplicably agrees to spend an hour with Andy and Charlie. Gretchen, partner at Avance Investment Management, is one of the best known and widely respected figures in the world of private equity business origination. Gretchen shares the story of Avance, a two-year-old equity fund differentiating itself through investments in rapidly scalable business models in the consumer and technology industries. She and the guys trace the evolution of the deal sourcing discipline over the past 20 years and compare notes on what distinguishes the standout practitioners. We wind up with Gretchen sharing thoughts on a life after private equity, inv...2023-04-1343 minMiddle Market MusingsEpisode 31 Chad Gifford, Chairman Emeritus of Bank of AmericaCharles K. Gifford is Chairman Emeritus of Bank of America. Chad visits the podcast to provide valuable perspective on the current tempests swirling around the global banking system. Son Charlie and co-host Andy are on best behavior with a guest who would be an incredible “get” under any circumstances. As CEO of the Bank of Boston, Chad had a front row seat for the New England banking crisis of the early 90s. Following successive mergers, he rose to become Chairman of Bank of America. Upon retirement he remained on the board for more than 15 years and chaired the credit committe...2023-03-2350 minMiddle Market MusingsEpisode 30 Andrea Auerbach, Cambridge AssociatesAndrea Auerbach of Cambridge Associates stops by Middle Market Musings to offer a master class in the trends defining the private equity asset class. Cambridge Associates is a leading advisor/portfolio manager to institutional investors. Andrea oversees a team directing $12-15 billion per year to private investments, co-investments, and secondary opportunities. She shares how different GPs manage to different valuation expectations, the emergence of direct and co-investing, and the advent of greater specialization, not just in industry verticals but in functional areas of expertise. She holds her own with the guys in making vintage cultural references, including a callback to M...2023-02-2353 minMiddle Market MusingsEpisode 29 Matt Carroll, WestView Capital PartnersMatt Carroll helps Andy and Charlie prove that Middle Market Musings is exactly as mature and insightful in 2023 as it was in 2022. Matt is a managing partner at WestView Capital Partners, a Boston-based private equity firm that recently closed on its $1 billion fifth fund. Matt has been a part of WestView since its inception in 2004. He charts the firm’s evolution into more intense pockets of industry focus while maintaining its stronghold as a leading investor of non-controlling equity. Matt ignites the discussion with his many passions – Boston College, family and helping younger people make their way in our business...2023-01-2647 minMiddle Market MusingsEpisode 28 Ed Bagdasarian, Intrepid Investment BankersLA-based investment banking luminary Ed Bagdasarian misses the Slauson Cutoff and finds himself in the middle of an episode of Middle Market Musings. Ed is CEO of Intrepid Investment Bankers LLC, now part of MUFG. Ed begins with an extraordinary family story—he is of Armenian heritage, born in Romania, brought to the United States by his parents as a young teen. The family jewelry business provided identity and an introduction to the entrepreneurial life. Ed traces his own investment banking career and then—with his partners Jim Freedman and Mike Rosenberg—the development and sale of two successful invest...2022-12-0748 minMiddle Market MusingsEpisode 27 Rusty Goodsell, New Orchard LLCRusty Goodsell, CEO and Co-Founder of New Orchard LLC, joins us for a podcast all about culture – or as they say in Boston, “cultcha.” (Charlie doesn’t say that -- other Bostonians). New Orchard is an analytics company that helps business buyers and other clients more quickly assess organizational culture as part of their operational/investment decisions. New Orchard’s approach to “quality of organization” echoes the “quality of earnings” model that has become so prevalent over the past 15 years. This gives Andy and Charlie an opportunity to talk about the overriding importance of the human factor in business enterpris...2022-11-2134 minMiddle Market MusingsEpisode 26 Pete Stavros, KKRPete Stavros is a Partner & Co-Head of Americas Private Equity at KKR, as well as founder/chairman of Ownership Works, a nonprofit organization that partners with companies and investors to provide employees with the opportunity to build wealth at work. Pete and the guys discuss the role of global investment firms like KKR versus middle-market PE groups, the personal and business experiences that led to the formation of Ownership Works and the activities of that organization. There’s also discussion on how PE firms and individual businesses address fundamental social questions of wealth formation, equity and empowerment. So engrossing, Andy...2022-10-2749 minMiddle Market MusingsEpisode 25 Parker Weil, CowenParker Weil is vice chair of investment banking at Cowen. He provides a lively excursion through three decades in the most successful echelons of M&A, beginning with his tenure as a junior banker during the “Liar’s Poker” era at Salomon. Parker views industry trends leading to his current role as vice chair and head of the group that encompasses sponsor coverage at Cowen. Andy and Charlie get his perspective on transaction activity involving investment banks, drawing on Cowen’s multiple and the announced sale of Cowen itself to TD Bank. One highlight: What is the threshold for meaningful...2022-10-1239 minMiddle Market MusingsEpisode 24 Jeffrey Stevenson, VSS Capital PartnersJeffrey Stevenson finds himself on the wrong side of town and becomes Charlie and Andy’s latest accomplice. Jeffrey is Managing Partner of VSS Capital Partners, a private investment firm that manages $4 billion in committed capital across eight funds. He recounts VSS’s early days as an M&A firm devoted to publishing/media, then the transitions into principal investing and an industry focus broadened to include information, business services, healthcare and education. An early highlight: Jeffrey talks about representing Walter Annenberg in TV Guide’s sale to Rupert Murdoch. Younger listeners can google Annenberg – and TV Guide. 2022-09-2837 minMiddle Market MusingsEpisode 23 Tom Bohn, ACG GlobalTom Bohn, President and CEO of the Association for Corporate Growth, kicks off the fall season on Middle Market Musings. Tom discusses the state of mergers & acquisitions coming out of covid, his plans for the M&A industry’s largest trade association, and the business orientation he’s brought to trade group management. Most important, he engages in the forced, faux hip repartee that MMM listeners have learned to dread. Stay tuned to the end when Tom, Andy and Charlie pick the albums they would bring to a desert island. Can you match the man with the Beach Boys, the Gr...2022-09-0847 minMiddle Market MusingsEpisode 22 Tarrus Richardson, IMB PartnersTarrus Richardson takes Middle Market Musings on a panoramic tour of the deal-making life. Tarrus is Founder and CEO of IMB Partners, a Bethesda, MD private equity fund targeting utilities and government contracting suppliers. Andy and Charlie ride along as Tarrus starts with stories about growing up in a family business in Chicago. Other stops before forming IMB in 2010: student leadership roles at Purdue and Harvard Business School, an investment fund in Ghana and a formative role at a private equity fund that counted competitive strategy legend Michael Porter among its sponsors. Common themes are the drive to compete, bu...2022-06-1646 minMiddle Market MusingsEpisode 21 Chris Williams, Avesi PartnersAs co-founder of the Harris Williams investment bank, Chris Williams is one of the best known figures in private company M&A. Chris’s storied career hits the wall that is Middle Market Musings. He regales Charlie and Andy with tales from his early career, then moves on to Harris Williams’ path to being an industry standard bearer. We also cover Chris’s evolution into private equity investor and his current activities as a founding partner at Avesi Partners, a PE fund geared to health care and business services. Business culture as inseparable from business excellence is a recurrent theme. 2022-05-1346 minMiddle Market MusingsEpisode 20 Delaware Private Markets ClubThe Private Markets Club is a group of University Delaware business students devoted to learning more about and engaging in the world of private finance. In a lapse of good judgment, the PMC invited Andy and Charlie to come in as guests. The MMM hosts quiz one another about their own origin stories, then field sharp, informed questions from Keaton Stott, Will Wallace and the rest of the club. Thought provoking, heartfelt and fun – the up and coming rock stars make the old guys work for it.2022-05-0547 minMiddle Market MusingsEpisode 19 Jeri Harman, Avante Capital PartnersJeri Harman gives Andy and Charlie a lesson in “emotional intelligence” – like building a swimming pool in the desert. Jeri is Founder and Chairman of Avante Capital Partners, a woman- and minority-owned private credit and structured equity fund. The discussion is a fast-paced tour of Jeri’s early career, the impetus to create her own fund and the importance of culture in harnessing individual “super powers.” We then turn to the concept of investing for impact while maintaining superior returns and how 2022 compares to other markets defined by systemic risk. If this one was a course at Pinehurst, it would be #2. 2022-04-2145 minMiddle Market MusingsEpisode 18 Bill Tyson, Fifth Third BankBill Tyson is Managing Director and Head of Mergers & Acquisitions at Fifth Third Bank. During our wide ranging discussion, Bill shares stories amassed from a 37 year career spanning his time as an M&A banker, a commercial lender, and a Capital Markets specialist. He discusses the importance of culture, and how personal relationships and building trust among his co-workers has been paramount to building a winning team. Time is also spent exploring doing deals in the time of Covid, and the tradeoffs of working remotely vs. in the office.2022-03-3045 minMiddle Market MusingsEpisode 17 Bruce Fenton, Troutman PepperBruce Fenton takes on Andy and Charlie in a cage match for the ages! Bruce, the head of private equity at Troutman Pepper, traces his path to becoming a preeminent M&A attorney, assesses the professional landscape as represented by the combination of two storied law firms and gives his views on changes in the balance of power among actors competing for the attention of the private business owner. If you enjoy MMM’s trademark repartee, this one is like a mullet – a few minutes of party in front, all business in the back!2022-03-1042 minMiddle Market MusingsEpisode 16 Jon Lemelman, Classify / Riverside PartnersJon Lemelman, Riverside Partners and Classify. After nearly 20 years at Boston-based Riverside, Jon has co-founded Classify, a software application devoted to creating a smarter, stress-free digital workplace. Jon share’s his perspective on deal making at Riverside, a firm at the vanguard of private equity’s evolution to industry specialization. He talks about the experiences that led to Classify, and the change in perspective involved in capital formation and business management after so many years on the other side of the table.2022-02-1739 minMiddle Market MusingsEpisode 15 Eugene Fama, University of Chicago Booth School of BusinessEugene Fama is the 2013 Nobel laureate in economic sciences, widely recognized as the “father of modern finance.” Professor Fama finds himself in the wrong part of town and ends up on a podcast with Andy and Charlie. Gene Fama is direct, funny, and generous in sharing insights on the evolution of financial markets dating back to his revolutionary efficient market hypothesis, the development of private equity as an asset class alongside of public equity, and a battery of current issues like inflation and cryptocurrency. How good is he? The MMM co-hosts are stunned into good behavior. 2022-01-2142 minMiddle Market MusingsEpisode 14 Joe Conte, Standish ManagementJoe Conte is the Head of Strategy and Corporate Development at Standish Management, a leading fund administrator. Joe was long a fixture in middle market M&A as a managing director at Lazard before taking a senior role at Standish last year. Joe traces the evolution of the field from his early career stops as an attorney and as a young banker at Goldsmith Agio Helms. He also reflects on his recent transition from buy side to sell side and, with prodding from Charlie, shares his personal diet and fitness regimen.2022-01-2043 minMiddle Market MusingsEpisode 13 Jay Jester, Plexus CapitalJay Jester, partner at Plexus Capital, is the latest M&A luminary to spend an hour he’ll never get back with Andy and Charlie. Jay is well known as a leader in private equity’s evolution to more granular, industry-focused, relationship-based business development. He shares insights drawn from his prior experience at Audax Capital and his current focus at Plexus. Always a student of the industry, Jay chronicles the “four waves” of private equity as he has seen them.2022-01-0645 minMiddle Market MusingsEpisode 12 Eric Zoller, Sixpoint PartnersEric Zoller is the Founder and current Partner of Sixpoint Partners, one of the largest fund placement advisors serving the middle market private equity industry. Eric traces Sixpoint’s development as an early entrant in the industry through the company’s 2019 sale to PNC Bank. Charlie, Andy, Eric have a spirited discussion about core, non-outsourceable functions in a superior private equity firm – a list once thought to include fund placement. Eric also provides his well thought out view of the evolution of private equity over the next decade.2021-12-1643 minMiddle Market MusingsEpisode 11 Lauren Mulholland, MiddleGround CapitalLauren Mulholland, Founding Partner of MiddleGround Capital, burns off an hour with Charlie and Andy. MiddleGround is an operationally focused private equity fund with more than $1.2 billion in assets under management. Lauren illuminates her own background in a business family, MiddleGround’s rapid growth since its formation in 2018, the actual differentiation that comes from an operational focus, and the importance of the firm’s commitment to principles of Diversity, Equity, Inclusion, and Globalization (DEIG).2021-11-0542 minMiddle Market MusingsEpisode 10 Sean Mooney, BluWaveSean Mooney, Founder and CEO of BluWave, stops by. BluWave is a fast-growing provider of best-in-class resources to more than 500 private equity funds. Andy and Charlie drill into how BluWave evolved from Sean’s own background in private equity, the particulars of the business model, and what the business itself says about signature trends in private equity – higher valuations, compressed returns, greater industry specialization and heightened pressure to capture growth and operational improvement. All that, plus the usual Masterpiece Theater-level back-and-forth between the two hosts. 2021-10-0641 minMiddle Market MusingsEpisode 9 Dave McIntyre, Centra IndustriesDave McIntyre, former CEO of Centra Industries, kicks off the fall season with Andy and Charlie. Centra, now part of Precision CastParts, is a Canadian manufacturer of airframe components. Dave tells the Centra story, with high points including his acquisition of the business from his father in 2004, a minority equity investment from New Heritage Capital in 2007 and a successful exit to PCC in 2012. Today he races fast cars at Ontario’s famed Mosport Speedway and remains friends with Charlie Gifford, neither activity for the faint of heart. 2021-09-0939 minMiddle Market MusingsEpisode 8 Glenn Oken, Mangrove Equity PartnersGlenn Oken, Managing Director and Co-Founder of Mangrove Equity Partners, and one of the most productive middle market deal professionals of this generation. He and his partners have completed 150 platform acquisitions across nine fund vehicles. He discusses Mangrove's intensely operational approach, the merits of concentrating on the $2-to-8 million EBITDA tier of the market, and his recent fondness for Spanish reds. 2021-07-2938 minMiddle Market MusingsEpisode 7 Graeme Frazier, Private Capital Research, GF DataGraeme Frazier is the co-founder of GF Data, the leading provider of data on private middle market M&A transactions, as well as President of Private Capital Research, a provider of buy-side business development services. Graeme shares his unique views as a practitioner and analyst in the middle market. He brings his trademark patience to encounters with two old friends.2021-07-1432 minMiddle Market MusingsEpisode 6 Tom Danis, RCP AdvisorsTom Danis, Jr., Managing Partner and co-founder of RCP Advisors, is the latest industry titan to stop by. Tom charts RCP’s path as a pioneer in “fund of funds” investing. He comments on changes in return expectations over the past 20 years, including increased emphasis on the select group of PE funds able to sustain top performance. He shares his take on the competitive world of direct investment. He responds to a characteristically long-winded question from Andy, while ignoring characteristically unhelpful commentary from Charlie.2021-06-2835 minMiddle Market MusingsEpisode 5 Pam Hendrickson, The Riverside CompanyPam Hendrickson, vice chair of The Riverside Company. Pam charts Riverside’s evolution from middle-market buyout shop to $11 billion global multi-style asset manager -- including the productive dynamic that enabled Riverside to complete 60 transactions during the pandemic. The guys quiz her on her industry leadership role, including her understanding of ESG investing as a dimension of political risk management. Finally, Pam shares insights on the difference between private equity investing and her passion outside of work – cooking.2021-06-1134 minMiddle Market MusingsEpisode 4 Phil Colaco, Deloitte Corporate FinancePhil Colaco, CEO of Deloitte Corporate Finance, takes his turn in the hot seat. Phil shares his perspectives on entrepreneurship and how technology has infiltrated almost every industry, and how working for luminaries like Hugh McColl and Erskine Bowles shaped his career. He also talks about the importance of developing a culture of inclusion as well as his philanthropic passions. Charlie and Andy compete to show that they are well-rounded people, too.2021-05-2744 minMiddle Market MusingsEpisode 3 Joe Watkins, Hagelin Flavor TechnologiesJoe Watkins has been a business owner, investor and observer in the flavors & fragrances industry for 40 years. He was co-owner of Hagelin Flavors Technologies prior to its sale to a European strategic buyer. Joe shares his perspectives on the challenges – and eventual rewards – of operating a successful business. The guys draw out tales from a storied and well-traveled career.2021-04-3036 min
Middle Market MusingsEpisode 0 Graeme FrazierGraeme Frazier is the co-founder of GF Data, the leading provider of data on private middle market M&A transactions, as well as President of Private Capital Research, a provider of buy-side business development services. Graeme shares his unique views as a practitioner and analyst in the middle market. He brings his trademark patience to encounters with two old friends.2021-04-2238 minMiddle Market MusingsEpisode 2 Peter Kaufman, Gordian GroupPeter Kaufman, the President of Gordian Group, a New York-based distressed M&A firm. Peter shares his views on the current state of the restructuring market and on what makes special situations bankers a different breed. He discusses his passion for and investments in the wine industry, and his fledgling career as a golf journalist. He jumps in with the guys as a world-class giver of grief.2021-04-1644 min
Middle Market MusingsEpisode 1 Michele Masucci, Nixon PeabodyMichele Masucci, a leader in Nixon Peabody’s healthcare practice. Michelle shares what it was like to live and work with front-line care providers in New York the early days of the pandemic, and offers insights on the healthcare industry in its aftermath. She defends her college classmate Andy against outrageous assaults from Charlie.2021-04-0238 min