In this insightful episode, Joe Rodgers gathers three independent sponsors at different stages of their journey to dissect the dynamic world of independent sponsors. His guests are Jerry Donatelli of Cornerstone Capital Partners, Thomas Ince of LP First Capital, and Jonny Miller of Platt Park Capital.

We dive deep into their unique paths into the industry, from Thomas' entrepreneurial leap of faith to Jonny's transition from an established middle-market private equity firm. The discussion covers the evolution of the space from a "cottage industry" to a credible and crowded landscape, the critical strategies for winning deals without a committed fund, and how to build trust with entrepreneurs.

The discussion dives into:

• Landscape: The independent sponsor model has evolved from a niche idea to a credible, competitive part of M&A, with more capital sources available than ever before.
• Differentiate Yourself: Without a committed fund, win deals through deep industry expertise, authentic relationships with founders, and a strong, complementary team.
• Persistence is Key: Success comes from relentless effort and a structured process. "Luck" is when preparation meets opportunity.
• Addressing the "Equity Question": Overcome the lack of a fund by focusing on your track record and vision. For new sponsors, creativity in showcasing experience is crucial.
• Partnership Over Price: Choose capital providers based on trust and strategic fit, not just terms. They are true partners, especially in the lower middle market.
• Manage the Process: Be transparent with sellers, set clear timelines (90-120 days), and stage due diligence to avoid overwhelming them.
• Leverage QSBS (1202): Use Qualified Small Business Stock for significant tax advantages. Sponsors often need to champion this structure.
• Advice for Newcomers: Focus on closing your first deal, embrace an entrepreneurial hands-on approach, and stay humble and resilient through the inevitable ups and downs.

Listen in for invaluable, real-world advice on sourcing deals, structuring capital, managing the acquisition process, and the importance of partnership with both sellers and capital providers. Whether you're a seasoned sponsor or just considering the leap, this conversation is packed with actionable insights from the front lines.

Disclaimer: This podcast is for informational purposes only and does not constitute investment advice.

Perspectives of the Ever-Evolving Independent Sponsor Universe can be found wherever you get your podcasts, including:

Apple

https://podcasts.apple.com/us/podcast/perspectives-of-the-ever-evolving-independent-sponsor-universe/id1765495381

Spotify

https://open.spotify.com/show/7zZHoMp9NI5D3BMaG2fnfl

Web

https://redcircle.com/shows/perspectives-of-the-ever-evolving-independent-sponsor-universe

In this episode, Joe Rodgers sits down with three seasoned investment bankers—Pat Galleher (Boxwood Partners), Bo Briggs (Croft & Bender), and Gene Bazemore (Founders Advisors)—to discuss the growing credibility and challenges of independent sponsors in the M&A landscape.

The discussion dives into:

• Market Dynamics: How macroeconomic uncertainty and political policies are shaping deal activity in 2024.
• Independent Sponsor Evolution: Why the space is expanding, and the key differences between established sponsors and newcomers.
• Deal-Making Realities: The importance of transparency, capital verification, and operational expertise for sponsors to win auctions.
• Success Stories & Pitfalls: Lessons from deals that thrived (or failed) due to sponsor preparedness and LP relationships.
• Advice for New Sponsors: Niche focus, proprietary deal flow, and the critical role of trusted capital partners.

Tune in for candid insights on navigating the competitive yet opportunistic world of independent sponsors—straight from bankers who’ve seen it all.

Disclaimer: This podcast is for informational purposes only and does not constitute investment advice.

Perspectives of the Ever-Evolving Independent Sponsor Universe can be found wherever you get your podcasts, including:

Apple

https://podcasts.apple.com/us/podcast/perspectives-of-the-ever-evolving-independent-sponsor-universe/id1765495381

Spotify

https://open.spotify.com/show/7zZHoMp9NI5D3BMaG2fnfl

Web

https://redcircle.com/shows/perspectives-of-the-ever-evolving-independent-sponsor-universe

In this episode of Perspectives of the Ever-Evolving Independent Sponsor Universe, host Joe Rodgers, Managing Director at Source Capital, sits down with three leading family office investors to unpack the dynamic world of independent sponsors. Kevin Meyers (First Haven Capital), Kevin Wong (Lang Partners), and Clemente Micara (Graham Capital Investments) share their views on the independent sponsor universe, the influx of equity into the space, and general advice as independent sponsors are actively pursuing deals.

Key discussion points include:

• The growth of the independent sponsor model and why family offices are allocating more capital to this space.
• Investment criteria—deal size, EBITDA ranges, and the importance of sponsor alignment.
• Cap structure preferences, including rollover equity, sponsor skin-in-the-game, and governance.
• Advice for new independent sponsors, from specialization to building strong advisory boards.
• Future trends, including the rise of larger deals and the entry of institutional players.

Whether you're an independent sponsor seeking capital or an investor exploring this niche, this episode offers actionable takeaways and a reality check on what it takes to succeed.

Listen now to gain insider perspectives from those shaping the future of the independent sponsor ecosystem.

Perspectives of the Ever-Evolving Independent Sponsor Universe can be found wherever you get your podcasts, including:

Apple

https://podcasts.apple.com/us/podcast/perspectives-of-the-ever-evolving-independent-sponsor-universe/id1765495381

Spotify

https://open.spotify.com/show/7zZHoMp9NI5D3BMaG2fnfl

Web

https://redcircle.com/shows/perspectives-of-the-ever-evolving-independent-sponsor-universe

Welcome to the second podcast of Perspectives of The Ever-Evolving Independent Sponsor Universe. This podcast will discuss a specific investment, SpinnakerSCA, and the ups and downs that were experienced from when the investment was made in early 2021 to the successful exit in mid 2024. Joe Rodgers, Managing Director at Source Capital, is joined by Chad Scripps, Managing Partner at Black Lake Capital, the independent sponsor that acquired the Company, and John Sharkey and Evan McCaig – both from the Company.

They discuss the factors that lead to a successful partnership, as well as the challenges that arose, some of which threatened the deal; and others which ultimately led to a stronger outcome for all participants.

Learn about the importance of flexibility, learning that sometimes losing a deal isn’t the end of it, and the importance of people in a successful Independent Sponsor deal.

Perspectives of the Ever-Evolving Independent Sponsor Universe can be found wherever you get your podcasts, including:

Apple

https://podcasts.apple.com/us/podcast/perspectives-of-the-ever-evolving-independent-sponsor-universe/id1765495381

Spotify

https://open.spotify.com/show/7zZHoMp9NI5D3BMaG2fnfl

Web

https://redcircle.com/shows/perspectives-of-the-ever-evolving-independent-sponsor-universe

Joe Rodgers, Managing Director at Source Capital, is joined by Mike Shein, Managing Partner at Chartwell Investments, Jeff Brooker, Partner at McGuire Woods, Michael Kornman, Managing Partner at Align Collaborate, and Steve Hunter, Managing Director at TM Capital, to provide varying views on the ever-evolving independent sponsor universe.   

Joe and company leverage off their many years of navigating this market to provide insight into a diverse set of topics that should be beneficial to any independent sponsor.

"Perspectives of The Ever-Evolving Independent Sponsor Universe" is a podcast that brings together a panel of seasoned investment professionals to offer invaluable insights into the dynamic and ever-changing world of independent sponsors within the competitive M&A landscape.

Through engaging discussions, they highlight an array of topics relevant to the growing independent sponsor space, providing expert perspectives related to control buyouts, capital, investment banking and legal

Whether you're a seasoned professional or new to the field, this podcast is essential listening for anyone looking to navigate this M&A space.