Middle Market Musings

Tim is the CEO and Founder of BTP, an AI Strategy consulting firm devoted to helping private equity firms and other clients understand and develop a competitive advantage by leveraging artificial intelligence. Tim is a clear thinker on what AI is, and what it isn’t. Discussion begins with Tim’s well-traveled boyhood as the son of an oil executive, followed by college lat Texas Tech and a career helping sales forces optimize technology. Key takeaways: (1) a surprising number of financial firms are only scratching the surface in their AI usage and (2) those who have embraced AI are using it in rapidly evolving ways. Once again, Middle Market Musings goes where the puck is headed!

An urban whirlwind blows through the MMM studios when Justin Abelow drops by. Justin is a long-tenured Managing Director in the financial sponsors group at Houlihan Lokey. He manages to be both a resolute Manhattanite and a global student of business, history and culture. Upper East Side boyhood steeped in the “Masters of the Universe” world of corporate finance in the ‘80s, undergraduate and law degree a short subway ride away at Columbia, and an early stint as a corporate lawyer all pointed toward a career in investment banking. Justin shares the story of the firm’s evolution into a market leader and his own career path in sponsor coverage. Concluding with Justin’s interest in history, the hosts and he each name their three ideal dinner companions (where Andy and Charlie were each surprised not to be on one another’s list).

Jack Markell – elected five times (without a loss) to state-wide office in Delaware, veteran of more than 200 deals in the telecom industry, home from two ambassadorial postings in Europe – finds himself on the biggest stage yet. Jack more than meets the moment in this MMM episode. Discussion begins with a life-changing trip to India before Jack headed to Brown, McKinsey and the University of Chicago. He and the hosts then trade notes on his early days as a deal guy at Nextel, a name that Jack came up with. Much to cover from there – Jack’s career in public service, the differences between managing in business and in government, and the troublesome state of politics today. Jack’s decades-long friendship with Andy – ooh, cut for time.

SRS Acquiom is known to many for shareholder representation, escrow and other services that help the parties on both sides complete an M&A transaction. They’re also known for the annual deal points study and other analysis extracted from their data and experience. It turns out there’s a guy for that! Kip Wallen is SRS Acquiom’s Senior Director for Thought Leadership. Click on this one for a survey of Kip’s Minnesota boyhood and early legal background, how SRSA’s product and service offering is evolving in a changing information landscape, and a surprisingly honest exchange on how people with different life experiences find their place in the M&A community.

Middle Market Musings kicks off its fifth season with a true survivor. Steve Tipler is managing director in the Financial Sponsors group at Piper Sandler Companies. He has survived a lifetime of Minnesota winters, a long-tenured friendship with Charlie Gifford, 20 years in the investment banking business and becoming a parent in the 1990s and in the 2020s. He shares all in a wide-ranging discussion. Valuable insights include his thoughts on the Piper Sandler platform as well as the world of sponsor coverage, post-pandemic. Andy and Charlie are rusty (stated politely) after a summer off, but with such low ceilings for competence and engagement, they quickly return to “peak” form.

Bob 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 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 the road – and the fundamentally collaborative culture built while competing for deals. Discussion winds up with Bob’s current role focusing on Riverside investment exits and his mid-life embrace of hockey as recreation and charitable endeavor.

David 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.

Peter 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, Charlie and Andy assess the PGA competitive landscape; the Open’s return to the legendary Oakmont Country Club; the state of play between the PGA and LIV tours; and the likely composition of the Ryder Cup teams this fall. If you made it to the end of this recap, you might just make it to the end of the podcast.

New Heritage Capital's Greg Katz fills the "yawning" void left by Charlie Gifford's absence.

Graeme Frazier and Andy discuss GF Data and receiving the ACG Legend Award.

Christian 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 buyside to investment banking, and his current role working with equity sponsors in the burgeoning private capital advisory arena.

This 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 the most active and highly regarded middle-market private equity funds. If a measure of the hosts’ comfort is Charlie and Andy’s willingness to joust with one another, this one is off the charts.

David Michel is Chief Executive Officer of Catalyst 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-moving episode that continues the suspiciously long, and admittedly awkward, armistice between Andy and Charlie.

Barbie 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 specialized service offering, how to evolve from entrepreneurial to institutional ownership, and what to say when a business owner or dating prospect says they’re a “9” and you know they’re a “7.”

Ron 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 of good works related to organ donation awareness.

Chris 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 from operator to investor and his current role at Pacific Lake. The conversation culminates in a lively exchange around the Hendriksen family’s cool summer habit – moving to a different city around the world for a month or two each year.

The 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 economies.

Scott 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 and soccer experience provide Andy the opportunity to make an obvious pun about “pitches,” which didn’t yield the guffaws that he had hoped for or expected.

Randy 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 these trends. For those interested in the last 30 years of transaction finance, this one is a true geek fest.

Scratch 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 Boxwood in 2008 Pat has led more than 75 engagements, including over 35 franchisor sell-side transactions. A fast paced tour of the successful mindset common to business and competitive sports.