Excel Partners Holdings Research
Advisory Approach
Excel Partners Holdings (operating as EP Securities LLC) is a boutique investment banking and M&A advisory firm specializing in middle-market transactions for entrepreneur-owned companies. Founded in 2009 and headquartered in New York with a West Coast office in Los Angeles, the firm has established itself as a focused advisor in the healthcare and pharmaceutical commercialization services sector. The firm's philosophy centers on senior-level attention, long-term relationships, and a commitment to persistent, creative problem-solving in complex transactions.
Excel Partners brings particular depth to sell-side advisory mandates where they work closely with business owners to structure optimal outcomes. The firm's leadership, including co-founders Douglas Donohue and Ed Soh (both with extensive Goldman Sachs and JP Morgan backgrounds), combines deep transaction expertise with operating acumen that resonates with founder-owned businesses navigating strategic exits.
Sector Focus
Excel Partners has developed exceptional specialization in healthcare and pharmaceutical-adjacent sectors. Their deal history reveals pronounced expertise in:
Medical Communications and Healthcare Services: The firm has successfully advised on multiple acquisitions and recapitalizations of medical communications agencies, healthcare services platforms, and specialty healthcare companies. Recent transactions include the sale of L&M Healthcare Communications to Fingerpaint Group (2025), PharmaHEALTHLabs acquisition by Fingerpaint Group (2023), and ClinicalMind's recapitalization with Renovus Capital Partners (2019).
Pharmaceutical and Biotech Support Services: Excel Partners regularly advises companies providing services and technologies to the pharmaceutical and biotechnology industry. This includes advisory work on pharmaceutical commercialization platforms, clinical trial support companies, and specialized healthcare technology vendors like Simulations Plus' acquisition of Immunetrics (2023).
Specialty Healthcare Operations: The firm demonstrates strong capability in healthcare operations and specialty pharmacy, as evidenced by their multi-transaction relationship with Wedgewood Pharmacy (majority recapitalization with Partners Group in 2020-2021, and acquisition of Front Range Laboratories in 2023).
Healthcare IT and Technology: Excel Partners maintains relationships with healthcare IT vendors and technology-enabled healthcare service companies, reflected in transactions such as Alucio's sale to MediSpend (2025).
Deal Track Record
Excel Partners has completed a substantial number of transactions in the healthcare sector. Tracked transactions include:
- Return on Focus → Spectrum Science (2025, sell-side) - Strategic marketing services company focused on pharmaceutical and biotech clients
- Alucio → MediSpend (2025, sell-side) - AI-enabled content management and HCP engagement platform
- L&M Healthcare Communications → Fingerpaint Group (November 2025, sell-side) - Full-service medical communications agency with 20+ years specializing in biotech/pharma
- PharmaHEALTHLabs → Fingerpaint Group (March 2023, sell-side) - Scientific healthcare communications agency focused on oncology and biologics
- Simulations Plus → Immunetrics (June 2023, buy-side advisor) - Acquisition of drug development platform company, deal valued at $23.5M
- ClinicalMind recapitalization by Renovus Capital Partners (November 2019, sell-side) - Medical communications and SaaS technology company
- Wedgewood Pharmacy majority recapitalization with Partners Group (2020-2021, sell-side) - Specialty animal health compounding pharmacy
- Wedgewood Pharmacy → Front Range Laboratories (February 2023, buy-side advisor) - Acquisition of testing laboratory supporting compounding pharmacies
- BioClinica Inc. → JLL Partners (2013, sell-side) - Global clinical trial services and technology provider
The firm has also advised on the initial and follow-on transactions for Alucio (Viscira → WPP Inc., prior transaction).
Process & Fee Structure
Excel Partners provides comprehensive sell-side and buy-side advisory services. While specific fee structures are not publicly disclosed, their positioning as a middle-market boutique advisor suggests modified Lehman or negotiated flat percentage structures typical of LMM investment banks. The firm emphasizes maintaining the highest professional and ethical standards, ensuring strict confidentiality, providing senior-level involvement throughout transaction processes, and eliminating conflicts of interest.
Buyer Network
Excel Partners has established relationships with a diverse set of strategic acquirers and financial sponsors. Buyers in completed transactions include:
Private Equity Firms: Renovus Capital Partners, Partners Group, Knox Lane (via Fingerpaint Group)
Strategic Buyers: Spectrum Science, Fingerpaint Group (multiple transactions), MediSpend, JLL Partners
Operating Companies: Simulations Plus (strategic buyer)
The firm has facilitated transactions across multiple buyer types, including family offices, strategic acquirers, and leading private equity sponsors.
Competitive Positioning
Excel Partners differentiates as:
- Healthcare Specialist: Deep focus and repeat experience in pharmaceutical commercialization, medical communications, and healthcare services rather than generalist positioning
- Senior Banking Talent: Leadership team with 30+ years of experience from Goldman Sachs, JP Morgan, and operating backgrounds (CFO at BioClinica, etc.)
- Founder-Friendly: Emphasis on working with entrepreneur-owned businesses and understanding founder value priorities
- Persistence and Creativity: Stated core principles emphasizing persistence and creative problem-solving in complex situations
- Continuity: Long-term client relationships with multiple follow-on transactions (Alucio, Wedgewood Pharmacy)
Team
The firm is led by an experienced management team:
- Douglas Stiles Donohue (CEO/Secretary) - 30+ years M&A experience, former Managing Director at Alterity Partners and Goldman Sachs M&A Group, Georgetown BS and Columbia MBA
- Edward Young Soh (President/Co-CCO) - Co-founder, 20+ years experience, previous experience at Alterity Partners, InnoCap, and Harvard MBA
- Alexander Faust (Managing Director) - Heads West Coast office, 30+ years investment banking and corporate law experience, previous VP at Goldman Sachs and Barrington Associates, fluent in German
- Ted Kaminer (Managing Director) - 20+ years as both investment banker and operating executive (CFO at BioClinica), Wharton MBA
- Trevor Schmitt (Vice President) - Analyst at Excel Partners, prior experience at Houlihan Lokey and HIG Capital (growth equity), recent experience in hospitality real estate acquisitions
Registration and Compliance
Excel Partners (EP Securities LLC) is a FINRA-registered broker-dealer (CRD# 150774) and SEC-regulated investment bank, approved as of March 16, 2010. The firm is registered as a broker-dealer and government securities broker/dealer with FINRA and the SEC, and is licensed in 10 U.S. states and territories (CA, FL, GA, IL, NJ, NY, NC, PA, TX, VT). The firm conducts M&A advisory and private placements of securities.
Geographic Coverage
Primarily US-based with headquarters in New York and West Coast operations in Los Angeles. Leadership team includes individuals with international M&A experience (London and Frankfurt expertise noted in team backgrounds).
Not a Fit If
Based on industry focus and transaction size patterns, Excel Partners may be less suitable for clients seeking:
- Pure industrial or manufacturing focus (healthcare specialization is core to their positioning)
- Very large transactions (mid-market positioning)
- Non-English speaking regions without established relationships