MidCap Advisors Research
Advisory Approach
MidCap Advisors is a New York-based boutique investment banking firm built on the principle that true guidance comes from operating experience. Founded by former business owners who built and ran companies themselves, MidCap delivers what they wished they had as owners: an advisor with the perspective of an operator, the rigor of a banker, and the commitment of a long-term partner. This unique foundation shapes their approach to every engagement.
The firm operates with a clear thesis: successful outcomes involve more than financial considerations alone. They reflect priorities related to leadership, continuity, risk, and legacy. MidCap helps clients weigh these factors carefully and move forward with clarity and intention. Their team has deep experience working within lower middle-market businesses across the industries they serve, bringing practical perspective to complex decisions.
What makes MidCap different is their ability to unite three disciplines under one roof: M&A advisory, diligence and consulting, and direct investing. This breadth allows them to meet clients wherever they are in their journey, providing not only transaction expertise but also the insight, preparation, and capital required to unlock opportunity.
Sector Focus
MidCap Advisors maintains dedicated industry practices across five verticals, leveraging deep domain expertise:
Insurance & Financial Services: The firm has completed numerous transactions in the insurance brokerage space, including sell-side engagements for agencies like Pavese-McCormick Insurance, EMG Insurance Brokerage, ASZ International, and multiple World Insurance Associates acquisitions. They understand the unique dynamics of insurance agency valuations, including in-force policy renewals, carrier relationships, and commission structures.
Healthcare Services: MidCap's healthcare practice has particular depth in fertility services, having advised Island Reproductive Services in its strategic partnership with IVI RMA North America. They also have experience with physician practice management groups and healthcare providers. The firm's healthcare senior advisor brings operational expertise to complement their M&A capabilities.
Retirement & Wealth Advisory: MidCap has advised leading retirement plan advisory firms including Patriot Pension Advisors (acquired by CAPTRUST Financial Advisors), Meritage Portfolio Management (acquired by CAPTRUST), and (k)RPG (acquired by OneDigital Investment Advisors). They understand the RIA acquisition model and the factors driving valuations in this consolidating market.
Industrials & Services: The firm has a strong track record in industrial services, evidenced by the Pumping Solutions sale to The Rapid Group (a Hidden Harbor Capital Partners portfolio company). They work with manufacturers, distributors, and industrial service companies where technical complexity creates valuation opportunities.
Education & Training: MidCap has advised multiple education clients including CollegePlannerPro (strategic investment by The Brydon Group), Southern Technical College, and various technical training institutions. They understand the education regulatory landscape and accreditation considerations.
Deal Track Record
MidCap Advisors has completed 300+ transactions representing more than $4 billion in aggregate value. Recent representative transactions include:
2026 Transactions:
- ASZ International sold to Sterling Risk (March 2026)
- Pumping Solutions sold to The Rapid Group, a Hidden Harbor Capital Partners portfolio company (January 2026)
2025 Transactions:
- CollegePlannerPro received strategic investment from The Brydon Group (December 2025)
- Island Reproductive Services partnered with IVI RMA North America, marking IVI RMA's entry into NYC market (December 2025)
- Innovative Insurance Group sold to ALKEME Insurance (October 2025)
- Stern Insurance Group joined World Insurance Associates (January 2025)
2024 Transactions:
- Skylands Insurance Group joined World Insurance Associates (November 2024)
- United Counties Insurance Group joined World Insurance Associates (November 2024)
- World Insurance Associates expanded into Louisiana and Houston, Texas (November 2024)
2023 Transactions:
- EMG Insurance Brokerage acquired by Senior Market Sales (September 2023)
- Pavese-McCormick Insurance acquired by King Insurance Partners (July 2023)
- Patriot Pension Advisors acquired by CAPTRUST Financial Advisors (2022)
Earlier Transactions:
- (k)RPG acquired by OneDigital Investment Advisors
- Hub International acquired GRP Financial & member firms
- Meritage Portfolio Management acquired by CAPTRUST
- Multiple education and industrial transactions dating back to 2006
The firm's website lists over 50 completed transactions across insurance, healthcare, retirement services, industrials, and education sectors, with deal dates spanning from 2006 to 2026.
Process & Fee Structure
MidCap runs a structured sell-side process typical of boutique investment banks. Their approach includes:
Upfront Commitment: The firm invests time at the outset to understand each business at no cost, ensuring the engagement is the right fit. This early work allows them to be prepared, aligned, and thoughtful before decisions are made.
Comprehensive Buyer Outreach: MidCap maintains relationships with thousands of potential buyers across private equity, strategic acquirers, and family offices. They conduct exhaustive outreach to ensure competitive tension.
Diligence Support: Beyond traditional M&A advisory, MidCap offers diligence and consulting services, allowing them to prepare clients for the rigor of buyer due diligence.
Fee Structure: Based on available information, MidCap's success fees typically range from 2-5% of transaction value, depending on deal size and complexity. In some healthcare verticals (fertility), they advertise "no retainer fee, no consulting fee"—suggesting a success-only model for certain clients. However, standard engagement terms likely include monthly retainers credited against success fees, consistent with industry norms for lower middle-market transactions.
Buyer Network
MidCap Advisors has built extensive buyer relationships across multiple categories:
Private Equity Firms: Hidden Harbor Capital Partners, The Brydon Group, various PE-backed strategic buyers
Strategic Buyers: ALKEME Insurance, World Insurance Associates, CAPTRUST Financial Advisors, OneDigital Investment Advisors, Senior Market Sales, King Insurance Partners, IVI RMA North America, Sterling Risk
Industry Rollups: World Insurance Associates (multiple add-on acquisitions), CAPTRUST (multiple RIA acquisitions), Hub International
The firm's 300+ completed transactions have generated deep relationships across the lower middle market, with particular strength in insurance brokerage consolidation and retirement/wealth advisory rollups.
Competitive Positioning
MidCap differentiates through:
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Operator Experience: Many team members are former operators who have built, grown, and run businesses themselves. This experience shapes how they evaluate opportunities, manage risk, and think about execution.
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Full Lifecycle Perspective: MidCap operates across the entire transaction lifecycle—as sell-side advisors, buy-side diligence providers, and direct investors. This 360-degree view allows them to anticipate challenges early.
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Industry Specialization: Five dedicated industry practices with deep domain expertise, not generalist coverage.
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Three Disciplines Under One Roof: M&A advisory + diligence/consulting + direct investing provides flexibility to meet clients wherever they are.
Not a Fit If
MidCap typically declines:
- Businesses below $5M in revenue (their stated minimum)
- Pure asset sales (they focus on going-concern enterprises)
- Situations requiring significant turnaround (they focus on healthy businesses)
- Founders wanting limited process (their value is in exhaustive buyer outreach)
Team
MidCap has 25+ team members led by Co-Founding Partners Douglas T. Hendrickson and John D. Poppe, Jr. The leadership team includes:
- Douglas T. Hendrickson, Co-Founding Partner: Founder with background as business owner who built Hendrickson & Co insurance brokerage
- John D. Poppe, Jr., Co-founding Partner: Co-founder with decades of M&A experience
- Frank J. Robertson, Partner: 15+ years specializing in M&A advisory
- Managing Directors: Ryan B. Sanford, Scott A. Yoder, Richard S. Groberg, Michael J. Fitzgerald, Chip Loeb (each leading specific industry verticals)
- Vice Presidents: Dax C. Cohan, Brandon J. Bisack, Geuntae Jang, Tony Leonard, Chad Morgan, David Kaufman, Robert S. Goodman, Michael Gorlick, Dr. Brijinder S. Minhas (PhD), William McCue
- Senior Advisor: Lisa Sonneborn (Healthcare Senior Advisor)
- Vice President Education: Paul Kanarek
- Associates & Analysts: Chloe Noto, Ryan Belforti, Brian Ginna, Kevin Murphy, Sophia Wei, Scott Yenor, Jake Liberman
Many team members have operating backgrounds in the industries they serve—former insurance agency owners, healthcare administrators, education executives, and manufacturing operators.
Geographic Coverage
Headquartered in New York City (675 Third Avenue, 28th Floor), MidCap serves clients nationwide. While they have particular strength in the Northeast, their transaction history includes engagements across Florida, Massachusetts, New Jersey, Illinois, Ohio, Georgia, Pennsylvania, Wisconsin, Indiana, and California. The firm can support cross-border transactions through partner relationships.