NCP, Inc. Research
Advisory Approach
NCP is a boutique, relationship-driven investment banking firm founded in 2005 and based in Des Moines, Iowa. The firm was formed with the backing of Dave Noble, founder and chairman emeritus of American Equity Life (AEL), and Bill Goodwin, one of the Midwest's most prominent dealmakers from 1970 through the early 2000s. NCP brings a track record dating back to 1970 with Wachovia Securities, combining regional and international experience with confidentiality, efficiency, and timeliness.
The firm operates with a clear thesis: the best outcomes for privately-held businesses come from tailored, relationship-based advisory services that understand both the financial and human elements of business transitions. NCP views clients as long-term partners, acting as an independent sounding board on financial, operational, and strategic opportunities.
Sector Focus
NCP concentrates on three primary industry verticals: infrastructure & healthcare, food & agriculture, and business services. Within infrastructure, the firm has particular depth in utility locating services, construction materials (ready mix concrete, quarries), and heavy equipment distribution. Their healthcare practice focuses on medical services, specialty care platforms, and healthcare-related real estate. In food & agriculture, NCP advises on food processing, agricultural equipment, and agricultural support services. The business services practice encompasses financial services (factoring, receivables financing), specialty distribution, and corporate advisory services.
The firm's geographic strength spans the Midwest with significant activity in Iowa, Nebraska, Minnesota, Wisconsin, Illinois, and surrounding states. NCP maintains deep relationships with top-tier service providers and operators, creating a coast-to-coast network while leveraging its Midwestern roots.
Deal Track Record
NCP has completed 100+ successful assignments representing $3 billion in enterprise value transacted. The firm maintains a 90%+ close rate, reflecting its selective approach and commitment to seeing transactions through to completion. Recent transactions span sell-side M&A, buy-side advisory, and capital solutions.
Notable recent transactions include:
Sell-Side M&A:
- Vannguard Utility Partners to Trivest Partners (2025) – Provider of contract utility locating services in the Midwest partnered with Miami-based private equity firm
- Mission Cancer + Blood to University of Iowa Health Care (2025) – Exclusive advisor on the acquisition of the oncology and hematology specialty practice
- Cablevey Conveyors to May River Capital (2021) – Global manufacturer of tubular drag conveyor systems acquired by Chicago-based private equity, closed on the company's 50th anniversary
- Ideal Ready Mix and L&W Quarries to Rasmussen Group (2024) – Sale of two ready mix concrete and quarry subsidiaries from Johnson Holding Company to Iowa-based Rasmussen Group
- CJM Financial to FirstLine Funding Group (2021) – Ankeny-based receivable financing company for the trucking industry acquired by South Dakota-based factoring division
Buy-Side M&A:
- Building Material Distributors (BMD) acquisition of Builders Source (2024) – California-based building materials distributor acquired New Mexico-based building materials supplier
Process & Fee Structure
NCP runs institutional-quality, tailored processes for each engagement. Typical sell-side engagements include comprehensive valuation analysis, preparation of offering materials, extensive buyer identification and outreach, deal structuring, due diligence coordination, and closing support. The firm's process is characterized by exhaustive buyer contact (200-400 targeted buyers per engagement) and deep involvement in management presentation preparation and data room organization.
While specific fee structures are not publicly disclosed, NCP follows industry-standard practices for lower middle market investment banks, typically including monthly retainers credited against success fees based on the Lehman or modified Lehman formula. The firm requires exclusivity and focuses on privately-held businesses with enterprise values typically ranging from $10 million to $250 million.
Buyer Network
NCP maintains relationships with a broad network of buyers, including private equity firms (Trivest, May River Capital, among others), strategic acquirers in infrastructure, healthcare, and industrial sectors, and family offices and regional buyers. The firm's deal history demonstrates successful closures with both financial and strategic buyers, with particular strength in matching Midwest-based businesses with appropriate capital partners.
Competitive Positioning
NCP differentiates from other lower middle market banks through several key attributes:
- Midwest Roots, National Reach: Deep relationships throughout the Midwest with the ability to source buyers and transactions nationally
- Relationship-Driven Approach: Long-term client partnerships rather than transactional engagements; the firm acts as an ongoing strategic resource
- High Close Rate: 90%+ success rate reflects selective client acceptance and commitment to completion
- Senior Team Involvement: All engagements led by senior bankers with CFA designations and significant transaction experience
- Sector Specialization: Deep expertise in infrastructure/utilities, healthcare, food & agriculture, and business services rather than generalist approach
- Operational Understanding: Team members with backgrounds in operations, banking, and professional services bring practical business insight
Not a Fit If
NCP typically declines:
- Businesses below $10 million in enterprise value
- Companies seeking quick, transactional exits without comprehensive process
- Situations requiring public company expertise (NCP focuses on privately-held businesses)
- Distressed M&A or turnaround situations outside their operational expertise
- Founders unwilling to commit to a structured, 6-12 month sale process
Team
NCP's leadership team combines deep investment banking experience with operational and professional backgrounds:
Eric Lohmeier, CFA – President & Founding Member: Mr. Lohmeier practiced under Wachovia Securities Institutional Capital Markets Division from 1996-2005. He holds an MBA in finance from the University of Iowa and a BA in Economics and English from Simpson College. He is a past president of the CFA Society of Iowa and current board member of the Federal Reserve Bank of Chicago's Iowa Economic Roundtable. He is a past board member of Sukup Manufacturing and Hagie Manufacturing Company.
Brett Peterson, CFA – Managing Director: 15 years of financial industry experience, employed by NCP since 2007. Co-manages the firm's Corporate Finance and Investment Banking/M&A divisions. Magna Cum Laude graduate of University of South Dakota's Beacom School of Business with a major in Finance. CFA charterholder since 2012 and past President of CFA Society Iowa.
Ryan Goetzinger, CFA – Vice President: Joined NCP as an analyst in 2015. Cum Laude graduate of Central College with majors in Business Management and Accounting. CFA charterholder since 2017. Active board member with Junior Achievement of Central Iowa and Community Youth Concepts.
Owen Gerard, CFA – Vice President: Joined NCP as an associate in 2020. Previously managed or co-managed 100+ debt transactions totaling $3.5 billion for local government clients at a public finance advisory firm. Holds BBA and MBA from University of Iowa Tippie College of Business. CFA designation awarded in 2015 and Past President of CFA Society Iowa.
Megan Winge – Senior Associate: Joined NCP as an analyst in 2019. Previously worked as a commercial real estate credit analyst for a regional commercial bank. Holds MBA with distinction from University of Iowa and undergraduate degree in finance from Drake University.
Annie Mlsna, CVA – Associate: Joined NCP as an analyst in 2021. Previously performed financial analysis at REG, a biodiesel production company. Graduated Summa Cum Laude from Mississippi State University with a degree in Chemistry. Has completed CFA Level 1 exam and is licensed as a Certified Valuation Analyst by NACVA.
The firm's team includes approximately 10-15 professionals with strong technical credentials (multiple CFA charterholders, valuation certifications) and deep Midwestern roots.
Geographic Coverage
Headquartered in Des Moines, Iowa at 321 E Walnut Street, Suite 200, NCP serves clients throughout the Midwest and beyond. Primary markets include Iowa, Nebraska, Minnesota, Wisconsin, Illinois, Missouri, Kansas, and the Dakotas. The firm's relationships and network extend nationally, with particular strength in connecting Midwestern businesses with coastal and international capital providers.