Northland Capital Markets Research
Advisory Approach
Northland Capital Markets is a full-service investment bank providing strategic M&A advisory, underwriting, and placement agent services for middle market companies in high-growth sectors. Operating as the trade name for certain capital markets and investment banking services of Northland Securities, Inc., the firm delivers senior-level execution with decades of combined experience from top-tier investment banks. Their approach emphasizes deep sector expertise, innovative thinking, and personalized execution tailored to each client's unique strategic objectives.
The firm's thesis centers on providing institutional-quality capital markets access to growth companies that may be underserved by larger bulge bracket banks. Their sweet spot includes public and private companies navigating complex strategic transactions, particularly in technology, healthcare, energy, and industrial growth sectors. Northland differentiates through research-driven insights, strong institutional relationships, and a collaborative team structure that ensures every engagement receives senior-level attention.
Sector Focus
Northland Capital Markets maintains active practices across eight primary sectors:
Alternative Energy: Companies in renewable energy, clean technology, and power infrastructure transitioning to sustainable business models.
Business Services: B2B services companies, outsourced operational providers, and technology-enabled business services with recurring revenue models.
Consumer: Consumer products, retail, and consumer services companies with strong brand positioning and growth trajectories.
Energy: Traditional energy, power generation, and energy infrastructure companies including midstream and upstream operators.
Financials: Banks, insurance companies, fintech, and financial services providers including community banks and specialty lenders.
Healthcare: Healthcare services, pharmaceuticals, medical devices, and healthcare technology companies.
Industrial Growth: Manufacturing, distribution, logistics, and industrial companies with strong market positions and operational excellence.
Technology: Software, SaaS, IT services, communications, and technology-enabled businesses across the entire technology stack.
Process & Fee Structure
Northland runs institutional-quality processes with a focus on thorough preparation and extensive buyer outreach. Their M&A advisory services include sell-side advisory, buy-side representation, corporate divestitures, strategic alternatives reviews, shareholder rights plans, activist defense, and fairness opinions.
The firm also provides comprehensive corporate finance capabilities including public capital markets transactions (IPOs, follow-on offerings, CMPOs, PIPEs, registered direct offerings) and private capital markets services (private placements and secondary offerings).
While specific fee structures are not publicly disclosed, Northland typically follows industry-standard compensation models for middle market investment banks, likely including monthly retainers credited against success fees based on Lehman or modified Lehman formulas.
Buyer Network
Northland maintains relationships with a broad network of institutional investors, private equity firms, and strategic acquirers across their covered sectors. Their capital markets franchise provides access to thousands of institutional investors, while their M&A practice leverages these relationships for buyer identification and outreach. The firm has particular strength in accessing growth-oriented private equity firms, strategic buyers in technology and healthcare, and family offices seeking acquisition opportunities.
Competitive Positioning
Northland differentiates from other middle market banks through several key attributes:
- Research-Driven Approach: Institutional-quality equity research provides deep sector insights and validates investment theses
- Capital Markets Integration: Seamless access to public and private capital markets provides comprehensive strategic options
- Senior-Level Execution: Every engagement is led by experienced managing directors with direct transaction responsibility
- Institutional Relationships: Strong access to institutional investors and strategic acquirers developed through capital markets activity
- Independent Platform: As a subsidiary of First National of Nebraska, Northland operates with independence while enjoying the stability of bank ownership
Not a Fit If
Northland may not be the ideal advisor for:
- Businesses below $10 million in enterprise value
- Companies seeking limited buyer outreach or rushed processes
- Situations requiring significant restructuring or turnaround expertise
- Highly distressed assets requiring specialized workout capabilities
Team
Northland's investment banking team is led by experienced professionals with significant transaction experience:
David Levine – Managing Director and Head of Investment Banking. Leads the firm's investment banking efforts with expertise across the capital stack. Under his leadership, corporate clients have raised over $12.5 billion in capital with Northland acting as lead or sole bookrunner, with total transactions exceeding $70 billion. Primary focus on technology, digital infrastructure, energy/power, industrials, and fintech. Previously a trader at Goldman Sachs and Head Trader/Portfolio Manager at Dialectic Capital. Holds B.A. in International Relations and Economics from University of Pennsylvania.
Kurtis Fechtmeyer – Managing Director, Investment Banking. Joined Northland in 2015 focusing on software, communications, and technology M&A. Two decades of experience as investment banker and M&A attorney in technology, media, and telecom industries. Co-owner and senior professional at two venture-backed banks acquired by public companies (Epoch Partners acquired by Goldman Sachs; East Peak Advisors acquired by FBR Capital Markets). Previously served in corporate development at J2 Global. Holds A.B. from Harvard and J.D. from Columbia University.
Nehal Chokshi – Managing Director, Investment Banking. Senior banker with significant transaction experience across multiple sectors.
Frederick Johnson – Managing Director, Investment Banking. Senior professional leading origin and execution of investment banking transactions.
David Bossolina – Managing Director, Head of Equity Sales and Trading. Leads institutional sales and trading efforts with extensive experience.
Carl Byrnes – Managing Director, Senior Research Analyst. Provides research coverage and insights supporting transaction activity.
Jesus Bueno – Director, Investment Banking. Focuses on corporate finance and M&A advisory engagements.
Patrick Clemens – Director, Investment Banking. Specializes in telecommunications, public capital advisory, and M&A transactions.
Geographic Coverage
Headquartered in Minneapolis, Minnesota with operations across multiple states. Northland Securities maintains branch offices in California, Colorado, Iowa, Michigan, Nebraska, Ohio, and Wisconsin. The firm serves clients nationally with particular strength in the Midwest and strong capabilities serving coastal markets.
Recent Transaction Activity
Northland has been highly active in capital markets transactions, completing dozens of significant transactions in 2025-2026 including:
- Co-manager for Applied Digital Corporation's $2.2 billion secured notes offering (March 2026)
- Co-manager for Bitdeer Technologies Group's $375 million convertible notes offering (March 2026)
- Co-manager for Select Water Solutions' $201.3 million follow-on offering (February 2026)
- Joint bookrunner for Armada Acquisition Corp. III's $248.5 million IPO (February 2026)
- Co-manager for Kyivstar Group Ltd.'s $131.3 million follow-on offering (February 2026)
- Financial advisor for Rezolve AI PLC's $250 million registered direct offering (February 2026)
- Co-placement agent for Ondas Holdings Inc.'s $1.0 billion registered direct offering (February 2026)
The firm has also provided M&A advisory services including:
- Financial advisor to Hyperscale Data for strategic alternatives review of Michigan data center (February 2025)
- Financial advisor to Communications Systems Inc. for merger with Pineapple Energy LLC (2021)
- Fairness opinion provider for various corporate transactions
Firm History & Ownership
Northland Securities, Inc. was founded in 2002 by municipal finance and underwriting professionals from national and regional investment banking firms. In May 2023, First National of Nebraska, Inc. (FNNI) completed its acquisition of Northland Capital Holdings, including Northland Securities. The Northland brand continues as a subsidiary of FNNI, which has nearly $30 billion in assets and 5,000 employees. This acquisition enhanced First National Capital Markets' capabilities while maintaining Northland's Midwest presence and client relationships.
Northland Securities is a registered broker-dealer (CRD# 40258), member FINRA/SIPC, and registered with SEC and MSRB. The firm employs approximately 170 professionals and has underwritten over $6 billion of notes and securities, primarily tax-exempt municipal bonds, since its founding.