Novahill Advisors — M&A Advisory Profile

Novahill Advisors Research

Advisory Approach

Novahill Advisors is a boutique investment banking firm founded in 2002 that provides senior-level, independent corporate finance advisory services to both public and private companies, as well as private equity clients, for mid-market sized transactions. The firm operates with a focused thesis: the best outcomes for lower middle market companies come from advisors who combine deep sector expertise with institutional-quality process management, without the conflicts of interest inherent in full-service investment banks.

The firm has elected to concentrate its investment banking resources specifically on small to medium-sized transactions, positioning itself as a specialist rather than a generalist. This focus allows Novahill to provide dedicated senior-level attention throughout the entire engagement lifecycle, from initial strategic assessment through transaction closing.

Sector Focus

Novahill Advisors' primary area of focus is the Healthcare IT industry sector, with particular depth in Digital Health technologies. The firm has published quarterly HIT Sector Reports continuously since 2017, tracking M&A activity, private placement trends, and market dynamics across Digital Health subsectors including Practice Management/EHR software, Patient Engagement/Monitoring, Clinical Data/Population Analytics, Telehealth, Digital Therapeutics, and Healthcare AI/ML applications.

The firm also maintains experience in the Healthcare DME (Durable Medical Equipment) and Healthcare Services sectors, as well as historical transactional experience in Aerospace and Industrial Manufacturing areas. This cross-sector experience provides valuable perspective on buyers from adjacent industries who may participate in healthcare technology transactions.

Deal Track Record

Novahill Advisors' professionals have experience advising on over $7 billion worth of transactions throughout their careers. The firm was founded in 2002 and has been operating for over 23 years in the mid-market M&A advisory space. Transaction sizes range from $5 million to multi-billion dollars in enterprise value, with a concentration in the lower middle market between $10 million and $100 million in transaction value.

The firm operates under the SEC's M&A Broker No-Action Letter guidelines (January 31, 2014), which allows M&A advisory firms to provide services when 25% or more control of the acquired company is transferred to the buyer. Novahill is not registered as a broker-dealer, reflecting its pure advisory focus without financing, trading, or securities underwriting activities.

Confirmed transactions include advising on the sale of digital health assets to Augmedics in 2020 for approximately $5.9 million in asset sales. The firm's success stories feature multiple sell-side engagements for healthcare technology companies, including Practice Management/EHR vendors serving medical specialty providers.

Process & Fee Structure

Novahill runs a comprehensive sell-side M&A advisory process:

Strategic Assessment Phase:

Reviewing strategic alternatives (sale, merger, recapitalization, or status quo)
Developing M&A strategies aligned with shareholder objectives
Identifying potential buyer or acquisition target candidates

Preparation Phase:

Preparing confidential information memoranda and presentation materials
Establishing valuation criteria and ranges
Developing alternative transaction structures

Execution Phase:

Initiating discussions with potential buyers/sellers
Conducting structured outreach to qualified buyer candidates
Establishing bidding guideline rules and managing process
Structuring and negotiating transactions
Identifying prospective equity and joint venture partners when needed
Coordinating legal, tax, accounting and other closing-related activities

Typical engagement timeline ranges from 6-12 months from engagement to close, depending on market conditions and transaction complexity. The firm requires exclusivity and typically engages with clients where operational complexity or market position creates valuation opacity that their sector expertise can unlock.

Fee structure information is not publicly disclosed on the firm's website.

Buyer Network

Novahill Advisors maintains U.S. and Global reach with significant cross-border transaction capabilities. Managing Director Michael E. Doyle's advisory transactions demonstrate this international perspective: three-fourths of his advisory transactions have been cross-border, with the vast majority being transatlantic in nature between U.S. and European buyers/sellers.

The firm's buyer network includes:

Financial sponsors and private equity firms with healthcare technology investment mandates
Strategic buyers in the Healthcare IT sector seeking to expand capabilities through acquisition
European strategic buyers and private equity funds seeking U.S. market entry
Family offices and alternative capital providers

The firm's Healthcare IT sector reports provide ongoing visibility into active buyers and investors in Digital Health subsectors, informing targeted buyer identification for specific client situations.

Competitive Positioning

Novahill Advisors differentiates from other lower middle market M&A advisory firms through several key factors:

Pure Advisory Model: Unlike firms that provide financing, trade securities, write research, and actively invest in transactions, Novahill is solely dedicated to providing advice. This avoids any cross-selling conflicts and ensures advisor alignment with client objectives.
Healthcare IT Domain Expertise: The firm's continuous publication of quarterly HIT Sector Reports since 2017 demonstrates deep understanding of Digital Health market dynamics, valuation multiples, and active buyers. This sector knowledge directly benefits client transactions.
Senior-Level Attention: The firm's lean structure ensures that clients receive direct attention from experienced senior bankers throughout the engagement, not from junior staff.
Cross-Border Capability: Significant transatlantic transaction experience provides access to European strategic buyers and private equity firms that U.S.-centric firms may lack.
Absence of Conflicts: No financing, trading, or investment activities create potential conflicts with client advisory objectives.
Underperforming Situation Expertise: The firm has particular experience with transactions involving underperforming businesses, change of control situations, asset sales, and corporate divestitures requiring creative structuring.

Not a Fit If

Novahill Advisors typically declines engagements that:

Fall below their minimum transaction size focus (approximately $5 million enterprise value)
Require public securities underwriting or distribution capabilities
Need full-service investment banking including trading, research, or financing activities
Expect a limited buyer process rather than comprehensive market outreach

Team

Michael E. Doyle – Managing Director

Michael E. Doyle has over 30 years of experience in domestic and international corporate finance, including 7 years of private equity activity. He serves as the primary client contact and transaction lead at Novahill Advisors.

Career Background:

Former Managing Director at ING Barings' M&A department in New York
Former Executive Vice President at BHF-Bank in Frankfurt, Germany, where he was co-director of the corporate finance division with direct responsibility for the M&A department and Private Equity activity
Former President of Charterhouse, Inc. in New York (BHF-Bank affiliate)
19 years with JP Morgan & Co., including head of JP Morgan's M&A department
Chairman of the Supervisory Board for German Equity Advisors, an LBO/MBO fund specializing in German middle market buyouts

Transaction Experience:

Has advised on transactions ranging from $5 million to multi-billion dollars in enterprise value
Three-fourths of his advisory transactions have been cross-border, primarily transatlantic
Professionals at the firm have experience giving advice on over $7 billion worth of transactions

Education & Credentials:

MBA from New York University Stern Graduate School of Business (full merit scholarship)
B.S. degree from Villanova University
Member of Beta Gamma Sigma Honor Society
Holds Series 79 and 24 securities licenses
Former commissioned officer in the U.S. Navy

Board & Community Service:

Served on several boards of not-for-profit organizations
Former President of the Board for an inner city K-12 school in Trenton, NJ
Former Board member for a food collection nonprofit in Trenton, NJ
Currently on Alexandria City's Affordable Housing Commission
Founding member of the Northern Virginia Families for Safe Streets, a pedestrian safety nonprofit

Geographic Coverage

Novahill Advisors is headquartered in Alexandria, Virginia, in the Washington DC metropolitan area. The firm serves clients throughout the United States and internationally, with particular strength in transatlantic transactions between U.S. and European buyers/sellers. The Washington DC location provides proximity to healthcare technology companies in the Mid-Atlantic region and access to federal healthcare policy developments that impact Digital Health M&A activity.

Additional Services

Beyond core M&A advisory, Novahill Advisors provides:

Corporate Divestitures: Specialized process for divesting non-core or under-performing mid-sized businesses from corporate parents, including sum-of-the-parts analysis to determine optimal divestiture strategy.

Strategy & Restructuring: Corporate finance strategic advisory for businesses considering strategic alternatives, operational restructuring, or preparing for future sale. Recent engagements include helping clients enhance recurring revenue streams and improve cash flow prior to sale.

Fairness Opinions: Independent fairness opinions for boards of directors, investors, trustees, and corporate leaders to support fiduciary decision-making in restructuring, recapitalization, and change of control transactions.

Capital Raising: Assistance in raising debt or equity capital from institutional investors, including cross-border financing arrangements.

Healthcare IT Market Intelligence

Novahill Advisors' quarterly HIT Sector Reports provide ongoing market intelligence covering:

M&A transaction counts and valuation multiples by Digital Health subsector
Private placement activity and investor preferences
IPO and SPAC trends in Digital Health
Stock performance of publicly traded Digital Health companies
Commentary on market trends and future outlook

This proprietary market research informs the firm's advisory work and provides clients with current sector dynamics relevant to their transaction strategy.