Meet the NGP Advisors that helped close the ConData deal.
Joel Feldmann, David Rhodes, and Paul Reilly mentored Dave Newberry every step of the way during the ConDatat transaction. Their advice, guidance, years of experience, and support helped bring confidence to Dave and the seller of ConData. All three advisors provide a different approach and perspective which played an important and valuable role throughout the ConData sale.
As Dave Newberry continued to advance conversations with John Byrne, the seller of ConData, it was clear that the business was going to be a great fit for both Dave and NGP. During his time searching for a business as an EIR, Dave developed a mentor-mentee relationship with NGP Advisor, Joel Feldmann. Dave would reach out to Joel for feedback on his investment thesis, strategic advice on certain approaches to outreach, and business diligence, and advice on how to best build relationships with business owners.
As the ConData opportunity advanced, Joel offered to join Dave at the management meeting with the seller John Byrne. Joel’s presence at that meeting significantly increased both Dave’s credibility as a relatively young, early-career operator, and NextGen’s—also a young, ‘new’ firm at the time. Joel remained involved as the deal progressed and began to develop a strong relationship with the seller.
The mentoring relationship between Joel and Dave was very beneficial to the ConData transaction. Dave was the very smart, hungry (though admittedly under-experienced) entrepreneur and Joel was the seasoned business veteran—giving John Byrne comfort as to who he was handing his life’s work over to. Joel was a tremendous thought partner and asset leading up to the acquisition—both in diligence and development of the strategic growth plan. Post-close, Joel ended up becoming a member of the Board of Directors at ConData and remains a highly valuable mentor and resource to Dave and the business.
At the time of the ConData transaction, David Rhodes was an NGP investor but not formally a firm Advisor. Known for being an incredibly talented IT professional, Dave Newberry and NGP had David perform the IT diligence on ConData. David spent a few days at ConData getting a better understanding of the business’ technology component. While at ConData, Dave discovered the IT risks, and maybe even more valuable, the real growth potential ConData had if they were to further invest in and leverage technology in the business.
After the acquisition, Dave Newberry and ConData hired David Rhodes as a consultant to make improvements to the company’s IT infrastructure. As his work progressed, both Dave and David came to the realization that there was a lot of growth potential for ConData if the business shifted from relying on people and paper to being an IT, tech-driven business. Shortly after, David Rhodes was hired full-time as ConData’s Chief Technology Officer and continues to transform the business. Additionally, David Rhodes became an official Advisor at NGP.
Similar to Joel Feldmann, Paul Reilly is an NGP Advisor and developed a mentor-mentee relationship with Dave Newberry during his search for a business. Known to be a “straight-shooter” mentor, Paul provided Dave with direct support, guidance, and advice every step of the way. Paul has made tremendous accomplishments throughout his career in operating, growing, and exiting dozens of businesses. Over the course of the search and diligence process, Paul also served as a thought partner to Dave and to this day remains involved as a member of the Board of Directors at ConData.
The NextGen difference.
NGP Advisors are one of the most valuable parts of the NextGen ecosystem. Our Advisors serve as vital thought partners to our EIRs during their search process, while also providing support, guidance, and advice every step of the way—even post-acquisition. Every Advisor brings a different perspective and set of skills to the table for our EIRs to learn from and lean on during the acquisition process, ensuring that every deal is executed in a smooth and timely fashion.