Another 8× MOIC, 20 Years Later: Inside the NEAP Exit

What does it take to repeat an exceptional outcome, and why can it take two decades to do it again?

In Episode 87 of the Minds Capital Podcast, Doug Song, of Prodos Capital, looks back on more than 20 years as an independent sponsor and on the firm’s most recent exit: the sale of New England Applied Products (NEAP) to Ferguson.

This episode is relevant for independent sponsors, founders, and investors who want to understand how value is built during the hold period, not only at the closing table.

1. Two 8× Outcomes, Two Decades Apart

Doug’s first deal as an independent sponsor returned roughly 8× invested capital. It took about 20 years to reach that mark again.

In May 2026, Prodos Capital sold NEAP to Ferguson after a hold of approximately three and a half years, delivering another 8× MOIC.

2. Growth That Came From Within

During Prodos Capital’s ownership, NEAP doubled organically. The result reflects growth generated by the business itself over the hold period.

3. Data Centers: From Almost Zero to Half the Backlog

Data centers went from almost none of NEAP’s revenue to about 25% of it, and to roughly 50% of the company’s backlog.

Watch the full episode:

Another 8x MOIC, 20 Years Later, featuring Doug Song on the Minds Capital Podcast.