The full-service merchant bank kicks off its 20th anniversary year with key hires Eric Bell, Tom Peltier and Parag Sheth to lead the firm’s new operations in the Mid-Atlantic Region
BOSTON, April 14, 2022 — Progress Partners, a full-service merchant bank providing mergers & acquisitions, capital raise, advisory services and early-stage capital, announced it has quadrupled its average deal size in addition to bringing on new senior talent, significantly expanding its Executives-in Residence (EIR) Network and launching Mid-Atlantic market coverage.
In its 20th year of leading industry-defining M&A activity, Progress Partners has added three new senior bankers, expanding coverage in the Mid-Atlantic region with talent focused on cybersecurity and government sectors. The merchant bank also celebrated the opening of its brand-new headquarters in Boston, located at the heart of the Financial District.
Progress Partners completed one transaction a month in 2021 – finishing strong advising Video Intelligence on its acquisition by Outbrain and Dynata on its acquisition of 0ptimus – and extended the same momentum in Q1 2022 advising Eden Games, an automotive racing-based video game development studio, in its acquisition by Animoca Brands. The studio, best known for its work creating the official F2P mobile game of the 2021 FIA Formula 1 Championship and the Gear.Club franchise, will bring its passion for motor racing and expertise creating innovative titles with leading-edge technology to the Animoca Brands family.
From the bank’s work with Pocket Outdoor Media on its acquisition of Outside Inc., Outside TV, AthleteReg and Peloton Magazine to the firm’s advisory of Trusted Media Brands’ acquisition of Jukin Media and Anthem’s acquisition of Gravitas Ventures, Progress Partners has been at the forefront of emerging media technology and content M&A.
“The global economy is at an inflection point that offers new opportunities and challenges, so it’s no surprise that founders and entrepreneurs are looking to Progress Partners and its deep bench of industry-leading experts to help them navigate change and accelerate the pace of innovation,” said Chris Legg, Senior Managing Director at Progress Partners.
To handle this rapid growth in deal activity and regional expansion, Progress Partners significantly strengthened its industry leadership by bringing high-caliber executives on board to serve as managing directors in the Mid-Atlantic region:
- Eric Bell, Managing Director, joined the team after a successful 15-year career as an investment banker, strategic buyer, investor and entrepreneur from his work at Gannett to Merlin International and previous investment firms.
- Tom Peltier, Managing Director, brings with him 25 years of investment banking experience in the defense, intelligence and government sectors from Outcome Capital (now Sojourner Capital, LLC) and previously Stifel Financial Corp.
- Parag Sheth, Managing Director, also joined the team from Outcome Capital, with three decades of experience as an investor, advisor and marketing executive
The company also improved and expanded its Executive-in-Residence (EIR) network with the addition of more than 60 executives, growing the already extensive network of veteran industry experts by 200% and expanding the program’s coverage and access to the automotive, enterprise software and fintech industries. Further, Progress Partners is excited to announce the hiring of Beth Lind as the new EIR Program Director, who will aid the program’s development.
“I’m grateful to the entire Progress Partners team, whose dedication, expertise and hard work made the past year – and indeed, the last 20 years – such a success,” said Nick MacShane, founder and Senior Managing Director of Progress Partners.
To learn more about Progress Partners, please visit www.progresspartners.com.
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About Progress Partners
Progress Partners is a full-service merchant bank providing M&A, capital raise, SPAC advisory and strategic growth expertise for emerging technology and media companies since 2002. As part of the next category of investment banking, Progress Partners are genuine experts who work with entrepreneurial leaders to realize superior value. Securities offered by Applied Capital, LLC, member of FINRA and SIPC. For more information about Progress Partners’ exemplary services in investment banking, advisory and venture capital, please visit progresspartners.com.
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