On the Move: Middle Market DealMaker Spring 2025
Recent job changes and promotions in the middle market
Piper Sandler: JOHN KERINS
Piper Sandler added John Kerins as a managing director in the firm’s healthcare investment banking team. Kerins will support clients within the pharma services sector from Piper Sandler’s New York office. Prior to joining Piper Sandler, Kerins spent 10 years at Cain Brothers & Co., most recently as a managing director on the healthcare team advising clients on mergers and acquisitions. Before that, he was an investment banker at Deloitte for six years providing M&A advisory services.
Novacap: HEATHER MADLAND
Heather Madland has joined Canadian private equity firm Novacap as managing director, business development. She will continue to be based in Michigan, while spending time in Novacap’s Montreal, Toronto and New York offices. Prior to joining Novacap, Madland was a partner and head of business development at Detroit-based private equity firm Huron Capital. She previously held roles at SPP Capital, Comerica Bank, CIT Sponsor Finance and Apogem Capital (formerly known as Madison Capital Funding).
William Blair: TERENCE TAN
Terence Tan has joined investment bank William Blair as a managing director in the firm’s Healthcare Investment Banking team. Based in New York, Tan provides biopharma companies with advisory services. He has more than 19 years of experience in biopharma investment banking. He was previously at Cantor Fitzgerald, where he served as a managing director.
Carter Morse & Goodrich: PETER COSTA
Connecticut investment bank Carter Morse & Goodrich (CMG) has brought Peter Costa on board as a managing director to lead the consumer industry vertical. Costa will also lead the firm’s new Providence, Rhode Island, office. He previously spent six years at Boston-based M&A advisory firm Consensus, where he focused on consumer companies. He has also worked in the transaction advisory services group at Kroll (Duff & Phelps) and at Deloitte.
Summit Partners: RICARDO GONZALEZ
Growth equity firm Summit Partners appointed Ricardo Gonzalez as a partner in the Growth Products & Services team. He will help support portfolio companies across the financial services, consumer, business services and industrial technology sectors at the Boston-based firm. Prior to Summit, Gonzalez worked at New Mountain Capital as a managing director. He has also held roles at Hellman & Friedman and The Boston Company.
RAF Equity: ANDREW DONALD
Andrew Donald has been promoted to director of business development at Pennsylvania-based investment firm RAF Equity, where he will assume responsibilities for deal development and intermediary management. He was previously an investment associate with the firm. Prior to joining RAF, Donald was a senior manager in mergers and acquisitions at McKinsey & Company and an associate in the technology investment banking group at Jefferies.
Blank Rome: STEPHEN KOVAL
Law firm Blank Rome has added Stephen Koval as a partner in its New York office. Koval joins the Corporate, M&S and Securities group and will focus on structuring and negotiating complex business and private equity transactions. Koval was previously a partner and co-head of the Private Equity practice at law firm Arnold & Porter.
Yellow Wood Partners: KELLY DOWNEY
Kelly Downey has been appointed operating partner at Yellow Wood Partners, a Boston-based private equity firm specializing in consumer brands and companies. Downey brings decades of expertise in driving growth and transformation within the consumer packaged goods (CPG) industry. Most recently, Downey spent two years at Norseland, the sales and distribution company for Jarlsberg cheese, where she remains an independent non-executive board director. Before that, she spent almost a decade at Unilever, where she held senior level roles in customer development and consumer marketing.
Clearsight Advisors: JUSTIN LOEB
Justin Loeb has been promoted to managing director by Clearsight Advisors, an investment bank focused on the business services and technology-enabled services industry. In his role leading Clearsight’s Financial Sponsor Coverage group, Loeb nurtures and expands relationships with PE firms investing in the “knowledge economy.” Prior to launching Clearsight’s sponsor coverage function, he advised on dozens of M&A transactions in the knowledge economy.
Excellere Partners: IAN BECK
Ian Beck was promoted to vice president of origination at Denverbased private equity firm Excellere Partners. Beck joined Excellere in 2023 and has played a pivotal role in sourcing and developing new investment opportunities during his tenure at the firm. He previously worked as a senior analyst for Healthwell Acquisition Corp., a healthcare-focused special purpose acquisition company.
Middle Market Growth is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.
