For more than three decades, our team has raised $27 billion for high-quality middle-market businesses — designing capital solutions that deliver liquidity and growth on the owners’ terms.
Non-control transactions now represent more than 50% of all private market volume — over $900 billion annually, growing at nearly twice the rate of traditional M&A. Yet most advisory firms still lead with M&A as the only answer.
Billings & Company exists to close that gap. We bring institutional-grade expertise and three decades of investor relationships to help owners and sponsors access the capital they need — on the terms they want.
Every business is different, and the right capital solution depends on your specific situation — your growth trajectory, your liquidity needs, your timeline, and your long-term vision for the company. We work across the full spectrum of capital options to create the right outcome for your business.
We design and execute non-control capital raises across the full structural spectrum — common equity, preferred equity, convertible notes, secured and unsecured debt, mezzanine, hybrid, and more. We work with issuers to create the right offering and the right capitalization for each business. Knowing which investors are the right fit for different structures and opportunities is key.
For companies that want to maximize all potential capital offers, we run a comprehensive non-control capital process alongside an M&A process — simultaneously. This gives you true price discovery: you'll see what the market offers on both paths and choose the one that maximizes your outcome.
Sell or stay? The only honest answer is: lets find out. For most businesses, there’s a price where selling makes sense and a price where you’re better off raising capital and continuing to build value. The only way to know is to have both conversations.
Our team maintains active, relationship-driven dialogue with hundreds of institutional investors — not a static database, but live intelligence on mandates, structural preferences, check sizes, and timing. This translates to faster execution and better terms.
Having founded, led, taken public, merged, and ultimately sold two companies, we’ve been in your shoes.
You've built something valuable. You want liquidity or growth capital, but selling isn't the only or the best option. We help you explore the full landscape of capital solutions, from minority equity to structured debt to full control sale, so you can make the most informed decision.
Your portfolio company needs interim liquidity, a recap, or continuation capital but the M&A market isn't offering the right terms. We've raised billions of dollars in non- control transactions for sponsor-backed companies and understand the unique dynamics of portfolio company capital needs.
Accountants, attorneys, and wealth managers hear "should I sell my business?" more than anyone. We give you a second answer to offer your clients — one that often better serves their long-term interests.
You've built something valuable. You want liquidity or growth capital, but selling isn't the only or the best option. We help you explore the full landscape of capital solutions, from minority equity to structured debt to full control sale, so you can make the most informed decision.
Your portfolio company needs interim liquidity, a recap, or continuation capital but the M&A market isn't offering the right terms. We've raised billions of dollars in non- control transactions for sponsor-backed companies and understand the unique dynamics of portfolio company capital needs.
Accountants, attorneys, and wealth managers hear "should I sell my business?" more than anyone. We give you a second answer to offer your clients — one that often better serves their long-term interests.
The same high-quality business will attract an entirely different universe of institutional investors depending on the structure and strategy of the capital raise. Different terms, different timelines, and different strategic value all drive different investor audiences.
Knowing which structure attracts which investors is our core expertise. It’s the product of 30+ years and 100+ transactions — and it’s why our clients consistently receive competitive terms from top-tier institutional investors.
Full ownership participation with voting rights
Priority distributions with downside protection.
Preferred returns plus upside participation or conversion to common.
Debt with equity conversion at defined triggers.
Bespoke structures blending debt and equity features.
Subordinated capital combining debt yield with equity-like upside.
Financing secured by specific business assets.
Flexible notes based on enterprise creditworthiness.
Senior obligations with specific collateral.
Full ownership participation with voting rights
Priority distributions with downside protection.
Preferred returns plus upside participation or conversion to common.
Debt with equity conversion at defined triggers.
Bespoke structures blending debt and equity features.
Subordinated capital combining debt yield with equity-like upside.
Financing secured by specific business assets.
Flexible notes based on enterprise creditworthiness.
Senior obligations with specific collateral.
The same high-quality business will attract an entirely different universe of institutional investors depending on the structure and strategy of the capital raise. Different terms, different timelines, and different strategic value all drive different investor audiences.
Knowing which structure attracts which investors is our core expertise. It’s the product of 30+ years and 100+ transactions — and it’s why our clients consistently receive competitive terms from top-tier institutional investors.
At Billings & Company, we advise business owners, founders, and private equity sponsors on some of the most important financial decisions they’ll ever make. With decades of combined experience and billions in completed transactions, our team brings both strategic insight and hands-on execution to every engagement.
We don’t believe in one-size-fits-all advice. Every business is different — which is why we take the time to understand your goals, challenges, and long-term vision. Whether you’re preparing for a transaction, raising capital, or exploring strategic alternatives, we work alongside you to deliver outcomes that maximize value.
Our approach is rooted in clarity, discretion, and alignment. We succeed when our clients do — and that philosophy shapes every conversation we have.
We work on a select number of mandates at a time and focus maniacally on successful execution. This has resulted in a 100% term sheet delivery rate since firm inception following engagement, we can be in market with investors within 4 weeks and target term sheets 3–5 weeks thereafter.
Most advisory firms are incentivized to maximize transaction volume, we’re built to maximize certainty of success.
Sector
Volume
Deals
Financials
$7.6B
20
Real Estate
$7.1B
28
Energy
$4.2B
17
Industrial / Consumer
$3.6B
20
Insurance
$2.8B
9
Healthcare
$478M
2
Includes transactions involving team members while at FBR, Billings & Co., or other prior firms.
