Celebrating 15 Years of TheNonExec®: Reflections on Our Journey and What’s Next
By Justin Levine, Co-Founder and Managing Director, TheNonExec Limited
When Caroline and I founded TheNonExec Limited 15 years ago, we had one simple goal: to do things differently. We wanted to create an M&A advisory firm that was truly focused on adding value for clients, rather than chasing headlines, awards, or expensive office space. It’s been quite a journey, and as I reflect on it, I feel a mix of pride, gratitude, and (I’ll admit) a bit of surprise at how far we’ve come.
Back in 2009, the typical “corporate finance” model revolved around big-name hires, fancy boardrooms, and the idea that more overhead meant more credibility.
We saw it differently.
Instead of hiring an ex-FTSE chairman or filling our offices with freshly minted graduates, we focused on building a lean, virtual, first-class team with serious expertise where it counts: research, financial modelling, and world-class negotiation. This approach has served us — and our clients — incredibly well.
Some Key Milestones
Looking back, it’s not the deals that stand out most, but the people behind them. Over the years, we’ve had the privilege of guiding 16 companies through successful exits.
One of our earliest wins was helping Dorset Orthopaedic find the right strategic partner to continue its growth journey. Sold to Germany-based Otto Bock, the company today is thriving.
One of our interesting stories was the sale of a company that was subject to a hostile take-over bid. From an initial £1M ‘take it or leave it offer’, we eventually concluded at £14M. We were able to leave our client with a deal involving a life changing sum. The names and detail have to remain anonymous, but it felt great to be able to help at the right time.
The sale of Hong-Kong based Challenge Group was one of our more complex projects. Involving the sales of companies in South Africa, China, Australia, Germany, UK & Ireland, the sale required a de-merger of both a Chinese and German entity. At one point, there were 48 buy-side advisors involved in the deal from KPMG and NCTM. A very satisfying outcome for our client.
More recently, we facilitated the sale of Empower Energy to Good Energy Group PLC — a transaction that reflected not just financial success, but also alignment in values and vision.
These moments matter because selling a business is rarely just about the numbers. It’s about legacy, people, and purpose. I’m reminded of a conversation with one of our clients, a founder-owner, who said that selling his company was “like letting go of a family member.”
I’ve never forgotten that, and it drives our approach to this day.
What We’ve Learned
If I had to boil down 15 years of experience into a few key lessons, here’s what I’d say:
- It’s About Preparation, Not Luck – Selling a company isn’t about “finding a buyer” and hoping for the best. It’s a structured, deliberate process that can take 12 to 24 months of preparation. From balance sheet optimisation to operational fine-tuning, there’s no shortcut to a great exit.
- Strategic Buyers Look Beyond the Financials – While Private Equity has its place, we’ve generally seen better long-term outcomes for clients who sell to “strategic buyers” — those who see the value beyond EBITDA multiples and spreadsheets.
- Don’t Forget the Human Factor – Every business is a story of people, not just profit and loss. Helping founders navigate this emotional journey is just as critical as the financial aspects.
The Team That Made It Possible
None of this would have been possible without our incredible team. While Caroline leads our operational backbone, our small team of analysts, researchers, and creative specialists have been the “engine room” behind every deal. Our virtual business model has allowed us to build a global team, with talent from the UK, India, and Europe working together seamlessly. It’s this team that allows us to match — and often exceed — the agility and competence of larger advisory firms.
Looking Ahead
We’re not done yet. The market for founder-led exits is growing, and we’re gearing up for another busy year. With six deals already in the pipeline for 2025, we’re as committed as ever to delivering for our clients.
But growth isn’t the goal — impact is. The reason we do this work is simple: to ensure founders exit on their terms, with dignity, pride, and the knowledge that they got the best outcome possible.
So, as we mark 15 years, I want to say a heartfelt thank you to our clients, team, and partners.
Your trust is the reason we’ve made it this far. Here’s to the next 15.
— Justin Levine
Co-Founder & Managing Director, TheNonExec Limited
