From Advisor To Financial Partner To IPO… All In About 2 Years

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SM&A had been the market leader in proposal management services, a critical and highly valuable solution for clients who must win large competitive bids to ensure their success.

Over more than two decades, the Company achieved an enviable 85% win rate for its clients on tens of billions of dollars of proposals. SM&A had assembled a unique combination of talent, skills, and processes that provided unparalleled understanding of the success factors in competitive bidding.


RLH’s engagement with SM&A began with a happenstance meeting between one of our partners and Steven Myers, the founder, owner, and CEO of SM&A, at a business seminar. After several in-depth discussions between Steven and RLH, our partner was invited to join the Company’s board. A few months later, Myers asked RLH to become an investor in his enterprise and the pace of collaboration picked up substantially. Within 18 months after RLH’s investment, the Company had completed an initial public offering. SM&A grew its top line and EBITDA by 50% per year during RLH’s investment period while maintaining the extraordinary win rate for clients and the dominant position in its sector.