IN THENEWS

November 12, 2025

It’s that time of year for the Illinois Venture Capital Association (IVCA) to reflect back upon the many successes and honor those who have worked toward that success. Kirkland & Ellis LLP, White & Case LLP, Aprio and the association will present the annual IVCA Awards Dinner, taking place on Monday, December 8th, 2025, starting at 5:00pm at the Four Seasons in Chicago. The honors conferred will be the Private Equity Portfolio Company of the Year, the Venture Capital Portfolio Company of the Year, the Richard J. Daley Award, the Stanley C. Golder Award, the Rising Star Award and the IVCA Foundation Award.

The Private Equity Portfolio Company of the Year is Door and Windows Guards Systems (DAWGS), and the honor will be given to them by the company’s Private Equity investor NextGen Growth Partners (NGP). Brian O’Connor, NGP Managing Partner, will present the honor on Awards Dinner night to Nick Oberhouse, CEO of DAWGS.

Door and Windows Guards Systems is the best option for property preservation. Property preservation means caring for the inside and outside of a foreclosed property, whether vacant or occupied. DAWGS works with property preservation businesses, banks, property management companies, asset management companies, and mortgage field services to protect vacant investment properties.

In April of 2025, NextGen Growth Partners announced their successful exit through a sale to The Riverside Company. The transaction marked a significant milestone for DAWGS and represents the first exit from NGP’s Fund II.

The IVCA recently interviewed both NGP and DAWGS on the investment and the company evolution. NextGen Growth Partners (NGP) will represent their questions as a firm, and CEO Nick Oberhouse will answer for DAWGS

IVCA: What was behind the decision-making process for NextGen in acquiring Door and Window Guard Systems (DAWGS), and creating the environment for a successful investment sale this year?

NGP: At NGP, we employ what we call the ‘3T’ approach – Thesis, Team, and Trade. We believe growth stems from partnering with enduring businesses in expanding industries, backing talented entrepreneur-operators, and maintaining a disciplined approach to valuation and structure.

DAWGS was a clear fit for that framework. When we acquired the company in 2021, it had been thoughtfully established under the leadership of its founder, Brandon Buhai, and was primed for its next chapter of growth. Working alongside Nick Oberhouse, Brandon Buhai, and the broader leadership team, we built upon that strong foundation to expand DAWGS’ reach and capabilities.

While the business isn’t entirely a-cyclical, its service offerings perform across different economic cycles. DAWGS provides a mission-critical service and positive community impact that’s needed in all market conditions – securing vacant properties for owners as they prepare for revitalization or redevelopment. Even amid broader market turbulence, the company’s consistency and reliability created strong demand from potential acquirers.

The combination of a resilient business model, an exceptional team, and disciplined execution ultimately set the stage for a successful outcome.

IVCA: For DAWGS, what was behind the development of the company, and what was the game changer of NextGen Growth Partners coming to acquire the organization as a portfolio company?

Nick Oberhouse, DAWGS: DAWGS was built to solve a critical problem in the community safety and real estate space – how to protect vacant properties in a way that is both secure and cost effective. When NGP and I acquired the DAWGS business, they brought a depth of operational skills which the business had never had in the past.

Their approach to value creation, accretive M&A and leadership development were game changers that helped us to transform the business from a regional provider into a national entity. A key part of that transformation was assembling the right leadership team, including a Director of Operations, to ensure the business had the right people in place to support its growth.

IVCA: For NGP, what was unique about the type of business DAWGS is, and the type of challenges that you had to interact with once NGP acquired the company?

NGP: DAWGS operates in a unique niche by providing temporary security solutions for vacant buildings, a challenge that owners and developers continually face while working to restore or repurpose their properties. Compared to alternatives like plywood boarding or traditional physical security, DAWGS offers a more effective, cost-efficient, and scalable solution to a must-have service. This differentiation not only defines DAWGS’s customer value proposition but also anchors its long-term market position and competitive advantage.

The primary challenge wasn’t proving the product, it was broadening market awareness. The focus was on expanding into new markets, educating property owners, and building credibility through consistent service delivery and customer success stories.

IVCA: For DAWGS, what was the experience of working with NGP, up to and including the sale of your business in the spring?

Oberhouse, DAWGS: NGP empowered our team, supported and even … respectfully … disagreed with us at times. The also supported our vision, and pushed us to make data-driven decisions – all while staying engaged and aligned with our mission. From acquisition to exit they were steady, supportive, and committed to us building long-term value. The successful sale in the spring was the realization of that collaboration.

IVCA: Post the investment sale, and looking into the crystal ball, what are the plans for DAWGS in 2026 and beyond?

Oberhouse, DAWGS: We’re focused on scaling our business and community impact further. Since the NGP sale, we’ve continued growing the business, going from 12 to 15 warehouses. In 2026, we plan to expand into new regions, deepen our relationships with municipal and institutional clients, and continue innovating our service offerings. The foundation built with NGP gives us a platform to expand into the next phase of growth.

IVCA: Finally for NGP, since this was your first exit from the NextGen’s FUND II, what lessons were learned about continuing successful exits within the fund?

NGP: This exit reaffirmed the fundamentals of our model. Great outcomes come from great businesses that serve real, mission-critical needs, led by talented operators. We also saw the value of staying true to our disciplined investment approach. The 3T framework — identifying the right thesis, backing the right team, and structuring the right trade — remains core to how we invest and how we build toward successful exits.

DAWGS exemplified that formula and reinforced our conviction that when we stay focused on those fundamentals, we build enduringly profitable and soundly foundational businesses that we believe will continue to thrive under any future ownership.

IVCA: And finally for DAWGS, as the 2025 recipient of the Private Equity Portfolio Company of the Year, what does it mean to the company personally to be recognized by the IVCA and those individuals in the Private Equity industry?

Oberhouse, DAWGS: It’s incredibly meaningful. This award recognizes not just financial results, but the collective effort of a team committed to delivering real value – to customers, employees, and communities. I’m deeply proud of the journey we’ve taken with NGP and grateful to the IVCA for acknowledging our hard work and purpose.

The 2025 IVCA Annual Awards Dinner – sponsored by Kirkland & Ellis LLP, White & Case LLP and Aprio – will be on December 8th, 2025 (5:00p-9:30p) at the The Four Seasons Hotel Grand Ballroom, 120 East Delaware Place, Chicago. For details and registration info, click here.

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