Frank Kavanaugh, President and CEO of Medalist Diversified.
Frank Kavanaugh brings more than three decades of senior executive leadership and business restructuring experience across technology, manufacturing, defense, and real estate. Across more than 20 turnarounds, his leadership has been defined by disciplined execution, capital alignment, and a consistent focus on restoring operational performance and long-term value creation.
Thirty Years of Building, Restructuring, and Scaling.
From founding technology companies to leading one of the most impactful defense manufacturing turnarounds in modern memory, Frank Kavanaugh's career is defined by disciplined execution across cycles and industries.
Force Protection: From Failing Speedboat Manufacturer to $1.3B Defense Supplier.
Following the September 11 attacks, Frank Kavanaugh played a principal leadership role in the transformation of Force Protection, Inc. from a struggling niche manufacturer into a leading defense supplier during a period of urgent national demand. The company repositioned from a failing speedboat business into a manufacturer of Mine-Resistant Ambush Protected (MRAP) vehicles, designed to enhance troop safety in active combat environments.
Under his leadership, Force Protection scaled from under $1 million in revenue to more than $1.3 billion in cumulative sales within six years, ultimately exceeding a $1 billion valuation. The turnaround generated substantial shareholder value while contributing meaningfully to the protection of U.S. service members deployed overseas.
Four Decades of Operating Companies.
Hewlett-Packard & Microsoft
Senior executive roles at two of the largest technology companies in the world, where Kavanaugh developed systems-based thinking for scaling operations, margins, and capital discipline.
QuickStart Computer Training
Co-founded one of his earliest ventures, building it to Inc. 500 recognition. An early demonstration of the founder-to-scale playbook that would define his career.
Planning Systems & NewGen Systems
Led software and systems businesses including Planning Systems (later licensed to Microsoft) and NewGen Systems (subsequently sold to a public company). Each demonstrated the value of disciplined operational scaling.
Fort Ashford Funds, LLC
Co-founded a private investment firm focused on real estate and operating company investments. Through Fort Ashford, Kavanaugh refined his expertise in capital structuring, asset management, and long-term value creation.
The Same Playbook. A New Platform.
Since becoming President and CEO of Medalist Diversified in 2023, Frank Kavanaugh has applied the same disciplined turnaround framework that defined his earlier successes. The work has moved Medalist from recovery to sustainability and positioned the company for disciplined long-term growth.
Three Pillars of His Approach.
The Turnaround Playbook
Upon assuming leadership, Medalist faced operational inefficiencies, elevated costs, and balance-sheet constraints. Kavanaugh moved quickly to stabilize the platform.
Key actions included internalizing management to reduce expenses, selling non-core assets to strengthen liquidity, and re-focusing on operational execution.
DST Platform Strategy
Recognizing that real estate owners and exchangers seek predictable income, tax efficiency, and simplicity, Kavanaugh structured Medalist's DST offerings around institutional-grade, single-tenant, net-lease assets.
DSTs at Medalist are foundational components within a broader, permanent-capital philosophy. Durable assets, conservative underwriting, repeatable outcomes.
Investor Alignment
A defining characteristic of Kavanaugh's leadership is his consistent practice of investing alongside shareholders. He has committed substantial personal capital to Medalist.
The principle behind it: leadership credibility is strengthened when decision-makers share directly in outcomes.
Personal capital committed alongside Medalist shareholders.
Kavanaugh's consistent practice across his career has been to invest personal capital alongside the investors and shareholders he serves. The same principle applies at Medalist. Leadership credibility is strengthened when decision-makers share directly in the long-term outcomes of the business.
Talk to the Team Frank Leads.
If Frank's track record reflects the standard you want from a DST sponsor, the natural next step is either the current offering or a direct conversation with the team.