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Theodore Bernstein

Managing Member and Chief Executive Officer of Bernstein Williams & Co. LLC
Theodore Bernstein

Managing Member and Chief Executive Officer

Bernstein Williams & Co. LLC

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Theodore Bernstein is an accomplished health care / life sciences, finance, and lawyer-business leader. His background includes more than 25 years of deal-making, health care executive management, clinical science, and Wall Street experience. Theodore’s career to date has been devoted to working at the intersections of health care, life sciences, finance, and law.

Theodore’s interest in life sciences began as a student. He pursued this interest through research that expanded independently upon aspects of the studies of Félix d’Hérelle describing the function of bacteriophage (viruses that infect bacteria) and demonstrated a technique to extract the genetic material of these viruses.

During his undergraduate studies at The Johns Hopkins University, from which he earned a Bachelor of Arts (BA) degree in natural sciences (biology, chemistry, and physics), Theodore financed a portion of his studies working as a clinical laboratory and pathology technician in community hospitals. During these experiences, he conducted phlebotomy and assays of human fluids and tissues, and assisted pathologists in post-mortem examinations. He also volunteered as a biomedical research assistant at Johns Hopkins.

Following undergraduate school, Theodore earned a Master of Public Health (MPH) degree at Yale University and then began his operating executive career in health care as an Administrative Fellow at Massachusetts General Hospital. During his tenure at MGH, Theodore executed multiple senior management responsibilities in major clinical and non-clinical areas, including inpatient medical and surgical units, outpatient services, the department of nursing, the CFO’s office, admissions, the office of the general counsel, the CIO’s office, and the office of patient ombudsman.

Theodore’s executive management experience at MGH led to growing interests in business and law. In order to pursue these interests, he matriculated at the University of Chicago, where he earned both a Juris Doctorate (JD) and a Master of Business Administration (MBA). Upon graduation, Theodore developed in-depth transaction acumen as a Wall Street attorney, primarily at Skadden, Arps, Slate, Meagher & Flom, while integrating his basic science and health care training with relevant aspects of law and business.

Upon transitioning fully into finance, Theodore became a Managing Director at Wasserstein Perella & Co., where he provided sell-side research coverage of the health care universe, and selected retailers, to institutional investors. In recognition of his high-quality investment research, Theodore earned #1 rankings from Institutional Investor for numerous consecutive years.

Theodore built on his extensive investing know-how through experiences in alternative asset management. He served as a principal, portfolio manager, and securities analyst at several hedge funds, including Avenue Capital Group. Seeking a longer-term investment horizon and employing a collaborative process, Theodore became a private equity investor as Managing Partner of N-Squared Growth Capital, a New York-based firm focused primarily on health care services and technology / business services companies.

Most recently, Theodore was a Part-Time Professor of Practice at the James E. Rogers College of Law at the University of Arizona, where he taught mergers and acquisitions. Concurrently, as an independent contractor, he provided opportunity origination, valuation, negotiation, and operations consulting services to an M&A financial advisory firm.

A native of West Virginia and the son of two physicians, Theodore is a registered investment banker (holding the Series 7 and 63 licenses), as well as a licensed attorney and licensed real estate broker in New York State. Theodore is based in the New York City area.



Bernstein Williams & Co. LLC


Sayed Badrawi is a health care executive leader, with unique expertise in digital health and pharmaceutical drug development. Sayed has held positions in executive leadership, including CEO, of companies engaged in bioinformatics, pharmaceuticals, medical diagnostics, and health information technology. In addition to his executive experience, Sayed has a background in pharmaceutical research and was part of the team to first clone and express erythropoietin (EPO), one of the first biotech blockbuster drugs.

Sayed is a graduate of the University of Chicago’s Booth School of Business (MBA) and the University of California at Berkeley with a degree (AB) in Microbiology & Immunology.

Marc Miller, M.d.


Bernstein Williams & Co. LLC


Marc Miller is a business savvy physician, highly skilled at recognizing emerging health care trends and integrating them into forward looking, actionable strategies. Marc’s professional experience includes senior executive, clinical, and board roles in private and public companies focused on managed care, multi-
specialty clinical practice, preventive and occupational medicine, and chronic disease management.

In addition, Marc has served as an operating partner for, and advisor to, private equity investors. Marc is a graduate of Rush University (MD), University of California, Los Angeles (MPH), Golden State University (MBA), and Stanford University (BA). He is based in the Seattle area and Southern California.

Collaboration with MobileSolve Group, Inc.


The various sectors of health care and life sciences are vibrant and marked by continuous productive activity. This is especially true of the sectors comprising digital health or health informatics, where concepts and techniques that were the subject of “bench research” only a few years previously, have developed rapidly into applied solutions.

Digital health is the practice of acquiring, studying, and managing health data, and applying medical concepts in conjunction with health information technology systems, to help clinicians provide better health care. It is applied to promote wellness, improve the quality of patient care, enhance patient safety, and promote efficiency through detailed, real-time data capture, communication, and analysis. Digital health can be conceptualized to include mobile health (mHealth), health information technology (health IT), wearable and implantable “smart” devices, telemedicine, and aspects of personalized medicine.

The ongoing revolution in digital health is being driven, in large measure, by advances in various technologies, including information, digital, and mobile technologies. In order to provide client-participants in the constituent sectors of digital health with cutting-edge technology expertise, Bernstein Williams & Co. LLC collaborates periodically, depending upon the requirements of the specific assignment, with the premier technology industry investment bankers of MobileSolve Group, Inc. [1] Founded in Silicon Valley in 1996, MobileSolve bankers bring exceptional transaction and advisory expertise to all sectors of technology, including information, digital, mobile, telecom, software, and IoT.

[1] Note that such collaboration is conducted only with the specific written permission of the client and does not result in conflicts of interest or higher transaction fees. Bernstein Williams & Co. LLC and MobileSolve Group, Inc. are not affiliated entities.

Steven Gaynor

Founder and Managing Partner

MobileSolve Group, Inc.

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MobileSolve is led by Steven Gaynor, who has over thirty years professional experience, and over twenty years in the technology industry. An investment banker, attorney, management consultant and CEO, he brings a wide range of skills to assist clients with building businesses and solving business problems.

Steven graduated from Harvard’s Joint Program in Law and Business, simultaneously earning his MBA and JD (Doctor of Law) degrees. While at Harvard, he interned at McKinsey & Company, and served as an assistant to the Secretary of the U.S. Treasury (Finance Minister).

Upon graduation Steven became a “Wall Street” attorney and investment banker, first with Skadden, Arps, Slate, Meagher & Flom; a global top-five law firm, and subsequently with the investment bank L.F. Rothschild & Co., where he advised on transactions of all types, including M&A, restructurings, IPOs and secondary equity offerings, and private placements of equity and debt.

Recruited by AirTouch, (now Vodafone), Steve became a leader of its successful international expansion in Asia and Europe. He was a senior member of teams that won the second GSM licenses in Italy and Spain, and served on the Boards of what are today Vodafone Italy and Vodafone Spain.

Following Vodafone’s $62 Billion acquisition of AirTouch, Steven became a Partner at Arthur D. Little, where he served as a senior wireless industry advisor to governments and leading companies and investors, including the Brazilian Government, Sony, Nortel, Saudi Prince Al Waleed bin Talal and several private equity and venture capital funds.

Since Arthur D. Little, Steven served as CEO of Unifone, a wireless service provider funded by a $1.7 Billion VC fund, and CEO of Mobliss, a mobile messaging and games company. Both companies were sold. He has been on six boards, of which four companies were acquired, and on several start-up advisory boards.

In addition to holding the MBA and JD degrees, Steven, who started university at 15, graduated with highest honors from Baruch College (CUNY), and earned the Certificate in Telecom Engineering with distinction from U.C. Berkeley. He is a member of the New York Bar, and a registered investment banker holding the Series 62, 63, and 79 licenses.

Association with Britehorn Securities


Theodore Bernstein and Bernstein Williams & Co. LLC are associated with Britehorn Securities, a registered broker-dealer, and member FINRA/SIPC.

Bernstein Williams & Co. LLC and Britehorn cooperate with each other to provide greater depth and breadth to each other’s banking activities.

Britehorn also supplies special expertise in merchant banking, private equity and business lending. Each of Britehorn’s senior bankers have decades of experience providing investment banking services to growth and middle market companies.

Neither Theodore Bernstein nor Bernstein Williams & Co. LLC is an affiliate of Britehorn Securities.

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