William Farmer

William F. "Bill" Farmer is a veteran aerospace and defense investment banker with more than 25 years of experience and a career total of 100+ completed transactions — mergers and acquisitions, capital raises, and valuation/fairness opinions — for private, public, and institutionally backed companies. Earlier in his career he was Co-Head of the Aerospace & Defense Investment Banking Group at Lazard Frères and Head of the Government IT & Technical Services Group at Jefferies (where he was also associated with Jefferies Quarterdeck, the defense-focused advisory practice).

In 2013 he founded Twelve Rolling Capital, a boutique investment banking firm headquartered in Fulton, Maryland, focused on the aerospace, defense, intelligence, government services, and engineering sectors, offering M&A, divestiture, and fairness-opinion advisory. The firm was acquired by Teneo (Teneo Capital) in 2016, after which Farmer served as a Senior Managing Director within Teneo's investment banking division.

In 2019 he joined Stifel Financial as a Managing Director and Group Head leading its Aerospace, Defense & Government Services investment banking practice. In June 2023 he moved to Brown Gibbons Lang & Company (BGL) as a Managing Director in the Industrials vertical, where he established and led BGL's new Aerospace, Defense & Government Services (ADGS) team. In April 2026 he joined Oppenheimer & Co. Inc. as Managing Director and Head of Aerospace & Defense Technology Investment Banking, based in Baltimore and reporting to Robin Graham, Head of Technology Investment Banking.

Farmer holds a B.A. in Economics from the University of Maryland, Baltimore County (UMBC) and a graduate certificate in financial planning from the Kellogg School of Management at Northwestern University.

• This is an advisory (sell-side/M&A) practice, not a check-writing investment fund. Farmer advises companies on M&A, divestitures, capital raises, and valuation/fairness opinions rather than making equity investments — so traditional "check size / investment stage" framing does not apply and no such figures are asserted here.
• Sector concentration: aerospace technology, aviation services and distribution, defense, space, intelligence, and government (IT and technical) services — the sectors he has specialized in since his Lazard/Jefferies days and around which he built Twelve Rolling Capital.
• Client profile: private, public, and institutionally/PE-backed aerospace & defense companies seeking to sell, merge, or raise capital.
• Market view (his own commentary): Farmer has been quoted by CNBC on transatlantic defense consolidation — noting Europe's push to fund its own defense industrial base and whether American firms can be shut out of that spending.