Turnspire Capital Partners has added four new operating partners to its team with the additions of Joseph Bondi, Mark Borseth, Neil Minihane and Val Shtraks. The new partners bring extensive operational and sector expertise that will be used by Turnspire as it invests in special situations in the broader manufacturing space.
The operating partners will be involved in many parts of the investment lifecycle, ranging from due diligence, to working with portfolio companies to identify and implement operational enhancements, to advising on strategic growth initiatives. “Working with experienced and savvy executives is a core element of our hands-on, operationally focused strategy designed to drive sustainable improvements in controllable costs, margins and cash flow,” said Ilya Koffman, a Managing Partner of Turnspire. “We are excited to formalize our relationships with Joe, Mark, Neil and Val, each of whom brings invaluable experience and perspectives to Turnspire.”
Turnspire Capital Partners invests up to $30 million in companies with revenues between $25 million and $300 million. The firm prefers companies that are underperformers and/or in need of an operational turnaround. Sectors of interest include aerospace and defense; automotive; capital equipment; chemicals; consumer; construction and building materials; engineered products; food and beverage; industrial equipment; logistics (asset heavy); metals and metal fabrication; paper and packaging; and plastics and synthetic materials. Turnspire is led by its founders Michael Khutorsky and Ilya Koffman and is based in New York (www.turnspirecap.com).
Here are the backgrounds on the four new operating partners:
- Joseph Bondi has extensive experience in turnarounds, restructurings and interim management. He spent more than 25 years at Alvarez & Marsal, a professional services firm that delivers performance improvement, turnaround management and business advisory services, where he was a Managing Director and co-head of the United States turnaround and restructuring practice. Mr. Bondi has served in a number of executive positions, including CEO, CRO and Chairman, of companies requiring strategic, financial and operational change.
- Mark Borseth has over 30 years of executive, financial, operational and turnaround experience in the manufacturing space. He was most recently Chief Financial Officer of Constar International, a manufacturer of plastic bottles for the food and beverage industry. Prior to Constar, he was Chief Financial Officer of Eclipse Aviation, a privately held manufacturer of jet aircraft for the general aviation market. Prior to Eclipse Aviation, he spent over 20 years in functional and operational leadership roles at 3M.
- Neil Minihane has nearly 20 years of experience as an operations focused executive. He is the Principal and founder of Turn Works LLC, where he has spent more than 15 years implementing operational changes to increase the profitability and efficiency of companies that are mature and/or underperforming. Prior to forming Turn Works, he served as a Vice President of Operations with The Heico Companies, which was a turnaround private equity firm.
- Val Shtraks has over 30 years of executive, financial, operational and engineering experience. He is a co-founder and Managing Partner of Bath Authority LLC (DBA DreamLine), a designer, manufacturer and marketer of branded shower doors, tub doors and shower-related products. He is also the President of Zhongshan DomuStar Shower Company Limited, Bath Authority’s wholly foreign-owned enterprise affiliate in China.
“We look forward to working with our operating partners as we execute our strategy of acquiring high-quality companies, both healthy and distressed, with significant opportunities to create value through operational improvements,” said Turnspire Managing Partner Michael Khutorsky. “We will continue expanding our relationship network with like-minded executives to work with Turnspire to drive best-in-class practices for our businesses and deliver value to our stakeholders.”
2014 PEPD • Private Equity’s Leading News Magazine • 12-12-14
