NEP Adds New Partner

Norwest Equity Partners (NEP) has added Sundip Murthy, a twenty-plus year veteran of the private equity industry, to the firm as a new partner.

Mr. Murthy joins NEP from New York-based Snow Phipps where he was a partner and head of the firm’s consumer sector. He joined Snow Phipps in 2012 from 3i Group where he was a Director. Previously, he held senior investment positions at The Carlyle Group and Ripplewood Holdings. Mr. Murthy began his career at Goldman Sachs. He has an MBA from Harvard and an AB degree from Cornell.

“Sundip is a great fit for the firm because of his long-term history of value creation for middle-market companies and his ability to deliver NEP’s unique model to help businesses achieve sustainable growth well beyond their ownership stage,” said Tim DeVries, managing partner at NEP.

NEP makes equity investments of $30 million to $250 million in companies that have more than $10 million in EBITDA. Sectors of interest include agriculture, business services, consumer, distribution, industrials, energy, and healthcare. In April 2015, NEP closed Norwest Equity Partners X LP, a $1.6 billion fund and Norwest Mezzanine Partners IV LP, an $800 million fund formed by NEP’s affiliated mezzanine investment firm, Norwest Mezzanine Partners.

“NEP has built and established an impressive record of accomplishment over the decades, and I’m honored to have the opportunity to be a part of their team,” said Mr. Murthy. “NEP’s depth and breadth of experience, key industry relationships, and true passion for partnering with companies collectively allows them to build successful, thriving businesses. The firm’s unique culture and commitment to its core values attracted me to this exciting new position.”

“NEP’s style of working with companies as if we will own them forever has been consistently successful across every market cycle over our firm’s 58-year history. For many of our portfolio companies, NEP is their first institutional investment partner, so we feel responsible for setting the standard for what companies should get from their outside investors,” added Mr. DeVries. “Sundip understands and can deliver on this unique strategy and culture. It takes a certain kind of person to help us scale this high-touch model. He’s going to be a great addition to our team.”

Norwest Equity Partners is based in Minneapolis (www.nep.com).

© 2019 Private Equity Professional | July 22, 2019

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