Norwest Equity Partners (“NEP”) has added Stuart Schoenmann as a new operating partner. Mr. Schoenmann, a high-tech manufacturing and applied technology industry veteran, will help NEP evaluate and execute new investment opportunities. He will also play an active role in strategic planning, business growth and corporate governance for NEP portfolio companies.
“On behalf of the NEP partnership, I am thrilled to have Stuart join our team. Operating partners complement our overall investment strategy and are valuable resources to our investment staff and portfolio companies. Stuart’s deep industry expertise and CEO leadership experience will help our firm attract great investment opportunities, especially with businesses that have heavy technology and manufacturing capabilities,” said Tim DeVries, NEP Managing General Partner.
Mr. Schoenmann brings more than 25 years of high-tech manufacturing, applied technology, and diversified industrial expertise and 12 years of CEO and COO leadership experience to NEP. Prior to joining NEP, he served as CEO of CVI Melles Griot, a designer and manufacturer of precision photonics products, including components, assemblies and systems, in which NEP made an investment in 2003. NEP partnered with Mr. Schoenmann as CEO and John Hale, another NEP operating partner, to build CVI into a leader within the photonics industry by expanding its product offerings and completing four add-on acquisitions. NEP sold CVI to IDEX Corporation in June 2011 for $400 million. Prior to his time at CVI, Mr. Schoenmann held leadership positions at Raytek Corporation, PerkinElmer, Corning, and Rockwell International.
“I’ve been fortunate to work closely with the NEP team, and I continue to be impressed by the firm’s commitment to executing its investment strategy. The team works hand-in-hand with portfolio companies, providing value-add investment expertise and extensive resources. I’m excited to come on board to help source investment opportunities with fast-growing applied technology and diversified industrial companies,” said Mr. Schoenmann.
Norwest Equity Partners is a middle-market private equity firm. The firm makes equity investments of $30 million to $150 million in companies operating in the agriculture, applied technology, business services, consumer products and services, distribution, diversified industrials, and healthcare sectors. The firm manages $5 billion of capital through a series of equity and mezzanine limited partnerships and is currently investing NEP IX with $1.2 billion in capital. Norwest Equity Partners is headquartered in Minneapolis, MN (www.nep.com).