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Gamut Capital Management and BCI to Invest in PS Logistics

Gamut Capital Management (Gamut), a New York-based middle market private equity firm, in partnership with British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors, has signed a definitive agreement to invest in PS Logistics.

As the largest and fastest-growing flatbed transportation and full-service logistics provider in the United States, PS Logistics employs a “Driver-First” culture to transport general flatbed commodities with a specialiaation in irregular route service in the continental United States.

“The combination of our exceptional team, with the resources we will gain through our relationship with Gamut and BCI, will enable PS Logistics to accelerate our growth while continuing to provide best-in-class services to our customers,” says Scott Smith, CEO of PS Logistics.

Stan Parker, Founding Partner of Gamut, says: “We are excited to partner with Scott and his seasoned management team to enhance their market leading platform and accelerate their growth trajectory. As the leading player in the large and fragmented flatbed trucking market, PS Logistics’ dedicated drivers, expansive freight network and young fleet are poised to continue delivering great value to both new and longstanding customers in search of comprehensive cross-country coverage and services.”

“As a long-term investor, we seek market-leading companies with a demonstrated track record of creating shareholder value, like PS Logistics. We look forward to working with the founder-led management team and Gamut to support the company’s future growth,” says Aaron Papps, Senior Portfolio Manager at BCI. “The continued growth and success of PS Logistics will provide compelling risk-adjusted returns for our pension plan and insurance fund clients.”

Financial terms of the transaction are not disclosed. The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of this year.

RBC Capital Markets, Credit Suisse and Deutsche Bank Securities Inc served as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Gamut and BCI, and Weil, Gotshal & Manges LLP served as separate legal counsel to BCI. UBS Investment Bank served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to PS Logistics. RBC Capital Markets, Credit Suisse, Deutsche Bank Securities Inc. and Wells Fargo Bank, NA are providing financing commitments for the transaction, subject to customary terms and conditions.

Sours: http://www.privateequitywire.co.uk//06/28//gamut-capital-management-and-bci-invest-ps-logistics
Gamut Capital, Stan Parker, Jordan Zaken, private equity
  • Gamut closed debut fund on $1 bln
  • Has flexible investment style
  • Deployed 30 pct of fund so far in tough environment

Ex-Apollo Global Management executive Stan Parker, co-founder of Gamut Capital Management, says the current environment is the worst he’s seen for buyers since he started in the business in

People were complaining about deal multiples at the end of , and the market is running about 15 percent above that today, he said. “I don’t feel good about it at all. For us that macro environment is not providing any tailwinds for sure,” he said.

Still, since announcing the closing of its debut fund on $1 billion in January , Gamut has deployed about 30 percent of its capital across three deals. “We’re clearly finding ways to deal with it,” he said. “But it’s not an exciting buyer’s environment.”

Cycle ‘is fiction; it’s not real’

The environment is especially tricky because high valuations were driven not necessarily by strong earnings but because central governments flooded the market with cheap money. “This is a liquidity-driven cycle,” he said. “It’s fiction; it’s not real. We’re very concerned about what’s going to happen in the economy.”

Parker gave a keynote address at Buyouts Insider’s Emerging Manager Connect conference in New York in late July. He talked about Gamut’s fundraising process, which for a first-time fund was successful, ending up a third beyond its $ million target with a $1 billion final close. UBS was placement agent on the fundraising.

“It’s not a decision to be made lightly: A, to go out on your own, and B, to try and raise an ambitious amount of money,” Parker said.

Parker and Partner Jordan Zaken formed Gamut in , prior to which they both were senior partners at Apollo.

Parker joined Apollo in and was sector lead of transportation/distribution and sector lead of cable, telecom/technology. Zaken joined Apollo in and was sector co-lead of chemicals and sector lead of power/coal and agriculture. Both left Apollo in

Gamut started out using free space at a law firm and hired an executive assistant to help coordinate travel, Parker said. The firm hired half the team before the first close, he said.

The firm has since hired two more investment partners: Michael Kreger, who joined in from Oaktree Capital Group, where he focused on distressed investments; and Shane Tiemann, who joined earlier this year from Veritas Capital, where he worked on investments in energy, industrial and healthcare sectors.

Gamut also hired a marketing and investor-relations partner, Allyson Alimansky, who joined from Credit Suisse’s private fund group in late

When Gamut initially hit the market, it considered a $ million target for the debut fund. But it saw the demand and pushed the target up to $ million, he said.

The first close was boosted by a large investor that came in early, giving other LPs confidence in the firm, even though it was a first-time fund. Gamut ended up holding around LP meetings in a year, “which was painful,” Parker said.

Flexibility

Gamut’s strategy has been described as a “mini-Apollo,” which means the firm has the flexibility to do regular-style buyouts but also to invest in companies’ debt. It can operate in good and bad markets, sources have told Buyouts.

The firm will do leveraged buyouts, corporate carveouts, strategic partnerships and distressed-for-control investments. Its target investment size ranges $50 million to $ million with the ability to scale up capital committed in partnership with limited partners.

Gamut’s target industries include agriculture, chemicals, telecom, industrials, mining, power, distribution, tech and energy and transportation.

Gamut’s three investments so far are: IAC Group, an automotive-parts supplier; PaperWorks Industries, which provides recycled paperboard and folding cartons for packaging applications; and JPW Industries, which makes machinery and equipment.

Gamut invested in IAC earlier this year through a refinancing, acquiring a minority equity interest. Invesco remained the company’s majority shareholder. Last year, the firm acquired JPW Industries from Tenex Capital Management through a regular buyout transaction.

And it acquired PaperWorks earlier this year out of bankruptcy, buying into the debt and converting it to debt and equity through a restructuring process. Gamut also provided a debtor-in-possession loan to PaperWorks.

The investments showcase three of Gamut’s four strategies: regular-style buyout, a debt refinancing giving the firm a minority stake, and a distressed-for-control investment.

Gamut has not yet executed on the fourth leg of its strategy: corporate carveouts, Parker said.

Parker said he expects to deploy the fund within its investment period, even though the firm is being cautious in the current high-priced environment.

“One of the hallmarks of who we are and who I am … we’re very methodical. We think about things a lot before we do them.”

Action Item: Check out Gamut&#;s Form ADV: https://bit.ly/2vkcZlK

Chris Witkowsky

Sours: https://www.buyoutsinsider.com/gamuts-stan-parker-sees-worst-market-since-he-started-in-pe/
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Gamut Capital Management Portfolio Exits

Grede Announces Acquisition Of Neenah Enterprises Inc.'s Commercial Vehicle Business, Select Industrial Book Of Business And The Advanced Cast Products Division.

Jul 20,

The acquisition further enhances the Grede platform and its commitment to growing while supporting its customer base Author: Jul 20, PM EDT SOUTHFIELD, Mich., July 20, /PRNewswire/ -- Grede, a leading producer of highly engineered cast and machined iron components, signed a definitive agreement to acquire Neenah Enterprises Inc.'s (NEI) commercial vehicle business and the supporting capital assets, select portions of its industrial casting business and the Advanced Cast Products (ACP) business in Meadville, PA. The closing of the acquisition is expected to occur in Q3 The terms of the transaction were not disclosed. "The ACP and NEI commercial vehicle and select industrial businesses being acquired are a harmonious fit to Grede's capabilities and manufacturing footprint, while furthering Grede's leadership position within the industry by extending its overall value proposition to our customers through increased capacity and capabilities," said Grede CEO Cary Wood. "This transaction will allow Grede to further accelerate growth of our business in the commercial vehicle and industrial end markets, better balancing our end market exposure while demonstrating our commitment to investing in unique capabilities to be a best-in-class supplier to this customer segment. Importantly, the acquisition brings Grede significantly closer toward achieving our objective of creating a $1 billion+ enterprise serving industry-leading customers across the automotive, commercial vehicle and industrial end markets." Through the acquisition, Grede will add approximately ACP employees in Meadville as well as all ACP operations. While NEI continues to focus on the infrastructure/municipal and targeted industrial markets, Grede will transition the Neenah Foundry commercial vehicle book of business into Grede's other existing foundries, including Brewton, AL; New Castle, IN; Reedsburg, WI; and St. Cloud, MN, plants and their fleet of equipment over the course of the next year. Wood added: "We look forward to welcoming the employees of Advanced Cast Products into the Grede family. With this announcement, our customers will gain the benefit of increased capacity and flexibility, innovative engineering resources and the combined talents of our exceptional teams." Definitive transaction documents for the transaction were signed on July 19, The transition period will begin immediately, with additional updates to follow. Kirkland & Ellis LLP served as Grede's legal advisor. About Grede:Grede is an independent company that designs, engineers, validates and manufactures high-quality ductile, gray and specialty iron castings for automotive, commercial and industrial markets. Headquartered in Southfield, MI, Grede offers complete precision machining and finishing services, as well as the assembly of diverse components into complete systems. It has 9 facilities in the U.S. with approximately 2, employees. To learn more, please visit  www.grede.com . About Gamut Capital Management:Gamut Capital Management is a New York-based private investment firm managing $ billion in assets focused on the middle market. Founded in , Gamut's senior deal professionals have executed investments in over 50 companies in North America and Europe. To learn more, please visit  www.gamutcapital.com . View original content to download multimedia: https://www.prnewswire.com/news-releases/grede-announces-acquisition-of-neenah-enterprises-incs-commercial-vehicle-business-select-industrial-book-of-business-and-the-advanced-cast-products-divisionhtml SOURCE Grede

Sours: https://www.cbinsights.com/investor/gamut-capital-management

Gamut Capital Management, L.P

CRD#

Investment Advisor Firm

Learn more about Gamut Capital Management, L.P

Overview

Gamut Capital Management, L.P operates as an advisory company that has its headquarters in New York, New York. The firm manages $ billion in assets under management over seven accounts, making it one of the largest financial advisory firms in the United States by assets under management (AUM). The firm has a small team of 21 employees, including 12 financial advisors. Gamut Capital Management, L.P is not a registered broker-dealer, meaning it cannot buy and sell securities for its own accounts as well as its clients' and instead must go through a broker-dealer company to do so. Securities are tradable fiscal investments such as bonds, stocks and options.

Gamut Capital Management, L.P manages all of its accounts in a discretionary manner. Discretionary management is a structure in which a portfolio manager has the discretion to make transaction decisions for the client's account without needing to seek the client's authorization. The advisory firm's average account size is $ million. The average financial advisor at Gamut Capital Management, L.P administers fewer than one client account, making it one of the most individualized financial advisor firms in the country.

The company's headquarters is at West 55Th Street, New York, New York

Assets Under Management

$ billion

Number of Advisors

12

Disclosures

No

Gamut Capital Management, L.P by the Numbers

Total Assets Under Management

$ billion

National Average: $ billion

Total Number of Employees

21

National Average: 29

Total Number of Accounts

7

National Average: 2,

Average Account Size

$ million

National Average: $ million

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Fee Structure

A financial advisor's fees usually are based on which services the firm provides the client. Fees billed by the company can include some blend of the following fee types: asset-based or performance-based. The company does not participate in a wrap fee program, in which the firm offers a service bundle for a single fee.

Available

  • Offered by 74% of firms

    Show Explanation

    This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from %% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

  • Offered by 17% of firms

    Show Explanation

    Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

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    Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $$ per hour, depending on the complexity and level of services needed.

  • Find one of the 2% of firms that offer this fee type

    Show Explanation

    Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

  • Find one of the 1% of firms that offer this fee type

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    Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

  • Find one of the 40% of firms that offer this fee type

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    Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1, to $3,

  • Find one of the 12% of firms that offer this fee type

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    Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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Types of Clients

It provides services to pooled investment vehicles. Out of its seven clients, Gamut Capital Management, L.P's largest client by number of accounts is pooled investment vehicles. Around 71% of the company's accounts are from outside of the U.S.

  • High-Net-Worth Individuals* - 0%
  • Other Individuals - 0%
  • Corporations - %
  • Charitable Organizations - 0%

* The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $, under management.

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Sometimes a big firm may not be able to give you the one-on-one service that you need. That's where we come in to help match you with great personal financial advisors. Click here to find your advisor matches today.

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Disclosures

Gamut Capital Management, L.P does not have any disclosures.

Please visit its Form ADV for more details.

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Office Locations

Firm Headquarters

West 55Th Street
New York, NY

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This content was compiled from the SEC and FINRA

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Sours: https://smartadvisormatch.com/advisor-firm-network/new-york/gamut-capital-management-lp

Fund gamut size capital

Gamut Capital Management and BCI to Invest in PS Logistics

Paul, Weiss is advising Gamut Capital Management, L.P., a leading New York-based middle market private equity firm, in partnership with British Columbia Investment Management Corporation, one of Canada’s largest institutional investors, in their investment in PS Logistics. As the largest and fastest-growing flatbed transportation and full-service logistics provider in the United States, PS Logistics employs a “driver-first” culture to transport general flatbed commodities with a specialization in irregular route service in the continental United States.

Financial terms of the transaction were not disclosed. The transaction is expected to close in the third quarter of this year, subject to customary closing conditions.

The Paul, Weiss team includes corporate partners Taurie Zeitzer, Brian Scrivani, Brian Kim, Catherine Goodall and Matthew Goldstein; tax partner Brad Okun; executive compensation partner Jarrett Hoffman; intellectual property partner Charles Googe; real estate partner Peter Fisch; litigation counsel Peter Jaffe; and antitrust counsel Marta Kelly.

Sours: https://www.paulweiss.com/practices/transactional/private-equity/news/gamut-capital-management-and-bci-to-invest-in-ps-logistics?id=
Capital Fund Regulation Training

SOUTHFIELD, Mich. – June 3, –Grede, the leading developer, manufacturer, assembler and supplier of ductile, gray and specialty iron castings and machined components for automotive, commercial vehicle and industrial markets, today announced it has purchased certain assets of Renaissance Manufacturing Group (RMG) Waukesha, LLC.

The acquisition expands strategic growth for Grede in the commercial vehicle and industrial markets. Grede is an independent company acquired in late by Gamut Capital Management from American Axle & Manufacturing Holdings, Inc. (AAM). The terms of the RMG transaction were not disclosed.

“Grede is well capitalized and poised for growth within a fragmented and distressed foundry supply base, and this strategic acquisition strengthens our position in the castings industry,” said Grede CEO Cary Wood. “This investment further brings us new customers and aligns with the markets we are serving while expanding the products and materials we produce.”

Wood added that the acquisition helps Grede move closer toward its goal of balancing its portfolio equally among the automotive, commercial vehicle and industrial markets.

RMG acquired the Waukesha foundry from Navistar International Corp. in May Primarily a ductile iron operation since the early s, the facility also produces austempered ductile iron, high-temperature and abrasion-resistant ferrous alloys and compacted graphite iron. RMG Waukesha, which generated approximately $25 million in revenue in , produces components for light and heavy truck, combustion engine, railroad, construction, agricultural and pump/compressor manufacturing. RMG will continue to operate its other two locations in Grafton, Wisc., and Anniston, Ala.

Grede has a year history as an industry leader in iron casting and is one of few foundry groups in North America with in-house machining operations and is a full-service supplier of fully machined castings.

“Grede is uniquely equipped to meet demand for high-quality casting products in a cost-conscious market,” Wood said. “We also have enough capacity to support added business that will come from on-shoring initiatives to reduce supply-chain risk and we’re positioned to help our customers manage other risk factors and provide long-term solutions.”

“The iron castings market is very fragmented and further consolidation is likely to occur due to stress in the broader market,” Wood added. “Due to the strength of its balance sheet, Grede expects to continue to grow its portfolio of assets to better serve its customer base and is engaged in strategic dialogue with multiple parties.”

Based in Southfield, Mich., the company has approximately 3, employees across 10 facilities in Alabama, Indiana, Michigan, Minnesota, North Carolina and Wisconsin. Grede intends to reallocate work currently done at RMG’s Waukesha facility among its existing plants in Browntown, Liberty and Reedsburg, Wisc., and Biscoe, N.C.

“We are confident that through our close partnership with Grede and its agile and committed management team, the company is well positioned to execute on more transactions like RMG,” said Jordan Zaken, founding partner of Gamut. “With a strong capital structure, Grede is able to reinvest in its facilities and look for strategic acquisitions to strengthen its market position and continue to meet its customers’ needs.”

Gamut is a New York-based private investment firm managing over $1 billion in assets. Through Gamut’s flexible capital base and partnership approach and Grede’s diverse and flexible molding capacity, the company expects to continue to grow in all segments, including automotive, commercial vehicle, agriculture, construction, hydraulic, material handling, and other industrial businesses.

About Grede

Grede, an independent company owned by Gamut Capital Management, designs, engineers, validates and manufactures high-quality ductile, gray and specialty iron castings for automotive, commercial and industrial markets. As a premier Tier One supplier in diverse markets, Grede has broad capabilities across multiple product lines that can deliver efficient, powerful and innovative solutions for its customers.

Headquartered in Southfield, Mich. (USA), Grede offers complete precision machining and finishing services, as well as the assembly of diverse components into complete systems. It has 10 facilities in the U.S. with approximately 3, employees.

The Grede legacy dates to when William J. Grede founded Grede Foundries, Inc., with an iron foundry in Wauwatosa, Wis.  The company has grown through a series of acquisitions. In February , Grede combined assets with Citation Corporation to create the most diversified foundry company in North America.  In August , Metaldyne Performance Group (MPG) was formed by the joining of Metaldyne, HHI and Grede, and in , MPG was purchased by American Axle & Manufacturing Holdings, Inc. (“AAM”). In December , Gamut acquired Grede from AAM, and, under the leadership of Grede’s new management team, Grede has been re-established as a leading independent supplier of iron castings in North America with a core focus on growth and supplying high quality iron to castings to its diverse base of industry leading customers across multiple end-markets. To learn more, please visit www.grede.com.

About Gamut Capital Management

Gamut Capital Management is a New York-based private investment firm managing $ billion in assets focused on the middle markets. Gamut was founded in by Stan Parker and Jordan Zaken who have more than 40 years of combined private equity investing experience. Gamut's senior deal professionals have executed investments in over 30 companies in North America and Europe. To learn more, please visit www.gamutcapital.com.

Sours: https://www.gamutcapital.com/news-content

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