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News and Information Article
NEW YORK, Aug. 9 // -- Carl Marks & Co. Inc. (Carl Marks)
today announced the formation of Carl Marks Merchant Partners LLC, which
will focus on investing in underperforming privately-held companies with an
enterprise value of $10-50 million. Carl Marks Merchant Partners will
provide capital and management expertise in partnering with the management
of target company investments in building long-term value. Dennis J. Floam,
a seasoned executive with a long history of operating experience, will head
the new business unit.
Carl Marks President Mark L. Claster noted, "Carl Marks Merchant
Partners will leverage our firms core capabilities in private equity
investments, corporate revitalization and investment banking. The
combination of capital and operating expertise has the potential to
significantly increase the performance and value of companies over time."
Mr. Claster went on to say, "Carl Marks currently deploys capital in
three distinct areas: traditional leveraged buyouts focused on the
government and commercial services sectors; distressed debt investments;
and opportunistic real estate investments. The newly formed Carl Marks
Merchant Partners will expand our investment platform to include
underperforming mid-sized companies requiring capital and operational
expertise."
"Time and again," added Mr. Floam, "members of our advisory business
have demonstrated their ability to turn around underperforming companies
and create significant value. That strength, and our ready access to
capital, gives us a real competitive advantage. Carl Marks Merchant
Partners has the ability to invest in flexible equity ownership structures
to meet the needs of each investment situation."
The new business unit is located in the offices of Carl Marks & Co.
Inc. at 900 Third Ave., 33rd Floor, New York, NY 10022-4775.
Carl Marks & Co. was established in 1925 as a foreign securities
dealer. In 1962, the company began its diversification into venture
capital, private equity, real estate, distressed securities, and corporate
revitalization and investment banking. It exited the foreign securities
business in 1988. To date, Carl Marks & Co. has invested in more than 400
businesses and real estate properties and has completed more than 250
consulting and financial advisory engagements.
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