Sentinel Organization News


07/2013

Sentinel closes on $1.3 billion in fifth lower middle market fund

 Print     



Sentinel closes on $1.3 billion in fifth lower middle market fund


Investment Focus Remains on Building Smaller Companies in Partnership with Management


NEW YORK, July 31, 2013 - Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced the first and final closing of Sentinel Capital Partners V, L.P. at $1.3 billion.

"We are delighted at this fundraising outcome and grateful for the strong show of support from our existing investors and from several new, global investors," said David S. Lobel, founder and managing partner of Sentinel.

Sentinel will continue to focus on the same investment strategy it has employed and refined in previous funds—partnering with talented management teams to acquire companies with up to $35 million in EBITDA and solid businesses fundamentals, in industries where the firm has significant experience. In addition to platform acquisitions, Sentinel will continue to pursue small tuck-in and transformational, like-size add-on acquisitions for its portfolio companies as an important dimension of its investment strategy.

“Over the course of four funds, Sentinel has developed a consistent and reliable way of doing business that has proven appealing to corporate sellers, small business owners, institutional sellers, and management teams," said John F. McCormack, Sentinel's co-founder. "In a good number of businesses we have invested in, our ability and willingness to tackle financial and business complexity and relationship-intensive situations has worked well for us."

Fund V's investors include institutions in the United States, Europe, Japan, China, and Australia, and also include college and university endowments, foundations, state and government retirement systems, corporate pension plans, diversified financial institutions, insurance companies, investment advisors, and Taft Hartley plans. Sentinel's most recent prior fund, Sentinel Capital Partners IV, L.P., initiated investment operations in 2009 with $765 million.

Law firm Kirkland & Ellis LLP represented Sentinel. The Private Fund Group of Credit Suisse Securities (USA) Inc. LLC served in an advisory capacity with respect to the private placement.

03/2012

Marc Particelli joins Sentinel as Operating Partner

 Print     



Marc Particelli joins Sentinel as Operating Partner



NEW YORK, March 30, 2012 - Sentinel Capital Partners today announced that Marc Particelli joined the firm as an operating partner, which increases to five the number of Sentinel's operating partners. Mr. Particelli has worked closely with Sentinel since 2008 and currently is a director of Credit Infonet.

Mr. Particelli is an expert in the consumer marketing sector. He began his business career at Booz Allen & Hamilton, where he spent 21 years and was a senior partner in charge of the worldwide consumer products, services, and retail sectors. Upon leaving Booz Allen, Marc joined Odyssey Partners as an operating partner overseeing 23 portfolio companies. Upon dissolution of Odyssey, Marc joined Oak Hill Capital Management as a partner. He left private equity to become CEO of Modem Media, a leading Internet marketing services firm at the time. Since selling Modem Media, he has served as an outside director for several public and private companies, including portfolio companies of Odyssey and Oak Hill. He graduated with a BS Industrial Engineering degree from Lehigh University and an MBA from Harvard University.

02/2010

Edward Kuntz joins Sentinel Capital Partners as Operating Partner

 Print     



Edward Kuntz joins Sentinel Capital Partners as Operating Partner



NEW YORK, February 8, 2010 - Sentinel Capital Partners today announced that Edward Kuntz joined the firm as an operating partner, which increases to four the number of Sentinel's operating partners. Mr. Kuntz has worked closely with Sentinel since 2003 and currently is a director of Interim Healthcare and ReachOut Healthcare America. He also served as a director of Castle Dental Centers and Metro Dentalcare prior to the sale of these businesses.

Mr. Kuntz also serves as chairman of Kindred Healthcare, Inc. (NYSE), one of the largest providers of long-term health care services in the United States. He joined Kindred in 1998 and served as CEO from 1999 to 2003. In 2004, he retired as CEO and became Executive Chairman. Mr. Kuntz also serves as a director of Rotech Healthcare, a publicly held provider of oxygen and related healthcare products. Previously, Mr. Kuntz was Chairman and CEO of Living Centers of America (NYSE), a long-term health care company operating more than 250 nursing centers and a pharmaceutical distribution and contract rehabilitation therapy business.

Mr. Kuntz has been active in numerous professional and trade associations. He is a director of the Alliance for Quality Healthcare, a multi-facility long-term care organization. He is a past member of the Board of Governors of the American Health Care Association and a former director of the Federation of American Hospitals.

Mr. Kuntz began his career in the private practice of law. He then served as Associate General Counsel of ARA Services (now Aramark) from 1978-1985 when he became Executive Vice President of ARA Living Centers. He held that position from 1985 until the formation of Living Centers of America in 1992. Mr. Kuntz received a BA degree, magna cum laude, and JD and Master of Law degrees from Temple University, where he was an editor of the law review and a Barenkopf Scholar.

Sentinel Capital Partners is a private equity firm that specializes in buying and building smaller middle market companies in the United States and Canada in partnership with management. Sentinel targets consumer products, food and restaurants, franchising, manufacturing, and service businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures and going-private transactions of established businesses with EBITDA of between $5 million and $35 million.

02/2010

Sid Feltenstein joins Sentinel as Operating Partner

 Print     



Sid Feltenstein joins Sentinel as Operating Partner



NEW YORK, February 8, 2010 - Sentinel Capital Partners today announced that Sidney Feltenstein joined the firm as an operating partner, which increases to four the number of Sentinel's operating partners. Mr. Feltenstein has worked closely with Sentinel since 2001 and currently is a director of Interim Healthcare, Inscape Publishing, Massage Envy, and Southern California Pizza Company. He also served as a director of Tony Roma's prior to the sale of this business.

Mr. Feltenstein has had a successful career as a corporate executive and successful entrepreneur. In 1995, he led an private equity investment group that acquired A&W Restaurants. Under his leadership, the chain grew from 450 to almost 1,000 units in just five years. In 1999, FeItenstein led A&W's purchase of Long John Silver's. Under his leadership, A&W/Long John Silver's sales grew five times and its operating profits grew by 40 times. The company was sold to YUM! Brands in 2002 in a highly successful transaction.

Previously, Mr. Feltenstein was EVP of Worldwide Marketing for the Burger King Corporation and is credited for reversing an eight-year decline in customer traffic. Before that, he spent 19 years at Dunkin' Donuts in both operations and marketing positions. Most recently, he served as its Chief Marketing Officer.

Mr. Feltenstein is a past chairman of the International Franchise Association (IFA) and a former chairman of the IFA Educational Foundation. He also was the recipient of IFA's Entrepreneur of the Year Award. Mr. Feltenstein is a Trustee of Boston University and Chairman of its audit committee. He received a BA degree from Boston University.

Sentinel Capital Partners is a private equity firm that specializes in buying and building smaller middle market companies in the United States and Canada in partnership with management. Sentinel targets consumer products, food and restaurants, franchising, manufacturing, and service businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures and going-private transactions of established businesses with operating profit of between $5 million and $25 million.

07/2009

In Memoriam - Michael J. Myers, 1940-2009

 Print     



In Memoriam - Michael J. Myers, 1940-2009


Michael J. Myers
1940-2009


NEW YORK, July 1, 2009 - Sentinel Capital Partners announced today the passing of our friend and colleague, Michael J. Myers, at the age of 69.

An executive with a long and distinguished career in private equity, Michael Myers was a Senior Advisory Partner to Sentinel Capital Partners since its inception in 1995. He made a profound impact on Sentinel's founders during an association that spanned almost three decades.

Mr. Myers previously served as a Director of Sentinel portfolio companies Growing Family, Floral Plant Growers, and Tony Roma's prior to the sale of these businesses.

In 1972, Mr. Myers co-founded First Century Partners, the venture capital affiliate of Smith Barney, and has had overall responsibility for First Century's investment operations for the next 23 years. During this period, First Century invested in more than 60 venture-stage and middle market companies, primarily in the consumer, healthcare, and technology industries. In addition to serving as a Senior Vice President and Managing Director of Smith Barney, Mr. Myers was associated as an investor or director of several highly successful companies including American Health Corp., Apple Computer, Applicon, Entre Computer Centers, Colorcon, Floating Point Systems, FoxMeyer, HealthSouth, Iomega Corporation, Mobex Corporation, Office Depot, Perrigo Corporation, PhyCor, Prime Computer, Storage Technology, Summit Design, and ValleyLab.

From 1968 to 1972, Mr. Myers was associated with J.H. Whitney, a leading venture capital firm. He held an MBA from Harvard University, a JD with Honors from George Washington University, and a BS from the University of Illinois.

Our loss is softened by knowing what a privilege it was to know Mike and to work with him. We miss him greatly.

07/2008

Sentinel closes oversubscribed fourth lower middle market buyout fund with $765 million

 Print     



Sentinel closes oversubscribed fourth lower middle market buyout fund with $765 million


Sentinel to Continue Focus on Building Lower Middle Market Companies in Partnership with Management


NEW YORK, July 16, 2008 - Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, announced today the final closing of Sentinel Capital Partners IV, L.P. at $765 million. The fund, which initially targeted $600 million, was more than two times oversubscribed and closed within six months of its launch.

Sentinel will continue to focus on the same investment strategy it has successfully employed in previous funds—partnering with talented management teams to acquire businesses with $5–25 million of EBITDA and solid fundamentals in industries where the firm has significant experience and can bring valuable business insights. Sentinel invests in businesses in the consumer products, food and restaurants, franchising, manufacturing and service sectors. In addition to platform acquisitions, Fund IV will pursue transformational, like-size add-on acquisitions for its portfolio companies.

The placement agent for Fund IV was the Private Fund Group of Credit Suisse Securities (USA) Inc. Commenting on Sentinel's successful six-month fundraising in a challenging and uncertain market environment, John Robertshaw, Managing Director and Co-head of the Private Fund Group said, "Private equity firms like Sentinel are able to efficiently raise new funds for five key reasons. First, they have superior investment records, and in most cases, generate top-quartile performance. Second, the track record includes many realizations. Third, the investment team is stable and has been responsible for the firm's long-term track record. Fourth, the firm has had a consistent focus, which investors believe will not change going forward. And last, the firm receives very strong support from its existing investors."

"We are extremely pleased to have surpassed our expectations for Fund IV by such a wide margin and with the market's strong reception," said David S. Lobel, founder and managing partner of Sentinel. "We received very strong support from our existing limited partners and from a highly regarded group of new global investors. The fact that we completed the entire fundraising process in less than six months is a credit to the hard work and commitment of our team and to Credit Suisse, our placement agent."

"Sentinel's ability to navigate complex and relationship-intensive situations is greatly valued by corporate sellers, small business owners, and management teams alike, and we believe this puts Fund IV in a position to excel," said John F. McCormack, Sentinel's co-founder. "Small businesses outnumber large businesses 10 to 1, and as Baby-Boomer entrepreneurs continue to reach retirement age, we expect a strong, steady flow of very attractive deals in our strike zone for many years to come."

Sentinel's investors include some of the most sophisticated institutions in the United States, Canada, Europe, and Australia. Investors in Fund IV include college and university endowments, corporate pension plans, diversified financial institutions, foundations, insurance companies, investment advisors, state and government retirement systems, and Taft Hartley plans. Sentinel's previous fund, Sentinel Capital Partners III, L.P., closed in April 2005 with $319 million.

11/2006

Matt Harrison joins Sentinel as Operating Partner

 Print     



Matt Harrison joins Sentinel as Operating Partner



NEW YORK, November 20, 2006 - Sentinel Capital Partners today announced the appointment of Matthew C. Harrison as operating partner of the firm, which increases to 15 the number of Sentinel's investment professionals.

Mr. Harrison most recently served as an operating partner at Hampshire Equity Partners, a private equity firm specializing in mid-market buyouts. He worked with Hampshire's portfolio companies in a variety of roles including interim CEO, chairman of the board, and outside director.

Previously, Mr. Harrison spent eight years as an interim executive and corporate turnaround specialist. His assignments included court-appointed trustee, corporate restructuring officer, and CEO in a variety of industries. From 1990 to 1991, Mr. Harrison spent two years as a Managing Director at Buccino & Associates, Inc., a national turnaround management firm.

From 1986 to 1990, Mr. Harrison served as COO and court-appointed trustee of Wedtech Corporation, a Department of Defense contractor. In this role, while overseeing the bankruptcy proceedings of the company, he assisted federal and local government agencies to investigate and prosecute criminal cases against two U.S. congressmen and former management who had defrauded the company.

Before joining Wedtech, Mr. Harrison spent 20 years as an officer in the U.S. Army. Most recently, he held the rank of lieutenant colonel. During his 20 years in the military, Colonel Harrison served in a variety of assignments including senior intelligence officer on the Army General Staff in the Pentagon, and on the staff of the Supreme Headquarters of Allied Powers in Europe. He also completed two tours of duty in Vietnam, for which he was awarded the Silver Star, five Bronze Stars, and two Purple Hearts.

Mr. Harrison holds an MA in International Relations from The American University, a Certificate in Special Studies from the Harvard Business School, and a BS from the United States Military Academy at West Point.

Sentinel Capital Partners specializes in buying and building smaller middle- market companies in the United States and Canada in partnership with management. Sentinel targets consumer products, food and restaurants, franchising, manufacturing, and service businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures and going-private transactions of established businesses with operating profit of between $5 million and $25 million.

07/2005

Sentinel promotes Jim Coady and Paul Murphy to partner

 Print     



Sentinel promotes Jim Coady and Paul Murphy to partner



NEW YORK, July 25, 2005 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle-market companies, announced the promotions of James Coady and Paul Murphy to Partner.

"I am extremely pleased to acknowledge the significant achievements of these two outstanding investment professionals," said David S. Lobel, founder and Managing Partner of Sentinel. "Our people are the reason for our success and both Jim and Paul have played a significant role in Sentinel's performance to date. They share our enthusiasm for the future of our firm and we look forward to their continued contributions as we begin investing from our latest Fund."

Messrs. Coady and Murphy are involved in all aspects of the firm's transactions, from deal sourcing to exit. In addition, they serve as members of the Boards of Directors of several Sentinel portfolio companies. Their promotion as Partners follows the firm's recent completion of its $319 million Sentinel Capital Partners III, L.P.

John F. McCormack, co-founder and Senior Partner, said, "Jim and Paul understand the small buyout market very well and both have helped us greatly with our investments during their time with us. These promotions are well deserved and I want to thank them for their commitment to Sentinel and to our investors."

Among a number of acquisitions and realizations over the past 16 months, Sentinel last month acquired Madill Inc., a leading manufacturer, marketer and distributor of forestry equipment based in Canada. In May, Sentinel acquired Metro Dentalcare, a leading regional dental clinic operator and provider of group dental care in the greater Minneapolis/St. Paul metropolitan area. Also in May, Sentinel sold Falcon Holdings, one of the largest franchisees in the worldwide chain of Church's Chicken restaurants.

Mr. Coady, formerly a Principal, joined Sentinel in 1998. He currently serves as a Director of Metro Dentalcare, Nivel and NorSun Food Group. He also served as a Director of Cottman Transmission Systems and Falcon Holdings prior to the sale of these businesses. From 1995 to 1998, Mr. Coady was an Associate at First Chicago Equity Capital, and previously spent two years as an Analyst at Alex. Brown & Sons. He holds an MBA from Northwestern University's J.L. Kellogg Graduate School of Business and a BA from Harvard University where he was a member of Harvard's NCAA Championship hockey team.

Mr. Murphy joined Sentinel as a Principal in 2000. He currently serves as Chairman of Metro Dentalcare. He also served as a Director of Castle Dental Centers prior to the sale of this business. From 1997 to 2000, Mr. Murphy was a Director at Dilmun Investments, Inc. Prior to working at Dilmun, Mr. Murphy was a Vice President in the Financial Buyers Group at NationsBanc Capital Markets, Inc. Previously, he spent two years as an Associate in the Merchant Banking Group of Chase Manhattan Bank. Mr. Murphy holds an MBA from Georgetown University and a BS from the United States Military Academy at West Point. Mr. Murphy spent five years as an Artillery officer in the US Army where he attained the rank of Captain.

03/2003

Sentinel promotes Eric Bommer to Partner

 Print     



Sentinel promotes Eric Bommer to Partner



NEW YORK, March 3, 2003 - Sentinel Capital Partners today announced that Eric D. Bommer has been promoted to Partner.

Mr. Bommer joined Sentinel in 1997 as a Vice President and was promoted to Principal in 1999. He currently serves as a Director of Alemite Corporation, Floral Plant Growers, NorSun Food Group, and Tony Roma's. He also served as a Director of Met Merchandising Concepts prior to Met's sale. Previously, he was an Associate at Gefinor Acquisition Partners, L.P., a private equity fund that specializes in investing in underperforming, middle market companies, from 1995 to 1997. From 1993 to 1995, Mr. Bommer worked in the Investment Banking Division of CS First Boston on a variety of corporate finance and merger and acquisition transactions. Previously, he spent a year at LaSalle Partners as a financial analyst.

From 1991 to 1992, Mr. Bommer was captain of the Livingston Kings, a Scottish professional hockey team that he helped lead to the Scottish First Division Championship. He holds a B.A. degree from Brown University with a double major in Business Economics and Organizational Behavior. He was also a captain of Brown's Varsity Hockey Team.

Sentinel Capital Partners specializes in buying and building smaller middle market companies in the United States and Canada in partnership with management. Sentinel targets business and marketing services companies, consumer products and services, food and restaurants, franchising, and niche/light manufacturing businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures and going-private transactions of established businesses with $3-15 million of operating profit.

10/2002

Tom Fitzpatrick joins Sentinel a Senior Advisory Partner

 Print     



Tom Fitzpatrick joins Sentinel a Senior Advisory Partner



NEW YORK, October 15, 2002 - Sentinel Capital Partners is pleased to announce that Thomas P. Fitzpatrick has joined the firm as a Senior Advisory Partner.

Mr. Fitzpatrick has worked closely with Sentinel's founders for more than a decade. He currently serves as a Director of Alemite Corporation, a Sentinel portfolio company. Previously, Mr. Fitzpatrick spent the majority of his career at Coopers & Lybrand in a variety of senior executive positions. While at Coopers & Lybrand, he led the team that supported acquisition due diligence reviews required by Sentinel to support its investment operations.

In his 34 years with Coopers & Lybrand, Mr. Fitzpatrick held a number of significant positions. He was a member of the firm's Executive Committee, National Director of Mergers and Acquisitions, and Partner in Charge of the New York office's Financial Advisory Practice. Over the course of his career, he has worked with dozens of private equity firms conducting due diligence and acquisition reviews on hundreds of investment opportunities. In addition, Mr. Fitzpatrick was the Partner in Charge of Coopers & Lybrand's Investment Committee, which was responsible for investing the partners' personal funds in private equity and venture capital.

From 1997 to 2000, Mr. Fitzpatrick was Senior Vice President and Chief Financial Officer of Englehard Corporation, a Fortune 500 company involved in surface and material sciences. Mr. Fitzpatrick is a CPA and holds a BBA from St. John's University.

01/2002

Sentinel promotes Jim Coady to Principal

 Print     



Sentinel promotes Jim Coady to Principal



NEW YORK, January 4, 2002 - Sentinel Capital Partners today announced that James D. Coady has been promoted to Principal.

Mr. Coady joined Sentinel in 1998 as a Vice President. From 1995 to 1998, he was an Associate at First Chicago Equity Capital, the private equity division of First Chicago NBD which specializes in investing in middle market companies. Previously, Mr. Coady spent two years as an Analyst at Alex. Brown & Sons. He holds an MBA from Northwestern University's J.L. Kellogg Graduate School of Business and a BA from Harvard University where he was a member of Harvard's NCAA Championship hockey team.

07/2000

Paul Murphy joins Sentinel as Principal

 Print     



Paul Murphy joins Sentinel as Principal



NEW YORK, July 18, 2000 - Sentinel Capital Partners is pleased to announce that Paul F. Murphy has joined the firm as a Principal.

Prior to joining Sentinel, Mr. Murphy had been employed since 1997 by Dilmun Investments, Inc., the U.S. private equity affiliate of Bahrain International Bank E.C. While at Dilmun, Mr. Murphy focused on originating, structuring and executing private equity investments in middle market companies in a variety of industries, including consumer products, financial services, restaurants, media and entertainment, healthcare and outsourcing services.

Mr. Murphy worked closely with many portfolio companies in which Dilmun was either the sole or lead equity investor, including Sarah Michaels, Inc., a marketer of women's bath and beauty products; Thompson Products, Inc., a manufacturer of photo albums; Capital Recovery Service, Inc., a debt-collection firm; Brothers Gourmet Coffees, Inc., a roaster of gourmet coffee; Springfield Service Corporation, a medical billing firm for physician groups; Independent Pictures, Inc., an independent film production company; and Sydran Food Services II, L.P., a franchisee of Burger King restaurants.

Previously, Mr. Murphy was a Vice President in the Financial Buyers Group at NationsBanc Capital Markets, Inc., where he focused on providing debt and equity financing for leveraged buyouts and recapitalizations. Prior to that, he was an Associate in the Merchant Banking Group of Chase Manhattan Bank, where he focused on private equity and subordinated debt investments in middle market companies.

Mr. Murphy holds an MBA from Georgetown University and a Bachelor of Science degree from the United States Military Academy at West Point. Mr. Murphy is also a former Army Officer and served in an Infantry division for five years attaining the rank of Captain.

12/1999

Sentinel promotes Eric Bommer to Principal

 Print     



Sentinel promotes Eric Bommer to Principal



NEW YORK, December 18, 1999 - Sentinel Capital Partners today announced that Eric D. Bommer has been promoted to Principal.

Mr. Bommer joined Sentinel in 1997 as a Vice President. Previously, he was an Associate at Gefinor Acquisition Partners, L.P., a private equity fund that specializes in investing in underperforming, middle market companies, from 1995 to 1997. From 1993 to 1995, Mr. Bommer worked in the Investment Banking Division of CS First Boston on a variety of corporate finance and merger and acquisition transactions. Previously, he spent a year at LaSalle Partners as a financial analyst.

From 1991 to 1992, Mr. Bommer was captain of the Livingston Kings, a Scottish professional hockey team that he helped lead to the Scottish First Division Championship. He holds a B.A. degree from Brown University with a double major in Business Economics and Organizational Behavior. He was also a captain of Brown's Varsity Hockey Team.

06/1999

Sentinel closes new fund, Sentinel Capital Partners II, L.P.

 Print     



Sentinel closes new fund, Sentinel Capital Partners II, L.P.



NEW YORK, June 30, 1999 - Sentinel Capital Partners is today announced the final closing of Sentinel Capital Partners II, L.P., its second private equity fund. Major institutional investors include Travelers, Fleet Financial, Pacific Corporate Group, Mayo Foundation, Chase Manhattan Bank, Prudential, Kemper, Mass Mutual, Heller Financial, PNC Bank, HSBC Group, University of Wisconsin, and Provident Financial Group. Several high net worth families also invested in Sentinel.

Sentinel's investors are sophisticated direct equity and fund investors who can also participate in transactions with Sentinel in various layers of the capital structure. Sentinel believes the association with these investors brings important strategic advantages.

01/1998

Sentinel ranked in top 15 venture capital firms in New York

 Print     



Sentinel ranked in top 15 venture capital firms in New York



03/1997

Eric Bommer joins Sentinel as Vice President

 Print     



Eric Bommer joins Sentinel as Vice President



NEW YORK, March 25, 1997 - Sentinel Capital Partners today announced that Eric D. Bommer has joined the firm as a Vice President.

For the past two years, Mr. Bommer has been an Associate at Gefinor Acquisition Partners, L.P., a private equity fund that specializes in investing in underperforming, middle market companies. While at Gefinor, he worked closely with Alexander Doll Company, Sheaffer Pen Company, and Fournier Furniture, Inc.

From 1993 to 1995, Mr. Bommer worked in the Investment Banking Division of CS First Boston on a variety of corporate finance and merger and acquisition transactions. Previously, he spent a year at LaSalle Partners as a financial analyst where he worked on the divestiture of the RTC's National Land Fund. From 1991 to 1992, Mr. Bommer was captain of the Livingston Kings, a Scottish professional hockey team that he helped lead to the Scottish First Division Championship. He holds a B.A. degree from Brown University with a double major in Business Economics and Organizational Behavior. He was also a captain of Brown's Varsity Hockey Team.

11/1995

Former Smith Barney executives launch private equity firm Sentinel Capital Partners to focus on lower middle market

 Print     



Former Smith Barney executives launch private equity firm Sentinel Capital Partners to focus on lower middle market



NEW YORK, November 15, 1995 - Sentinel Capital Partners today announced a closing of its first fund, Sentinel Capital Partners, L.P.

Sentinel was established by two Smith Barney executives, David S. Lobel and John F. McCormack, investment professionals who established their track records at First Century Partners, Smith Barney's venture capital affiliate. Mr. Lobel joined Smith Barney in 1981 and has been a general partner of funds managed by First Century since 1983, as well as a Managing Director of Smith Barney. Mr. McCormack, who has worked closely together with Mr. Lobel for the past six years, joined First Century in 1990 as a Vice President.

In addition, Frank E. Richardson and Michael J. Myers, two investment professionals who bring substantial value and experience relevant to Sentinel, have become Senior Advisory Partners. Mr. Richardson is the former President of Wesray Capital Corporation, a private investment firm founded by William E. Simon, former Secretary of the Treasury. Mr. Myers is the President of First Century, and has worked closely with Sentinel's founders for many years. Messrs. Richardson and Myers are also investors in Sentinel.

Major institutional investors in Sentinel include The Travelers Group, parent company of Smith Barney with whom the General Partners have been closely associated for many years; Fleet Equity Partners, the private equity affiliate of Fleet Financial Group, one of the ten largest banks in the U.S.; Mayo Foundation; PNC Venture Management, the private equity affiliate of PNC Bank; Provident Bancorp; and affiliates of Dress Barn Corporation. Sentinel's investors are sophisticated direct equity and fund investors who can also participate in transactions with Sentinel in various layers of the capital structure. Sentinel believes the association with these investors brings important strategic advantages.