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GLENCOE CAPITAL APPOINTS DOUGLAS S. KEARNEY AS PRINCIPAL
Detroit investment professional joins Michigan Opportunities Fund team in Birmingham, MI
DETROIT - (May 11, 2009) Jason L. Duzan, managing director of private equity firm Glencoe Capital, today announced the appointment of Douglas S. Kearney as principal of the firm. Kearney will help manage the firm's latest fund, the Michigan Opportunities Fund, and will work from Glencoe Capital's new office in Birmingham, Mich.
“We are pleased to add a professional of Doug's caliber to the investment team of our Michigan Opportunities Fund,” said Duzan. “His knowledge of Michigan's business environment and the investment opportunities here in the State will be essential to achieving the goals of the Fund.”
The Michigan Opportunities Fund represents a new model for targeted private equity investment in Michigan. Focused on providing capital to successful and growing companies across the state, Glencoe Capital's new fund received an initial allocation of $150 million in 2008 from the State of Michigan Retirement Systems as part of the state's InvestMichigan! program.
As principal, Kearney is charged with sourcing, executing and managing Michigan Opportunities Fund investments. He will also provide financial and operational expertise to the management teams at the Fund's portfolio companies.
Before joining Glencoe Capital, Kearney was a principal at Detroit-based Superior Capital Partners, where he sourced and executed special situation portfolio investments in the lower middle market. Previously, he was a managing director for Conway MacKenzie & Dunleavy, a Detroit-based middle-market turnaround and performance improvement firm, where he filled senior restructuring and executive positions in an array of turnaround assignments.
From 2001 through 2006, Kearney served as chief financial officer of Lason Inc., a global provider of business process outsourcing services with more than $175 million in revenues and operations in North America, the Caribbean, India and China. At Lason, he was a key principal in executing restructuring and growth plans that tripled the company's earnings, creating value to investors of five times the original investment. Kearney has also held positions with PricewaterhouseCoopers, DaimlerChrysler and IBM.
A CPA, Kearney holds an MBA from Yale University and a BBA from the University of Michigan.
For more information, contact:
or
Clovis, Inc.
(312) 346-1700
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