Blackstreet Capital Management
{{Short description|American private equity firm}}
{{Infobox company
| name = Blackstreet Capital Management
| logo =
| type =
| foundation = 2002
| founder = Murry Gunty
| location = Chevy Chase, Maryland
| industry = Private equity
| products =
| assets =
| homepage = {{URL|blackstreetcapital.com}}
| num_employees =
}}
Blackstreet Capital Management, LLC is a private equity firm that invests in and operates small to mid-sized distressed companies. It was founded in 2002 in Chevy Chase, Maryland,{{cite web |last= |first= |date= |title=Overview |url=http://www.blackstreetcapital.com/overview/ |access-date=9 December 2015 |website= |publisher=Blackstreet Capital |quote=}} by Murry Gunty, who still acts as managing partner.{{cite web | url =https://www.bloomberg.com/profiles/people/1870675-murry-neal-gunty | title = Murry Gunty Managing Partner | last = | first = | date = | website = | publisher =Bloomberg Businessweek | access-date =10 December 2015 | quote = }}
History
Blackstreet was founded by Gunty in 2002 as Milestone Capital Partners, in a joint venture with Milestone Merchant Partners.{{cite web | url =http://www.businesswire.com/news/home/20070216005446/en/Milestone-Capital-Management-LLC-Announces-Change
| title = Milestone Capital Management, LLC Announces Name Change | last = | first = | date =16 February 2007 | website = | publisher =Business Wire | access-date = | quote = }} Robert Pincus, the vice chairman of Eagle Bank; and Thomas Hale Boggs, Jr., a prominent Washington lawyer, promptly joined Blackstreet's board of advisers, providing the gravitas to attract investors.{{cite web | url =https://www.washingtonpost.com/wp-dyn/content/article/2008/10/05/AR2008100501930.html | title = Overview | last =Rosenwald
| first =Michael S. | date =6 October 2008 | work =The Washington Post | access-date = | quote = }}
Blackstreet invests in distressed companies, aiming to prevent the company's bankruptcy and benefit investors.{{cite web | url =https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=3770375 | title = Company Overview of Blackstreet Capital Management, LLC| last = | first = | date =10 December 2015 | website = | publisher =Bloomberg Businessweek
| access-date = | quote = }} Blackstreet funds niche manufacturers, internet and specialty retailers, distributors, restaurants, and healthcare service and device providers, among other industries.{{cite web | url =http://www.businesswire.com/news/home/20090128005830/en/Blackstreet-Capital-Raises-91-Million-Equity-Fund | title = Blackstreet Capital Raises $91 Million for Equity Fund
| last = | first = | date = 28 January 2009| website = | publisher =Business Wire | access-date = | quote = }}
As of 2015, Blackstreet had invested in more than 30 companies, mostly ones with less than $150 million in annual revenue. The company acquired AlphaGraphics,{{cite web | url =http://whattheythink.com/news/55853-blackstreet-capital-affiliate-purchases-alphagraphics/| title =Blackstreet Capital Affiliate Purchases AlphaGraphics| last = | first = | date =19 January 2012 | website = | publisher = WhatTheyThink | access-date = | quote = }} Jackson & Perkins,{{cite web | url =http://multichannelmerchant.com/crosschannel/blackstreet-capital-acquires-park-seed-jackson-perkins-24082010/| title =Blackstreet Capital Acquires Park Seed, Jackson & Perkins| last =Tierney | first = Jim| date =24 August 2010 | website = | publisher = Multichannel Merchant | access-date = | quote = }} Western Capital,{{cite web | url =https://www.bloomberg.com/apps/news?pid=conewsstory&tkr=URRN:US&sid=aSR_twuy5Arg| title =WCR, LLC Acquires a Controlling Interest in Western Capital| last = | first = | date =13 April 2010 | website = | publisher = Bloomberg News | access-date = | quote = }} and Jerry's Subs & Pizza.{{cite web | url =https://www.washingtonpost.com/business/capitalbusiness/capital-buzz-blackstreet-capital-dines-out-on-jerrys-subs-and-pizza/2013/06/14/69c08f78-d29e-11e2-8cbe-1bcbee06f8f8_story.html| title =Capital Buzz: Blackstreet Capital dines out on Jerry's Subs & Pizza| last =Heath | first =Thomas | date =16 June 2013 | work =The Washington Post | access-date = | quote = }} It sold Florida Tile to Panariagroup of Italy, Houston Harvest Gift Products to Signature Brands,{{cite web | url =https://www.reuters.com/article/idUS136309+25-Aug-2008+BW20080825 | title =Blackstreet Capital Affiliate Sells Houston Harvest | last = | first = | date =25 August 2008 | website = | publisher =Reuters | access-date = | quote = | archive-date =4 March 2016 | archive-url =https://web.archive.org/web/20160304231343/http://www.reuters.com/article/idUS136309+25-Aug-2008+BW20080825 | url-status =dead }}{{cite web | url =http://www.businesswire.com/news/home/20080825005739/en/Blackstreet-Capital-Affiliate-Sells-Houston-Harvest | title = Blackstreet Capital Affiliate Sells Houston Harvest | last = | first = | date =25 August 2008| website = | publisher =Business Wire | access-date = | quote = }} and PJCOMN Acquisition Corporation to Essential Pizza.{{cite web | url =https://www.pehub.com/2007/10/blackstreet-sells-papa-johns-chain/| title =Blackstreet Sells Papa John's Chain| last = | first = | date =8 October 2007| website = | publisher = PeHUB | access-date = | quote = }}
In 2016, Blackstreet and Gunty agreed to pay more than $3.1 million to the Securities and Exchange Commission to settle charges that they engaged in brokerage activity and charged fees without registering as a broker-dealer and committed other securities law violations.{{cite web| title=PE firm settles with SEC over secondaries deal|url=https://www.secondariesinvestor.com/blackstreet-fined-for-secondaries-deal/|date=June 6, 2016|publisher=Secondaries Investor}}
Management
Gunty is the founder and managing partner of Blackstreet Capital. Gunty graduated from Harvard College, where he received a BA in economics, and Harvard Business School, where he received an MBA. Before founding Blackstreet, Gunty was a general partner at Jacobson Partners, LP, and was a partner at Lazard Freres Real Estate, LLC. He also worked as an analyst for the Blackstone Group.{{cite web | url =https://www.bloomberg.com/research/stocks/private/person.asp?personId=139484&privcapId=3770375| title =Executive Profile Murry N. Gunty| last = | first = | date =10 December 2015 | website = | publisher = Bloomberg Businessweek | access-date = | quote = }}{{cite web | url =http://www.blackstreetcapital.com/team/murry_gunty/| title =Murry Gunty| last = | first = | date =| website = | publisher = Blackstreet Capital | access-date =9 December 2015 | quote = }}
Gunty has sat on several boards, including Rauch Industries, American Combustion Industries, Flow Dry Technology, PJCOMN, and Florida Tile.
References
{{reflist}}
External links
{{Portal|Companies}}
{{DEFAULTSORT:Blackstreet Capital Management}}
Category:2002 establishments in Maryland
Category:American companies established in 2002
Category:Financial services companies established in 2002
Category:Private equity firms of the United States