Irving Place Capital

Since inception, Irving Place Capital and its predecessor, Bear Stearns Merchant Banking has made a number of investments in notable companies in the retail, consumer products, healthcare, energy, financial and business services, packaging and industrial sectors. Among the firm's most notable investments are the following (separated by the private equity fund from which the investment was made:

• Fund I - Aéropostale, Integrated Circuit Systems ({{NASDAQ|ICST}}), NRT Incorporated, Safety 1st ({{NASDAQ|SAFT}}), Standard Hotel
• Fund II - CamelBak Group, Multi-Packaging Solutions, New York & Company, Reddy Ice, Seven for All Mankind (jeans), Stuart Weitzman[https://web.archive.org/web/20050713073316/http://www.businessweek.com/bwdaily/dnflash/jun2005/nf20050629_6564_db035.htm Bear Stearns Tries on Shoes]. Business Week, June 29, 2005 and Vitamin Shoppe.[https://query.nytimes.com/gst/fullpage.html?res=950DEFDE1E38F931A35751C1A9649C8B63 Bear, Stearns Unit Is Said To Buy Vitamin Shoppe]. New York Times, December 2, 2002.
• Fund III - Aearo Technologies, Cabi, Caribbean Financial Group, Chesapeake Packaging[http://www.institutionalinvestor.com/Article/2194065/Irving-Place-Oaktree-Buy-Chesapeake.html?ArticleId=2194065 Irving Place, Oaktree Buy Chesapeake] {{Webarchive|url=https://web.archive.org/web/20160304093024/http://www.institutionalinvestor.com/Article/2194065/Irving-Place-Oaktree-Buy-Chesapeake.html?ArticleId=2194065 |date=2016-03-04 }}. May 05, 2009 Chromalox, Ironshore, Mold-Rite Plastics, Pet Supplies Plus, PlayCore,{{cite web|url=http://findarticles.com/p/articles/mi_pwwi/is_200702/ai_n18632143|title=FindArticles.com - CBSi|website=findarticles.com|access-date=2 October 2017}} Rag & Bone, Universal Hospital Services,[http://www.allbusiness.com/services/business-services/4346984-1.html Universal Hospital Services, Inc. Completes Acquisition by Bear Stearns Merchant Banking]. Business Wire, June 4, 2007 and Victor Technologies.[https://dealbook.nytimes.com/2010/10/06/irving-place-to-buy-thermadyne-for-200-million/ Irving Place to Buy Thermadyne for $200 Million]. New York Times, October 6, 2010
• Fund III SPV - Dynojet Research, and Ohio Transmission Corporation.

In 1997, John D. Howard was hired by Bear Stearns to launch a new private equity and merchant banking effort for the investment bank. Prior to joining Bear Stearns, Howard had been senior vice president of Wesray Capital Corporation and later co-founded Vestar Capital Partners in 1988. In 1998, Bear Stearns Merchant Banking raised its first fund with $200 million of investor commitments.

In 2001, Bear Stearns Merchant Banking completed fundraising for its second fund with $1.5 billion of investor commitments including a $500 million commitment from Bear Stearns.[http://nreionline.com/news/real_estate_bear_stearns_closes/ Bear Stearns closes $1.5 billion investment fund] {{webarchive|url=https://web.archive.org/web/20110714204120/http://nreionline.com/news/real_estate_bear_stearns_closes/ |date=2011-07-14 }}. National Real Estate Investor, May 2, 2001[https://query.nytimes.com/gst/fullpage.html?res=9B07E7DD1530F934A35752C0A9619C8B63 '08 Candidacy Could Shake Up Giuliani's Firm]. New York Times, January 7, 2007

{{history of private equity and venture capital}}

In 2006, Bear Stearns Merchant Banking raised its third fund with $2.7 billion of investor commitments.[http://www.altassets.com/news/arc/2006/nz9182.php BSMB closes latest fund on $2.7bn] {{webarchive|url=https://web.archive.org/web/20061016131950/http://www.altassets.com/news/arc/2006/nz9182.php |date=2006-10-16 }}. AltAssets, August 3, 2006{{cite web|url=http://www.psers.state.pa.us/org/board/resolutions/2005/bear_stearns.pdf|title=PSERS|website=www.psers.state.pa.us|access-date=2 October 2017}}

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Through the intervention of the Federal Reserve and other US Government agencies, Bear Stearns agreed to a sale of the company to JPMorgan Chase on March 24, 2008, which was completed on May 30, 2008. Following the closing of this transaction, Bear Stearns Merchant Banking became a part of JPMorgan Chase.[http://www.pehub.com/38993/new-life-new-fund-for-constellation-ventures/ New Life, New Fund for Constellation Ventures]. PE Hub, May 5, 2009

On November 1, 2008, Bear Stearns Merchant Banking completed a spin out from JPMorgan Chase to become Irving Place Capital.[http://www.pepdigest.com/index.php?option=com_content&task=view&id=1826&Itemid=24 BSMB is Now Irving Place]. Private Equity Professional Digest, October 29, 2008[http://www.peimedia.com/Article.aspx?article=31636&hashID=3052F49C040841D0210CA22FBFF7C1449702B776 Bear Stearns Merchant Banking rebrands] . Private Equity Online, October 28, 2008 As an independent firm, Irving Place Capital began focusing on its core strengths in industrial, packaging, consumer, and retail businesses, completing seven additional investments in those verticals for its third fund, and also making several exits. In 2014, with several of the third fund's investments needing extra time, Irving Place Capital sought a mechanism to provide liquidity to those limited partners in its third fund desiring it, while also providing those limited partners interested in participating in future value to do so.{{Cite news|url=https://www.pehub.com/2015/06/irving-place-to-let-fund-iii-lps-sell-at-full-value-or-roll-into-new-fund/|title=Irving Place to let Fund III LPs sell at full value or roll into new fund - PE Hub|date=2015-06-17|work=PE Hub|access-date=2018-01-31|language=en-US}} As a result, in July 2015, Irving Place Capital closed on a new vehicle, Irving Place Capital Partners III SPV, LP, with $1.5 billion in capital commitments. During the same period, Phil Carpenter joined John Howard in managing the firm as Co-Managing Partners.

Since the closing of the new fund, Irving Place Capital has purchased three additional portfolio companies - [https://www.otpnet.com/ Ohio Transmission Corporation],{{Cite press release|url=https://www.businesswire.com/news/home/20151002005641/en/Irving-Place-Capital-Completes-Acquisition-Ohio-Transmission|title=Press Release, Irving Place Capital Completes Acquisition Ohio Transmission|date=2 October 2015 }} a technical distributor of industrial products and provider of related services, [http://dynojet.com/ Dynojet Research],{{Cite news|url=http://www.aftermarketnews.com/american-capital-announces-the-sale-of-dynojet/|title=American Capital Announces the Sale of Dynojet}} a manufacturer of aftermarket performance-enhancing parts and accessories as well as diagnostic equipment for powersports vehicles, and [https://www.cokertire.com/ Coker Tire], a manufacturer of vintage-style tires for collector automobiles. In addition, it has made several add-on acquisitions to its portfolio companies, including add-on acquisitions for Alpha Packaging, Ohio Transmission, Pet Supplies Plus, and Universal Hospital Services.{{Cite web |title=Franchise Group acquires Pet Supplies Plus for $700M |url=https://www.retaildive.com/news/franchise-group-acquires-pet-supplies-plus-for-700m/594041/ |access-date=2023-08-25 |website=Retail Dive |language=en-US}}

The firm has also exited several portfolio companies during this period. In March 2017, the firm sold its investment in Cabi Holdings, a direct seller of women's apparel in the United States, Canada and the United Kingdom, to Sentinel Capital Partners.{{Cite news|url=https://www.pehub.com/2017/03/sentinel-capital-acquires-cabi/|title=Sentinel Capital Acquires Cabi}} In March 2017, it announced its sale of National Surgical Hospitals to Surgery Partners,{{Cite news|url=https://globenewswire.com/news-release/2017/05/10/981507/0/en/Surgery-Partners-to-Acquire-National-Surgical-Healthcare-from-Irving-Place-Capital.html|title=Surgery Partners to Acquire National Surgical Healthcare from Irving Place Capital}} a transaction which closed in August of that year. In May 2017, it agreed to sell Chromalox, a thermal technology company, to Spirax-Sarco Engineering plc,{{Cite news|url=https://www.businesswire.com/news/home/20170526005280/en/Irving-Place-Capital-Agrees-Sale-Chromalox-415|title=Irving Place Capital Agrees to sale of Chromalox}} a transaction which closed in July of that year.

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• {{Official website|http://www.irvingplacecapital.com}}

{{private equity firms}}

{{Merchant banking private equity groups}}

Category:Investment companies based in New York City

Category:Private equity firms of the United States

Category:Companies based in Manhattan

Category:Privately held companies based in New York City

Category:JPMorgan Chase

Category:Bear Stearns

Category:Financial services companies established in 1997

Category:1997 establishments in New York City

Category:American companies established in 1997