CCMP Capital made news today as a bidder for Home Depot’s supply unit, but a more interesting story may be going on behind the scenes. peHUB has learned that CCMP recently laid off three principals and one managing director, while another managing director has left for greener pastures.
The roster reshuffling came after CCMP concluded that the firm’s financial/operational balance was too light on the latter. So out with principals Carty Chock, Jason Friedman, Stephan Oppenheimer, and managing director Lauren Taylor. In with a new group of full-time operating partners, which will be announced within the next few months.
In an unrelated and unexpected move, CCMP also has lost managing director and investment commitee member Matthew Lori, who has taken a similar role with New Mountain Capital. My understanding is that the move was largely made for family reasons (real ones, for a change), but specifics are unclear. He begins at New Mountain in two weeks
CCMP is the former growth equity and buyout team of JPMorgan Partners, and originally announced its spinout in March 2005. It has scheduled a final close on its first inddependent fund for July 30, with a $3.5 billion target and $4 billion hard cap. Credit Suisse is serving as placement agent.