- Nonantum Capital targets $250 mln
- Will focus on founder-owned businesses
- Joined by David Ganitsky, a principal at Charlesbank
Jon Biotti, a managing director at Charlesbank Capital Partners, left to start his own firm with the support of the Boston shop, three people told Buyouts.
Biotti is forming Nonantum Capital Partners, which will target $250 million with a $350 million hard cap, sources said.
He’ll be joined at Nonantum by David Ganitsky, a principal at Charlesbank who joined the firm in 2006 from Parthenon Group; and Nicholas Nomicos, an ex-managing director at Bain Capital Credit (formerly called Sankaty Advisors), who ran the portfolio group.
Nonantum does not yet have a website. Biotti didn’t respond to a LinkedIn connection request.
Fund I will target investments in family-founder businesses, as well as possibly corporate carve-outs, in the consumer, industrial and business services sectors, one person said. Nonantum will focus on businesses with Ebitda below $20 million, the person said.
Biotti has left Charlesbank but will be housed within the firm in the interim. The launch of Nonantum was done in collaboration with Charlesbank, sources said. It’s not clear if the larger firm has an economic interest in the new venture.
Biotti had worked at Charlesbank since 1998, when he joined from Harvard Business School. He also worked as a banking associate at Brown Brothers Harriman.
Nonantum is a village in Massachusetts and a Native American word for “blessing,” according to the New England Historical Society.
Action Item: Read Charlesbank’s Form ADV here: http://bit.ly/2FU9syd
Photo of Jon Biotti sourced from archived version of Charlesbank’s website