The news was announced earlier today in a mass email from Michael Rafael, a CMS director who is leaving alongside Daniel Eisenstadt (managing director) and Marc Nathan (director). All three will be partners with MDM Equity Partners, which “will invest in and operate small businesses.”
Rafael writes that the trio’s first investment is in the veterinary services sector, without prividing additional details. The above photo is from the sparse MDM website, but appears to be for a hot dog shop in Albuquerque (we’ll assume that Raphael was referring to literal animals, not metaphoric ones).
I spoke briefly to Raphael on his cell phone, and he promised to call back later in the afternoon. I’ve also sent an email to CMS chief investment officer William Landman, to see what these departures mean for his small-cap effort going forward (Philadelphia-based CMS also manages mezz investments, real estate investments and a life insurance co-op).