Hal Rosser will leave New York-based private equity firm Bruckmann, Rosser, Sherrill & Co. to launch a new private equity firm with colleagues Jacob Organek and his son, Luke Rosser. He was one of the founders and managing directors of the firm.
In a statement released by the private equity firm, Rosser said that founding his own shop represents “a long-time dream and this is the right time to pursue it.” Specifics on the new firm were not immediately available and Rosser could not be reached for comment.
(UPDATE: peHub spoke with Stephen Sherrill, one of the PE firm’s remaining founders, and he tells us that because Bruckmann’s key man provision would require two, and not one, of its four most senior members to depart to constitute a breach, the defection of Rosser for his father-and-son endeavor does not get the remaining team in hot water with LPs. Sherrill and Thomas Baldwin, another of Bruckmann’s most senior members, told peHub that the move has no impact on the PE firm’s third fund, which is only about 25% deployed and has about 36 months remaining on its initial investment period. At this time, they said, there are no plans established to begin engaging LPs on a BRS Fund IV.)
Rosser also indicated he will continue to be an investor with his former firm following his departure.
Bruckmann, Rosser, Sherrill & Co., which will continue to operate under its same identity, was launched by Rosser, Bruce Bruckmann and Sherrill in 1995 after leaving Citicorp Venture Capital. In 2000, the PE firm’s leadership was expanded to include Baldwin.
Luke Rosser joined the private equity firm in 2009 as a senior associate; Organek joined Bruckmann Rosser Sherrill & Co. in 2003 as an analyst after working at Lehman Bros.
Earlier today, the private equity firm announced that it made its first exit from its third fund, BRS Fund III, selling Seroyal to Atrium Innovations Inc.