North Cove Partners Spins off PE Firm

North Cove Partners said Thursday that it has spun off from Bank of America to create an independent private equity firm. North Cove will continue to manage over $6 billion of private equity investments on behalf of Bank of America and other investors, the firm said, adding that it would raise a new fund in the “near future.” Managing Partners Chris Birosak, Brian Gorczynski and Angel Morales lead the New York-based firm. Each were managing directors of Merrill Lynch Global Private Equity, and, after the Merrill Lynch, Bank of America merger, for BAML Capital Partners.

PRESS RELEASE
North Cove Partners announced today that it has closed on a transaction with Bank of America to spin off from the company and form an independent private equity firm. North Cove will continue to manage over $6 billion of private equity investments on behalf of Bank of America and other investors. North Cove intends to raise a new private equity fund in the near future while continuing to manage the Bank of America portfolio.

The firm will be led by Managing Partners Chris Birosak, Brian Gorczynski and Angel Morales, who have over 40 years of combined private equity investment experience and who have been working together for the past eight years, initially as Managing Directors of Merrill Lynch Global Private Equity (MLGPE) and subsequently for BAML Capital Partners, the successor to MLGPE upon the merger of Bank of America and Merrill Lynch & Co. in 2009. North Cove will commence operations with 15 investment professionals based in New York.

“Brian, Angel and I are excited about our future as North Cove Partners and appreciate the support that Bank of America has shown during this transition. We look forward to continuing our investment strategy as an independent firm — to partner with exceptional management teams in acquiring middle market businesses in our sectors of focus,” said Managing Partner Chris Birosak.

“North Cove Partners is comprised of a team of talented and experienced investment professionals who have worked well together for a considerable time and who have delivered exceptional investment returns for Bank of America,” said Jim Forbes, Global Principal Investments executive at Bank of America.

About North Cove Partners
North Cove Partners principals have invested equity capital in 12 portfolio companies since 2004. North Cove targets investments in high-quality, market-leading companies in partnership with company management. The North Cove team will continue to focus on those industries it has successfully invested in the past: consumer products, energy, financial services, healthcare, industrials, and media.