Quadrangle Group Winds Down

New York-based private equity firm Quadrangle Group is winding down, though it plans to reemerge under a different name, Reuters said, citing an article in the New York Post. The media-focused firm was co-founded by ex-car czar Steve Rattner. Rattner left the firm last year, and is currently the subject of a lawsuit by outgoing New York attorney general Andrew Cuomo.

(Reuters) – Quadrangle Group, a media-focused private equity firm founded by ex-car czar Steve Rattner, is winding down, the New York Post reported.

Quadrangle will no longer exist in its current state as it attempts to resurface under a new name in coming weeks, the paper said, citing sources familiar with the firm’s plans. The new entity will probably be more focused on managing client assets in the near-term, a source told the Post.

Rattner left Quadrangle last year, and relations between the two have become strained.

Quadrangle executives and Rattner’s spokesman declined to comment to the paper. Reuters could not immediately reach Quadrangle for comment.

(Reporting by S. John Tilak in Bangalore; Editing by Lisa Von Ahn)