Quad-C Management may need to rename itself Triple-C, as partner Gary Binning is leaving. Principals Bob Haswell and Asish Rughwani are also out, although all three remain on the firm’s website. This means that Quad-C has no senior managers left in New York, as the rest of its team is based in McLean, Virginia.
Quad-C says that the pros are “leaving of their own volition to pursue their own separate opportunities.” That sentiment was echoed this morning during a phone conversation with Binning, who says that he does not yet have firm future plans. He also stressed that the departure had nothing to do with his and Haswell’s participation in a deal for Jiffy Lube franchisor Heartland Automotive, which recently filed for Chapter 11 bankruptcy protection: “Our investors made 3x their money on that deal, so it obviously is unrelated.”
Quad-C focuses on owner recaps/family succession deals, management buyouts and industry consolidation plays. It’s seventh fund closed last year with approximately $850 million, plus a $122 million co-investment vehicle.