Turnspire Capital Partners has recruited Joseph Bondi, Mark Borseth, Neil Minihane and Val Shtraks as operating partners. Previously, Bondi worked at Alvarez & Marsal where he was a managing director; Borseth is a former CFO at Constar International; Minihane is the principal and founder of Turn Works; and Shtraks is a co-founder and managing partner of Bath Authority.
New York, NY (December 11, 2014) – Turnspire Capital Partners is pleased to announce four operating partners – Joseph Bondi, Mark Borseth, Neil Minihane and Val Shtraks – who bring extensive operational and sector expertise relevant to Turnspire’s strategy of investing in special situations in the broader manufacturing space. The operating partners will be involved in many critical elements of the investment lifecycle, ranging from due diligence, to working with portfolio companies to identify and implement operational enhancements, to advising on strategic growth initiatives.
Ilya Koffman, a Managing Partner of Turnspire, said, “Working with experienced and savvy executives is a core element of our hands-on, operationally focused strategy designed to drive sustainable improvements in controllable costs, margins and cash flow. We are excited to formalize our relationships with Joe, Mark, Neil and Val, each of whom brings invaluable experience and perspectives to Turnspire.”
The backgrounds of Turnspire’s operating partners are:
· Joseph A. Bondi – Joe has extensive experience in turnarounds, restructurings and interim management. He spent more than 25 years at Alvarez & Marsal, a leading global professional services firm that delivers performance improvement, turnaround management and business advisory services, where he was a Managing Director and co-head of the United States turnaround and restructuring practice. Joe has served in a number of executive positions, including CEO, CRO and Chairman, of companies requiring strategic, financial and operational change.
· J. Mark Borseth – Mark has over 30 years of executive, financial, operational and turnaround experience in the manufacturing space. He was most recently Chief Financial Officer of Constar International, a manufacturer of plastic bottles for the food and beverage industry. Prior to Constar, Mark was Chief Financial Officer of Eclipse Aviation, a privately held manufacturer of jet aircraft for the general aviation market. Prior to Eclipse Aviation, Mark spent over 20 years in functional and operational leadership roles at 3M, a Fortune 100 diversified industrial company.
· Neil J. Minihane – Neil has nearly 20 years of comprehensive experience as an operations focused executive. He is the Principal and founder of Turn Works LLC, where he has spent more than 15 years implementing operational changes to increase the profitability and efficiency of companies that are mature and/or underperforming. Prior to forming Turn Works LLC, Neil served as a Vice President of Operations with The Heico Companies, which was a turnaround private equity firm.
· Val Shtraks – Val has over 30 years of executive, financial, operational and engineering experience. He is a co-founder and Managing Partner of Bath Authority LLC (d/b/a DreamLine), a designer, manufacturer and marketer of branded shower doors, tub doors and shower-related products. Val is also the President of Zhongshan DomuStar Shower Company Limited, Bath Authority’s wholly foreign-owned enterprise affiliate in China.
“We look forward to working with our operating partners as we execute our strategy of acquiring high-quality companies, both healthy and distressed, with significant opportunities to create value through operational improvements,” added Turnspire Managing Partner Michael Khutorsky. “We will continue expanding our relationship network with like-minded executives to work with Turnspire to drive best-in-class practices for our businesses and deliver value to our stakeholders.”
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire’s investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.