Last month, we reported that Eric Cohen had stepped down as a managing partner of WHI Capital. The news was confirmed by Adam Schecter, the firm’s founder and remaining managing partner. Now we’ve learned that Schecter is also gone, effective June 30.
No explanation has been given for either departure by WHI, a Chicago-based buyout firm focused on niche manufacturing, distribution and specialty service companies. Schecter’s voicemail, however, indicates that he has joined Geneva Glen Capital, a new private equity firm formed by Jeff Gonyo (ex-Wind Point Partners). It’s unclear if Cohen also is joining Geneva Glen.
I’ve left messages for both Schecter and Gonyo, and will update this post if they reply.
As for the future of WHI, I spoke briefly via phone with Mike Schopin, one of three investment professionals still listed on the WHI firm’s website. He said that WHI Capital still has dry powder from its $170 million fund raised in 2006, plus some additional commitments from sole sponsor William Harris Investors (family-based asset management firm).
Schopin added that no decisions had been made on whether to add new staffers, but that the remaining team is able to leverage the 20 or so investment pros working on other efforts for WHI.