Bret Wiener has left H.I.G. Capital after 11 years and formed Gemspring Capital LLC, where he is managing partner.
Wiener’s LinkedIn profile said he departed H.I.G. this month.
Westport, Connecticut-based Gemspring will focus on investing in lower middle market companies in sectors including business services, healthcare services and industrial services.
Term Sheet reported on Wiener’s departure earlier.
His departure comes nearly a year after Tim Armstrong exited H.I.G. Armstrong was a managing director in the firm’s middle market business. He has since joined Roark Capital Group where he is a managing director.
In December, the time of Armstrong’s departure, H.I.G.’s middle market team numbered about 38 professionals across offices in Miami, New York and San Francisco, PE HUB reported.
Wiener joined H.I.G. in 2004 and was promoted four years later to MD. Prior to H.I.G., Wiener worked for Microsoft’s Corporate Strategy Group.
H.I.G.’s second middle market fund closed at $1.75 billion in 2014. A very young fund, the second pool is producing a -4.05 percent average IRR and a 0.97x average multiple as of March 31, data provider Bison said.
Executives for H.I.G. could not be reached for comment.
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