Wiener leaves H.I.G. to launch Gemspring Capital

Wiener’s LinkedIn profile said he departed H.I.G. this month. He joined H.I.G. in 2004 and was promoted four years later to managing director. Prior to H.I.G., Wiener worked for Microsoft’s Corporate Strategy Group.

Westport, Connecticut-based Gemspring will focus on investing in lower middle-market companies in sectors including business services, healthcare services and industrial services.

Wiener’s departure was first reported by Fortune.

His exit comes nearly a year after Tim Armstrong left H.I.G. Armstrong was a managing director in the firm’s middle-market business. He has since joined Roark Capital Group as a managing director.

In December, about the time Armstrong departed, H.I.G.’s middle-market team numbered about 38 professionals across offices in Miami, New York and San Francisco.

H.I.G.’s second middle-market fund closed at $1.75 billion in 2014. Still in its J curve, the second pool generated 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.

Action Item: Bret Wiener can be reached at bret@gemspring.com.