Wynnchurch Capital-backed Critical Process Systems Group named Dmitry Shashkov as chief executive officer. Former CEO Paul Frascoia is leaving the company to pursue other opportunities, but will remain a senior adviser. Most recently, Shashkov worked as president and CEO of Exogenesis, a nanotech startup focused on medical devices.
Critical Process Systems Group (“CPS”), a portfolio company of Wynnchurch Capital, L.P. (“Wynnchurch”), announced today that it has appointed Dmitry Shashkov as Chief Executive Officer and that former CEO, Paul Frascoia, is departing to pursue other opportunities. Mr. Frascoia will remain a senior advisor to the company.
Mr. Frascoia’s career with the company began in 2001 at Fab-Tech, a predecessor company of CPS, and became President of CPS Group in 2005, leading the business through several successful acquisitions and divestitures and the subsequent buyout of the company by Wynnchurch Capital. Chris O’Brien, Managing Partner at Wynnchurch and CPS Board Chair, commented, “Paul has been instrumental in leading CPS through years of improvement and growth. We appreciate his service to the company and wish him well in his new endeavor. We are also excited about the significant opportunities that lie ahead for CPS under Dmitry’s leadership.”
With more than 20 years in the semiconductor and life science industries, Mr. Shashkov brings a wealth of experience to CPS. Originally trained in physics and materials science, he started his career with McKinsey and Company, a management consultancy, where he served clients predominantly in the pharmaceutical and chemical industries on the issues of growth and strategy. Subsequently, Mr. Shashkov spent 8 years at Honeywell, involved in business development and leading various businesses of Honeywell’s Electronic Materials business unit. In 2010, he served as a President and CEO of HC Starck Inc., a world leading supplier of refractory metals to the semiconductor industry. Most recently, Mr. Shashkov was a President and CEO of Exogenesis, a nanotechnology startup focused on bringing novel medical devices to market. Concurrently, he served as a board member of CPS Group since 2018.
“We are excited to partner with Dmitry. His experience in building and executing growth strategies, as well as, his decades-long tenure in the semiconductor industry will be a great asset to CPS as the business continues on its growth path,” added Brian Crumbaugh, Partner at Wynnchurch Capital and CPS Board Member.
Dmitry Shashkov also commented, “I am excited to step up to the CEO role at CPS, and to partner with the Wynnchurch team in leading CPS through its next phase of growth. CPS has truly differentiated technology and exceptionally strong customer relationships – both great assets for any business. Since 2018, I have gotten to know the company and the management team, and I am convinced we will be successful in executing CPS’ growth strategy.”
Critical Process Systems Group, headquartered in Boise, Idaho, is a leading provider of mission-critical solutions for highly demanding industries and applications. The company provides a broad range of products & services including corrosive fume exhaust ducts and air flow control devices, high purity process utility modules, biopharmaceutical processing equipment, and liquid, chemical, and gas storage, blending, and delivery control products, as well as process and mechanical engineering services and project management. For more information, please visit: https://www.cpsgrp.com.
ABOUT WYNNCHURCH CAPITAL:
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with offices in California and Canada, was founded in 1999, and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch Capital manages a number of private equity funds with $4.2 billion of committed capital under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings. For more information, please visit: https://www.wynnchurch.com.