Toronto-based Altas Partners has hired Scott Werry, a former senior associate at Providence Equity Partners, as a principal.
At Providence, Werry focused on opportunities in the communications and business services sectors. He was previously an analyst at mid-market investment bank McColl Partners.
Werry is the seventh professional to join Altas Partners, launched last summer by former Onex Corporation managing director Andrew Sheiner. The Altas team includes operating partner Chris McElhone, a former Onex executive and director of business development at Husky Injection Molding Systems, one of Onex’s portfolio companies; chief operating officer and managing partner Andrew Dunn, a former vice chair at Deloitte who led the firm’s involvement with Canadian-based private equity funds; and director Prabh Chandoke, who joined the firm from Kohlberg Kravis Roberts in Menlo Park, California, where he focused on the infrastructure and technology sectors.
Altas’ strategy differs from other private equity firms by investing in companies with “more stable cash flow characteristics” and by holding them for longer than the typical five years, Sheiner told Private Equity International in a previous interview. The firm targets North American mid-market businesses without favouring a particular sector. It will focus on equity investments “from $75 million to more than $500 million”, according to its website.
The firm was unavailable to comment at press time.
“We’re looking for high quality operating businesses that one might contemplate owning for a longer period than is usual for traditional opportunistic private equity … which means holding businesses for 15 years if it makes sense,” Sheiner said last August.
Altas will employ a different fee structure than typical private equity funds and more conservative capital structures.
It is unclear whether Altas has launched a fundraising process. Sheiner previously stated that the firm was in preliminary discussions with a handful of institutional investors and would likely begin marketing a fund by early 2013.
The name Altas comes from Alternative Long Term Assets.