Altus Capital Partners , a private equity investment firm focused on niche mid-market manufacturing companies in the US, promoted Heidi Goldstein as partner, the firm said on Wednesday.
The promotion comes shortly after Elizabeth Burgess, a co-founder of Altus, recently stepped down as senior partner at the firm, formally ending her employment on 30 June, according to a spokesperson for the firm, who added that she remains an investor in the two Altus funds. Greg Greenberg is now Altus' sole senior partner. The spokesperson told Private Equity International Goldstein's promotion is not related to Burgess's departure.
Goldstein has been a member of the investment team since March 2006, most recently she served as principal, and has been actively involved in many of the firm's investments during this period. She currently serves on the board of three portfolio companies invested by the firm's second fund Altus Capital Partners II: printing supplies manufacturer, International Imaging Materials Inc., railroad ties manufacturer, Rocla Concrete Tie Inc. and automotive oil pump maker Nichols Portland LLC.
Goldstein has more than 15 years' experiences in private equity, debt financing and high yield investments. Before joining Altus, she participated in the underwriting and portfolio management of leveraged transactions at GE Antares Capital.
Prior to that, Goldstein worked at Dilmun Investments Inc., the US-based investment advisor of Bahrain International Bank, where she held positions in the private equity and high yield investment group.
Wilton, Connecticut-based Altus Capital Partners was founded in 1998 and has $224.5 million in assets under management. The firm invests alongside management teams in small to medium-sized manufacturing companies domiciled in the US that have proprietary technologies, processes and products.
Altus is currently investing out of its second fund, Altus Capital Partners II, which held a close on $200 million in 2011, above its $160 million target, according to PEI Research and Analytics. Fundraising for Fund II was completed in 13 months, according to the firm's website.
Limited partners include the Arkansas Teacher Retirement System (ATRS), which invested $20 million, Maryland-based Montgomery County Council, which invested $12 million and Chicago-based RCP Advisors, according to PEI Research and Analytics.
Fund II is a buyout and corporate private equity fund that invests in manufacturing companies in North America. It currently has five portfolio companies representing including window and door manufacturer GED Integrated Solutions and supplier of fuel system parts PRISM Plastics Inc.
Mercury Capital Partners and Sparring Partners served as placement agents for the fund.