Five months after declaring its intended independence, Bear Stearns Merchant Banking (BSMB) will rename itself Irving Place Capital, a change that will take effect on 1 November.
Irving Place, a street in New York City, was the location of important meetings in the firm’s early development as well as the home of chief executive John Howard.
BSMB, previously the private equity arm of defunct investment bank Bear Stearns, said it would spin off from new parent JPMorgan to become an independent private equity firm on 5 June.
At that time, final documentation was underway to transfer investments JPMorgan received through the merger with Bear Stearns into a “passive vehicle”. JPMorgan would then become BSMB’s limited partner, senior managing director Gwyneth Ketterer told PEO.
The split was expected to take place “imminently”, Ketterer said at the time, adding: “It’s likely all this will take place over the next 60 days and we’ve been working aggressively at it”.
The firm is currently investing a $2.7 billion mid-market fund and a $250 million growth capital fund, both closed in 2006.
The former BSMB has relocated to 277 Park Avenue in New York and the growth capital team is down the street at 237 Park Avenue.
The firm has announced four add-on acquisitions by portfolio companies since 5 June, including two by playground equipment manufacturer PlayCore, one by insurance company Ironshore and one by petroleum gas transporter MC Shipping.