Investment bank Brown Brothers Harriman has hired former IBM chief financial officer Douglas Maine as a senior advisor to its M&A advisory practice as well as its private equity business.
Maine will be spending a significant amount of time helping identify investments for the private equity unit, called BBH Capital Partners.
“This is my first formal relationship with a private equity firm,” said Maine. “I really have an enormous amount of respect for the industry and I believe it adds great value, to the firms themselves, to the portfolio companies they acquire.”
Maine joined IBM in 1998 as CFO, following a 20-year career with MCI Communication, where he served as CFO from 1992 to 1998. He was named general manager of ibm.com in 2000 and was named GM of IBM’s consumer products industry in 2003.
Maine will help identify and assess investments in several areas BBH Capital Partners invests, including software, media and communications, manufacturing and distribution and consumer products. BBH also invests in the healthcare sector.
BBH Capital Partners is investing from its third fund, which closed on $200 million in 2007. The fund is almost fully invested and the firm does anticipate launching a new fund.
The firm invests $10 million to $30 million in lower mid-market companies in management or leveraged buyouts, growth financings, recapitalisations and acquisitions. BBH Capital Partners looks for control and non-control situations.