Deals like Accuride Are the Future of Sun Capital Securities
Sun Capital has a $1.1 billion* hedge fund called Sun Capital Securities. Its stated strategy had been to take non-controlling equity stakes in public companies. To date, the fund has basically been a zero. But even though it's fully invested, the firm isn't content to passively plod along. Rather, Sun has revamped the fund into a distressed debt investor. The majority of the firm's recent round of 23 layoffs were a result of this shift, a person close to the firm said. (Eight more were performance-related.) But that presents a bit of a conundrum for the existing portfolio, which includes minority investments such companies as Berkline BenchCraft Holdings and Souper Salad.
5 February 2009•2 mins read
