Florida-based lower mid-market firm Hidden Harbor Capital Partners has hired Chris Paldino of HIG Capital as its second founding partner and seventh professional at the firm.
He joins founding managing partner John Caple and founding partner David Block. According to a statement from the firm released Tuesday, Paldino is also a member of the firm’s investment committee.
Paldino will oversee all aspects of the investment process, including origination, negotiation, diligence, execution and portfolio management.
Paldino was previously a managing director at Miami-based HIG, where he focused on control investments in the business services, industrial, manufacturing, government services, oil and gas services, transportation and logistics and distribution sectors, according to his LinkedIn profile.
He met Caple and Block During his 10-year tenure at the firm, which manages about $20 billion in assets.
“Having previously worked with Chris, we know that his values and investment experience are a natural fit with the strategy and high expectations we set at Hidden Harbor,” Caple said in the statement.
Before HIG, he was a principal at New York-based lower mid-market firm Spire Capital Partners, which also makes control investments across several sectors, according to his LinkedIn. He began his career in the financial sponsors group at Salomon Smith Barney.
Hidden Harbor launched in April as a result of a partnership between Caple and Block. The firm targets North American lower mid-market companies with revenue of between $50 million and $500 million and EBITDA of maximum $25 million, according to the firm’s website. It invests in five core sectors: industrials, transportation and logistics, consumer products, retail, and business services.
Before founding Hidden Harbor, Caple was a partner at Comvest Partners, a principal at HIG Capital, and a strategic consultant at Bain & Company, his profile on Hidden Harbor’s website indicated.
Block was formerly the president and chief executive officer of Clearlake Capital portfolio company Swiss Watch International, an operating partner at HIG Capital and chief financial officer at Arise Virtual Solutions. He had also been at Bain & Company earlier in his career, according to his LinkedIn.
Hidden Harbor declined to comment.
According to a source familiar with the matter, Hidden Harbor is currently fundraising for its debut fund, although the timeline of the process hasn't been set.