Irving Place Capital has appointed Carlos Cardoso as a senior advisor as the firm seeks to source new investment opportunities in industrial and related distribution businesses, according to a statement.
Cardoso joined Pennsylvania metal component manufacturer Kennametal in 2006, serving as CEO of the business for the last nine years. In addition to deal sourcing, he will also assist New York-based Irving Place with managing operational improvements for the firm's industrial sector portfolio companies post acquisition.
Other senior advisors at the firm who focus on industrial companies include ex-Aearo Technologies CEO Mike McLain, former Graham Packaging CEO Phil Yates and Walter Gavin, a former senior executive at Emerson Electric.
“For us, having experienced and successful executives like Carlos Cardoso on our side when we invest is critical,” Irving Place Capital partner Devraj Roy told Private Equity International. “Partnering with executives that have been involved in specific industries who have a good understanding of how businesses perform in different business cycles, and experience with making operational improvements, whether it's productivity improvements, making add on acquisitions or helping with other organic growth initiatives, is an invaluable part of our strategy for creating value in the companies we invest in.”
Irving Place is looking to deploy capital in lower midmarket to mid-sized industrial businesses that typically generate between $10 million to $50 million of cash flow, and offer the opportunity to grow through add-on acquisitions, according to Roy.
Its past holdings in the sector include investments in Victor Technologies and Aearo Technologies, among others.
The firm began talking with Cardoso about six to nine months ago as part of the firm's regular meetings with corporate executives that can assist Irving Place with identifying potential acquisitions, due diligence and operational activities, Roy said.
Prior to joining Kennametal, Cardoso also served in management roles at Flowserve and Honeywell. He is also a board member at Stanley Black & Decker and Hubbell.