Madison Dearborn Partners managing director Christopher McGowan has stepped down after roughly 11 years at the firm.
McGowan, who co-headed MDP’s basic industries practice, joined in 1999 and worked alongside managing directors Thomas Souleles and Patrick Eilers and co-chief executive officer Sam Mencoff. Prior to joining MDP, McGowan worked for private equity firm AEA Investors and Morgan Stanley.
Madison Dearborn confirmed McGowan left the firm effective 31 May 2011, but declined to comment on his future plans. A source close to the situation said McGowan had planned to “buy a company.”
“We appreciate the contributions Chris made to the firm and we wish him the best,” a spokesperson for Madison Dearborn told Private Equity International. “Our team remains focused on generating attractive investment returns in our core industry sectors”.
MDP’s basic industries team focuses on a variety of sectors, such as packaging, building products, industrial minerals, chemicals and energy. The generalist firm invests in the consumer, financial services, healthcare and telecom, media and technology services sectors.
In May 2010, Madison Dearborn closed its sixth fund on $4.1 billion, below its original $10 billion target.