Perseus’ founder Pearl dies

Frank Pearl formed the mid-market specialist in 1995 after working for years at early buyout shop Wesray Capital Corporation.

Perseus, a mid-market focused firm based in Washington, DC, has lost its founder and chairman, Frank Pearl, who died from lung cancer last week. He was 68.

Pearl founded Perseus in 1995 after spending years at pioneering buyout firm Wesray Capital Corporation.

Kenneth Socha, senior managing director at Perseus, will take over the leadership role from Pearl.

Perseus has been communicating a transition plan to limited partners, according to a statement.

“We are saddened by the loss of our mentor, colleague and friend,” Socha said in a statement. “Frank had a positive impact on so many people throughout his lifetime. He will be greatly missed by all of us at Perseus.”

Pearl formed what has become the largest independent non-fiction book publisher, Perseus Books.

At Wesray, Pearl was involved in negotiating, structuring and supervising numerous successful corporate acquisitions and divestitures. During his tenure at Wesray, Pearl was a principal with responsibility for more than a dozen operating companies including Avis Rent-a-Car, Western Auto Supply and Wilson Sporting Goods.