Resilience hires three

The US special situations private equity firm has doubled the size of its operations team and added one to its transaction team as the firm deploys its second fund.

Cleveland, Ohio-based turnaround specialist Resilience Capital Partners has substantially grown its team with the addition of three senior executives over the last two months.

Resilience has doubled the size of its operating team with the hires of Michael Lundin as operating partner and Michael Merriman as operating advisor.

Lundin was most recently president and chief executive of marine transportation company Oglebay Norton. Earlier, he was president and partner of limestone mining and distribution company Limestone Operations which was sold to Oglebay Norton in 2000.

Merriman was chief executive of parts manufacturer Lamson & Sessons until the company’s sale to Thomas and Betts in 2007. His previous positions included chief financial officer of greeting card company American Greetings and chief executive of vacuum producer Royal Appliance Manufacturing Company.

The transaction team at Resilience has hired David Blank as an investment associate. Blank was previously an associate at Morgan Stanley, specialising in mergers and acquisitions and leveraged buyout origination.

In March, Resilience also brought on Ziv Sarig as chief operating officer. Sarig joined the firm from workforce management company TOA Technologies where he was chief financial officer.

Resilience is a lower middle market private equity firm focusing on special situations including underperformers, corporate divestures, turnarounds and orphan public companies. The firm is currently deploying its second fund and has invested in 16 companies since inception in 2001.

The firm has not disclosed the size of the fund.