David Tanner, one of four founders of New York private equity firm Quadrangle Group, is leaving at the end of this year.
In a December 13 email to his contacts, Tanner noted that he announced his decision to leave the firm earlier this year. Tanner does not give a reason transitioning away from an active role at the firm, but notes, “It was a difficult decision to leave.”
Tanner is currently listed on the Quadrangle Group web site as having become a senior advisor to the firm in 2006. A source close to the firm said he changed his role in March. It is unclear whether Tanner will remain on as a senior advisor.
Tanner formed Quadrangle Group in 2000 with Peter Ezersky, Steven Rattner and Joshua Steiner, all former Lazard Freres & Co. investment bankers.
At Lazard, Ezersky was a managing director and head of the worldwide media and communications group, in which Steiner was a managing director, Rattner was deputy chairman, and Tanner was a managing principal and co-head of Lazard Capital Partners, Lazard’s domestic private equity group.
Prior to joining Lazard, Tanner was a managing director at Warburg Pincus.
Quadrangle Group focuses on private equity investments in the telecommunications and media industry. The firm also manages distressed debt and public equity investment programmes.
In his email, Tanner notes that after having been on a “sabbatical,” he has accepted a position with ContiGroup as executive vice president in the firm’s investment arm, called ContiInvestments. ContiGroup is privately held company in the agribusiness space with a specialty in “integrated poultry and pork production and cattle feeding,” according to the company’s web site.
New York-based ContiInvestments is active in real estate and private equity investing. The parent company has been “transitioning from an operating company to a holding company focused on identifying and investing in private and public equity and debt securities worldwide,” Tanner said in the email.
Tanner also noted that the new position allows him to balance his role as an investor with his interest in the not-for-profit sector. He currently serves as chairman of the board of Montefiore Medical Center in New York.
In his email, Tanner says he is “confident that the outstanding team that is in place will continue to achieve superior investment results.”