Vestar promotes three

The First Boston spin-out has promoted three of its principals to managing director across its resources, financial services and consumer and business services groups.

New York-based private equity firm Vestar Capital has promoted three executives from principal to managing director: Chris Durbin, Brian Modesitt and Kristian Whalen.

Durbin joined Vestar’s resources group in 2007 after departing Bank of America where he was managing director of strategy and business development for the firm’s wealth management business.

Modesitt joined Vestar in 2002 and is a member of the financial services group. He joined the firm after holding financial institutions-focused positions at TCW/Crescent Mezzanine and Morgan Stanley.

Whalen came to the consumer and business services group at Vestar from the M&A group at Paine Webber in 1997. He rejoined the firm in 2002 after receiving his Master of Business Administration from Harvard Business School.

Vestar has $7 billion in assets under management for investments in the US, Europe and Asia. Fund V closed in 2005 on $3.65 billion and $2.5 billion Fund IV closed in 1999.

Vestar was founded in 1988 when seven principals of The First Boston Corporation’s management buyout group spun out to form the firm.