Wellspring promotes from within

New York-based private equity firm Wellspring Capital Management announced today that it has promoted Jason Fortin to partner.

Fortin has been with the firm for nine years. He joined Wellspring as an associate in 1995 and was later promoted to principal. He currently sits on the boards of six of the firm’s portfolio companies:  Brook Mays Music Company, Protectron Security Systems, Vatterott College, Edwin Watts Golf, JW Aluminum and Home Décor.

Prior to joining Wellspring, Fortin worked in the corporate finance department at Donaldson, Lufkin & Jenrette. He graduated from the Wharton School of the University of Pennsylvania.

Fortin joins the firm’s four other partners:  managing partners Greg Feldman and David Mariano and partners William Dawson and Carl Stanton. In addition, Wellspring announced the promotion of three other members of the firm. Following the promotions, the firm’s twelve investment professionals are broken down as follows:  five partners, two principals, one chief financial officer, two senior associates and two associates.

In late September, Wellspring sold Residential Services Group, a provider of heating, ventilation, air conditioning and plumbing services, for $150 million. The same day, the firm announced the purchase of International Mill Service, an outsourced service provider to the steel industry, for an undisclosed sum.

Wellspring currently manages over $1 billion in equity capital. Its latest fund, Wellspring Capital Partners Fund III, closed in April 2003 on $665 million.