Willis Stein Vets Struggle To Branch Out
Chicago-based buyout firm Willis Stein & Partners has been unable to raise a new fund for the past couple of years. With that effort on hold, several of its top partners have left to hang their own shingle, but the jury is out on whether those efforts will prove to be more fruitful. In 2007, Willis Stein managing partner Dan Blumenthal left to form his own firm, taking with CFO Todd Smith and principals Bradley Shisler and Roy Jain with him. The new shop, called Blue River Partners, was expected to raise up to $150 million for lower mid-market investments. As with any number of first-time funds entering the market amid a credit crunch, Blue River's fundraising effort did not get off the ground. Bluementhal tells peHUB that the firm's formal fundraising process has been "deferred for the foreseeable future" -- with Blue River receiving some commitments, but not enough.
