The private-equity firm CCMP Capital had received a go-ahead to resume its operations of investing from its funds after the company suffered a setback when it lost one of their key executive and former Chief Executive and President Stephen Murray. Murray died on March 12, 2015, a month after resigning his responsibilities at the company. Learn more about Stephen Murray CCMP Capital: http://patch.com/connecticut/stamford/stephen-p-murray-52-financial-executive-stamford-resident-vice-chair-boston-college-board-trustees
The exit of Mr. Murray from CCMP Capital came as a shock to the company and triggered what is referred to as a loss of a “key man” clause in the private-equity industry. Part of the reason he was a key man was that he was at the helm when the company raised $3.6 billion CCMP Capital Investors III LP fund which was one of the biggest deal the company has had (read more: 5 Questions with Stephen Murray, CEO of CCMP Capital).
It is normal for the private-equity firms to select a few individuals in the company as the deal makers often known as the key men because they are central to the company’s investment plans.
After the death of Stephen Murray, the firm opened discussions with the investors of CCMP Capital III to alleviate the concerns of Mr. Murray’s departure from the company to determine the company’s future.
After new promises of investors protections, the limited partners finally supported a reinstatement of the fund’s investment period and gave the firm a go-ahead to appoint a new permanent CEO. CCMP Capital is known to have invested in companies such as the food vendor Aramark, Quiznos, and Cabela’s Inc. For now, the CEO and Presidential roles will be undertaken by Greg Brenneman, who is the company’s chairman. Read more: This Old Thing? Private Equity Honcho Drops Little Place Uptown for $11M
CCMP Capital has offices in New York, Texas, The Woodlands, and London. The company has chosen to disperse the roles of Mr. Murray across the organization according to the spokesperson of the company. For instance, the Investors Relations will be under the Managing Director Jonathan Lynch. The finance issues will also be headed by Richard Zamino, who is the current firm’s consumer and retail practice.
Stephen Murray graduated with a bachelor’s degree in economics from Boston College in 1994 and later graduated with an MBA from the esteemed Columbia Business School. Apart from being a financial advisor and dealmaker, he was a kind-hearted man who contributed to the community through contribution to various institutions such as Make-A-Wish Foundation.
Learn more about Stephen Murray CCMP Capital: http://fortune.com/2015/03/13/ex-ccmp-capital-ceo-steve-murray-passes-away/