April 21, 2016 – Briarcliff Manor, New York – Saw Mill Capital (“Saw Mill”) and Falcon Investment Advisors (“Falcon”) today announced their partnership with David C. Westgate to pursue investments in select manufacturing businesses ranging from $400 million to $1 billion in revenue.
Westgate most recently led Jason Incorporated, a diversified global manufacturer of seating, automotive acoustics, industrial finishing and components products, and its successor company, Jason Industries, Inc. (NASDAQ:JASN), as chief executive officer (CEO) from 2004 to 2015. Saw Mill acquired Jason Incorporated in 2000, and Falcon invested additional capital in 2010 to support growth and acquisitions. Saw Mill and Falcon substantially exited this investment in 2014.
Scott Rivard, Partner of Saw Mill, said, “Dave is an exceptional leader and hands-on operator with whom we have had a long and profitable relationship. We have seen firsthand his ability to drive operational excellence and are thrilled to have the opportunity to partner with him again.”
Saw Mill and Falcon seek to acquire divisions or subsidiaries of public or large private manufacturing companies that serve a wide range of industrial markets in the United States and abroad and require operational improvements and/or senior management transition. John Schnabel, Partner of Falcon, added, “We are looking for new investment opportunities where Dave can instill a culture of continuous improvement to drive growth and operating leverage, like he did consistently at Jason.” Saw Mill will invest from its newly raised fund, Saw Mill Capital Partners II, LP, while Falcon will invest from Falcon Strategic Partners V, LP.
David Westgate commented, “It is a pleasure to again be working with the great teams at Saw Mill and Falcon. At Jason, our partnership led to a rapid acceleration of growth in multiple markets and geographies. We are today eager to apply this winning mix to global manufacturing businesses that have been under-capitalized and/or under-managed, with the goal of uncovering obscured value that will drive a similar level of success.”
Prior to joining Jason as CEO, Westgate served as President and Chief Executive Officer at Rieter Automotive Systems, a leading global supplier of systems solutions for the automotive industry, as well as President and Chief Executive Officer at Solvay Automotive, Inc./Inergy Automotive Systems LLC, a leading global supplier of fuel and air management systems for the automotive industry.
About Saw Mill Capital
Based in Briarcliff Manor, New York, Saw Mill Capital is a private equity firm that acquires manufacturing, industrial and commercial service, and specialty distribution businesses with enterprise values of $25 million to $200 million. Since 1997, Saw Mill Capital has been partnering with management teams to help successful businesses reach their full potential.
About Falcon Investment Advisors
Falcon (www.falconinvestments.com) is a private equity firm which invests subordinated debt and equity capital in leading middle market companies. With over $2.6 billion of capital under management and an experienced investment team, Falcon is a responsive and resourceful financing partner. Falcon provides $25 to $75 million of capital per transaction and is investing through its current fund, Falcon Strategic Partners V, LP.