CCMP Dismisses Four Prior To Fund Close

CCMP Capital, the growth equity and buyout team spun out of JPMorgan Chase, has dismissed a managing director and three principals as the firm makes room to add to its lineup of operational experts. A fifth professional has left for another buyout firm.

The dismissals came after New York-based CCMP decided that its roster was too heavy on financial expertise and too lean on operational expertise, a source close to the firm told Buyouts. Leaving are Managing Director Lauren Tyler and Principals Carty Chock, Jason Friedman and Stephan Oppenheimer. Taking their place will be a group of new full-time operating partners to be announced in the coming months. CCMP has 15 managing directors and five principals remaining. All of its managing directors and two principals are based in New York, while three principals work from London.

In other CCMP personnel news, the firm has lost managing director and investment committee member Mat Lori, who left for New York-based buyout shop New Mountain Capital. He begins at New Mountain in July. CCMP declined comment, citing restrictions due to fundraising. The firm’s first independent fund is scheduled to close on July 30, with Credit Suisse serving as the placement agent. The fund has a $3.5 billion target.

Formerly known as JPMorgan Partners, CCMP split from the bank in August 2006 amid a wave of similar spin-outs.