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Departed Audax M.D. Mum On New Firm: CORRECTED

  • More than 10 years at Audax
  • Seeking deals under 24/6 Capital Partners

Edward Feuerstein, a former managing director at Boston-based Audax Group, has started his own shop, Buyouts has learned.

Feuerstein’s LinkedIn profile says that his current position is founder and managing partner of a firm called 24/6 Capital Partners. He has held that position since May 2011, according to the profile.

There doesn’t appear to be any Web site for 24/6 Capital, and details are scarce. An investment banker who has worked with Audax Group and Feuerstein said that the latter is “trying to do deals on his own,” but was unable to provide any other information regarding his departure from Audax Group or what his plans are for the new firm.

UPDATE: Contacted by his cell phone, Feuerstein said it was too early in his firm’s life to comment at length. “I’m kind of laying low with what I’m doing,” he said.

When asked if he was looking to do deals himself, as the banker suggested, Feuerstein said, “I’m putting together creative deals, but I’m not competing with Audax or anything like that.” He is not currently fundraising.

Feuerstein had been at Audax Group, founded in 1999 by former Bain Capital executives, since January of 2001. Deals he helped source there include the 2007 buyout of A&A Manufacturing Co., a New Berlin, Wisc.-based manufacturer of accordion-style protective coverings for machinery, according to Corporate Financing Week. Audax Group continues to hold the company.

Jay Jester, a managing director and head of business development at Audax, said in a voicemail message that Feuerstein is “a terrific guy, who did a wonderful job for us for almost 10 years.” He added that Feuerstein left to go out on his own and “is doing a great job there,” but declined to comment further out of respect for Feuerstein. In a follow-up call, Feuerstein added that he left Audax “on great terms” and that he and Jester are “great friends.”

Though the circumstances around Feuerstein’s departure remain cloudy, one thing is clear: Now is an extremely challenging time to be starting your own private equity firm.

As Buyouts reported in January, the supply of funds in the market exceeds demand, although there’s no indication that 24/6 Capital is seeking to raise a new fund. There were 1,836 funds in the market globally in January, compared to 1,594 at the start of 2011, Buyouts reported in January, citing data provider Preqin Ltd.

CORRECTION: Edward Feuerstein has worked as a managing partner at 24/6 Capital Partners since at least May 2011. Though this story broke the news of his departure from Audax and the launch of 24/6 Capital, the headline of the article on p. 6 of the April 2012 edition implied that his departure from Audax Group was more recent.