Fresh Profile: Eccles family’s ship comes in with Cynosure

About 150 years after his grandfather set sail from Scotland to America on a ship named “Cynosure,” Spencer Eccles struck out on his own adventure: building a family office of the same name.

If you want to read about the adventures of David Eccles, check out his Wikipedia page. There you can read about how he rose from cutting wood in a lumber mill to becoming Utah’s first multimillionaire.

But if you’re looking for a partner on a small to mid-size private equity deal, then reach out to Cynosure Group in Salt Lake City. Among its investments are Avalon AdvisorsGPS Hospitality and software developer EPIS LLC. It is looking for small to mid-sized companies with at least $5 million of EBITDA, with an emphasis on targets that have “significant growth prospects, a meaningful cash flow profile, and the ability to differentiate [their] business model from [their] competition,” according to its Web site.

We’re told the person to talk to is Managing Director Herbert “Bud” Scruggs. His executive assistant, Megan Carlson, can be reached at 801-433-4636 or via email at

Scruggs co-founded Cynosure in 2014 with Spencer Eccles and Randal K. Quarles, former Under Secretary in the Treasury for the George W. Bush Administration. Quarles departed in October 2017 to be vice chair for supervision of the Federal Reserve Board of Governors. Today, Cynosure is led by Eccles, Scruggs and Managing Director Keith Taylor.

Cynosure has expertise in financial services, industrials, healthcare, natural resources, consumer/retail and technology. It has the ability to make control buyouts as well as growth equity and strategic minority investments.

For more details on Cynosure Group, see its profile in our Family Office Database.

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