Brent Knudsen has left North Castle Partners to form a consultancy for companies in the healthy and active living space. The new firm is called PCG Advisors, and is the midst of raising a small co-investment fund to complement both its advisory work and a pending NASD license.
Knudsen says he left North Castle because the firm had grown to the point where its average portfolio company had $10 million in annual EBITDA, whereas he was more interested in companies with around $5 million EBITDA.
“Focusing on smaller businesses was tough to fit into the world North Castle was in, and it was a good time to move on because they were about to raise another fund,” Knudsen explains.
PCG Advisors currently is working with 10 different clients, with half of the potential financings being buyouts and the other half being growth equity.
“These are teenage businesses, in that they aren’t children, but they still have aggressive growth plans,” Knudsen says. “What we’re offering is a strong knowledge of the [healthy and active living] sector and who the best investors are for any given area.”
Prior to co-founding North Castle in 1998, Knudsen held senior positions with GolfWeb, Bell Sports, Specialized Bicycle Components, Price Club and Costco. He is joined at PCG Advisors by fellow ex-North Castle pros like Tripp Baird, Brian Smith and Stacy Nelson.