Littlejohn Mulls New Fund, Adds Managing Director –

Littlejohn & Co. later this year will begin marketing its second turnaround fund, likely shooting for a target of $400 million. To bolster the firm’s lineup prior to fund raising, the Greenwich, Conn.-based firm in November added Edmund Feeley, former president and chief operating officer of baseball card manufacturer Fleer, as a managing director.

Angus Littlejohn, chairman and chief executive officer, said his firm this month began meeting with limited partners from Littlejohn & Co.’s prior vehicle to discuss a target size for the upcoming effort. Although Mr. Littlejohn emphasized that his firm had yet to set a hard target, he said a fund in the $400 million range would allow Littlejohn & Co. to continue investing in troubled companies with values between $100 million and $500 million, but would allow for a more lengthy investment period.

The firm’s last effort, Littlejohn & Co. Direct Investment Fund, raised $205 million in 1997 and now is slightly more than half invested.

The addition of Mr. Feeley, who will focus on business development, due diligence and acquisition sourcing, brings the number of investment professionals at Littlejohn & Co. to seven and will allow the firm to pursue more deals in a shorter period of time. “Ed rounds out the team,” Mr. Littlejohn said. “We needed another senior person to be able to field another complete team.”

Mr. Feeley led the turnaround of the Fleer baseball card company from 1996 to the present after parent company Marvel went into bankruptcy. Prior to Fleer, Mr. Feeley served as the general manager of Timberland Co.’s footwear division and also worked for eight years in operations and logistics with consulting firm Booz, Allen & Hamilton Inc.