Michael Madden is the latest pro to strike out on his own. The former investment banking head at Kidder Peabody & Lehman and Questor Management veteran launched his own distressed buyout shop, Centurion Capital Partners, last month. The move coincides with Questor’s latest fund-raising efforts in which the firm is seeking between $750 million and $1 billion.
“This is about pursuing an opportunity to fulfill a vision I have been developing for past two years,” Madden says.
His new firm will focus on the lower end of the middle market, a space Madden referred to as an “underserved” area of the market. Centurion’s industry focus will target energy, transportation, manufacturing and business services sector; Madden anticipates the firm will invest between $20 million and $40 million of equity per transaction. The firm is expected to target a fund of between $300 million and $400 million.
Questor vice presidents Garrett Kanehann and Jason Runco are joining Madden at Centurion, and Caledonia Group founder Harry Watson has signed on as well. The firm has set up offices in New York and Detroit.