Morty White, a veteran of 12 years at Wynnchurch Capital, left the private equity firm this month, a person with knowledge of the matter told Buyouts.
White, who joined Wynnchurch in November 2008, was one of nine managing directors. He was responsible for originating, leading and managing platform investments from the firm’s office in Toronto, which White oversaw. No details were shared concerning his reasons for leaving Wynnchurch or his future plans.
White could not be reached for comment. Wynnchurch did not respond to a request for comment prior to publication of this story.
White led several major Wynnchurch deals. They include last year’s acquisition of Alliance Designer Products, a maker of polymeric sand and installation products. He also led the purchases of Buchanan Rubber, a distributor of industrial hoses, couplings and sheet rubber, and Logistik Unicorp, a provider of managed clothing services. Both deals were done in 2018.
Prior to Wynnchurch, White ran a consulting practice that advised equity funds and growth companies. Before, he worked for seven years at GE Capital, most recently as a vice president in its technology, media and communications group in New York. He also helped launch GE Capital’s merchant banking division as well as a PE group focused on building its investment portfolio.
Led by co-founder and managing partner John Hatherly, Wynnchurch is an investor in North American mid-market businesses, many of them in complex or challenging situations, such as financial distress. It specializes in corporate carve-outs, growth transactions, management buyouts and restructurings, typically investing $10 million to $330 million per platform.
In January, Wynnchurch announced the close of a fifth flagship offering. Wynnchurch Capital Partners V wrapped up quickly after its September 2019 launch, securing nearly $2.3 billion. Exceeding a $1.6 billion target, the fund is the largest raised during the firm’s 21-year history.
Wynnchurch has since done a number of deals, including this month’s acquisition of Drew Foam, a maker of expanded polystyrene foam used in packaging and building products. The seller was Branford Castle Partners.
In addition, Wynnchurch recently brought on new personnel, including managing director Michael Salgat, hired in June from New State Capital Partners. It also announced in April the promotions of Paul Ciolino, Brian Crumbaugh, Greg Gleason and Roy Sroka to partner.
Action item: See an overview of Wynnchurch Capital’s strategy here.