NEW YORK – Sentinel Capital Partners in December promoted Vice President Eric Bommer to principal, a role in which he will continue to source deals, execute transactions and monitor portfolio companies.
Since joining the firm in early 1997 (VCJ, June 1997, page 33), Bommer has taken seats on the boards of Floral Plant Growers LLC, NorSun Food Group LLC and Roma Restaurant Holdings Inc. He also was a director at Met Merchandising Concepts until it was sold to Leggett & Platt Inc. in June 1999.
Prior to Sentinel, Bommer was an associate at Gefinor Acquisition Partners LP, a private equity fund that invests in under-performing middle-market companies, and worked in the Investment Banking Division of Credit Suisse First Boston.
Sentinel invests in e-commerce business-to-business, business-to-consumer and outsourced manufacturing companies through leveraged buyouts and recapitalizations, corporate divestitures, growth-oriented financings, industry consolidations and restructurings, said John McCormack, a co-founder and partner at the firm.
Sentinel in June closed its second vehicle, the $126 million Sentinel Capital Partners II LP, and by press time more than 40% of the fund already had been deployed in four companies out of an estimated total of eight to ten. The firm typically invests $7 million to $20 million in each company. Sentinel’s previous vehicle, the $50 million Sentinel Capital Partners LP, is fully invested in seven companies.
The firm’s limited partners include Kemper Insurance Co., MassMutual, Prudential Insurance Co., Travelers Insurance Co., Mayo Foundation, University of Wisconsin, Chase Manhattan Bank, Fleet Financial Group, HSBC Group, PNC Bank, Provident Bank, Bear, Stearns & Co., Compass Group, Heller Financial Inc. and Pacific Corporate Group.
Managing Partner David Lobel and McCormack founded the firm, consisting of Principals Bommer and Christopher Weiler, Vice President James Cody, and Senior Advisory Partners Michael Myers and Frank Richardson. Sentinel plans to continue building its investment team by hiring another two or three professionals in the next six to nine months, Bommer said.
Sentinel expects to raise a third fund, but the time-frame and its target amount was undetermined at present time, Lobel said.