Jessica Bibliowicz has joined Bridge Growth Partners LLC, a nascent New York private equity firm specializing in technology and financial services.
Long considered one of the most powerful women in the financial services industry, Bibliowicz is the founder of National Financial Partners Corp. and the daughter of Sanford Weill, the former CEO of Citigroup Inc. (NYSE: C). She joins the recently formed New York private equity firm as a senior adviser and is expected to participate in ongoing discussions with Bridge Growth’s investors and source new deal opportunities.
In M&A circles, Bibliowicz is best known for expanding NFP by purchasing a slew of smaller financial firms. The New York company provides benefits, insurance and wealth management, advisory and brokerage services to companies and high net-worth individuals. It started with $125 million of seed money from Apollo Global Management LLC (NYSE: APO) and went public in 2003.
In April, Bibliowicz sold NFP to Chicago’s Madison Dearborn Partners LLC in a take-private deal valued at $1.3 billion, including debt that converted to equity. The deal valued Bibliowicz's stake in the company at about $17 million, according to SEC filings. TPG Capital had also reportedly bid on NFP.
Bridge Growth was launched in June by founding principals Sander Levy (a founder of Vestar Capital Partners), Alok Singh (former managing director at New Mountain Capital), Kevin Parker (former CFO of PeopleSoft, which was acquired by Oracle Corp. (NYSE: ORCL) in 2004) and senior managing director Tom Manley (former CFO of Avaya Inc.). The firm has yet to announce a deal.