Middle-market private equity firms Saw Mill Capital and Falcon Investment Advisors have partnered to pursue investments in manufacturers with help from a former CEO they worked with previously.
The ex-CEO, David Westgate, headed Jason Inc. and successor Jason Industries Inc.—a manufacturer that Saw Mill and Falcon had invested in. Westgate led Jason, a Milwaukee-based maker of automotive products, from 2004 to 2015. Saw Mill, based in Briarcliff Manor, New York, had acquired Jason in 2000; Boston-based Falcon invested capital in Jason in 2010. Both firms substantially exited their Jason investments in 2014, selling to Quinpario Acquisition Corp. (Nasdaq: QPAC) for about $539 million. Scott Rivard, a partner at Saw Mill, describes Westgate as “an exceptional leader and hands-on operator with whom we have had a long and profitable relationship.”