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05/20/2021
Center Stage with CohnReznick: Turning Rock Partners
As the independent sponsor community grows in size and relevance, sponsors face a variety of unique challenges related to sourcing transactions, raising capital, and maximizing the value of their investments. Capital providers who understand those challenges and opportunities are a key segment of the community. At CohnReznick, we’ve noticed that successful capital providers meet unique challenges with unique solutions, and we’ve invited members of the independent sponsor community to take Center Stage to share their achievements, contributions, and unique approaches to achieving their goals.
This month we’re featuring Turning Rock Partners, a private equity fund that seeks to make long-term investments in debt and equity securities of North American small and mid-capitalization businesses, with a particular focus on working with independent sponsors, particularly those with operating experience and subject matter expertise.
Turning Rock Partners
ABOUT TURNING ROCK PARTNERS
Years in business
- 5 years
Average deals per year
- 4-7
Typical size of investments
- $20-40 million
Industry preferences
- Telecommunications, transportation, business services, financial services, or consumer.
Q&A WITH DAVID Markus, Partner, Turning Rock Partners
Please share some information about the history of your organization.
The three founding partners of Turning Rock Partners starting working together in 2007 at Fortress Investment Group. We saw that there were compelling opportunities providing flexible debt and equity capital to small and medium-sized businesses. After raising two private equity-style funds, we have approximately $800 million of assets under management and have completed 17 transactions.
Why did you start working with independent sponsors?
Independent sponsors have always been key to our strategy as we focus on providing capital to entrepreneurs, management teams, and acquirers.
What advice do you have for independent sponsors who are just getting started?
Focus on getting a strong management team that has bought into your vision.
What is one of the biggest mistakes independent sponsors make when raising capital?
Being short-term greedy rather than long-term greedy. Having a long-term partner is crucial as transactions never move in a straight line.
When compared to other advisors, what do you consider your key differentiators?
We are able to provide a bespoke capital solution built around what is right for the business rather than a cookie-cutter piece of capital.
What are some of the best reasons that independent sponsors should work with someone like you?
We bring a range of senior advisors, service providers, and experience that can let us help grow your business.
What are some of the things you love about working with independent sponsors?
Their commitment to the business and making it a success. Plus, we enjoy working with sponsors who have deep domain expertise.
FUN FACTS
Favorite ice cream flavor
- Graeter’s Mint Chocolate Chip
Favorite snack
- Snyder’s Sourdough Hard Pretzels
Memorable movie
- “The Godfather”
Best business book
- Robert Caro’s books on Lyndon Johnson
Best vacation spot
- Any ski resort or Fire Island
Favorite restaurant
- The Mermaid Inn – Great seafood.
Favorite charitable organization
- West Side Campaign Against Hunger
Best concert you ever saw
- Gogol Bordello, Grateful Dead, Bruce Springsteen
Favorite beverage (adult or otherwise)
- Sierra Nevada – Hazy Little Thing IPA
Most surprising thing about you that nobody would guess
- I was a model for Conde Nast.
Subject matter expertise
Claudine Cohen
Managing Principal, Value360 Practice
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This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.