• Who We Are

Al Sullivan

Managing Partner

Al is the Founder and Managing Partner of Kinnan Capital. He has spent nearly a decade analyzing, investing in, and managing both public and private companies. He has a breadth of experience in the finance and beyond, including software development, marketing, sales, and consulting.

Immediately prior to Kinnan, Al helped launch a startup boutique investment bank, Lake Street Capital Markets, where he analyzed companies in the New Energy sector. During his tenure, Lake Street managed five banking transactions, totaling just under $500 million, with companies in Al’s coverage universe. At Thurston Group, a Chicago-based private equity firm, Al orchestrated the successful rollup of three Healthcare IT companies that resulted in Healthport, an Alpharetta, GA-based company providing release-of-information and audit management services and technology, that was recently sold for over $550 million. Before his career in finance, Al spent six years working in technology for FICO, first as a software developer, then in marketing and sales.

Al earned a MBA from Darden School of Business at the University of Virginia in 2010 and a BS in Computer Science from Trinity College (Hartford, CT) in 2000. He currently lives outside Minneapolis with his wife and two sons.

INSTITUTIONAL INVESTORS

ANACAPA PARTNERS

Jeff Stevens, Managing Partner

Jeff Stevens has 20 years of experience structuring, operating and investing in search fund companies. Jeff has managed three funded searches during the period from 1990-2005, each one culminating in the acquisition of a lower middle market company. Jeff understands the elements of the search fund model that drive success. In addition, Jeff’s relationships with other experienced, successful search fund investors and current search fund principals allows Anacapa Partners access to invest in concert with a group that has been participating in this business model for over 20 years.

Prior to founding Anacapa Partners, Jeff was the CEO of three venture-backed buyouts – Balkin Cable Holdings (cable television system operator), Ancora Capital (mail presort), and Liberty Fitness (women’s fitness centers). Following these three buyouts, Jeff founded Deeelish! (manufacturer/retailer of ready-to-cook gourmet meals). In each of Jeff’s four ventures he has maintained responsibility for all aspects of sourcing acquisition/start-up opportunities, including identifying potential targets, industry analysis, company specific due diligence, and fundraising (debt and equity) to complete the transaction. Following the completion of each acquisition Jeff became the senior executive of the acquired company with direct reporting responsibility to a shareholder group and Board of Directors. Prior to beginning his entrepreneurial path Jeff was an Associate Consultant at Bain & Company. Jeff received his Bachelor of Arts and MBA from Stanford University, and remains actively involved in the Stanford community. He participates in classroom case discussion for entrepreneurship courses at the Graduate School of Business, serves as a mentor for students participating in a two-quarter business planning course, and volunteers in numerous capacities for the Center for Entrepreneurial Studies. Jeff is also a member of the Ford Committee at DAPER.

Jeff is a member of the Board of Directors of Advanced Network Solutions, Developerprogram.com, EZ Shipper Racks, KGHP, PEC Safety, Recruit Military, and Sage Data Security.

Ashley Giesler, Managing Director

Ashley has over 15 years of experience advising, operating and investing in high growth venture and private equity backed companies. Serving in corporate development, finance and legal roles Ashley has supported companies through periods of rapid growth by creating and executing business and capital strategies, negotiating complex transactions, building management teams, and managing transformational events in a company’s lifecycle. From 2002 to 2011, Ashley was a member of the senior team at Asurion Corporation, the most successful search fund operating company to date, as the Company’s first in-house counsel and later head of Corporate Development. During this time, she led the execution of multiple transformative acquisitions, an equity recapitalization of the company and multiple subsequent leveraged recapitalizations and advised on the Company’s international expansion in Asia, Europe and Latin America. More recently, Ashley was Vice President of Transactions and General Counsel at Sunrun, a residential solar company, where she led the project finance and legal teams through the raise of over $500 million in proceeds through equity, debt and project finance transactions and was instrumental in developing the strategy and establishing the infrastructure necessary to support the company’s rapid growth. Prior to her operational experience, Ashley was a corporate associate at Venture Law Group in Silicon Valley and Riordan & McKinzie in Los Angeles and served as a law clerk to the Honorable Emilio M. Garza on the Fifth Circuit Court of Appeals. Ashley graduated Phi Beta Kappa from UC, Santa Barbara and Order of the Coif from UCLA Law School.

TICONDEROGA CAPITAL

Craig A.T. Jones

Craig Jones is a 30 year veteran of the venture capital and private equity industry and currently runs the private equity firm Ticonderoga Capital and its portfolio company, InnoCentive. He has invested extensively in healthcare and software businesses, leading investments in over 60 companies in healthcare IT, healthcare business services, healthcare services, SaaS, and internet-based companies.

Mr. Jones has invested widely in virtually all subsectors of healthcare and has specialized in the past 10 years in technology-enabled healthcare business services, including revenue cycle management, clinical research management, fraud and abuse detection, data management, and disease management. Ticonderoga Capital sold HealthDataInsights for $400 million providing the Ticonderoga funds a 13X return on Mr. Jones’ portfolio investment. Ticonderoga sold TC3 Health for another strong return on Mr. Jones’ healthcare investments.

He is Chairman of the Board of the healthcare companies eStudySite and National Research Institute and both Executive Chairman and President of the leading crowd source innovation company InnoCentive. He is also a member of Board of Directors of Construction Software Technology.

Mr. Jones’ extensive private equity career includes Managing Partner of Ticonderoga Capital since 1997 where he has overseen investments of over $300 million. He was Managing Director at Dillon, Read & Co and head of its venture capital partnerships, Vice President at Advent International, Associate at Centennial Ventures and a consultant with Bain & Co. He is a graduate Magna Cum Laude of Harvard Law School.

Mr. Jones has participated as a member of the Board of Directors of the National Venture Capital Association, has founded a charter elementary school. He lives in Boulder Colorado with his wife and kids.

ENDURANCE SEARCH PARTNERS

Richard Augustyn, Managing Partner 

Rich is an entrepreneur in the truest sense – he sees opportunities, builds businesses that fill needs, and creates lasting growth. In 1987, he founded NIP Group, a national leader in insurance brokering and risk management. He quickly saw a need to improve the HR model for small businesses, and founded Extensis Group. Since being in business for two decades, Extensis Group has become a national leader in HR solutions for small and mid-sized businesses. He is CEO of both companies.

True to his life-long entrepreneurial spirit, he now enjoys partnering with and mentoring search fund entrepreneurs. As an active search fund investor, he works closely with searchers at every stage to find, buy and build successful companies. He is well known for his availability, engagement level and is sought after for his practical business advice.

Rich serves on the board of Housing Wire, KGHP, PEC Safety, Sage Data Security, Windley Ely and World Wide Security.

LAWRENCE J. DUNN III CPA, Partner

Larry is a talented business leader with over 25 years’ experience. He has generated substantial value in high growth environments by delivering solutions in a wide array of areas, including organizational strategy, corporate development, financial reporting, cost reduction, cash flow and working capital management, and process improvement. In addition to his role at Endurance he is the CFO of NIP Group. Prior to joining NIP Group, he was Managing Director at Ally Financial and a Director of M&A and divisional CFO at AIG Group. He began his career at KPMG. Larry graduated from Pace University with a BBA in Accounting with highest honors. Larry is also a Certified Public Accountant.

Larry, similar to Rich, enjoys working closely with searchers at every stage supporting their goals to build a great company while becoming a highly successful CEO. He is committed to lend his expertise to, and generously collaborates with, all members of the search fund community.

Larry serves on the board of Housing Wire and World Wide Security.

INDIVIDUAL INVESTORS

Tomas Bergstrand

Mr. Bergstrand is the founder of Archipelago Ventures, LLC a Boston-based private investment firm established in 2008. Archipelago Ventures serve as a vehicle for diversifying assets into privately held investments. Since its founding, Archipelago has made investments in search funds, search fund acquisitions and in select startup ventures in the United States and in Europe.

Prior to Archipelago Ventures, Mr. Bergstrand owned and managed a custom boat building business based in Massachusetts. He also served as chief financial officer at institutional brokerage Enskilda Securities, Inc in New York City and held operational positions for the Swedish banking group SEB in Singapore and the United States. Mr. Bergstrand holds a Master’s degree in Finance from the School of International and Public Affairs at Columbia University and a Bachelor’s degree from Bryant University in Rhode Island.

Bill Egan

Mr. Egan is founder and General Partner of Alta Communications and Marion Equity Partners, Massachusetts-based venture capital firms. He founded Alta’s predecessor firm, Burr, Egan, Deleage & Co. in 1979, and has identified and backed several of America’s leading growth companies in the information technology, life sciences, and communications industries.

Prior to founding Burr, Egan, Deleage & Co., Mr. Egan was a Partner at TA Associates. He began his career as a Manager of Venture Capital for New England Enterprise Capital Corporation.

He is past President and Chairman of the National Venture Capital Association, a Trustee of Fairfield University, a member of the Board of Overseers of The Wharton School and a Trustee of the University of Pennsylvania. He is a member of the Board of CRH plc, and a number of privately held companies. Mr. Egan is also a trustee of the Isabella Stewart Gardner Museum and the Duniry Foundation.

Mr. Egan received a degree in Economics from Fairfield University and an MBA from The Wharton School.

Mark Egan

Mr. Egan is a founder and Managing Partner at Marion Equity Partners, a Boston based investment firm. Prior to Marion, Mr. Egan focused on growth equity investments in the technology, healthcare, media, and business services industries at Polaris Venture Partners. Before Polaris, Mr. Egan began his career at Alta Communications where he executed investments in the media and telecommunications sectors. Mr. Egan also has previous experience with Comcast Corporation in business development and currently serves on the Board of Directors of The Penn Warranty Corporation.

Mr. Egan received a degree in Finance from Fairfield University and an MBA from The Wharton School at the University of Pennsylvania.

Ted McCarthy

Mr. McCarthy has been an owner/operator of private companies since 1982. He is currently the owner, Chairman and CEO of Sensorex, a Southern California manufacturer of sensors used to measure water quality. Sensorex is a global provider of sensors to instrument manufacturers, distributors, catalogs and end users. Prior to purchasing a company, Mr. McCarthy worked for Citibank’s consumer business in New York, Sydney, Australia and Los Angeles. He has served on the boards of several private companies and charitable organizations. He received a BSME from Villanova University and an MBA from the University of Pennsylvania’s Wharton School.

Joseph M. Niehaus

Mr. Niehaus was a Managing Director at Hellman & Friedman before joining Housatonic Partners in 2001. During his twelve-year career at Hellman & Friedman, he was involved in several of the firm’s recurring services, media and communications investments including Eller Media, Falcon Cable, and Mitchell International. Earlier in his career, Mr. Niehaus was employed in the Merchant Banking and Mergers and Acquisitions departments at Morgan Stanley & Co.

Mr. Niehaus is a graduate of Dartmouth College and the Harvard Business School. He is a Director of Aircraft Fasteners International, LLC; California Communications, LLC; Continental Fire & Safety Services, LLC; Convergent Broadcasting, LLC; HemaSource, Inc.; ResponseLink, LLC and South Florida Media Group, LLC.

Peter Schober

Mr. Schober has been in venture capital since the mid-1980s. He founded and runs Milk Street Ventures, a firm that specializes in secondary transactions involving the acquisition of stakes in venture-backed technology companies near liquidity events. Earlier in his career, Mr. Schober started and ran the international investment activity of Boston-based M/C Partners with an office in London. He helped develop business plans and recruited senior management teams for several sizeable telecommunications start-ups with recurring revenue models. Mr. Schober also co-founded MVP Ventures, investing in a wide range of sectors, including information technology, communications, hospitality, and industrial.

Throughout his career, Mr. Schober has enjoyed working closely with entrepreneurs as they grow their businesses, frequently serving on their board of directors. Backing highly talented and ambitious search fund entrepreneurs is a natural extension of his interests and an important component of his personal investment activity. After growing up in Europe, Mr. Schober earned a bachelor’s degree in international economics from Georgetown University’s School of Foreign Service and an MBA from the Wharton School of Finance at the University of Pennsylvania. As a Fellow at Penn’s Joseph H. Lauder Institute, he also received an MA in International Studies.

Will Thorndike

Mr. Thorndike founded Housatonic Partners in Boston in 1994 and has been Managing Director since that time. Prior to that, Mr. Thorndike worked with T. Rowe Price Associates where he did investment research in the nascent field of business services and Walker & Company where he was named to the Board of Directors. Mr. Thorndike is a graduate of Harvard College and the Stanford Graduate School of Business. He is a Director of Access Information Management; Alta Colleges; Continental Fire & Safety Services, LLC, Carillon Assisted Living, LLC; Liberty Towers, LLC; OASIS Group Ltd.; White Flower Farm, Inc., and a Trustee of Groton School and the College of the Atlantic.