Doug Korn

Douglas R. Korn
Alma mater University of Pennsylvania
Harvard Business School
Occupation Businessman
Employer Irving Place Capital

Doug Korn is an American businessman and charitable and political donor.

Personal life and education

Doug Korn earned a bachelor's degree with honors from the University of Pennsylvania's Wharton School and an MBA from Harvard Business School with high distinction as a George F. Baker Scholar.[1]

Korn has been associated with numerous charitable organizations in recent years. He received a presidential appointment to the United States Holocaust Memorial Council in April 2008[2] and currently serves as Regional Co-Chair of the Museum's National Campaign Committee.[3] He is currently a member of the Board of Overseers of the University of Pennsylvania's Graduate School of Education and Chair of UJA- Federation of NY's Private Equity Division. He also previously served as a Trustee of Greenwich Academy.[4]

Career

Korn founded Victor Capital Partners, a private equity firm, as its Managing Partner in September 2015. [5] Korn joined Irving Place Capital (formerly Bear Stearns Merchant Banking) in 1999, and currently serves as a Senior Advisor. From 1999 through July 2015, he was an investment partner of Irving Place Capital.[1]

He currently serves on the boards of Chromalox and CH4 Energy II, all of which are portfolio companies of Irving Place Capital. His former Irving Place Capital boards include Aearo Technologies, Ironshore Insurance, Playcore, Reddy Ice, Victor Technologies, and Vitamin Shoppe.[1][6]

Irving Place Capital agreed in February 2014 to sell Victor Technologies to Colfax Corporation for $947.3 million including the assumption of debt. IPC owned Victor since 2010 when it took the company (then known as Thermadyne Holdings) private in a transaction that valued the company at about $417 million. During its holding period, Victor expanded its global manufacturing footprint, consolidated its brand portfolio, and accelerated new product development, among other initiatives. Its sale to Colfax is said to generate a more than 3x return and an IRR above 50% for IPC.[7]

IPC announced its sale of PlayCore to another private equity firm in May 2014 for an undisclosed price. During IPC's ownership, PlayCore completed nine strategic acquisitions which enhanced its product offering and allowed it to reach a broader customer base.[8]

IPC's investment in Vitamin Shoppe was named Middle Market Deal of the Year by Buyouts Magazine in 2011.[9] The investment in Vitamin Shoppe was also recognized by the Private Equity Growth Capital Council for its success in adding over 400 stores (starting with 128) and over 2500 American jobs.[10] Vitamin Shoppe was purchased by IPC's predecessor in 2002 for a value estimated by the Wall Street Journal at about $300 million.[11]

IPC's predecessor sold Aearo Technologies for $765 million in February, 2006 after paying a reported $381 million for the company, then called Aearo Safety, two years earlier. The $80 million investment was reported by the Indianapolis Business Journal to have returned an estimated 4.1x on BSMB's investment. [12]

In February 2015, Fosun International Ltd. completed the purchase of a 20% interest in Ironshore for a reported $463.8 million.[13][14] In November, Fosun purchased the remaining 80% of Ironshore for a reported $1.84 billion.[15][16]

Previously, Korn was a co-founder of Eos Partners, LP, serving as a Managing Director from 1994 to 1998. He also served as a Vice President at Blackstone Group after beginning his career in investment banking at Morgan Stanley & Co.[17]

Political activities

Korn was a major backer of Rudy Giuliani[18] during the primaries for the 2008 presidential elections, and Mitt Romney[19] during the 2012 presidential elections.

References

  1. 1 2 3 "Doug Korn Senior Managing Director". Irving Place Capital. Retrieved 2 March 2015.
  2. ↑ "President Bush Appoints Eleven Members to United States Holocaust Memorial Council". United States Holocaust Museum. 29 April 2008. Retrieved 2 March 2015.
  3. ↑ "The Campaign for the United States Holocaust Memorial Museum". United States Holocaust Memorial Museum. Retrieved 9 March 2015.
  4. ↑ "Greenwich Academy Leadership & Staff". LittleSis. Retrieved 2 March 2015.
  5. ↑ "Douglas Korn". LinkedIn. Retrieved 29 January 2016.
  6. ↑ "Douglas R. Korn". Bloomberg Businessweek. Retrieved 13 December 2013.
  7. ↑ "Irving Place Capital to Part with Victor". PitchBook. 14 February 2014. Retrieved 2 March 2015.
  8. ↑ "Irving Place Capital Announces Sale of PlayCore". Irving Place Capital. 30 May 2014. Retrieved 2 March 2015.
  9. ↑ "IPC's Investment in Vitamin Shoppe Wins Buyouts' "Deal of the Year"". Irving Place Capital. 11 June 2011. Retrieved 2 March 2015.
  10. ↑ "Private Equity at Work: Vitamin Shoppe". Private Equity at Work. Retrieved 4 March 2015.
  11. ↑ Scannell, Kara (2 December 2002). "Bear Stearns Unit Agrees to Acquire Vitamin Shoppe". The Wall Street Journal. Retrieved 2 March 2015.
  12. ↑ Andrews, Greg (20 February 2006). "Safety Firm's Sale a Bonanza". Indianapolis Business Journal. Retrieved 2 March 2015.
  13. ↑ Lerner, Matthew (18 August 2014). "China-based Fosun Buying 20% Stake in Ironshore". Business Insurance. Retrieved 3 August 2015.
  14. ↑ "Chinese Firm Buys 20% Stake in Ironshore". The Royal Gazette. 13 February 2015. Retrieved 3 August 2015.
  15. ↑ Tan, Regina (3 May 2015). "Guo's Fosun to Buy Ironshore in $1.84 Billion Insurance Deal". Bloomberg Business. Retrieved 3 August 2015.
  16. ↑ Torrance, L. Gaye. "Press Release: Fosun Completes Acquisition of the Remaining Interest in Ironshore" (PDF). Ironshore. Retrieved 29 January 2016.
  17. ↑ "Board of Directors". Ironshore. Retrieved 19 February 2015.
  18. ↑ Leigh Cowan, Alison (28 May 2007). "Wealthy Enclave Offers Windfall for Candidates". New York Times. Retrieved 13 December 2013.
  19. ↑ White, Ben (11 December 2013). "Lament of the Plutocrats". Politico. Retrieved 13 December 2013.
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