North Street Capital, LP

North Street Capital, LP
LP
Industry Private Equity, Hedge Fund
Founder Alex Mascioli
Headquarters Greenwich, Connecticut, U.S.
Website www.NorthStreetLP.com

North Street Capital, LP is a privately owned private equity and hedge fund firm based in Greenwich, Connecticut. The firm is run by Alex Mascioli, who founded the firm and is named after a street in town. The firm invests in leveraged buyouts and public and private equity. Mascioli is the company's Managing Partner and Chief Executive Officer, and Duke Hale, the former CEO of Lotus Cars and President of Isuzu, is a Managing Director at the firm.[1]

History

North Street Capital has been involved in Dutch automaker Spyker Cars, Swedish automaker SAAB Automobile and Amsterdam listed [2] Swedish Automobile N.V. (NYSE Euronext 'SWAN.AS') (The parent company to Spyker & SAAB). Alex Mascioli and SAAB Chairman & CEO Victor Muller came to a deal in which North Street would aqcuire the supercar maker Spyker from Swedish Automobile, which began to struggle financially with SAAB, for $43.5 million in cash,[3][4] and the proceeds would be used to pay off company debt. Shortly after the Spyker deal was announced SAAB Automobile came into a large liquidity problem when two Chinese automakers hadn't paid their agreed investment into the Swedish company.[5] As a result Muller and North Street Capital struck another deal in which Alex Mascioli would pay $70 million to buy 2.38 million shares of SAAB and issue a convertible note of $60 million collateralized by SAAB's assets.[6][7] In 2011, there were some press reports that Mascioli might take over 100% of SAAB after a Chinese investment deal fell through, and in an interview with Reuters it was mentioned that he had the capacity to take over the company should he chose to do so.[8]

While the above deals were announced, none actually happened. Then SAAB CEO Victor Muller came to the conclusion that the offers were not real. [9]

North Street Capital in 2012 made an offer for Winnebago, which was not received as a serious offer. [10][11] Mascoli's criminal record was stated as a concern by Winnebago. [12]

References

  1. ↑ "http://www.thedeal.com/movers/movers-shakers/baz-hiralal-031912.php
  2. ↑ "http://finance.yahoo.com/q?s=SWAN.AS
  3. ↑ "http://dealbook.nytimes.com/2011/09/29/north-street-capital-buys-spyker-for-43-5-million/
  4. ↑ "http://www.reuters.com/article/2011/09/29/swedishautomobile-idUSL5E7KT09K20110929
  5. ↑ http://www.bloomberg.com/news/2011-10-20/saab-s-survival-chances-dwindle.html
  6. ↑ http://www.pehub.com/123127/north-street-capital-puts-70m-into-saab/
  7. ↑ http://www.bbc.co.uk/news/business-15392339
  8. ↑ http://www.reuters.com/article/2011/10/21/us-swedishautomobile-idUSTRE79K09T20111021
  9. ↑ https://phoenixfutureforsaab.wordpress.com/tag/victor-muller/
  10. ↑ https://christopherfountain.wordpress.com/2012/05/18/should-this-guy-change-his-firms-name-to-round-hill-capital/
  11. ↑ http://www.wsj.com/articles/SB10001424052702303448404577412094041833490
  12. ↑ http://www.reuters.com/article/2012/05/24/buyouts-winnebago-idUSL1E8GO7R320120524
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