New Mountain Capital

New Mountain Capital (“New Mountain”) is a New York City-based alternative investment manager with private equity, credit, public equity and net lease strategies. As of January 2021, New Mountain’s aggregate assets under management totaled over $30 billion across all investment strategies.[2]

New Mountain Capital
TypePrivate
IndustryPrivate equity, Credit, Net lease real estate
Founded1999 (1999)
FounderSteven B. Klinsky
HeadquartersNew York, NY
Key people
Steven B. Klinsky (CEO)[1]
ProductsPrivate equity, Private credit, Collateralized loan obligations (CLOs), Net lease
AUM$30+ billion (2021)[2]
Number of employees
175 (January 2021)[2]
Websitenewmountaincapital.com

History

New Mountain Capital was founded in 1999 by Steve Klinsky, formerly a top partner at private equity firm Forstmann Little who in the early 1980s co-founded the first private equity group at investment bank Goldman Sachs.[1][3]

In August 2010, New Mountain acquired the Mallinckrodt Baker chemical company from health care company Covidien, and renamed the company as Avantor.[4] Also in 2010, New Mountain acquired enterprise software developer Red Prairie.[5] Also in 2010, New Mountain founded a private business development corporation, New Mountain Finance Corporation.[6]

In November 2012, New Mountain merged its software company RedPriarie with JDA Software Group.[7]

In 2014, the company closed its $4.13 billion New Mountain Partners IV fund.[8]

In April 2015, New Mountain acquired cleaning chemicals company Zep, Inc. for $692 million, and took the company private.[9]

In 2017, New Mountain closed its $6.15 billion New Mountain Partners IV fund.[8]

In May 2019, New Mountain's chemical company Avantor went public with a $3.8 billion initial public offering, which gave the company a market capitalization of $7.62 billion.[10] In August, New Mountain acquired workflow automation company Ontario Systems (now Finvi) from Arlington Capital Partners.[11][12]

In December 2020, New Mountain took a majority ownership stake in Tinuiti, an advertising and digital marketing agency targeting clients doing business with Google, Facebook and Amazon.com.[13]

In January 2021, New Mountain announced it had collected over $10 billion across two new funds, including a $9.6 billion flagship private-equity vehicle, its largest fund to date, and a $640 million pool earmarked for non-controlling stakes in companies.[2] In September, New Mountain's company JDA Software (now known as Blue Yonder) was acquired by Japanese conglomerate Panasonic for $7.1 billion.[14]

Services

New Mountain Capital specializes in private equity, private credit and net lease real estate.[1] Its private equity business is known for buying and growing small and midsized companies through acquisitions, and has never had an investment default.[1]

The company's net lease business, New Mountain Net Lease, invests in sale-leaseback projects.[15]

New Mountain's private business development corporation (BDC), New Mountain Finance Corporation, had reportedly more than $2.65 billion assets under management as of July 2019.[6]

The company sells collateralized loan obligations (CLO) through its subsidiary New Mountain Credit CLO Advisers LLC.[16]

Notable investments

References
  1. "#340 Steven Klinsky". Forbes. February 18, 2022. Retrieved March 21, 2022.
  2. "Private-Equity Firm New Mountain Capital Raises Over $10 Billion for Deals". Wall Street Journal. February 18, 2022. Retrieved March 21, 2022.
  3. "Private-Equity Firm New Mountain Capital Raises Over $10 Billion for Deals". Harvard Law Bulletin. January 7, 2020. Retrieved March 21, 2022.
  4. "Mallinckrodt Baker changes name to Avantor Performance Materials". Lehigh Valley Live. January 3, 2019. Retrieved March 21, 2022.
  5. "RedPrairie to Buy JDA Software for $1.9 Billion". New York Times. November 1, 2012. Retrieved March 21, 2022.
  6. "New Mountin Capital seeks $750 million private BDC - Exclusive". Private Debt Investor. July 22, 2019. Retrieved March 21, 2022.
  7. "Blackstone Agrees to New Mountain Capital Proposal to Back JDA Software". The Wall Street Journal. August 19, 2016. Retrieved March 21, 2022.
  8. "New Mountain targets $8 billion on new flagship, $750 million on non-control fund". Buyouts. March 6, 2020. Retrieved March 21, 2022.
  9. "New Mountain Capital buying Zep Inc. for $692 million and taking it private". Atlanta Business Chronicle. April 8, 2015. Retrieved June 9, 2012.
  10. Hytha, Michael; Cortez, Michelle Fay (May 16, 2019). "Avantor Gets Modest Trade Debut Bump After $2.9 Billion IPO". Bloomberg News. Retrieved September 13, 2021.
  11. "Arlington Sells Ontario Systems to New Mountain". PE Professional. August 23, 2019. Retrieved March 21, 2022.
  12. "Finvi Acquires Massachusetts Company". Inside Indiana Business. December 10, 2021. Retrieved March 21, 2022.
  13. "Tinuiti Acquires Amazon Specialist Ortega Group, Adds Kevin Mayer to Board". Wall Street Journal. March 17, 2021. Retrieved March 21, 2022.
  14. "Panasonic acquires Blue Yonder in $7.1 billion blockbuster deal". Chain Storage. September 17, 2021. Retrieved March 21, 2022.
  15. "New Mountain Capital executes USD287m in US net lease transactions in H1 2021". Property Funds World. July 28, 2021. Retrieved March 21, 2022.
  16. "New Mountain Credit prices debut CLO via Wells Fargo". SP Global. October 5, 2020. Retrieved March 21, 2022.
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