CCMP Capital, a private-equity firm that is best known for leveraged buyouts and growth capital investments for companies like Cabela’s and Quiznos, has officially resumed full business activities nearly a year after the departure and subsequent death of founding partner and CEO, Stephen Murray CCMP Capital. The company, who announced that Murray was taking a leave of absence for health reasons early last year, released a statement of condolences about his death at the age of 52 in March of last year.
Murray, who was not only a founding partner and CEO, was also a “key-man” for the company, a term that defines specific people within a private-equity fund as central to that fund’s business interests and investments. CCMP Capital operates under a “key-man” clause, which means that following the death of Murray, the fund was unable to enter into new deals or begin new ventures until a consensus could be reach about the future of the company.
The loss of Stephen Murray was deeply felt at CCMP Capital, a fund which Murray had been involved with through various iterations since 1989. Murray held numerous positions at the fund until he co-founded CCMP Capital as an independent fund from JP Morgan Chase in the summer of 2006. He held the title of CEO of the fund from 2007 until the month before his death in 2015.
Stephen Murray received his bachelor’s degree in economics from Boston College in 1984, followed by a master’s degree in business administration from the esteemed Columbia Business School. Along with being a businessman he was also a philanthropist. He was a supporter of the Make-A-Wish Foundation of Metro New York Post and the Stamford Museum.
In May of last year, The Wall Street Journal reported that CCMP Capital had held a successful vote of confidence, leading the fund to resume it’s investing rounds. Certain provisions and assurances were put into place for the Capital Investors III LP Fund investors, such as new-investor protections and the acknowledgement that a CEO replacement would be appointed. Greg Brenneman, CCMP Capital’s chairman, was appointed several weeks later.
Early this month, CCMP Capital made a new addition to the fund’s team member roster — Robert Toth, the former CEO and President of Polypore International Inc., has joined the fund as a Managing Director. Business Wire has reported that Mr. Toth’s responsibilities will include forming new investment opportunities as well as working with current companies in the current portfolio to create new growth plans.