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New Mountain Finance Corp. : New Mountain Announces Organization Changes and Enhancements for Long-Term, Sustainable Success (104Kb - PDF)

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04/30/2013 | 01:11pm EDT

Contact: Adam Weinstein
(212) 220-4247



NEW YORK, NY - April 30, 2013 - New Mountain Capital, LLC today announced a series of organizational changes designed to strengthen the firm for long-term success. They include the appointment of Doug Londal to President and COO, as well as several additional executive promotions, transitions and operational enhancements.

"It is important that we continue to build and improve our firm for the future," said Steve Klinsky, New Mountain's CEO and Founder. "Private equity funds generally take a decade to fully invest and harvest, and the organizational improvements we are making today are intended to ensure that we have the right leadership and operational structure in place for these next ten years and beyond."
As newly named President and COO, Doug Londal will work closely alongside Steve Klinsky who remains fully and actively engaged as CEO. "When passengers fly in an airplane, they like to know that there is a co-pilot in the right seat to support the pilot in the left. With Doug's promotion, we can give New Mountain's investors that same comfort. Doug is an outstanding culture carrier and exceptional private equity professional. His new role as President and COO will enhance New Mountain as a sustainable 'best in class' institution and raise our management quality across the organization," Klinsky said.
Londal, age 47, grew up in a family business environment in Michigan, earned his undergraduate degree at the University of Michigan and his MBA at the University of Chicago. He previously worked at Goldman Sachs, & Co. where he rose at a young age to be co-head of Merchant Banking for the Americas and co-head of Goldman Sachs' U.S. mezzanine investment effort. He first worked with New Mountain as a potential co-investor in 2000, and then joined the firm as a Managing Director in
2004 during the investment period of Fund I. He has been a senior contributor to the firm's growth and success since then, and has been a team leader on some of the firm's most important projects and initiatives.
"New Mountain has always stayed true to its original strategy of 'defensive growth', business building, the avoidance of auctions, and the pursuit of the highest returns," said Londal. "At the same time, we have continued to strengthen our team and team-based culture each year in order to execute this strategy to the highest possible standards. My goal is to help Steve continue to build our firm's skills and team in this same continuous and evolutionary way for many years ahead."
New Mountain also announced that it has named longtime operating executives, Bal Dail and Bert Notini, as Managing Directors of the firm, emphasizing the growing operational management strengths resident within New Mountain today. "We believe private equity is a form of business, not a form of finance," said Klinsky. "The increasingly important roles of the operating and technology executives on our team, including Bal and Bert, illustrate this fact."
Bal Dail, 45, originally joined New Mountain as a Senior Advisor in 2012 from Aon Corporation, where he was one of the most senior executives, having served as Chief Information Officer of Aon, CEO of Aon Consulting and co-CEO of Aon Hewitt. Prior to Aon, he was a partner in the technology practice of McKinsey Consulting. Dail works in all aspects of New Mountain's private equity practice, including industry identification, due diligence, acquisition sourcing, board work, strategic planning, operational improvement and oversight. His strengths are in a wide range of specialties, including software and systems, insurance and financial services, general management, corporate acquisitions, consolidations and cost control, global growth, human resources management, and corporate governance.
Bert Notini, 56, first began working with New Mountain in 2007 as CEO of Apptis, Inc., a then portfolio holding of Fund I. He joined New Mountain's team in 2011, working with a number of the firm's private equity businesses on acquisitions of new companies and in all aspects of New Mountain's business. Prior to joining New Mountain, he served as President and COO of Sonus Networks Inc., Chief Financial Officer of Manufacturers Services Ltd., Executive Vice President of Wang Global Corporation and was a Senior Partner in the corporate practice of the law firm Hale and Dorr, LLP (now WilmerHale LLP). He has extensive experience building businesses and has particular strengths in the areas of general management, information technology, software, business services, defense and government services, telecommunications and manufacturing.
Currently, over 20 members of New Mountain's investment team have career backgrounds outside of investment banking or finance, including experience as CEOs, COOs, heads of strategy, management consultants, and investigative journalists. Examples include Rajiv Gupta (formerly CEO, Rohm and Haas), Lawrence Jackson (formerly CEO of Global Procurement at Wal-Mart), Larry Benjamin (formerly CEO of Nutrasweet and U.S Food Service), Harry Durity (formerly head of strategy, ADP), and David Vise (Pulitzer Prize winner at the Washington Post).
New Mountain also announced that Alok Singh, 59, currently a Managing Director, will leave the firm to pursue an entrepreneurial venture, but is expected to act as a senior advisor as needed. "We support him in this," said Klinsky. "This decision will allow Alok to pursue his professional interests while enabling New Mountain to continue to build its team and enhance its operating strengths. We thank him for his contributions to our firm and we hope to work with him on future private equity investments that he may bring to our attention or that we bring to him."
New Mountain also announced that Matt Ebbel, 34, and Andrew Chang, 31, have been promoted to Managing Directors of the firm, specializing in private equity and public equity, respectively. Ebbel attended Harvard University and worked in McKinsey's Silicon Valley office before joining New Mountain in 2003, and is a leader in the areas of software, financial services, business services, transportation and logistics. Chang joined New Mountain in 2008 from Perry Capital. Prior to that, he worked in the investment banking divisions of Goldman Sachs and Lazard Freres. He has been particularly successful investing in the media, technology and telecommunications sectors while at New Mountain, and has contributed positively to all aspects of New Mountain Vantage's success.
"We congratulate Matt and Drew on their promotion to Managing Director, and thank them for the years of important contributions they have already made to the firm," said Klinsky. "Matt and Drew are representative of the class of exceptionally strong professionals who have grown up with New Mountain over the last five to ten years and are now reaching their full strength and maturity in order to take the firm forward. These executives, such as Mike Ajouz, Paula Bosco, Adam Collins, David Coquillette, David Frost, Rob Hamwee, Matt Holt, John Kline, Mat Lori, Pete Masucci, Sunil Mishra, Tom Morgan, Dan Riley and Adam Weinstein (plus the 28 directors, vice presidents and associates right behind them) are the keys to the firm's long term success."
New Mountain has approximately 100 staff members, including approximately 60 investment professionals. The firm has consistently emphasized acyclical "defensive growth" and business building as the best path to high and consistent returns. New Mountain has never had a portfolio company bankruptcy or missed an interest payment in its history.

About New Mountain

New Mountain Capital is a New York-based private equity firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private and public equity funds with approximately $9 billion in aggregate capital commitments. New Mountain seeks out the highest-quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, please visit www.newmountaincapital.com.

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Financials ($)
Sales 2019 259 M
EBIT 2019 -
Net income 2019 113 M
Debt 2019 -
Yield 2019 9,91%
P/E ratio 2019 9,77
P/E ratio 2020 9,74
Capi. / Sales 2019 4,27x
Capi. / Sales 2020 4,07x
Capitalization 1 104 M
Duration : Period :
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Technical analysis trends NEW MOUNTAIN FINANCE CORP.
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 14,4 $
Spread / Average Target 5,2%
EPS Revisions
Robert A. Hamwee Chief Executive Officer & Director
John R. Kline President & Chief Operating Officer
Steven Bruce Klinsky Chairman
Shiraz Y. Kajee CFO, Treasurer & Principal Accounting Officer
David Ogens Independent Director