Daily News: December 12, 2014

Turnspire Capital Adds Four Operating Partners

Turnspire Capital Partners announced four operating partners — Joseph Bondi, Mark Borseth, Neil Minihane and Val Shtraks — who bring extensive operational and sector expertise relevant to Turnspire’s strategy of investing in special situations in the broader manufacturing space. The operating partners will be involved in many critical elements of the investment lifecycle, ranging from due diligence, to working with portfolio companies to identify and implement operational enhancements, to advising on strategic growth initiatives.

Ilya Koffman, a managing partner of Turnspire, said, “Working with experienced and savvy executives is a core element of our hands-on, operationally focused strategy designed to drive sustainable improvements in controllable costs, margins and cash flow. We are excited to formalize our relationships with Joe, Mark, Neil and Val, each of whom brings invaluable experience and perspectives to Turnspire.”

Bondi spent more than 25 years at Alvarez & Marsal, where he was a managing director and co-head of the U.S. turnaround and restructuring practice.

Borseth was most recently CFO of Constar International, a manufacturer of plastic bottles for the food and beverage industry. Prior to Constar, Borseth was CFO of Eclipse Aviation, a privately held manufacturer of jet aircraft for the general aviation market.

Minihane is the principal and founder of Turn Works, where he has spent more than 15 years implementing operational changes to increase the profitability and efficiency of companies that are mature and/or underperforming. Prior to forming Turn Works, Minihane served as a VP of Operations with The Heico Companies, which was a turnaround private equity firm.

Shtraks is a co-founder and managing partner of Bath Authority (dba DreamLine), a designer, manufacturer and marketer of branded shower doors, tub doors and shower-related products. Shtraks is also the president of Zhongshan DomuStar Shower Company, Bath Authority’s wholly foreign-owned enterprise affiliate in China.

“We look forward to working with our operating partners as we execute our strategy of acquiring high-quality companies, both healthy and distressed, with significant opportunities to create value through operational improvements,” added Turnspire Managing Partner Michael Khutorsky. “We will continue expanding our relationship network with like-minded executives to work with Turnspire to drive best-in-class practices for our businesses and deliver value to our stakeholders.”