Perella Weinberg Partners has announced that it will launch PWP Growth Equity, a new private equity strategy focused on investing in growth companies in the lower middle market.
Ferguson and Baird join Perella Weinberg Partners from Weston Presidio, a lower middle market private equity firm, where they were both Partners. Ferguson and Baird have 40 years of experience in private equity and investing, collectively.
The PWP Growth Equity strategy will invest primarily in lower middle market companies across the consumer, services and industrials sectors. The strategy will focus on investments in businesses with strong management leadership, large addressable markets, compelling margins and cash flow conversion, differentiated products or services, and strong growth prospects.
Terry Meguid, Founding Partner and head of the Firm’s Asset Management business, stated, 'Identifying proven and experienced professionals to lead new strategies and further diversify our offering of alternative investment solutions continues to be a primary focus for the Firm. Dave and Chip have a demonstrated track record of successfully sourcing, overseeing and exiting compelling investments and delivering attractive returns for investors'.
Sandy Haas, Deputy Head of Asset Management, added, 'With the welcome addition of Dave and Chip, our Growth Equity activity becomes Perella Weinberg Partners’ eighth investment strategy and third private capital strategy, and we are excited to be offering this new opportunity to investors'.
Ferguson stated, 'Perella Weinberg Partners is a leading global diversified alternative asset manager that is highly regarded for offering quality alternative investment products. Its reputation, coupled with its institutional infrastructure, made them the ideal partner for our new venture. We are excited to be launching this new strategy under the Perella Weinberg Partners franchise'.
Baird said, 'Dave and I have significant experience investing in the consumer, services and industrials sectors. We look to build supportive relationships with management teams to help them achieve long-term value. We assist our partners’ value creation efforts and we look forward to continuing this work as part of the Perella Weinberg Partners team'.
Trench Plate Acquisition
The Growth Equity team led the acquisition of Trench Plate Rental Company ('Trench Plate') in partnership with its management team in August of 2012. Trench Plate is one of the largest providers of government-mandated trench safety equipment to the underground construction industry in the Western U.S. The company operates 11 branches in Southern California, Northern California, Las Vegas, Reno, and Houston. The company has a strong, established market position and significant asset base that allows it to capitalize on the industry and macroeconomic tailwinds.
Fashion to Figure Investment
In February of 2013, the Growth Equity team completed its second investment in Fashion to Figure, the only fast-fashion retail chain dedicated solely to plus-size women’s fashion. Fashion to Figure provides up-to-the-minute fashion trends at value prices. The company has 11 locations across the United States and it operates an online retail business. Fashion to Figure was founded, and is currently led, by the great-grandsons of Lena H. Bryant, the revolutionary businesswoman and visionary dressmaker who invented full-fashion over 100 years ago.
Perella Weinberg Partners Asset Management Business
PWP Growth Equity is the third strategy to be launched by Perella Weinberg Partners in the last year. In March of 2012, the Firm introduced PWP Diversified Equities, a fundamental long/short equity and event-driven strategy led by Partner and Portfolio Manager, David Baker. In August of 2012, the Firm launched PWP Alpha Europe, a European long/short equity strategy led by Partner and Portfolio Manager Andrew Dickson. Perella Weinberg Partners Asset Management business is comprised of eight strategies with more than $8.6 billion in assets under management and capital commitments.
David Ferguson – PWP Growth Equity
Ferguson is a Partner at Perella Weinberg Partners. He has been in the private equity industry for 25 years, during which time he has invested in a variety of industries and has served on the boards of directors of over 30 former portfolio companies. Ferguson was a Partner at JPMorgan Partners (and its predecessor organizations, Chase Capital Partners and Chemical Venture Partners) and, most recently, a Partner at Weston Presidio. Previously, Ferguson worked in the Mergers and Acquisitions Groups of Bankers Trust and Prudential Securities. He is a Certified Public Accountant and worked in the Audit Departments of Deloitte & Touche and KPMG.
Ferguson received a Bachelor of Arts in Accounting from Loyola University Maryland and a Masters in Business Administration from the Wharton School of Business at the University of Pennsylvania.
Chip Baird – PWP Growth Equity
Baird is a Partner at Perella Weinberg Partners. He began his investing career over 15 years ago and has extensive experience across a wide range of industries, having served on the board of directors of numerous portfolio companies.
Prior to joining Perella Weinberg Partners, Baird was a Partner at Weston Presidio. Previously, Baird was a private equity investor with The Beacon Group, where he focused on business and industrial services, energy, and general manufacturing companies. Baird began his career in the Investment Banking Division at Merrill Lynch, working on mergers and acquisitions, high-yield financings and public equity offerings.
Baird received a Bachelor of Science in Finance and International Business from the Pennsylvania State University and a Masters in Business Administration from Harvard Business School.