NEW YORK James
"Jim" Tumulty, a veteran investment banker with a track record
in metals and manufacturing, and key members of the team he led
at Seaport Group LLC have united to form Calibre Group LLC, a
private equity fund that will provide merchant banking services
to the "Rust Belt" manufacturing sector.
established under an operating agreement that was executed and
funded Jan. 2.
"We are pretty excited
about our group of shareholders. They understand the metals
business completely," Tumulty, principal and chief executive
officer of Calibre, told AMM in an interview just
prior to the launch of the company.
disclose the identity of Calibres shareholders, saying
only that the lead investor was a mentor of his.
"They came to us and
said we have proprietary investment capital. They rounded up
somewhere between $100 million and $120 million for us to have
another arrow in our quiver alongside our advisory business,"
With the formation and
launch of Calibre, Tumulty and his team are positioned to offer
potential clients a range of investment options.
"One is advice, two is
access to third-party capital, if thats what they want,"
he said. "The third thing we can offer is to be their lead
investor. Then if there is a proprietary capital solution that
is desired by the company, we are in a position to provide it
where we werent before."
on metals comes naturally. While Tumulty was a senior managing
director at Seaport, the company oversaw the sale of the assets
of Sparrows Point, Md.-based RG Steel LLC (
amm.com, June 1, 2012). Prior to that he was part
of the financial/investment team involved with Craig and James
P. Bouchard in the early days of Sewickley, Pa.-based Esmark
"One of the things
Calibres investors want us to do is utilize our good
relationship with the United Steelworkers and other
organizations to source transactions. ... They want us to focus
on industries that we know. Thats basic manufacturing,
steel, metals, mining and steel processing. We also have forest
products expertise and some oil and gas expertise," Tumulty
"I really want to
focus on the oil and gas as it relates to metals," he added.
"But were basically Rust Belt manufacturing."
A key target for
Calibres investors is the metals distribution sector.
"They have a strong appetite for consolidating, particularly
processing and service centers," Tumulty said. "Our group has
significant distressed expertise, so our investors
want us to look for both distressed and non-distressed
Joining Tumulty at
Calibre are Ed Siegel, principal and chief financial officer
and "my partner for 20 years," Toby Kreidler, principal, who
previously "worked under the iron thumb of Ron Bloom at the
United Steelworkers," Harrison Bubrosky, an investment banker,
who exited retirement to join the new venture as a principal,
and Michael Rotch, "our analyst" and a vice president, he
"We brought our whole
team, four of us from Seaport," Tumulty said, noting that their
departure from the New York-based boutique investment bank was
cordial and completely collaborative. "We are five now and we
are going to be six. Ed, Toby, Mike and I remain employees of
Seaport while we complete existing engagements."