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Flexpoint Ford Announces Closing of Flexpoint Ford Fund II and Flexpoint Ford
Overage Fund II With Total Committed Capital of $1.28 Billion
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CHICAGO, Oct. 2 /PRNewswire/ -- Flexpoint Ford, LLC a private equity firmfocused on financial services and healthcare, announced today the first andfinal closing of its second investment fund, Flexpoint Ford Fund II, alongwith a side-car fund, Flexpoint Ford Overage Fund II. Total committed capitalbetween the Funds is $1.28 billion. Fund II is an $800 million fund, and theOverage Fund is a $480 million pool intended to invest alone or alongside FundII in larger transactions. The General Partner is committing $150 million ofits own capital to the Funds. Flexpoint Ford, the successor organization toFlexpoint Partners LLC, represents the formal integration of the Fund IGeneral Partner with a team of executives led by financial services investorand Fund I Special Limited Partner, Gerald J. Ford.
Flexpoint Ford brings to its investment activities an experienced group ofprincipals who have worked together for many years. The Fund I Principals,Donald J. Edwards, Ethan A. Budin and Charles E. Glew, Jr., are joined by Mr.Ford, J. Randy Staff and Carl B. Webb, who have worked together for the past25 years successfully acquiring and operating numerous banks and financialservices companies. Mr. Ford will serve as Chairman of Flexpoint Ford and Mr.Edwards will serve as Chief Executive Officer.
"As planned when we founded Flexpoint, we have worked very closely withJerry and his team while investing Fund I, and this integration is a naturalevolution for our organization," said Mr. Edwards. "An investor-operator withJerry's track record is a rare commodity in a private equity general partner,and we are proud to have his name on our door."
Mr. Ford commented, "I am tremendously excited to build Flexpoint Fordinto a leading private equity firm with Don. Combining our groups' investmentand operating experience creates a unique firm with compelling opportunity.The structure we designed with our investors, utilizing a flexible side-carfund, allows us to pursue both large and small opportunities in the currentlydislocated financial services industry."
In addition, Flexpoint Ford announced today the hiring of two newPrincipals, Stephen L. Begleiter and Harris Hyman IV.
Mr. Begleiter will lead Flexpoint Ford's office in New York. Prior tojoining Flexpoint Ford, Mr. Begleiter was a Senior Managing Director at BearStearns & Co. where he was a member of the firm's Management and CompensationCommittee. Mr. Begleiter spent 15 years of his 24-year career at Bear Stearnsin the Financial Institutions Group, where he worked with a broad range ofdomestic and international clients on a variety of advisory and financingtransactions.
Mr. Hyman will join Flexpoint Ford's healthcare effort. Prior to joiningFlexpoint, Mr. Hyman was a General Partner of Grotech Capital Group, where hewas responsible for the firm's healthcare investment activity. Previously Mr.Hyman worked for 19 years as an investment banker, most recently as a ManagingDirector of Credit Suisse First Boston, where he served as Co-Head ofHealthcare Mergers & Acquisitions.
About Flexpoint Ford, LLC
Flexpoint Ford, LLC is a private equity investment firm with $1.5 billionunder management focused on the financial services and healthcare industries.The firm's offices are located in Chicago, Dallas and New York.Contact: Donald J. Edwards, Chief Executive Officer Flexpoint Ford, LLC (312) 327-4530 http://www.flexpointford.com
SOURCE Flexpoint Ford, LLC
