Wellspring Capital Management Group LLC (“Wellspring”), a leading middle market private equity firm, today announced several organizational changes, reflecting the evolution of the firm’s leadership and positioning the firm for continued success in implementing its investment strategy, which has consistently driven compelling returns for its investors over the past 25 years.
Effective January 1, 2021:
- Alex Carles and John Morningstar, both Managing Partners, who joined in 2001 and 2007, respectively, have been named co-Presidents of the firm
- Matthew Harrison, who joined in 2005, has been named Managing Partner
- Naishadh Lalwani, who joined in 2013, has been named Partner
- Lucas Bailey, former President and Chief Operating Officer of Mafco Worldwide LLC, joins the firm as Operating Partner
- Michael Schwartzman and Ryan Dowd, who joined in 2011 and 2014, respectively, have both been named Principal
- Meghan FitzGerald, formerly of Cardinal Healthcare and a board member of Tenet Healthcare, will serve as a Senior Advisor in Healthcare
John Morningstar said, “Despite the obvious challenges of 2020 related to COVID-19, the firm has never had a better year. Thankfully, our colleagues stayed safe and we achieved near record capital deployment at multiples far below sector averages. The firm has significant momentum and an exceptional team that is committed to delivering strong returns for our investors and all of their constituencies.”
Alex Carles added, “The exit of Help at Home at a 7x MOIC with continuing upside was a watershed event for our firm and all of our stakeholders, cementing the returns of WCP V. Along with the leadership of Matt and Nash, we are incredibly excited to work with our outstanding team to continue to drive attractive returns for our investors. Luke and Meghan will add depth and new perspectives as we invest the remaining capital in WCP VI and raise future funds.”
The addition of Lucas Bailey and Meghan FitzGerald will enhance Wellspring’s operational support of its portfolio companies materially. Luke joins Wellspring with 18 years of leadership, operations and finance experience. He most recently spent seven years with Mafco Worldwide LLC in President, COO and CFO roles and formerly held private equity roles at MacAndrews & Forbes Inc. and Vestar Capital Partners. Additionally, Luke served in the U.S. Marine Corps as an Officer in the 3rd Reconnaissance Battalion.
Meg is a global healthcare strategist, business leader and investor. She is the former CEO and Managing Partner of the healthcare investing arm of Letter One, a $25 billion international private equity firm. Previously, she held senior leadership roles at Cardinal Health, Medco Health Solutions and Pfizer. Meg is currently a board member of Tenet Healthcare and K2HealthVentures.
About Wellspring Capital
Wellspring Capital Management is a leading private equity firm headquartered in New York. Since its founding in 1995, Wellspring has raised over $4.5 billion of initial capital commitments through six private equity funds. Over the past 25 years, Wellspring has invested in over 45 platform investments across various segments of the U.S. and global economies. Wellspring’s objective is to bring partnership, experience and value creation to each investment. Currently, the $1.45 billion WCP VI, is roughly half deployed.