Wellspring Capital Management

Wellspring Capital Management is an American private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries.

Wellspring Capital Management
TypePrivate
IndustryPrivate equity
Founded1995 (1995)
FounderMartin Davis,[1] Greg Feldman
HeadquartersLever House
New York, New York, United States
ProductsLeveraged buyout
Total assets$2.2 billion
Number of employees
4800
Websitewww.wellspringcapital.com

The firm, which is based in New York City, was founded in 1995 by Martin Davis and Greg Feldman. Davis (1927-1999) was best known for his role in restructuring Gulf and Western Industries into Paramount Communications.[1] The firm has raised approximately $2.2 billion since inception across four funds. Wellspring completed fundraising on its fourth fund in 2005 with $1.0 billion of investor commitments[2] as a successor to its $665 million 2003 Fund III.[3] The current CEO of Wellspring is William F. Dawson, Jr.[4]

Among the firm's most notable investments are: Performance Food Group,[5][6] Lionel, Dave & Buster's[7] and Checkers.

In 2015 the firm acquired Bellwether Behavioral Health, a troubled for-profit group home operator that has faced challenges in Maryland,[8] New Jersey,[9] and Florida.[10]

Miscellaneous

The firm is not related to a Florida firm, Wellspring Capital, that was implicated in a Ponzi scheme in 2004.[11]

References
  1. Martin Davis, 72; Created Modern Paramount. New York Times, October 6, 1999
  2. US Wellspring closes Fund IV on $1bn. AltAssets, November 30, 2005
  3. US Wellspring Capital Management closes $665m fund. AltAssets, April 30, 2003
  5. Equity Firms Acquiring Food Supplier. Bloomberg, January 19, 2008
  6. Blackstone, Wellspring to acquire Performance Food Group in $1.3bn deal Archived 2008-06-11 at the Wayback Machine. AltAssets, January 18, 2008
  7. Business Wire: Dec 9, 2005-Dave & Buster's, Inc. Agrees to Be Acquired by Wellspring Capital for $18.05 Cash Per Share
  8. Maryland Sues Notorious For-Profit Group Homes. The Company Was the Subject of ProPublica Investigation. by Heather Vogell July 12, 2019]
  9. 'Loved ones’ lives at stake': NJ residents face uncertainty as Bellwether ousted from 62 group homes
  10. Suit alleges more abuse of disabled people at Carlton Palms as facility prepares to close
  11. More Problems for Wellspring Capital. New York Times, February 29, 2004
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