North Street Capital, LP

North Street Capital, LP
Company typeLP
IndustryPrivate equity, Hedge fund
FounderAlex Mascioli
HeadquartersGreenwich, Connecticut, U.S.
Websitewww.NorthStreetLP.com

North Street Capital, LP is a privately owned private equity and hedge fund firm based in Greenwich, Connecticut. The firm is run by Alex Mascioli, who founded the firm and is named after a street in town. The firm invests in leveraged buyouts and public and private equity. Mascioli is the company's Managing Partner and Chief Executive Officer.[1]

History[edit]

North Street Capital has been involved in Dutch automaker Spyker Cars, Swedish automaker SAAB Automobile and Amsterdam listed [2] Swedish Automobile N.V. (NYSE Euronext 'SWAN.AS') (The parent company to Spyker & SAAB). Alex Mascioli and SAAB Chairman & CEO Victor Muller came to a deal in which North Street would acquire the supercar maker Spyker from Swedish Automobile, which began to struggle financially with SAAB, for $43.5 million in cash,[3][4] and the proceeds would be used to pay off company debt. Shortly after the Spyker deal was announced SAAB Automobile came into a large liquidity problem when two Chinese automakers hadn't paid their agreed investment into the Swedish company.[5] As a result, Muller and North Street Capital struck another deal in which Alex Mascioli would pay $70 million to buy 2.38 million shares of SAAB and issue a convertible note of $60 million collateralized by SAAB's assets.[6][7] In 2011, there were some press reports that Mascioli might take over 100% of SAAB after a Chinese investment deal fell through, and in an interview with Reuters it was mentioned that he had the capacity to take over the company should he chose to do so.[8]

While the above deals were announced, none actually happened. Then SAAB CEO Victor Muller came to the conclusion that the offers were not real.[9]

North Street Capital in 2012 made an offer for Winnebago, which was not received as a serious offer.[10][11] Mascoli's criminal record was stated as a concern by Winnebago.[12]

References[edit]

  1. ^ "Movers and Shakers". thedeal.com. 2012-03-19. [permanent dead link]
  2. ^ "Delayed Quote - (SWAN.AS)". finance.yahoo.com. Retrieved 2024-04-17.
  3. ^ Merced, Michael J. de la (2011-09-29). "North Street Capital Buys Spyker for $43.5 Million". DealBook. Retrieved 2022-10-16.
  4. ^ "UPDATE 4-Saab owner to sell Spyker for 32 mln euros". Reuters. 2011-09-29. Retrieved 2022-10-16.
  5. ^ "Saab's Survival Chances Dwindle as China Investors Seek New Deal". Bloomberg.com. 21 October 2011.
  6. ^ "peHUB » North Street Capital Puts $70M into Saab Owner". www.pehub.com. Archived from the original on 2011-10-21.
  7. ^ "Saab wins $70m lifeline from private equity car-lover". BBC News. 20 October 2011.
  8. ^ "Saab owner spurns Chinese takeover". Reuters. 2011-10-21. Retrieved 2022-10-16.
  9. ^ Saab, Phoenix (2012-03-03). "Victor Muller – Phoenix – A Future for Saab". phoenixfutureforsaab.wordpress.com.
  10. ^ "Should this guy change his firm's name to Round Hill Capital?". christopherfountain.wordpress.com. 2012-05-18.
  11. ^ Tita, Bob (18 May 2012). "Winnebago Gets Offer". Wall Street Journal.
  12. ^ "BUYOUTS-Bidder's criminal record raises questions in Winnebago offer". Reuters. 2012-05-24. Retrieved 2022-10-16.
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