Cortec Group

Cortec Group is a private equity firm focused on leveraged buyout transactions. The firm is based in New York City and was founded in 1984.

Cortec Group
Private Ownership
IndustryPrivate Equity
Founded1984
HeadquartersNew York City, New York, United States
ProductsLeveraged buyouts
Total assets$2.6 billion
Websitewww.cortecgroup.com

Description

The Cortec Group private equity firm is focused on leveraged buyout transactions. The firm targets specialty middle-market manufacturing, distribution and service companies, particularly family-controlled companies and corporate spin-outs.

The firm is based in New York City and was founded in 1984. Since inception, the firm has raised over $2.6 billion of capital across six investment funds and has completed more than seventy transactions.

History

Cortec Group was founded in 1984 by senior managers of Condec Corporation, a publicly traded industrial conglomerate. Originally the Consolidated Diesel Electric Company, Condec Corporation was founded in 1942 by Norman I. Schafler, and became a leading manufacturer of robotics, defense, aerospace, and industrial equipment.[1] Condec operated a diversified portfolio of manufacturing companies.

Cortec was founded by Scott Schafler (Norman's son), Gerald Rosenberg, and Neal Kayes. Other than Scott Schafler—who remains a Managing Partner of the firm along with David Schnadig, Jeff Lipsitz, and Mike Najjar—the other founders have been retired for a number of years.

After investing private capital since inception, Cortec raised its first institutional fund in 1990. In 2015, Cortec raised its sixth institutional fund, hitting its hard cap of $1.1 billion after only two months on the fund raising trail. Platform investments in Cortec Fund VI were led by the acquisition of Center for Vein Restoration, the largest physician-led practice treating vein disease in the United States.[2] Since inception, the firm has increased its funds under management approximately every five years. Beginning with Cortec III—a $331 million fund raised in 2000—the firm has been led by Messrs, Schafler, Schnadig, and Lipsitz.

In 2020, Bertram Capital sold Enthusiast Auto Holdings, including ECS Tuning and Texas Speed and Performance to Cortec Group[3]

Assets

References
  1. Norman Ira Schafler. New York Times, August 2, 1986
  2. "Cortec acquires CVR Management". PEHub. Retrieved 2020-02-06.
  3. Capital, Bertram. "Bertram Capital Completes Sale of Enthusiast Auto Holdings to Cortec Group". www.prnewswire.com. Retrieved 2020-02-02.
  4. Reuters (1997-12-05). "Company News; Raytheon to Sell an Electronic Components Business". The New York Times. ISSN 0362-4331. Retrieved 2019-10-23.
  5. "Bloomberg - Are you a robot?". www.bloomberg.com. Retrieved 2019-10-23.
  6. "PE Firm Buys Aspen". OC. Retrieved 2020-06-13.

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