WSJ PE Beat: PE Image Fight Lands in Democratic Convention State
By Michael Wursthorn
The lobbying group for the private equity industry is intensifying the political fight in North Carolina.
The Private Equity Growth Capital Council released a video last week targeting the state that will house the Democratic Party convention in an attempt to affect the dialogue around private equity’s perception during the presidential campaign.
The video details New York-based New Mountain Capital’s ownership of Inmar Inc., a logistics services provider for retailers that the firm acquired in 2007.
“I think there’s a perception that when private equity folks go in, that you cut the costs, you cut capital,” Doug Londal, a managing director at New Mountain, said in the video. “The fact is we’ve been growing the revenues, we’ve been growing the people and we’ve been growing the capital expenditures.”
The video goes on to say that New Mountain has helped Winston-Salem, N.C.-based Inmar invest more than $100 million in information technology upgrades, while the business’ headcount has increased by 24%.
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