Committed to partnership,
growth and lasting impact.

ABOUT

Flexible capital solutions for lower middle market companies

We provide flexible capital solutions and partner with talented management teams to help companies achieve their full potential.

We take a hands-on approach to help drive growth, market leadership, operational excellence, and strategic value for our partner companies.

0.1 billion
Under Management
0mm
Target Company Revenue
0
Completed Investments

INVESTMENT CRITERIA

Our investment criteria: strong competitive position, significant growth potential, complexity welcomed

Gemspring provides flexible capital solutions to lower middle market companies headquartered primarily in the United States and Canada. We partner with industry leaders with growth potential that will benefit from our support and expertise. We do not shy away from complicated situations and have the ability to provide tailored capital solutions and support to drive growth and profit improvement.

Transaction Types

  • Corporate Carve-outs / Divestitures
  • Growth Equity
  • Leveraged Buyouts
  • Preferred Equity
  • Recapitalizations
  • Restructurings
  • Strategic Debt
  • Structured Equity

Value Creation

Prior to making an investment, we work alongside management to identify actionable opportunities for growth and operational improvement. In addition, we focus on removing structural complexities and other barriers that limit a company’s potential. Strategy and execution are unique to each company, but initiatives most often involve investing in talent and infrastructure, expanding into new markets, optimizing operations, and pursuing both strategic add-on acquisitions and larger transformational acquisitions.

Sector Focus

TEAM

An entrepreneurial team with a distinct culture

At Gemspring, we are entrepreneurs, problems solvers, and resources for whatever needs to get done. We are passionate about investing and driving value creation.

Our culture is based on shared values: collaboration and partnership, analytical rigor and intellectual honesty, integrity and lasting impact. We are privileged to serve our management teams, partner companies, investors, and communities.

Bret Wiener

Bret Wiener

Managing Partner
Malcolm Appelbaum

Malcolm Appelbaum

Managing Director,
Chief Financial Officer,
Chief Compliance Officer
Geoff Broglio

Geoff Broglio

Managing Director
Charlie Fraas

Charlie Fraas

Managing Director,
Head of Portfolio Operations
Donald Gerne

Donald Gerne

Managing Director
Aron Grossman

Aron Grossman

Managing Director
Brad Liff

Brad Liff

Managing Director
Alex Shakibnia

Alex Shakibnia

Managing Director
Matt Shuman

Matt Shuman

Managing Director,
Business Development
Jack Tucker

Jack Tucker

Managing Director,
Chief Operating Officer
Thomas Zanios

Thomas Zanios

Managing Director
(In Memoriam)
Dan Andrews

Dan Andrews

Principal
Ravdeep Chanana

Ravdeep Chanana

Principal
Michael Fan

Michael Fan

Principal
Kathy Calio

Kathy Calio

Director,
Operations
Kerri Hagen

Kerri Hagen

Director,
Business Development
Connor O’Byrne

Connor O’Byrne

Director,
Business Development
Karl Rodger

Karl Rodger

Director,
Business Development
Matt Tharp

Matt Tharp

Director,
Portfolio Operations
George Barsness

George Barsness

Vice President
Chirag Hirawat

Chirag Hirawat

Vice President
Howy Fang

Howy Fang

Vice President
John Ross

John Ross

Vice President
Jennifer Zhou

Jennifer Zhou

Vice President
Alex Blum

Alex Blum

Senior Associate
Thomas Henry

Thomas Henry

Senior Associate
Jin Kang

Jin Kang

Senior Associate
Annette Ng

Annette Ng

Associate
Anson Shen

Anson Shen

Associate
Jake Silberman

Jake Silberman

Associate
Emory Witt

Emory Witt

Associate
Adrienne Cerulo

Adrienne Cerulo

Assistant Controller

Bret Wiener

Managing Partner

Bret Wiener is the Founder and Managing Partner of Gemspring Capital and the Chairman of Gemspring’s Investment Committee. Bret’s experience spans a broad range of industries including business services, industrial services, distribution and logistics, aerospace, healthcare, insurance, specialty finance, media, technology, and software. Bret has invested across a range of company sizes and through a variety of transaction structures including founder recaps, leveraged buyouts, growth equity investments, take privates, corporate divestitures, bankruptcies and asset acquisitions. Bret has been involved in over 60 acquisitions over the course of his career and is also an active angel investor in early-stage companies. The pace of change in the business environment is accelerating and Bret believes that a deep understanding of new technologies and disruptive business models is critical to selecting investments and leading traditional businesses through these challenges and opportunities.

Prior to founding Gemspring, Bret spent 11 years with H.I.G. Capital where he was the youngest Managing Director in H.I.G.’s history. While at H.I.G., Bret was responsible for all aspects of the investment process including origination, due diligence, transaction structuring, financing, and execution of post-closing growth and operational strategies. Bret served on the boards of a variety of H.I.G. portfolio companies including in a Chairman capacity.

Prior to joining H.I.G., Bret was with the Corporate Strategy Group at Microsoft. In this role, he focused on strategic and operational initiatives including Microsoft’s OEM sales strategy, MS Capital’s growth strategy, and Microsoft’s cross-company marketing strategy. Before business school, Bret was in the investment banking division of Donaldson, Lufkin & Jenrette where he executed mergers and acquisitions and public and private financings. During his time at NYU, he spent three years as a Research Associate at the predecessor of OrbiMed, a leading healthcare investment firm. Bret’s deep experience also includes earlier career stints as an institutional cook, NYC messenger and telemarketing rep.

Bret serves on the Global Advisory Council of the Anti-Defamation League (ADL) and the Leadership Council of Grace Farms.

Bret received a BS, summa cum laude, from New York University and an MBA from Stanford University.

Malcolm Appelbaum

Managing Director,
Chief Financial Officer,
Chief Compliance Officer

Malcolm Appelbaum is a Managing Director and the Chief Financial Officer and Chief Compliance Officer of Gemspring Capital. Prior to joining Gemspring, Malcolm served as an independent operating partner to H.I.G. and other private equity sponsors having founded a consulting practice, AppleTree Advisors, to assist middle-market and lower-middle market businesses achieve their profitability, growth and value objectives. As an operating partner, Malcolm served as interim CFO, restructuring specialist or due diligence and financial consultant on over a dozen H.I.G. portfolio companies from 2001-2015 as well as restructuring, acquisition and divestiture assignments for other lower-middle market private equity portfolio companies.

In addition, Malcolm previously served as the Chief Financial Officer of Globe Specialty Metals, a producer of silicon metal and silicon-based specialty alloys. Malcolm took the company public on NASDAQ and led the accounting, finance and technology teams, completing numerous acquisitions, effecting divestitures of non-core assets, completing several major debt financings and implementing SAP and SOX compliance. Earlier, Malcolm was a Partner at Wand Partners, a middle-market private equity firm, where he was responsible for a broad range of activities including sourcing, due diligence, portfolio company management and accounting & administration. Malcolm began his career as an Accountant at Deloitte and a Financial Analyst at Goldman Sachs.

Malcolm received a BS in Accounting from City University of New York – Brooklyn College and an MBA in finance from Columbia University. He is a Certified Public Accountant registered in New York.

Geoff Broglio

Managing Director

Geoff Broglio is a Managing Director and a member of the Investment Committee at Gemspring Capital. Geoff brings more than a decade of investment, strategic and operational experience across the distribution and logistics, diversified industrials, business services, media and technology sectors to Gemspring’s senior team. He has invested in leveraged buyouts, growth equity investments, corporate divestitures, asset acquisitions and recapitalizations. Throughout his career, Geoff has been responsible for identifying and evaluating investment opportunities, structuring, negotiating, financing and executing post-closing operational and growth initiatives.

Prior to joining Gemspring, Geoff was a Principal with Kingswood Capital, an operationally oriented lower middle market private equity firm founded by a Cerberus Capital veteran. Prior to Kingswood, Geoff focused on industrials, clean technology and energy private equity investments as a Vice President with Hudson Capital Management and as an Associate with First Reserve. Earlier in his career, Geoff was an Analyst in the financial sponsors group of Citigroup’s investment banking division.

Geoff serves on the boards of Crafty Apes, Shrieve Chemical Company, Transport Investments and Wireless Vision.

Geoff received a BS in Business Information Technology and a BS in Finance from Virginia Tech.

Sector Coverage:Industrial Services
Media & Telecom

Email Geoff:geoff@gemspring.com

Charlie Fraas

Managing Director,
Head of Portfolio Operations

Charlie Fraas is a Managing Director and Head of Portfolio Operations at Gemspring Capital. Charlie has over 25 years of experience leading transformations and driving profit enhancement and has worked with over 50 clients executing projects across the strategic and operational spectrum including: strategic planning, post-merger integration, BPO / shared service adoption, robotics process automation, sourcing and procurement, supply chain network, lean manufacturing and ERP / technology implementation.

Prior to joining Gemspring, Charlie led a boutique advisory firm focused on operational transformation, profit enhancement, and restructuring / turnaround engagements in a variety of industries, including aviation, brokerage, distribution, healthcare, manufacturing, real estate, retail, services, and technology, for clients including H.I.G. Capital and TPG. He has held various transformation leadership and restructuring roles including Interim CEO, Interim President, Interim COO, Chief Restructuring Officer (CRO), and Chancery Court Trustee (Delaware).

Previously, Charlie held several roles at 1800flowers.com, including Sr. VP of Improvement, Sr. VP of Operations, and COO, as he oversaw all of the operations including call centers, distribution, transportation, sourcing and procurement, customer database marketing, and florist operations.

Prior to 1800flowers, Charlie started his career at Arthur Andersen and Deloitte Consulting, spending 13 years in various practices including audit, bankruptcy and transaction advisory, marketing analytics, operations, retail industry, strategy, supply chain, and several technology teams.

Charlie serves on the boards of Insurvia, Rapid Displays, and Skyline.

Charlie received a BS in Accounting from Binghamton University and is a Six Sigma Black Belt.

Email Charles:charles@gemspring.com

Donald Gerne

Managing Director

Don Gerne is a Managing Director and a member of the Investment Committee at Gemspring Capital. For nearly two decades, Don has worked across a broad range of industries including business services, industrial services, environmental services, healthcare, consumer, retail, telecommunications, energy and infrastructure. During this time, Don has worked on leverage buyouts, corporate divestitures, founder recapitalizations, asset acquisitions and growth equity investments representing close to $2 billion of invested equity and $3 billion of funded debt in approximately 25 platforms and add-on acquisitions.

Prior to joining Gemspring, Don was a Partner at Metalmark Capital Partners. While at Metalmark, Don led all aspects of the investment process including origination, due diligence, legal documentation and transaction financing, in addition to collaborating with portfolio management teams to achieve value enhancement strategies. Don has served as a board member or observer for numerous companies, including WorldStrides, NNE, Monarch Midstream, MC2 Energy and Sebela Pharmaceuticals. Earlier in his career, Don worked at Greenhill Capital Partners, J.W. Childs Associates and Lehman Brothers.

Don serves on the boards of Skyline and Zavation.

Don received a BS in Mechanical Engineering from Yale University and an MBA from Harvard Business School.

Sector Coverage:Business Services (Professional Services)
Education

Email Donald:donald@gemspring.com

Aron Grossman

Managing Director

Aron Grossman is a Managing Director and a member of the Investment Committee at Gemspring Capital. Prior to joining Gemspring, Aron was a Principal with Rho Capital, a technology-focused private equity firm with $1.4 billion in capital under management, where he focused on the origination and execution of enterprise software investments.

Prior to Rho, Aron spent five years in operational roles with software businesses, most recently as Founder and CEO of Cleanshelf, a software expense management company he bootstrapped and merged with a competitive business, and to which he remains an advisor. Previously, Aron was an executive at Voxy, a venture-backed education technology company, where in addition to being CFO, he played a central role in the sales, marketing and operations activities driving the company’s growth.

Earlier in his career, Aron focused on business services, healthcare and media / communications investments with Tailwind Capital, a middle-market private equity firm. Aron began his career as an investment banking Analyst with Houlihan Lokey.

Aron serves on the boards of Bobit, Cforia, Sigga Technologies, and Valant Medical Solutions.

Aron received a BA in Economics and Spanish from Emory University.

Sector Coverage:Software

Email Aron:aron@gemspring.com

Brad Liff

Managing Director

Brad Liff is a Managing Director and a member of the Investment Committee at Gemspring Capital. Brad is focused on structured investment opportunities and brings over 15 years of credit investing experience across a broad range of products, strategies, industries, geographies, cycles and structures.

Prior to joining Gemspring, Brad was a Director at Citigroup in the Leveraged Credit trading business. In addition to in-depth fundamental coverage of several sectors across loans, bonds and CDS, Brad helped to develop proprietary solutions for risk management including developing a de novo framework for analyzing macro drivers in the high yield and loan markets that became a mainstay of internal and client risk decisions.

Earlier in his career, Brad was one of the first external hires into Bayside Capital, the special situations credit arm of H.I.G. Capital. During his time at Bayside, Brad was responsible for sourcing, evaluating and executing credit opportunities in stressed and distressed middle market companies. He also participated in the direct lending and CLO investing efforts under H.I.G.’s par lending platform, H.I.G. Whitehorse. Brad’s breadth of experience also includes being the founder of an early-stage technology company and a founder-in-residence at a venture capital firm. Earlier in his career, Brad was an Analyst in the investment banking group of Lehman Brothers.

Brad received a BA in Economics from Yale University.

Alex Shakibnia

Managing Director

Alex Shakibnia is a Managing Director and a member of the Investment Committee at Gemspring Capital. Alex has extensive experience structuring and executing transactions across a broad range of industries.

Prior to joining Gemspring, Alex spent three years at Friedman Fleischer and Lowe, a San Francisco based middle-market private equity firm focused on executing both majority and minority growth equity investments. Alex began his career as an investment banking Analyst at Credit Suisse in Los Angeles where he focused on the execution of debt and equity transactions for companies in various sectors.

Alex serves on the boards of A10 Capital, Insurvia, Rapid Displays, and United Group Programs.

Alex received BA in Business Economics and Mathematics, cum laude, from UCLA and an MA in Finance from Claremont McKenna College.

Sector Coverage:Financial & Insurance Services
Consumer Services

Email Alex:alex@gemspring.com

Matt Shuman

Managing Director,
Business Development

Matt Shuman is a Managing Director at Gemspring Capital. He is responsible for deal origination and leading the firm’s overall marketing and business development efforts.

Prior to joining Gemspring, Matt was with Northwestern Mutual. Previously, he ran the FX Prime Brokerage Sales efforts for Royal Bank of Scotland and Barclays Capital, where he was responsible for a broad range of activities, including business development, origination, contract negotiation and due diligence, and successfully led efforts in onboarding strategic relationships and rolling out new platforms for the banks’ Prime Brokerage businesses. Matt began his career as an Analyst on the Sales & Trading desks at JP Morgan in New York.

Matt received a BS in Finance from Syracuse University.

Jack Tucker

Managing Director,
Chief Operating Officer

Jack Tucker is a Managing Director and the Chief Operating Officer at Gemspring Capital. He is focused on Investor Relations, ESG Initiatives, Business Development, and Recruiting.

Prior to joining Gemspring, Jack was a Partner at Acalyx Advisors where he raised capital from institutional investors for private equity funds. At Acalyx, Jack was involved in several milestone fundraisings in the buyout and growth segments, including Gemspring Capital Fund I and Gemspring Capital Fund II. Jack also worked on a number of advisory mandates with general partners and helped develop and execute marketing strategies to assist general partners with ongoing investor relationship management. Jack began his career at MVision Private Equity Advisers, where he worked with general partners across the US and Europe.

Jack holds a BA from the University of Delaware.

Thomas Zanios

Managing Director
(In Memoriam)

Thomas Zanios was a Managing Director at Gemspring Capital and a member of the Investment Committee from 2016 until his passing in June 2021.

Over his career, Thomas invested in leverage buyouts, corporate divestitures, founder recaps, asset acquisitions through bankruptcy and growth equity investments across a range of industries including healthcare services, business services, insurance services, industrial services, manufacturing, and localized rental businesses. Thomas was involved in over 35 acquisitions over the course of his career including both platform investments and add-on acquisitions.

Prior to joining Gemspring, Thomas was a Principal at Odyssey Investment Partners. During his nine years with Odyssey, Thomas was involved in all aspects of the investment process including origination, due diligence, transaction structuring, financing, and working with management teams to execute key value creation initiatives. Thomas served on the boards of Safway Group Holdings and One Call Care Management during his tenure at Odyssey. Prior to Odyssey, Thomas worked as an Associate at H.I.G. Capital and was actively involved in a number of successful transactions. Thomas began his career in the healthcare investment banking group of Banc of America Securities, and also spent time at Ramius Capital, where he focused on private investments in public entities.

At Gemspring, Thomas served on the boards of Therma Holdings and Radancy.

Thomas received a BA, summa cum laude, from Tufts University.

Dan Andrews

Principal

Dan Andrews is a Principal at Gemspring Capital and focuses on structured investment opportunities. Dan brings over a decade of investing experience across various strategies in both public and private credit markets.

Prior to joining Gemspring, Dan was at Moab Partners, a value-oriented hedge fund, where he focused on special situations and event-driven investment opportunities. During his time at Moab, Dan invested in a wide array of credit products and focused on structured direct lending financings.

Earlier in his career, Dan was a Vice President at Morgan Stanley Credit Partners, a $1 billion credit opportunities fund within the Merchant Banking Division of Morgan Stanley. Dan was part of a team responsible for investing both outside investor funds and Morgan Stanley capital, focusing on complex direct lending situations and stressed liquid credit opportunities. Dan began his career in the investment banking group of Robinson Humphrey and also spent time at MCG Capital, a publicly traded private equity and debt investment firm where he executed middle market investments across the capital structure and served as a portfolio company board director.

Dan received a BS in Commerce from the McIntire School of Commerce at the University of Virginia and an MBA from Columbia Business School.

Ravdeep Chanana

Principal

Ravdeep Chanana is a Principal at Gemspring Capital.

Prior to joining Gemspring, Rav was an executive at General Electric with experience working across eight countries and four different multi-billion dollar industrial and financial services business units. His most recent role was CFO of GE Additive, a new business unit within GE Aviation comprised of two strategic acquisitions completed in 2016. In this role, Rav was responsible for providing financial and operational leadership to drive the integration of the acquired companies. Prior to GE Additive, Rav was CFO of GE Aviation’s engineering organization and led a global finance team of ~70 employees where he was responsible for providing strategic and financial leadership for the ~$3 billion of annual research & development budget and ~8,000 person engineering organization.

Rav began his career in General Electric’s Financial Management Program (FMP). He completed roles in Corporate Finance, GE Capital headquarters, and GE Corporate Investor Relations. Rav then joined GE’s Corporate Audit Staff ultimately progressing to Executive Audit Manager responsible for GE Aviation, a $25 billion revenue business segment, and the Services Council, supporting a GE Vice Chairman in driving best practices and processes across all of GE’s services businesses.

Rav serves on the boards of Radancy and Shrieve Chemical Company. In addition, Rav was formerly a board member of Therma Holdings.

Rav received a BS in Finance and Accounting from Fairfield University.

Sector Coverage:Aerospace & Defense
Specialty Manufacturing
Automotive

Email Rav:ravdeep@gemspring.com

Michael Fan

Principal

Michael Fan is a Principal at Gemspring Capital and focuses on investments in software. Michael has more than a decade of experience in sourcing and executing transactions in the technology sector, as well as operating experience from founding and leading a digital media business.

Prior to joining Gemspring, Michael was at Rubicon Technology Partners, an enterprise software focused private equity firm. Michael has also held roles within private equity at York Capital and Bain Capital, primarily focusing on technology investments. In these roles Michael has collaborated with management teams to execute strategic initiatives and served as a board director for multiple portfolio companies. Earlier in his career, Michael was the founder and CEO of a digital media business focused on car safety and worked as a technology investment banking Analyst at Morgan Stanley.

Michael serves on the board of Sigga Technologies.

Michael received a BA in Economics with a minor in Computer Science from Stanford University and an MBA from Harvard Business School.

Sector Coverage:Software

Email Michael:michael@gemspring.com

Kathy Calio

Director,
Operations

Kathy Calio is the Director of Operations at Gemspring Capital. Prior to joining Gemspring, Kathy was a Director in central management at Deutsche Bank in their Investment Banking division. She supported the Real Estate, Financial Sponsors and Financial Institutions groups in the Americas as their COO and worked closely with senior management in the day-to-day operations of these businesses. Prior to joining Deutsche Bank, Kathy practiced corporate law at Davis Polk & Wardwell in New York, rotating through M&A and Capital Markets before specializing in Investment Management.

Kathy began her career as an investment banking Analyst at Morgan Stanley in the Real Estate, Gaming, Lodging and Leisure group in New York and Milan.

Kathy received a BA in History, summa cum laude, from Princeton University and a JD from Columbia Law School where she was a Harlan Fiske Stone Scholar.

Kerri Hagen

Director,
Business Development

Kerri Hagen is a Director of Business Development at Gemspring Capital. She is responsible for sourcing new investments and driving the firm’s marketing and business development efforts.

Prior to joining Gemspring, Kerri was a Senior Business Development Consultant at Axial, where she assisted in the deal sourcing and M&A efforts of middle market private equity firms, family offices and lenders. Prior to joining Axial, Kerri served as Vice President of Corporate Access at The Buckingham Research Group, where she helped develop the firm’s communication platform between publicly traded companies and institutional investors. Earlier in her career, Kerri assisted the research, sales, and trading functions of investment banks while at Ipreo, a portfolio company of Blackstone and Goldman Sachs.

Kerri received a BA in Communications, summa cum laude, from the University of Michigan. She currently serves on ACG NY’s Women of Leadership Committee.

Connor O’Byrne

Director,
Business Development

Connor O’Byrne is a Director of Business Development at Gemspring Capital. He is responsible for deal origination and driving the firm’s marketing and business development efforts.

Prior to joining Gemspring, Connor spent a combined six years sourcing investment opportunities for StoneCalibre and Skyview Capital, two privately funded investment firms in Los Angeles.

Connor received a BBA in Finance, with a concentration in European Economics from James Madison University.

Karl Rodger

Director,
Business Development

Karl Rodger is a Director of Business Development at Gemspring Capital, where he plays an active role in sourcing transactions, executing new investments, and working alongside portfolio company management teams. Karl also leads the Capital Markets initiative at Gemspring and actively manages the firm’s relationships with a variety of lending partners. Throughout his career investing in the middle market, Karl has completed over 20 leveraged buyouts, corporate divestitures, founder recaps and transformational add-on acquisitions, and collaborated with management teams to develop and execute strategies that have driven growth in revenue and profitability.

Prior to joining Gemspring, Karl was a Vice President with Spire Capital Partners, an operationally oriented lower middle market private equity firm focused on technology, communications, media, and education services. Prior to Spire Capital, Karl with Dubin Clark & Company, a lower middle market private equity firm focused on investments in the business services, light manufacturing, and B2C rental industries. Earlier in his career, Karl spent time at The Riverside Company, where he helped invest out of the $1.2 billion North American fund. Karl began his career as an Analyst with Harris Williams & Co., where he helped execute middle market M&A transactions.

Karl received a BA, magna cum laude, from Vanderbilt University and an MBA from the Fuqua School of Business at Duke University.

Matt Tharp

Director,
Portfolio Operations

Matt Tharp is a Director of Portfolio Operations at Gemspring Capital. Matt has over 10 years of experience working with over a dozen companies across a broad range of transformational initiatives including broad go-to-market strategies, sales effectiveness and enablement, holistic marketing transformation, operational excellence, organizational restructuring, merger management, product road mapping, and procurement/sourcing.

Prior to joining Gemspring, Matt was part of Vista Consulting Group, the operating arm of Vista Equity Partners. Matt served as a Value Creation Director at Vista, helping to design and implement the value creation agenda with a variety of Vista’s portfolio companies. In addition, Matt served as an operating executive within Vista’s portfolio, most notably as a Vice President at Fusion Risk Management, a business continuity SaaS business.

Prior to Vista, Matt was a consultant at McKinsey & Company, where he led large scale commercial transformations for McKinsey’s clients. Prior to McKinsey, Matt served in several direct sales roles, primarily in the medical device industry. Matt also served as a Captain in the United States Marine Corps. In the Marines, Matt served as an Amphibious Assault Officer, and led teams ranging from 40-200 Marines.

Matt received a BA in Political Science and History from the University of Illinois at Urbana-Champaign and an MBA from the Kelley School of Business at Indiana University.

Sector Coverage:Software

Email Matt:mtharp@gemspring.com

George Barsness

Vice President

George Barsness is a Vice President at Gemspring Capital. George has nearly a decade of experience investing in and working with companies across technology, business services, distribution and logistics, and diversified industrials.

Prior to joining Gemspring, George was an Associate at The Carlyle Group, where he evaluated business services and technology investments in addition to working directly with Carlyle’s CEOs and CIOs on various investing, fundraising and corporate strategy initiatives. Earlier in his career, George worked in Houlihan Lokey’s Aerospace, Defense & Government Services Group and M&T Bank’s Mergers & Acquisitions Group, advising on sell-side and buy-side M&A, restructuring, and growth financing transactions.

George serves on the board of Skyline.

George received a BS in Business Administration from Washington & Lee University and an MBA from Harvard Business School.

Chirag Hirawat

Vice President

Chirag Hirawat is a Vice President at Gemspring Capital. Prior to joining Gemspring, Chirag was a Vice President at BlackIvy Group, a US-based holding company that owns and operates essential services businesses in Sub-Saharan Africa. Prior to BlackIvy, Chirag was a Vice President at Golden Gate Capital, a $15 billion AUM private equity firm, where he evaluated and executed new investments and monitored portfolio companies in the consumer and software sectors. Chirag began his career as an investment banking Analyst at Goldman Sachs where he focused on leveraged finance transactions for private equity and corporate clients.

Chirag serves on the board of Zavation.

Chirag received a BA in International Relations, magna cum laude, from New York University.

Howy Fang

Vice President

Howy Fang is a Vice President at Gemspring Capital. Prior to joining Gemspring, Howy was a Business Analyst with McKinsey & Company, where his client work centered around strategic growth initiatives, sales & marketing practices, and enterprise transformations.

Howy serves on the boards of Bobit and Transport Investments.

Howy received a BA in Economics from the University of Chicago.

John Ross

Vice President

John Ross is a Vice President at Gemspring Capital. Prior to joining Gemspring, John was with Black Diamond Capital Management, a $9 billion alternative asset management firm where he focused on the evaluation and execution of distressed private equity investments and was deeply involved in the turnaround of companies post-acquisition.

Prior to Black Diamond, John was an Associate at Irving Place Capital Management, a middle market private equity firm, where he was responsible for the analysis of new investment opportunities, due diligence, and monitoring of existing portfolio companies. John began his career as an investment banking Analyst at Bank of America Merrill Lynch where he focused on the execution of M&A transactions across a broad range of industries and geographies.

John serves on the board of Cforia.

John received a BA in Economics and Government, cum laude, from Dartmouth College and an MBA from the Tuck School of Business at Dartmouth, where he was an Edward Tuck Scholar.

Jennifer Zhou

Vice President

Jennifer Zhou is a Vice President at Gemspring Capital. Prior to joining Gemspring, Jennifer was an investment banking Associate in the Technology, Media, and Telecommunications group at Goldman Sachs in New York. She started her career as an investment banking Analyst at Citi in the Global Technology Group.

Jennifer received a BS in Finance and Economics, magna cum laude, from New York University and a JD/MBA from Columbia University.

Email Jennifer:jzhou@gemspring.com

Alex Blum

Senior Associate

Alex Blum is a Senior Associate at Gemspring Capital. Prior to joining Gemspring, Alex worked at Huron Capital Partners, a lower-middle market private equity firm in Detroit. While at Huron, Alex focused on the evaluation and execution of control and non-control investments in the business services and industrials sectors. Prior to Huron, Alex worked as a Senior Analyst at The Keystone Group, a boutique management consultancy in Chicago focused on manufacturing and distribution clients. Alex began his career as an audit staff accountant at Ernst & Young.

Alex earned a BS in Finance and Accounting from the University of Maryland.

Thomas Henry

Senior Associate

Thomas Henry is a Senior Associate at Gemspring Capital. Prior to Gemspring, Thomas was an Associate at Palladin Consumer Retail Partners, a Boston-based private equity firm focused on control buyouts and growth investments in lower middle market consumer products and specialty retail businesses. While at Palladin, Thomas focused on evaluating and executing transactions and portfolio management initiatives at the fund level, and also spent a year embedded full-time within KT Health, a Palladin portfolio company, to drive operational value creation. Thomas began his career as an investment banking Analyst with Wells Fargo Securities, where he executed M&A and leveraged finance transactions across a range of industries.

Thomas received a BS in Business Administration from the University of Southern California’s Marshall School of Business and an MBA from Northwestern University’s Kellogg School of Management.

Jin Kang

Senior Associate

Jin Kang is a Senior Associate at Gemspring Capital. Prior to joining Gemspring, Jin was an investment banking Analyst in the Mergers & Acquisitions group at Bank of America Merrill Lynch in New York. While at Bank of America Merrill Lynch, Jin focused on M&A transactions and strategic alternative advisory across a range of industries.

Jin received a BA in Economics, cum laude, from Princeton University.

Annette Ng

Associate

Annette Ng is an Associate at Gemspring Capital. Prior to joining Gemspring, Annette was an Associate at Commonfund Capital, where she invested in venture co-investments and funds. Annette began her career as an investment banking Analyst at MHT Partners in San Francisco.

Annette received a BS in Business Administration from the University of California, Berkeley, Haas School of Business.

Email Annette:annette@gemspring.com

Anson Shen

Associate

Anson Shen is an Associate at Gemspring Capital. Prior to joining Gemspring, Anson was an Analyst at Jefferies Group, where he focused on advising companies across the tech-enabled services verticals on M&A, strategic alternatives and capital raising. Previously, Anson was an Analyst at KeyBanc Capital Markets, focused on M&A transactions, advising companies in the consumer, industrial, chemicals and technology industries.

Anson received a BS in Computer Engineering and Applied Mathematics from The Johns Hopkins University.

Jake Silberman

Associate

Jake Silberman is an Associate at Gemspring Capital. Prior to joining Gemspring, Jake was an investment banking Analyst in the Global Energy group at Moelis in Houston. While at Moelis, Jake focused on executing M&A, capital raises and restructuring transactions across the energy verticals.

Jake received a BA in Economics from Rice University.

Emory Witt

Associate

Emory Witt is an Associate at Gemspring Capital. Prior to joining Gemspring, Emory was a consultant at EY-Parthenon where he assisted private equity clients on commercial due diligence and corporate clients on strategy projects across a range of industries.

Emory received a BS in Business Administration from Washington University in St. Louis’ Olin School of Business.

Adrienne Cerulo

Assistant Controller

Adrienne Cerulo is the Assistant Controller at Gemspring Capital. Prior to joining Gemspring, Adrienne was the Controller at Longroad Asset Management, a private equity firm focused on acquiring controlling positions in financially distressed companies. While at Longroad, Adrienne handled management company and fund accounting duties in addition to assisting with limited partner relationships. Prior to Longroad, Adrienne held other accounting positions at Weston Capital Management, a fund-of-funds, and UBS Investment Bank, where she supported their Fixed Income group.

Adrienne received an MS and BS in Accounting, summa cum laude, and an MBA from the University of Connecticut. She is a Certified Public Accountant registered in the State of Connecticut.

Email Adrienne:adrienne@gemspring.com

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Cforia

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Crafty Apes

Insurvia logo

Insurvia, LLC

Radancy

Radancy

Rapid Displays

Rapid Displays

Shrieve Chemical Company

Shrieve Chemical Company

Sigga

Sigga Technologies

Skyline

Skyline Displays

Therma

Therma Holdings

Transport Investments

United Group Programs

United Group Programs

Valant Medical Solutions

Valant Medical Solutions

Wireless Vision

Wireless Vision

Zavation

A10 Capital

Status: Active
Sector: Financial Services
Investment Date: May 2018
HQ: Boise, ID
www.a10capital.com

A10 is a leading provider of commercial real estate mortgage solutions in the United States. A10’s broad offering of transitional and permanent loan products covers the entire commercial property life cycle and borrowers benefit from A10’s full-service platform, which includes in-house underwriting, legal, and servicing.

Please contact Alex Shakibnia (alex@gemspring.com) for add-on acquisition opportunities.

Bobit Business Media

Status: Active
Sector: Business Services
Investment Date: November 2018
HQ: Torrance, CA
www.bobitbusinessmedia.com

Bobit Business Media is a leading provider of digital media and marketing solutions, events and print media. The company has a leading market position in each of the niche verticals it operates – fleet, transportation, beauty and law enforcement – serving a large customer base of over 1,700 B2B marketers. By leveraging its deep and entrenched audience, proprietary database and strong editorial capabilities, Bobit delivers highly targeted marketing solutions to each of its customers.

Please contact Aron Grossman (aron@gemspring.com) for add-on acquisition opportunities.

Cforia

Status: Active
Sector: Software
Investment Date: July 2020
HQ: Westlake Village, CA
www.cforia.com

Cforia is a leading provider of order-to-cash automation software focused on improving collections and cash management for B2B customers globally. The Cforia platform was designed to help companies accelerate the conversion of accounts receivable to cash in order to better manage credit exposure and reduce cost of capital and expense. Cforia’s success has been driven by superior technology that leverages proprietary, real-time data integration tools that work across complex and disparate ERP systems.

Please contact Aron Grossman (aron@gemspring.com) for add-on acquisition opportunities.

Crafty Apes

Status: Active
Sector: Tech-Enabled Services
Investment Date: October 2019
HQ: Los Angeles, CA
www.craftyapes.com

Crafty Apes is a full-service visual effects company with studios in Los Angeles, Atlanta and New York. Crafty Apes provides set supervision, VFX consultation, 2D and 3D compositing, digital cosmetics and computer-generated imagery to film, episodic and commercial video production customers.

Please contact Geoff Broglio (geoff@gemspring.com) for add-on acquisition opportunities.

Insurvia, LLC

Status: Active
Sector: Insurance Services
Investment Date: October 2018
HQ: Las Vegas, NV
www.insurvia.com

Insurvia is an insurance services holding company with subsidiaries including Fiesta Insurance a retail franchisor of insurance products and services with 235 locations across nine states and a growing eCommerce platform, La Familia Agency which operates 67 retail stores across Texas, and Bravo General an MGA with an omnichannel distribution strategy serving the automotive market.

Please contact Alex Shakibnia (alex@gemspring.com) for add-on acquisition opportunities.

Radancy

Status: Active
Sector: Software and Tech Enabled Services
Investment Date: April 2018
HQ: New York, NY
www.radancy.com

Radancy (f/k/a TMP Worldwide) is a global talent technology leader focused on intelligently solving the most critical challenges for employers and delivering results that strengthen their organizations. Through its unified Platform, augmented by rich data and deep industry expertise, Radancy is revolutionizing how employers attract and hire the talent they need.

Please contact Ravdeep Chanana (ravdeep@gemspring.com) for add-on acquisition opportunities.

Rapid Displays

Status: Active
Sector: Business Services
Investment Date: July 2019
HQ: Chicago, IL
www.rapiddisplays.com

Rapid Displays offers custom retail displays, store fixtures, kiosk merchandising, and more for an end-to-end visual merchandising solution. With eight decades of experience, over 500 employees, and 1 million square feet of working space, Rapid is a one-stop shop for retail merchandising solutions that provides customers with an integrated team of retail experts, designers, advisors and project managers results in a tailored and seamless experience.

Please contact Alex Shakibnia (alex@gemspring.com) for add-on acquisition opportunities.

Shrieve Chemical Company

Status: Active
Sector: Industrial Services
Investment Date: December 2019
HQ: The Woodlands, TX
www.shrieve.com

Shrieve is a value-added marketer of industrial chemicals, performance fluids and specialty lubricants. The company markets and sells over 700 products into more than 40 countries with support from manufacturing and research and development facilities in North America and Asia. Since its founding in 1978, Shrieve has been known for its market knowledge, consistency of supply, exceptional customer support and service, broad product slate and logistics capabilities.

Please contact Geoff Broglio (geoff@gemspring.com) for add-on acquisition opportunities.

Sigga Technologies

Status: Active
Sector: Software
Investment Date: December 2020
HQ: Sugar Land, TX
www.sigga.com

Sigga is a leading provider of Enterprise Asset Management (“EAM”) software, offering a comprehensive suite of solutions that fully integrate with SAP and enable asset-intensive businesses to more efficiently manage their maintenance and repair operations. Sigga’s success has been driven by its superior, purpose-built technology that is designed to directly address the needs of maintenance personnel and has been refined through Sigga’s two decades of experience in the EAM space.

Please contact Aron Grossman (aron@gemspring.com)  for add-on acquisition opportunities.

Skyline Displays

Status: Active
Sector: Business Services
Investment Date: January 2020
HQ: Eagan, MN
www.skyline.com

Skyline Displays is a leading provider of displays, exhibits and services for trade shows and large corporate events. It is a vertically integrated business with exhibit and display design and manufacturing capabilities as well as asset management, installation and dismantling, and equipment rental services. Skyline’s customers are seamlessly served across the United States and internationally through its network of more than 75 locations, including 27 Skyline-owned retail centers, four regional service centers, and 45 independent dealers.

Please contact Don Gerne (donald@gemspring.com) for add-on acquisition opportunities.

Therma Holdings

Status: Realized. Acquired by an affiliate of The Blackstone Group.
Sector: Industrial Services
Investment Date: June 2017
HQ: San Jose, CA
www.therma.com

Therma Holdings is a full-service, design-build mechanical and electrical solutions provider that focuses on complex HVAC systems, high purity process piping and process controls. Primary customers are in the bio-pharmaceutical, semiconductor, data center, electronics, education and internet/software industries. Services include design, installation and maintenance of HVAC and energy efficiency systems, piping for water, gas, lab waste, compressed air and other processes, air balancing, modular skids, building information modeling and custom fabrication.

Transport Investments

Status: Active
Sector: Industrial Services
Investment Date: May 2021
HQ: Pittsburgh, PA
www.transportinvestments.com

Transport is an asset-light transportation and logistics company. As one of the largest carrier groups in the United States and Canada, Transport offers heavy haul, flatbed, specialty and van transportation, brokerage and logistics services. The Company currently handles an annual volume of over 250,000 loads and is positioned to capture substantial growth through its network of nationwide terminals, owner-operators and carriers.

Please contact Geoff Broglio (geoff@gemspring.com) for add-on acquisition opportunities.

United Group Programs

Status: Active
Sector: Insurance Services
Investment Date: December 2016
HQ: Newtown, PA
www.ugpinc.com

United Group Programs is a Third-Party Administrator (“TPA”) and Managing General Agent (“MGA”) that designs, markets, and administers healthcare benefit products and services including gap, limited medical, minimum essential coverage and self-funded major medical. Established in 1968, the company has a long track record of offering comprehensive solutions and industry-leading service to brokers and employer groups.

Please contact Alex Shakibnia (alex@gemspring.com) for add-on acquisition opportunities.

Valant Medical Solutions

Status: Active
Sector: Software
Investment Date: April 2019
HQ: Seattle, WA
www.valant.com

Valant is a leading provider of electronic health record and practice management software for the behavioral health market. Built with the specific needs of mental health professionals in mind, the company’s cloud-based software enables practitioners to efficiently schedule, document, and bill patients from a single, seamlessly integrated offering. Valant serves over 2,000 private practices and 12,000 behavioral health professionals across the United States.

Please contact Aron Grossman (aron@gemspring.com) for add-on acquisition opportunities.

Wireless Vision

Status: Active
Sector: Business Services
Investment Date: December 2020
HQ: Bloomfield Hills, MI
www.wirelessvision.com

Wireless Vision is the largest T-Mobile Exclusive Retailer in the country, operating more than 600 T-Mobile-branded retail stores in 27 states. Established in 2004 and based in Bloomfield Hills, Michigan, the company is dedicated to providing the finest-quality products and highest level of service to its customers.

Please contact Geoff Broglio (geoff@gemspring.com) for add-on acquisition opportunities.

Zavation

Status: Active
Sector: Healthcare
Investment Date: June 2021
HQ: Flowood, MS
www.zavation.com

Headquartered in Flowood, Mississippi, Zavation designs and manufactures a comprehensive portfolio of spinal hardware and biologics that provide medical solutions to improve and enhance quality of life for patients around the world. The company serves nearly 400 hospitals and ambulatory surgical centers through a network of over 300 distributors and approximately 100 employees.

Please contact Don Gerne (donald@gemspring.com) for add-on acquisition opportunities.