New Firm Maintains Primary Focus on Non-Control Investments
Cleveland, OH – June 1, 2011 – The investment management team of Key Principal Partners Corp. (KPP) announces today the formation of Cyprium Investment Partners LLC (Cyprium Partners), a new private investment firm. Under the new firm, the seasoned management team will continue to provide individually-tailored capital solutions for acquisitions, growth, shareholder or partnership buyouts, refinancings and personal dividend distributions, without requiring majority control.
With the recent passing of the Dodd-Frank financial legislation, KeyCorp (KPP’s largest investor) will not invest in future private equity funds. Therefore, the investment and finance teams at KPP have resigned and formed Cyprium Partners, a new, independent entity. Cyprium Partners will replace KPP as the manager of the KPP Investor funds, which will be rebranded as Cyprium Investment funds. Cyprium Partners will also take over management of the current portfolio, which includes KeyCorp’s pro rata share of capital in each investment, and the current and future investments for the firm’s additional incumbent investors. Cyprium is currently investing capital from Fund III, a $500 million PE fund ($250 million from outside investors and $250 million from KeyCorp.)
“KeyCorp has been a wonderful ally for the last 13 years,” said John Sinnenberg, Managing Partner and Chairman of Cyprium Partners. “While we will miss the many great people at KeyCorp, we are excited to be a fully independent entity and to continue leveraging our experience as a versatile group primarily focused on non-control investments.”
Cyprium Partners’ management team, many of whom have worked together for more than a decade, has invested in approximately 70 companies during KPP’s 13 year history. With offices in Cleveland and New York, Cyprium Partners invests in middle market manufacturing, distribution and service-oriented companies throughout the U.S. and Canada.
“The new firm name was chosen to reflect our core values,” added Sinnenberg. “Cyprium, Latin for copper, is a flexible metal that becomes highly durable when forged. It’s an apt metaphor for a versatile investment group that shapes enduring strategies according to the individual needs of each business we work with – and maximizes our network of connections to facilitate customized capital solutions.”
About Cyprium Partners
Cyprium Partners (Cyprium) is a private investment firm with more than $1 billion in assets under management. The firm is primarily a non-control (minority ownership) investor providing capital via subordinated debt, preferred stock and/or common stock. Cyprium will also selectively invest in control (majority ownership) positions. With offices in Cleveland and New York, the firm invests $10 million to $40 million per transaction in privately-held companies based in the U.S. and Canada with more than $8 million of EBITDA. Investors include pension funds, insurance companies, fund-of-funds, family offices and entrepreneurs who the firm has backed in previous investments. Learn more about Cyprium Partners at www.cyprium.com.