MITSUBISHI CORPORATION LAUNCHES NORTH AMERICAN BUYOUT FUND
-- Red Diamond Capital to target acquisitions of U.S. and Canadian middle market companies
Tokyo, Japan, September 9, 2002 – Mitsubishi Corporation today announced it has launched a $150 million corporate buyout fund, Red Diamond Capital Partners, LP, to invest in North American middle-market manufacturing, distribution and service businesses. The Fund is being managed by Red Diamond Capital, Inc., a newly-formed affiliate of Mitsubishi Corporation, headquartered in New York City.
In charge of Red Diamond is Bret E. Russell, formerly a managing director and founding member of Saratoga Partners, a New York-based corporate buyout fund. Joining him as managing directors are Mark L. Kammert, formerly a managing director of Pedersen Kammert & Co. LLC, a middle-market investment banking firm and Peter B. Pfister, formerly a managing director of Weiss, Peck & Greer, a New York-based corporate buyout fund. Joining Red Diamond as associates are Kurt H. Beyer, formerly an associate of Pedersen Kammert & Co. LLC and Susumu “Sam” Sekihata, formerly a manager with Mitsubishi Corporation.
While under independent management, Red Diamond and its portfolio companies will work in partnership with Mitsubishi Corporation to capitalize on the global business relationships, market presence, sourcing strength and distribution expertise of Mitsubishi Corporation and its affiliated companies. In addition, Red Diamond will work in partnership with talented senior managers sourced through its executive sponsor program to identify attractive acquisitions and build portfolio companies.
Commenting on the formation of Red Diamond, Mr. Russell said: “I’m very excited at the prospect of bringing together the powerful combination of capital, independence and access to the global resources of Mitsubishi Corporation to add value to our portfolio companies. These advantages should make Red Diamond uniquely attractive to North American middle market businesses looking for a financial partner.”
Motoatsu Sakurai, Executive Vice President of Mitsubishi Corporation, noted, “Red Diamond is an exciting new endeavor that will help us realize our goal of becoming a more broadly-based company. I strongly believe the synergy between Red Diamond and Mitsubishi Corporation will contribute significantly to the success of both companies.”
Tokyo-based Mitsubishi Corporation is a trading and investment company engaged in a wide range of businesses, including information technology and electronics, energy, metals, machinery, chemicals and living essentials. As one of the world’s most diverse business enterprises, Mitsubishi Corporation works closely with its global clientele to develop new businesses through project coordination, sourcing of raw materials, capital investments and the development of sales and marketing channels. The company operates 36 offices in Japan and 115 offices and subsidiaries overseas, and has annual operating transactions in excess of $100 billion.
