# Irving Place Capital

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American private equity firm

Irving Place Capital Type Private Industry Private equity Founder John D. Howard[1] Products Leveraged buyout, Growth capital Total assets $5.9 billion Number of employees 20+[2]

**Irving Place Capital**, formerly known as **Bear Stearns Merchant Banking** (BSMB), is an American [private equity](/source/Private_equity) firm focused on [leveraged buyout](/source/Leveraged_buyout) and [growth capital](/source/Growth_capital) investments in [middle-market companies](/source/Middle-market_companies) in the industrial, packaging, consumer and retail industries. Based in [New York City](/source/New_York_City), it has total committed capital across its funds of $5.9 billion.

The firm's predecessor Bear Stearns Merchant Banking was founded in 1997 by John D. Howard, formerly a co-founder of [Vestar Capital Partners](/source/Vestar_Capital_Partners). The group completed its separation from [Bear Stearns](/source/Bear_Stearns)' owner [JPMorgan Chase](/source/JPMorgan_Chase) in 2008.

## Investments

Since inception, Irving Place Capital and its predecessor, Bear Stearns Merchant Banking has made a number of investments in notable companies in the [retail](/source/Retail), [consumer products](/source/Consumer_products), [healthcare](/source/Healthcare), [energy](/source/Energy), [financial and business services](/source/Financial_services), packaging and industrial sectors. Among the firm's most notable investments are the following (separated by the [private equity fund](/source/Private_equity_fund) from which the investment was made:

- Fund I - [Aéropostale](/source/A%C3%A9ropostale_(clothing)), Integrated Circuit Systems ([Nasdaq](/source/Nasdaq): [ICST](https://www.nasdaq.com/market-activity/stocks/icst)), [NRT Incorporated](/source/NRT_Incorporated), Safety 1st ([Nasdaq](/source/Nasdaq): [SAFT](https://www.nasdaq.com/market-activity/stocks/saft)), [Standard Hotel](/source/Standard_Hotel)

- Fund II - [CamelBak Group](/source/CamelBak), Multi-Packaging Solutions, [New York & Company](/source/New_York_%26_Company), [Reddy Ice](/source/Reddy_Ice), [Seven for All Mankind](/source/Seven_for_All_Mankind) (jeans), [Stuart Weitzman](/source/Stuart_Weitzman)[4] and [Vitamin Shoppe](/source/Vitamin_Shoppe).[5]

- Fund III - Aearo Technologies, Cabi, Caribbean Financial Group, Chesapeake Packaging[6] Chromalox, Ironshore, Mold-Rite Plastics, Pet Supplies Plus, PlayCore,[7] Rag & Bone, Universal Hospital Services,[8] and Victor Technologies.[9]

- Fund III SPV - Dynojet Research, and Ohio Transmission Corporation.

## History

### Founding and growth (1997 - 2008)

In 1997, John D. Howard was hired by [Bear Stearns](/source/Bear_Stearns) to launch a new [private equity](/source/Private_equity) and [merchant banking](/source/Merchant_banking) effort for the investment bank. Prior to joining Bear Stearns, Howard had been senior vice president of [Wesray Capital Corporation](/source/Wesray_Capital_Corporation) and later co-founded [Vestar Capital Partners](/source/Vestar_Capital_Partners) in 1988. In 1998, Bear Stearns Merchant Banking raised its first fund with $200 million of investor commitments.

In 2001, Bear Stearns Merchant Banking completed fundraising for its second fund with $1.5 billion of investor commitments including a $500 million commitment from Bear Stearns.[10][11]

History of private equity and venture capital Early history (origins of modern private equity) The 1980s (leveraged buyout boom) The 1990s (leveraged buyout to PE and dot-com bubble) The 2000s (dot-com bubble to the credit crunch) The 2010s (expansion) The 2020s (COVID-19 recession) v t e

In 2006, Bear Stearns Merchant Banking raised its third fund with $2.7 billion of investor commitments.[12][13]

### Spin-out and expansion (2008-2015)

BSMB logo in use prior to the firm's rebranding as Irving Place Capital

Through the intervention of the [Federal Reserve](/source/Federal_Reserve) and other US Government agencies, Bear Stearns agreed to a sale of the company to [JPMorgan Chase](/source/JPMorgan_Chase) on March 24, 2008, which was completed on May 30, 2008. Following the closing of this transaction, Bear Stearns Merchant Banking became a part of [JPMorgan Chase](/source/JPMorgan_Chase).[14]

On November 1, 2008, Bear Stearns Merchant Banking completed a [spin out](/source/Corporate_spin-off) from JPMorgan Chase to become Irving Place Capital.[15][16] As an independent firm, Irving Place Capital began focusing on its core strengths in industrial, packaging, consumer, and retail businesses, completing seven additional investments in those verticals for its third fund, and also making several exits. In 2014, with several of the third fund's investments needing extra time, Irving Place Capital sought a mechanism to provide liquidity to those limited partners in its third fund desiring it, while also providing those limited partners interested in participating in future value to do so.[17] As a result, in July 2015, Irving Place Capital closed on a new vehicle, Irving Place Capital Partners III SPV, LP, with $1.5 billion in capital commitments. During the same period, Phil Carpenter joined John Howard in managing the firm as Co-Managing Partners.

### Recent developments (2015-present)

Since the closing of the new fund, Irving Place Capital has purchased three additional portfolio companies - [Ohio Transmission Corporation](https://www.otpnet.com/),[18] a technical distributor of industrial products and provider of related services, [Dynojet Research](http://dynojet.com/),[19] a manufacturer of aftermarket performance-enhancing parts and accessories as well as diagnostic equipment for powersports vehicles, and [Coker Tire](https://www.cokertire.com/), a manufacturer of vintage-style tires for collector automobiles. In addition, it has made several add-on acquisitions to its portfolio companies, including add-on acquisitions for Alpha Packaging, Ohio Transmission, Pet Supplies Plus, and Universal Hospital Services.[20]

The firm has also exited several portfolio companies during this period. In March 2017, the firm sold its investment in Cabi Holdings, a direct seller of women's apparel in the United States, Canada and the United Kingdom, to Sentinel Capital Partners.[21] In March 2017, it announced its sale of National Surgical Hospitals to Surgery Partners,[22] a transaction which closed in August of that year. In May 2017, it agreed to sell Chromalox, a thermal technology company, to Spirax-Sarco Engineering plc,[23] a transaction which closed in July of that year.

In 2019, Irving Place Capital co-managing partner Philip M. Carpenter III led a spin-out from the firm to establish Radial Equity Partners, now independently focused on middle-market industrial investments.[24]

In September 2021, Irving Place Capital signed a definitive agreement to sell Alpha Packaging to Pretium Packaging, backed by [Clearlake Capital Group](/source/Clearlake_Capital).[25][26]

## References

1. **[^](#cite_ref-1)** Howitt, David M. (2014). "Praise for Heed Your Call". *Heed Your Call*. Simon and Schuster. [ISBN](/source/ISBN_(identifier)) [978-1476767147](https://en.wikipedia.org/wiki/Special:BookSources/978-1476767147).

1. **[^](#cite_ref-2)** ["Our Team - Irving Place Capital"](http://www.irvingplacecapital.com/our-team/). *www.irvingplacecapital.com*. Retrieved 2 October 2017.

1. **[^](#cite_ref-BoogarLists_3-0)** [*Directory of Venture Capital & Private Equity*](https://books.google.com/books?id=rK0d-I0j6VcC). BoogarLists. 2010. p. 171 – via Google Books.

1. **[^](#cite_ref-4)** [Bear Stearns Tries on Shoes](https://web.archive.org/web/20050713073316/http://www.businessweek.com/bwdaily/dnflash/jun2005/nf20050629_6564_db035.htm). Business Week, June 29, 2005

1. **[^](#cite_ref-5)** [Bear, Stearns Unit Is Said To Buy Vitamin Shoppe](https://query.nytimes.com/gst/fullpage.html?res=950DEFDE1E38F931A35751C1A9649C8B63). *[New York Times](/source/New_York_Times)*, December 2, 2002.

1. **[^](#cite_ref-6)** [Irving Place, Oaktree Buy Chesapeake](http://www.institutionalinvestor.com/Article/2194065/Irving-Place-Oaktree-Buy-Chesapeake.html?ArticleId=2194065) [Archived](https://web.archive.org/web/20160304093024/http://www.institutionalinvestor.com/Article/2194065/Irving-Place-Oaktree-Buy-Chesapeake.html?ArticleId=2194065) 2016-03-04 at the [Wayback Machine](/source/Wayback_Machine). May 05, 2009

1. **[^](#cite_ref-7)** ["FindArticles.com - CBSi"](http://findarticles.com/p/articles/mi_pwwi/is_200702/ai_n18632143). *findarticles.com*. Retrieved 2 October 2017.

1. **[^](#cite_ref-8)** [Universal Hospital Services, Inc. Completes Acquisition by Bear Stearns Merchant Banking](http://www.allbusiness.com/services/business-services/4346984-1.html). Business Wire, June 4, 2007

1. **[^](#cite_ref-9)** [Irving Place to Buy Thermadyne for $200 Million](https://dealbook.nytimes.com/2010/10/06/irving-place-to-buy-thermadyne-for-200-million/). New York Times, October 6, 2010

1. **[^](#cite_ref-10)** [Bear Stearns closes $1.5 billion investment fund](http://nreionline.com/news/real_estate_bear_stearns_closes/) [Archived](https://web.archive.org/web/20110714204120/http://nreionline.com/news/real_estate_bear_stearns_closes/) 2011-07-14 at the [Wayback Machine](/source/Wayback_Machine). National Real Estate Investor, May 2, 2001

1. **[^](#cite_ref-11)** ['08 Candidacy Could Shake Up Giuliani's Firm](https://query.nytimes.com/gst/fullpage.html?res=9B07E7DD1530F934A35752C0A9619C8B63). New York Times, January 7, 2007

1. **[^](#cite_ref-12)** [BSMB closes latest fund on $2.7bn](http://www.altassets.com/news/arc/2006/nz9182.php) [Archived](https://web.archive.org/web/20061016131950/http://www.altassets.com/news/arc/2006/nz9182.php) 2006-10-16 at the [Wayback Machine](/source/Wayback_Machine). AltAssets, August 3, 2006

1. **[^](#cite_ref-13)** ["PSERS"](http://www.psers.state.pa.us/org/board/resolutions/2005/bear_stearns.pdf) (PDF). *www.psers.state.pa.us*. Retrieved 2 October 2017.

1. **[^](#cite_ref-14)** [New Life, New Fund for Constellation Ventures](http://www.pehub.com/38993/new-life-new-fund-for-constellation-ventures/). PE Hub, May 5, 2009

1. **[^](#cite_ref-namechange_15-0)** [BSMB is Now Irving Place](http://www.pepdigest.com/index.php?option=com_content&task=view&id=1826&Itemid=24) [Archived](https://web.archive.org/web/20110715063431/http://www.pepdigest.com/index.php?option=com_content&task=view&id=1826&Itemid=24) 2011-07-15 at the [Wayback Machine](/source/Wayback_Machine). Private Equity Professional Digest, October 29, 2008

1. **[^](#cite_ref-16)** [Bear Stearns Merchant Banking rebrands](http://www.peimedia.com/Article.aspx?article=31636&hashID=3052F49C040841D0210CA22FBFF7C1449702B776) . Private Equity Online, October 28, 2008

1. **[^](#cite_ref-17)** ["Irving Place to let Fund III LPs sell at full value or roll into new fund - PE Hub"](https://www.pehub.com/2015/06/irving-place-to-let-fund-iii-lps-sell-at-full-value-or-roll-into-new-fund/). *PE Hub*. 2015-06-17. Retrieved 2018-01-31.

1. **[^](#cite_ref-18)** ["Press Release, Irving Place Capital Completes Acquisition Ohio Transmission"](https://www.businesswire.com/news/home/20151002005641/en/Irving-Place-Capital-Completes-Acquisition-Ohio-Transmission) (Press release). 2 October 2015.

1. **[^](#cite_ref-19)** ["American Capital Announces the Sale of Dynojet"](http://www.aftermarketnews.com/american-capital-announces-the-sale-of-dynojet/).

1. **[^](#cite_ref-20)** ["Franchise Group acquires Pet Supplies Plus for $700M"](https://www.retaildive.com/news/franchise-group-acquires-pet-supplies-plus-for-700m/594041/). *Retail Dive*. Retrieved 2023-08-25.

1. **[^](#cite_ref-21)** ["Sentinel Capital Acquires Cabi"](https://www.pehub.com/2017/03/sentinel-capital-acquires-cabi/).

1. **[^](#cite_ref-22)** ["Surgery Partners to Acquire National Surgical Healthcare from Irving Place Capital"](https://globenewswire.com/news-release/2017/05/10/981507/0/en/Surgery-Partners-to-Acquire-National-Surgical-Healthcare-from-Irving-Place-Capital.html).

1. **[^](#cite_ref-23)** ["Irving Place Capital Agrees to sale of Chromalox"](https://www.businesswire.com/news/home/20170526005280/en/Irving-Place-Capital-Agrees-Sale-Chromalox-415).

1. **[^](#cite_ref-24)** Falconer, Kirk (2020-06-03). ["Irving Place Capital-spinout Radial Equity launches inaugural fund"](https://www.buyoutsinsider.com/irving-place-capital-spinout-radial-equity-launches-inaugural-fund/). *Buyouts*. Retrieved 2025-09-10.

1. **[^](#cite_ref-25)** ["Clearlake Capital-Backed Pretium Packaging to Acquire Alpha Packaging"](https://www.prnewswire.com/news-releases/clearlake-capital-backed-pretium-packaging-to-acquire-alpha-packaging-301378418.html). *www.prnewswire.com*. September 16, 2021. Retrieved 2025-09-12.

1. **[^](#cite_ref-26)** ["Pretium Packaging Acquires Alpha Packaging"](https://www.beautypackaging.com/breaking-news/pretium-packaging-acquires-alpha-packaging/). *Beauty Packaging*. 2021-09-21. Retrieved 2025-09-12.

## External links

- [Official website](http://www.irvingplacecapital.com)

v t e Private equity and venture capital investment firms Investment strategy Venture Growth Mezzanine Secondaries Leveraged buyout History History of private equity and venture capital Early history of private equity Private equity in the 1980s Private equity in the 1990s Private equity in the 2000s Investors Angel investor Commercial bank Corporate venture capital Crowdfunding Family office Endowment Fund of funds High-net-worth individual Institutional investor Insurance company Investment bank Merchant bank Pension fund Sovereign wealth fund Private equity firms Venture capital firms Portfolio companies

v t e Merchant banking private equity groups (current and prior) ABN Amro AAC Capital Partners Bank of America Ridgemont Equity Partners Barclays Barclays Private Equity Barings Bank Baring Vostok Capital Partners Baring Private Equity Asia GP Investments Bear Stearns Irving Place Capital CIBC World Markets Trimaran Capital Partners Citigroup Metalmark Capital Court Square Capital Partners CVC Capital Partners Credit Suisse Avista Capital Partners Diamond Castle Holdings Deutsche Bank MidOcean Partners First Chicago Bank (defunct) GTCR Madison Dearborn Partners Goldman Sachs Goldman Sachs Alternatives JPMorgan Chase CCMP Capital HPS Investment Partners One Equity Partners Lazard Lazard Alternative Investments Lehman Brothers (defunct) Trilantic Capital Partners Morgan Stanley Metalmark Capital Nomura Securities Terra Firma Capital Partners UBS Affinity Equity Partners Capvis Lightyear Capital Wells Fargo Norwest Venture Partners Pamlico Capital William Blair & Company Chicago Growth Partners

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Adapted from the Wikipedia article [Irving Place Capital](https://en.wikipedia.org/wiki/Irving_Place_Capital) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Irving_Place_Capital?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.