- Cortec Group
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Cortec Group 
Type Private Ownership Industry Private Equity Founded 1984 Headquarters New York City, New York, United States Products Leveraged buyouts Total assets $745 million Website www.cortecgroup.com The Cortec Group is a private equity firm focused on leveraged buyout transactions. The firm targets specialty middle-market manufacturing, distribution and service companies, particularly family-controlled companies and corporate spin-outs.
The firm is based in New York City and was founded in 1984. Since inception, the firm has raised over $800 million of capital across four investment funds and has completed more than thirty buyout transactions.
History
Cortec Group was founded in 1984 by senior managers of Condec Corporation, a publicly-traded industrial conglomerate. Originally the Consolidated Diesel Electric Company, Condec Corporation had been founded in 1942 by Norman I. Schafler and built it into a leading manufacturer of robotics, defense, aerospace, and industrial equipment. Condec operated a diversified portfolio of manufacturing companies. Schafler failed in his attempt to take Condec private, although the business was ultimately sold to Farley Industries, a company controlled by William F. Farley in 1984. After selling his interest in Condec, Schafler helped form Cortec Group, to serve as a private investment company that would continue to focus on the same industrial companies they had controlled at Condec.[1]
Among the firm's founders are Gerald Rosenberg, Neal Kayes and Scott Schafler (Norman's son). The three founders left Condec with Schafler, originally investing their own money in industrial buyouts. Norman Schafler died in 1986, leaving the other three founders to manage the firm, which they have continued to do since that time.[1]
In 1990, Cortec raised its first institutional private equity fund and has raised a new fund roughly every five years. Aside from the firm's second fund, raised in 1995, Cortec's investment funds have generated positive returns over a twenty year period. In November 2000, Cortec Group held a final close on its third investment vehicle, a $332 million fund.[2] In 2006, Cortec raised its fourth fund, Cortec Fund IV, with $412 million of investor commitments, which was below its original $600 million target.
In 2009, certain executives of the firm were reported to have lost personal money invested with Bernard Madoff.[3]
References
- ^ a b Norman Ira Schafler. New York Times, August 2, 1986
- ^ Cortec, LPs Team Up For Buyout. Reuters Buyouts, Cached
- ^ A Few PE Professionals Are On Madoff List. Wall Street Journal, February 5, 2009
- Raytheon to Sell an Electronic Components Business. New York Times, December 5, 1997
External links
- Cortec Group (company website)
Private equity and venture capital investment firms Investment strategy 
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 2000sInvestors Institutional Investors · Pension funds · Insurance companies · Endowments · Investment Banks · Merchant banks · Fund of funds · High net worth individuals · Angel investors · Family offices · Sovereign wealth fundsPrivate equity firms · Venture capital firms · Portfolio companies Categories:- Private equity firms of the United States
- Companies established in 1984
- Companies based in New York City
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