Marshall Cogan

Marshall S. Cogan
Born	1937
Nationality	United States
Education	Harvard Business School Harvard University Boston Latin School
Occupation	Investment banker, Private equity investor
Known for	Partner of Cogan, Berlind, Weill & Levitt, Founder of United Automotive Group and Foamex International

Marshall S. Cogan is an investor and entrepreneur and former financier and trader. Cogan was the founder of United Automotive Group, which he built into one of the largest retailers of cars and trucks in the U.S. As a private equity investor, Cogan acquired a number of businesses in the 1970s and 1980s. He was also a partner of Cogan, Berlind, Weill & Levitt an investment banking and brokerage firm that would be instrumental in the consolidation of the financial services industry in the 1970s.

Career

Early career

Cogan started his career CBS and worked at the investment firm, Orvis & Co., before joining the investment banking and brokerage firm of Carter, Berlind & Weill as an auto sector research analyst in 1964. Cogan was soon a partner in the firm and his name replaced the departing Arthur L. Carter in 1968 as the firm was renamed Cogan, Berlind, Weill & Levitt. Among Cogan's partners at CBWL were Sandy Weill, later chairman and CEO of Citigroup, Arthur Levitt, later the head of the Securities and Exchange Commission and Roger Berlind a noted Broadway producer and long-time member of the board of Lehman Brothers.

In August 1973, Marshall Cogan left the firm after disputes with his fellow partners to focus on leveraged buyouts. Cogan's first deal was the takeover of General Felt Industries (GFI) in 1974 which he completed with fellow investment banker Stephen Swid. Cogan would then merge GFI with Knoll International and use Knoll as a holding company to acquire a series of businesses.^[1] Among Cogan's most notable acquisitions were takeover of the Sheller-Globe Corporation and later the purchase of the 21 Club.^[2] and Sheller-Globe Corporation. Cogan was unsuccessful in his high profile bids to acquire the Boston Red Sox, Sotheby's^[3][4] and L.F. Rothschild in the buyout boom of the 1980s.^[1][5][6]

Foamex and United Auto

Cogan began building what would become Foamex International in the mid-1980s after the departure of his long-time partner Stephen Swid. Swid would go on to acquire the music publishing division of CBS Records, later known as SBK Records. Meanwhile, Cogan bought Foamex Products, a division of Firestone Tire & Rubber.^[7] Over the next few years, Cogan continued to acquire businesses to merge with Foamex, acquiring three regional producers in 1988.^[7] Cogan merged General Felt into Foamex and acquired Great Western Foam Co., a major foam producer on the West Coast.^[7] In 1993, Cogan created Foamex International bringing together his various businesses and took the company public in December 1993. During the mid-1990s, Foamex grew to become the largest manufacturer and marketer of flexible polyurethane foam and foam products in North America.^[7]

In 1990, Cogan founded United Automotive Group, today known as Penske Automotive Group.^[8] Under Cogan, United Auto was a leading acquirer, consolidator and operator of automobile and truck dealership franchises. Cogan merged his company with Roger Penske's business in May 1999 after Cogan ran into financial difficulties and the company name was changed from United Automotive to Penske Automotive in 2007.^[9]

Bankruptcy of Trace International

In July 1999, Cogan's holding company, Trace International Holdings filed for bankruptcy protection. Cogan had used Trace International to hold his controlling interests in two publicly listed companies, Foamex International and United Automotive Group. Trace had pledged its stock in the two companies as collateral for certain loans.^[10] After declines in the value of Foamex and United Auto Group in 1998 and 1999, Trace became insolvent as the value of its assets fell below the debt it owed. In 2003, Cogan and several directors of Trace would be accused of having drained cash from Trace International. Cogan was found by second circuit court of Delaware not guilty of all charges on June 25, 2005.^[11][12][13]

In 2006, Cogan was named to the board of Ener1, a company that manufactures lithium-ion batteries for plug-in hybrid vehicles.

Other affiliations

Cogan has also served as Chairman and Director of Color Tile, Inc., Knoll International and Sheller-Globe Corporation.

Cogan graduated from Harvard College in 1959 and received his MBA from Harvard Business School. Cogan is also an alumnus and benefactor of the Boston Latin School having graduated in 1955.^[14]

References

1. ^ ^{a b} Knoll Sells General Felt. New York Times, September 10, 1988
2. ^ Adding up the New '21'. New York Magazine, Jun 1, 1987
3. ^ "White Knight" - Time Magazine - Monday, Jun. 27, 1983
4. ^ Rohleder, Anna. "Time Line: The Rise Of Christie's And Sotheby's" - Forbes Magazine.com
5. ^ Ten Survivors of the Wall Street Crash. New York Magazine, Jan 27, 1975
6. ^ Knoll Group Company History. Funding Universe
7. ^ ^{a b c d} Foamex International Company History. Funding Universe
8. ^ United Auto Group Company History. Funding Universe
9. ^ All Penske All the Time. New York Times, April 8, 2007
10. ^ Trace International Files for Bankruptcy. New York Times, July 23, 1999
11. ^ Private Concern, Public Consequences. New York Times, June 15, 2003
12. ^ A Company Mismanaged: Officials Get Day in Court. New York Times, July 9, 2005
13. ^ Fiduciary Duty in the Zone of Insolvency. CFO, August 25, 2005
14. ^ Grateful Alumnus Gives Boston Latin $1 Million. Boston Globe, September 11, 1989

• He's Down but Not Out. New York Times, July 11, 1999

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Name	Cogan, Marshall
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Date of birth	1937
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