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El pollo loco's private equity investor finally heads for the exits, after 18 years.

Last week, Dean Kehler resigned as a director with El Pollo Loco. The reason was relatively simple: Kehler’s private equity firm, Trimaran Capital, was wrapping up its investment in the California-based chicken chain.

In the process, Trimaran ended a surprisingly long-term investment in the company. The investment firm first invested in El Pollo Loco in 2005. At the time, El Pollo Loco was valued at $400 million and the chain operated 359 locations.

Trimaran tried taking Loco public the next year, only to withdraw, long enough for the world to plunge into and then emerge from a brutal recession. In 2014, Loco did go public. Shares took off, as some analysts likened the chain to Chipotle Mexican Grill, giving the brand a halo among investors that were pumping millions into fast-casual concepts at the time.

At one point, the brand was trading at more than $30 a share, giving it a valuation of more than $1 billion—well over the $400 million at which Loco was valued when Trimaran first invested.

But El Pollo Loco never matched that early valuation, and a year later the company’s stock price was below $10. It has largely drifted between $10 and $15 in the years since then. The company has also had some unique issues, such as $36 million in lawsuit settlements it paid in 2018 .  

Trimaran, which initially acquired El Pollo Loco along with Freeman Spogli, owned about 45% of the company's stock after the IPO, and 43% before unwinding. 

The brand itself has done OK. System sales have grown 74% since 2006 to about $1 billion, according to data from Restaurant Business sister company Technomic. They’ve grown by an average of 4.1% per year since 2016, more than Bojangles (3.8%) or KFC (2.5%) but less than Popeyes (10.6%) or Chick-fil-A (17.1%). The chain has 480 locations, 291 of which are owned by franchisees.

The company’s stock price, which started the year off strongly, hitting a 52-week high of $13 per share in early February, has since lost 28% of its value as Trimaran liquidated its position.

Loco’s enterprise value, according to data from Sentieo/AlphaSense, is just over $400 million, not much different than in 2005.

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GX Acquisition Corp

a special purpose acquisition company

Jay R. Bloom

Chief Executive Officer and Co-Chairman

Mr. Bloom is the Chief Executive Officer and Co-Chairman of GX Acquisition Corp. and GX Acquisition Corp. II. Mr. Bloom is a Managing Partner of Trimaran, which he Co-Founded in 1998, and serves as a Manager of Trimaran Fund II, an existing private equity fund. Trimaran and affiliated entities have managed, through Trimaran Fund Management, L.L.C., private equity funds, collateralized loan obligations, and hedge funds.  Prior to Trimaran, Mr. Bloom was a Managing Director and Vice Chairman of CIBC World Markets Corp. (“CIBC”), where he was responsible for CIBC’s United States and European Merchant Banking activities, which were conducted through the CIBC Funds. Prior to CIBC, Mr. Bloom was a Co-Founder of The Argosy Group (“Argosy”), a boutique investment bank that engaged in leveraged finance activities and principal investing.  Argosy was acquired by CIBC in 1995.  Prior to Argosy, Mr. Bloom was a Managing Director of Drexel Burnham Lambert Inc., and before that he was an investment banker at Lehman Brothers.  Mr. Bloom also practiced law at Paul Weiss Rifkind Wharton & Garrison. Mr. Bloom graduated summa cum laude from Cornell University with a B.S degree, from the Cornell SC Johnson Business School with an M.B.A degree and from Columbia University School of Law with a J.D. degree.

Dean C. Kehler

Mr. Kehler is the Chief Executive Officer and Co-Chairman of GX Acquisition Corp. and GX Acquisition Corp. II. Mr. Kehler is a Managing Partner of Trimaran, which he Co-Founded in 1998, and serves as a Manager of Trimaran Fund II, an existing private equity fund. Trimaran and affiliated entities have managed, through Trimaran Fund Management, L.L.C., private equity funds, collateralized loan obligations, and hedge funds.  Prior to Trimaran, Mr. Kehler was a Managing Director and Vice Chairman of CIBC, where he was responsible for CIBC’s United States and European Merchant Banking activities, which were conducted through the CIBC Funds.  In addition, Mr. Kehler was responsible for overseeing CIBC’s United States and European Leveraged Finance businesses, which included financial sponsor coverage; acquisition finance; high yield origination, underwriting, sales and trading; private placements; and financial restructuring advisory services.  Prior to CIBC, Mr. Kehler was a Co-Founder of Argosy, a boutique investment bank that engaged in leveraged finance activities and principal investing.  Argosy was acquired by CIBC in 1995.  Prior to Argosy, Mr. Kehler was a Managing Director of Drexel Burnham Lambert Inc., and before that he was an investment banker at Lehman Brothers. Mr. Kehler graduated from the Wharton School of the University of Pennsylvania.

Michael G. Maselli

Mr. Maselli is the President of Acquisitions for GX Acquisition Corp. II and he was the Vice President of Acquisitions for GX Acquisition Corp. Mr. Maselli has been a Managing Director of Trimaran Fund Management, L.L.C. since 2003. Mr. Maselli has guided companies and their boards as a director or advisor for over 30 years. Before joining Trimaran, Mr. Maselli worked in the Corporate and Leverage Finance Groups of CIBC. Prior to joining CIBC in 1997, Mr. Maselli served as a Managing Director in Bear Stearns’ corporate finance group and, prior to that, as a Vice President at Kidder Peabody & Co. Incorporated. Since, 2011, Mr. Maselli has served as the Chairman of the Board of El Pollo Loco Holdings Inc.  (Ticker: LOCO, NASDAQ).  From 2013 to 2015, he served on the board of directors of Norcraft Companies, Inc., and served on the board of managers of its predecessor company beginning in 2003. Additionally, Mr. Maselli served on the board of directors of ChanceLight, Inc. and Standard Steel, LLC, and was director as well as Chairman of the Board of CB Holding Corp.  Mr. Maselli received an MBA with distinction from The A.B. Freeman School at Tulane University and a bachelor’s degree in economics from the University of Colorado.

Andrea J. Kellett

Chief Financial Officer

Mrs. Kellett is the Chief Financial Officer of GX Acquisition Corp. and GX Acquisition Corp II. Mrs. Kellett is a Managing Director and the Chief Financial Officer of Trimaran.  Trimaran and affiliated entities have managed private equity funds, collateralized loan obligations, and hedge funds (in the case of hedge funds, as sub-advisor). Mrs. Kellett is responsible for accounting, management and financial reporting, human resources and administrative matters. Prior to joining Trimaran in 2006, Mrs. Kellett was an Executive Director in the Leveraged Finance Group of CIBC and was the Controller of Argosy, which she joined in 1990.  Prior to joining Argosy, Mrs. Kellett was a Vice President in the Real Estate Tax Shelter Department of Thomson McKinnon Securities, Inc.  Mrs. Kellett began her career as an auditor for Arthur Young & Co. Mrs. Kellett received her B.S. from the School of Business at the State University of New York at Albany.

Arthur D. Baer

Vice President

Mr. Baer is a Vice President of GX Acquisition Corp. II. Mr. Baer is a consultant to GX Acquisition Corp. and has held that role since its IPO.  Previously, Mr. Baer was Chief Investment Officer of Cavendish Fund Management LLC from 2015 to 2018, which was an equity hedge fund that he founded. Prior to Cavendish, Mr. Baer was Chief Financial Officer and Vice Chairman of Brite Media Group LLC from 2005 to 2014.  Brite Media Group was a media and consumer marketing company that was majority owned by Trimaran Capital Partners.  At Brite Media Group, Mr. Baer’s responsibilities included acquisitions, operations and business planning, and overall financial management including capital allocation and accounting. He evaluated hundreds of acquisition opportunities for Brite Media which resulted in closing numerous add on acquisitions. Mr. Baer also managed the divestiture process, successfully selling a key division to a competitor in 2012 and other divisions to a private equity group in 2014. Mr. Baer previously worked for Lehman Brothers from 2000 to 2003 as an Analyst in the investment banking division.  Mr. Baer graduated from Georgetown University with a Bachelor of Science in Business Administration with a major in finance.

Jordan S. Bloom

Mr. Bloom is a Vice President of GX Acquisition Corp. II and a member of GX Acquisition Corp. Mr. Bloom is a Vice President at Trimaran Capital Partners.  Prior to joining Trimaran, Mr. Bloom was the Managing Partner of South Ave Capital, a specialty finance and asset-backed investment manager, that he founded in 2017 before joining Trimaran Capital in 2019. Prior to founding South Ave Capital, Mr. Bloom was an investment professional at Aristeia Capital, a multi-billion dollar, multi-strategy investment fund. While there, Mr. Bloom focused on distressed credit and special situation investments, between $10 and $200 million in size, across a wide range of industries. Mr. Bloom previously worked as a research analyst on the Special Situations Desk at the Royal Bank of Scotland. Additionally, Mr. Bloom sits on the Board of Advisors for Triphammer Ventures and Entrepreneurship at Cornell. Mr. Bloom graduated cum laude from Cornell University with a B.S. in Finance, and from Columbia Business School with an M.B.A.

James W. Harpel

Mr. Harpel is a director or of GX Acquisition Corp II. He is a Co-Founder of Two Roads Development, a real estate development company founded in September 2013, which is involved in the planning and development of largely residential restate in the State of Florida. Mr. Harpel is responsible for the general oversight of the firm and chairs the Investment Committee for the Company. In 1984 he co-founded and currently serves as a general partner of First Reserve Corporation, which has managed a series of private equity funds, in the energy, power and related infrastructure businesses. From 2003 until 2020, Mr. Harpel was a General Partner of Palm Beach Capital, which invests in and builds small and medium sized companies and makes direct real estate investments. Mr. Harpel is also an active entrepreneur and own interests and consults to a series of biotech, medically related and industrial companies. Mr. Harpel served on the Board of the Kennedy School at Harvard for over 40 years and is currently a member of the Board of Directors at the Belfer Center at the Kennedy School. He also served on the Dana Farber Cancer Institute Board. Mr. Harpel has an Endowed Chair at the Kennedy School. He is currently on the Executive Committee of the Kravis Center in West Palm Beach, and is also a member of the Council on Foreign Relations. In addition, Mr. Harpel is a recipient of the 2019 Ellis Island Medal of Honor. Mr. Harpel attended Harvard College (1959) and graduated from Harvard Business School in 1960 with high distinction. He is well qualified to serve on our Board due to his broad experience investing in publicly-held and private companies.

Mr. Mazur is a Director of GX Acquisition Corp and GX Acquisition Corp II. Mr. Mazur serves as an Industry Advisor for Brightwood Capital Advisors, LLC, a multi-fund manager with $3 billion under management.   Mr. Mazur serves as director, chairman of the audit committee and a member of the valuation committee of GSV Capital Corp. (NASDAQ:GSVC), a public BDC that invests in late-stage, venture-backed private companies and has current investments in among others Spotify, Palantir, Dropbox, Coursera,  and Lyft . He also serves as a director of Fibrocell Science, Inc. (NASDAQ: FCSC), an autologous cell and gene therapy company.  Mr Mazur is a former CEO of Brevan Howard U.S. Asset Management and was an Executive at Goldman Sachs for more than a decade.   Mr. Mazur received his B.A. in Political Science from Columbia University and a J.D. from Villanova University School of Law.  Mr. Mazur serves on the board of College Track, a Palo Alto-based not-for-profit that provides educational and mentoring support for low-income youth and The Jed Foundation, which works to prevent college suicides.

Hillel Weinberger

Mr. Weinberger is a Director of GX Acquisition Corp and GX Acquisition Corp II. Mr. Weinberger has since 2010 been a Principal of HLA, a privately-owned venture capital firm. From 2007 to the present, Mr. Weinberger has been a partner of Hillmark Capital Management, L.P., which he co-founded. Hillmark sponsors and manages funds focused on corporate credit, including performing and non-performing leveraged loans, high yield bonds, mezzanine debt and structured credit products. From 1988 to 2006, Mr. Weinberger was a Senior Vice-President of Loews/CNA Holdings, a property and casualty insurance company affiliated with the Tisch family. In that role, Mr. Weinberger was responsible for a wide variety of domestic and international investment activities ranging from special situations to performing and distressed fixed income to public and private equities and became recognized as a leader in many verticals within leveraged finance. Mr. Weinberger also led numerous creditor committees to successful reorganizations, dealing with C suite principals and entrepreneurs.  Prior thereto he was a Senior Vice-President of Presidential Life, from 1982 to 1988. Mr. Weinberger has served on the boards of Global Crossing Ltd. (telecommunications: NYSE: GX) from 1997 to 2000, where he chaired the Audit Committee, and News Communications, Inc. (newspaper and magazine publishing) from 1990 to1993. Mr. Weinberger attended Temple University and the Benjamin N. Cardozo School of Law.

Forward Looking Statements:

This website includes “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995.  Forward-looking statements may include, but are not limited to, statements regarding GX Acquisition Corp.’s or GX Acquisition Corp.’s management team’s expectations, hopes, beliefs, intentions or strategies regarding the future.  In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.  The words “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.  These forward-looking statements are based on information available as of the date they were made, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties.  These risks and uncertainties may be amplified by the COVID- 19 pandemic, which has caused significant economic uncertainty.  If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.  There may be additional risks that GX Acquisition Corp. does not know, or that GX Acquisition Corp. currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements.  In addition, forward-looking statements reflect GX Acquisition Corp.’s expectations, plans, or forecasts of future events and views as of the date they were made.  GX Acquisition Corp. anticipates that subsequent events and developments will cause GX Acquisition Corp.’s assessments to change.  Accordingly, forward-looking statements should not be relied upon as representing GX Acquisition Corp.’s  views as of any subsequent date, and GX Acquisition Corp. does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.  Additional risks and uncertainties are identified and discussed in GX Acquisition Corp.’s reports filed with the SEC and available at the SEC’s website at http://www.sec.gov.

No Offer or Solicitation:

The information on this website shall not constitute a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.  No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

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• Dean Kehler

Director/Board Member at CELULARITY INC.

Net worth: 15 M $ as of 2024-08-30

Dean Casper Kehler founded Argosy Group LP in 1990, Trimaran Capital Partners LLC in 1995, where he is working as Managing Partner, and Trimaran Capital LLC in 1998, where he is working as Managing Partner from 1998. Mr. Kehler also currently works at EPL Intermediate, Inc., as Director from 2007, El Pollo Loco, Inc., as Director, Portman Ridge Finance Corp., as Independent Director from 2012, and various other companies. Mr. Kehler also formerly worked at GX Acquisition Corp., as Co-Chairman & Co-Chief Executive Officer from 2018 to 2021, GX Acquisition Corp. II, as Co-Chairman & Co-Chief Executive Officer from 2020 to 2023, Security First Corp., as Vice Chairman, and various other companies. Mr. Kehler received his undergraduate degree from The Wharton School of the University of Pennsylvania.

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News & Insights

Trimaran Capital founders' SPAC GX Acquisition II files for a $300 million IPO

February 23, 2021 — 01:19 pm EST

Written by Renaissance Capital for Renaissance Capital  ->

GX Acquisition II, the second blank check company led by the Managing Partners of Trimaran Capital Partners, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering. The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Certain qualified institutional buyers intend to purchase $18 million worth of units in the offering. At the proposed deal size, GX Acquisition II would command a market value of $375 million. The company is led by Co-CEOs and Co-Chairmen Jay Bloom and Dean Kehler , who are co-founders and Managing Partners of private equity firm Trimaran Capital Partners. While the company has not selected a target industry yet, it plans to focus on businesses with favorable growth prospects and attractive returns on invested capital, specifically those with enterprise values in excess of $1 billion. Management's previous SPAC, GX Acquisition (GXGX; +2% from $10 offer price), went public in May 2019 and has a pending merger agreement with allogeneic cell therapy biotech Celularity. GX Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol GXIIU. The company filed confidentially on November 6, 2020. Cantor Fitzgerald is the sole bookrunner on the deal.

The article Trimaran Capital founders' SPAC GX Acquisition II files for a $300 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com. Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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• On the Move

El Pollo Loco stock plunges as key investor liquidates position

Ethan Miller/Getty Images News

El Pollo Loco ( NASDAQ: LOCO ) stock plummeted over 16% on Wednesday as a key investor moved to liquidate its position in the company.

According to an 8-K filing, director Dean C. Kehler resigned on Tuesday, effective immediately, after about 18 years on the board. His resignation comes in connection with the liquidation of the Trimaran Group, an asset manager of which is a managing member. The liquidation will also remove the asset manager as a major shareholder in the restaurant chain.

“The company has been informed that [Trimaran Group] are distributing substantially all of the shares of the company’s common stock held by the Trimaran Group to their respective investors, members and limited partners and the Trimaran Group intends to subsequently liquidate or distribute its remaining assets and wind up,” the filing read.

The filing noted the registration for resale of up to 16,818,465 shares of common stock by the selling stockholders. A subsequent filing names Trimaran, Dean Kehler, and Trimaran Jay R. Bloom as major shareholders connected to the registration.

Shares of El Pollo Loco ( LOCO ) slumped 14.12% in midday trading, rebounding from an intraday low that reflected an over 16% drop.

Read more on the chain’s most recent earnings results .

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Trimaran Capital founders' SPAC GX Acquisition II files for a $300 million IPO

GX Acquisition II, the second blank check company led by the Managing Partners of Trimaran Capital Partners, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering. The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Certain qualified institutional buyers intend to purchase $18 million worth of units in the offering. At the proposed deal size, GX Acquisition II would command a market value of $375 million. The company is led by Co-CEOs and Co-Chairmen Jay Bloom and Dean Kehler , who are co-founders and Managing Partners of private equity firm Trimaran Capital Partners. While the company has not selected a target industry yet, it plans to focus on businesses with favorable growth prospects and attractive returns on invested capital, specifically those with enterprise values in excess of $1 billion. Management's previous SPAC, GX Acquisition ( GXGX ; +2% from $10 offer price), went public in May 2019 and has a pending merger agreement with allogeneic cell therapy biotech Celularity. GX Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol GXIIU . The company filed confidentially on November 6, 2020. Cantor Fitzgerald is the sole bookrunner on the deal.

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Important Disclosures Renaissance Capital LLC is an SEC-registered investment adviser. © 2024 Renaissance Capital LLC. All rights reserved.

Presentation

Board of directors.

NioCorp’s Board of Directors is comprised of distinguished and highly experienced leaders from a variety of sectors.  You can see short biographies from all Board members below.  To see information on NioCorp’s management team, go here .

Mark A. Smith

Board Chair, President and CEO

Mr. Smith has over 40 years of experience in operating, developing, and financing mining and strategic materials projects in the Americas and abroad. In September 2013, he was appointed CEO and a Director of NioCorp. From April 2015 to September 2019, Mr. Smith served as the President and Director, and later as CEO, for Largo Resources Ltd.  Mr. Smith has also served on the board of directors of IBC Advanced Alloys Corp., a leading beryllium and copper advanced alloys company, since May 2016, and as CEO of IBC since July 2020. From October 2008 through December 2012, Mr. Smith served as President, CEO and Director of Molycorp, Inc., a rare earths producer, where he was instrumentally involved in taking it from a private company to a publicly traded company with a producing mine. Prior to Molycorp, Mr. Smith was the President and CEO of Chevron Mining Inc. He also served for over seven years as the shareholder representative of Companhia Brasileira Metalúrgica e Mineração, a private company that currently produces approximately 85% of the world supply of niobium. Mr. Smith is a Registered Professional Engineer and serves as an active member of the State Bars of California and Colorado. He received his Bachelor of Science degree in Agricultural Engineering from Colorado State University in 1981 and his Juris Doctor, cum laude, from Western State University, College of Law, in 1990.

David C. Beling, P.E.

Mr. Beling is a Registered Professional Mining Engineer with 58 years of project and corporate experience. He has served as a director on the boards of 14 mining companies starting in 1981, including NioCorp since 2011. Mr. Beling is the owner of D.C. Beling & Assoc., LLC, which provides strategic advisory, project, and corporate development services to the mining industry. His previous employment and consulting included 14 years with five major mining companies and then 44 years with 30+ U.S. and Canadian junior mining companies. He was the President, CEO, and Director of Bullfrog Gold Corp. from 2011 until October 2020; and the Executive Vice President and COO of Geovic Mining Corp. from 2004 through 2010. Mr. Beling has examined, significantly reviewed, or been directly involved with 90 underground mines, 136 open pit mines, and 174 process plants in the global metal, energy, and industrial mineral sectors.

Dean Kehler

Mr. Kehler is Managing Partner of Trimaran Capital Partners, a private equity firm that he co-founded in 1998. Prior to Trimaran, Mr. Kehler was a Managing Director and Vice Chairman of CIBC World Markets, where he was responsible for CIBC’s United States and European Merchant Banking activities, which were conducted through the CIBC Funds. In addition, Mr. Kehler was responsible for overseeing CIBC’s United States and European Leveraged Finance businesses, which included financial sponsor coverage; acquisition finance; high yield origination, underwriting, sales and trading; private placements; and financial restructuring advisory services. Prior to CIBC, Mr. Kehler was a co-founder of The Argosy Group LP. Prior to Argosy, Mr. Kehler was a Managing Director of Drexel Burnham Lambert Inc., and before that he was an investment banker at Lehman Brothers. Mr. Kehler serves on the Boards of Directors of Celularity, Inc. (biotech; NASDAQ: CELU); and Portman Ridge Finance Corp.., (fixed income investments/asset management; NASDAQ: PTMN). Mr. Kehler previously served as a Director, Treasurer and Chair of the Finance Committee of CARE USA, one of the world’s largest private humanitarian organizations; and as Chair of the Board of Overseers of the University of Pennsylvania School of Nursing. Mr. Kehler graduated from the Wharton School of the University of Pennsylvania.

Michael Maselli

Mr. Maselli joined the NioCorp board in 2023 and has guided companies and their boards as a director, advisor, or principal for over 30 years. He has been a Managing Director of Trimaran Fund Management, L.L.C. since 2006 and served as President of GXII (NASDAQ: GXII) until its merger with NioCorp. Before joining Trimaran, Mr. Maselli worked in the Corporate and Leverage Finance Groups of CIBC and prior to joining CIBC in 1997, Mr. Maselli served as a Managing Director in Bear Stearns’ corporate finance group and as a Vice President at Kidder Peabody & Co. Incorporated. Mr. Maselli served on the Board of Directors of El Pollo Loco Holdings Inc. (NASDAQ: LOCO) from 2011 to 2024, including 13 years as Chairman of the Board. From 2013 to 2015, he served on the board of directors of Norcraft Companies, Inc. (NYSE: NCFT) and served on the board of managers of its predecessor company beginning in 2003. Additionally, Mr. Maselli served on the board of directors of ChanceLight, Inc. (f/k/a Educational Services of America, Inc.) and Standard Steel, LLC, and was Chairman of the Board of CB Holding Corp. Mr. Maselli received an MBA with distinction from The A.B. Freeman School at Tulane University and a bachelor’s degree in economics from the University of Colorado.

Michael J. Morris

Lead Director

Mr. Morris was formerly the Chairman of the board of directors of Heritage Oaks Bankcorp, the holding company of Heritage Oaks Bank. When Heritage Oaks Bank merged with Pacific Premier Bancorp on April 1, 2017, Mr. Morris became a member of the Pacific Premier Bancorp’s board of directors, a position he held until May 31, 2020. He joined Heritage Oaks’ board of directors in January 2001 and assumed the board’s chairmanship in 2007. In addition, Mr. Morris has worked since 1972 at Andre, Morris & Buttery, a professional law corporation, where he serves as Senior Principal and has served as Chairman of the board since 2005. From 2000 to late 2006, Mr. Morris served on the board of Molycorp, a rare earths producer, which at the time was a wholly owned subsidiary of Unocal and then Chevron Mining. Mr. Morris was the only independent director of Molycorp at that time. Mr. Morris is a graduate of Georgetown University and received his law degree from the University of San Francisco School of Law. He has practiced business and environmental law for over 40 years. Mr. Morris served as a member of the Board of Governors and Vice President of the State Bar of California. He served as a 1st Lieutenant in the U.S. Army from 1970 to 1972.

Nilsa Guerrero-Mahon

A former CFO and Controller for global corporations in the technology, energy, and government sectors, Ms. Guerrero-Mahon provides consulting services to domestic and international corporations as the principal at NG Mahon Business Consulting, LLC. In addition, Ms. Guerrero-Mahon was appointed to the Board of FinGoal Inc. in April 2022, a finance technology company building artificial intelligence tools for the financial services industry and other financial technology developers.  She also serves on the Board of the State of Colorado Division of Securities. From 2016 to August 2019, she served on the board of directors of Centura Health Mountains & North Denver Operating Group, the largest division in the Centura Health Care System. From 2014 to 2016, she served as the Vice Chair of the board of directors and Chaired the Strategy Committee at St. Anthony Hospital.  From 2009 to 2017, Ms. Guerrero-Mahon served as a gubernatorial appointed Board Member of the State of Colorado Financial Services Commission. Among other prior positions, from 2004 to 2007, she was the Global Services Controller at Microsoft Corporation, overseeing internal controls and corporate finance activities.

Ms. Guerrero-Mahon stays current with the latest Corporate Governance practices and the integration of ESG into the strategy. She is an NACD Board Leadership Fellow, a member of the SASB Alliance, holds a CERT Certificate in Cybersecurity Oversight from the Carnegie Mellon University and is currently enrolled in the Climate Leadership Certification program with Diligent Corporation.  Ms. Guerrero-Mahon received an Executive MBA from the Daniels College of Business at the University of Denver, a BS in Business Administration – Accounting from the Interamerican University in San Juan, Puerto Rico, and an AS in Computer Science from the EDP School of Computer Programming in San Juan, Puerto Rico.  She is a Certified Public Accountant registered in the State of Colorado.  

Peter Oliver

With a background in chemistry, Mr. Oliver began working at Greenbushes, Western Australia, for Sons of Gwalia, a mining company, in May 2003. After Sons of Gwalia went into administration in 2004, Mr. Oliver was hired by Talison Lithium Limited, a mining company, where he served as General Manager of Talison’s Greenbushes and Wodgina Mines and as Talison’s Chief Operating Officer, until Mr. Oliver was appointed as the CEO/Managing director. As Talison’s CEO/Managing director, Mr. Oliver led the listing of Talison on the Australian Stock Exchange in September 2010.  Mr. Oliver guided Talison through its acquisition in 2013 by Tianqi Lithium Corporation . He then served as a corporate adviser to Tianqi, focusing on M&A opportunities and global expansion, including advising on the sale of 49% of Talison to Albermarle Corp. and the acquisition of 24% of Sociedad Quimica y Minera de Chile S.A., as well as significant expansions of Talison’s Greenbushes lithium concentrate production. Mr. Oliver also was a founding member of Tianqi Lithium Energy Australia Pty Ltd, a wholly owned subsidiary of Tianqi, which was established to build a major Lithium Hydroxide manufacturing facility in Western Australia.  Until June 2021, Mr. Oliver remained as a director of Talison, a joint venture between Tianqi and Albemarle Corp.  In September 2022, Mr. Oliver was appointed to the Board of Latin Resources, a lithium exploration company in Australia. 

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DTE Energy to sell transmission business to KKR and Trimaran Capital Partners

DTE Energy has signed an agreement to sell its transmission business subsidiary, International Transmission Co., to affiliates of Kohlberg Kravis Roberts & Co. (KKR) and Trimaran Capital Partners L.L.C.

DETROIT and NEW YORK, Dec. 3, 2002 — DTE Energy announced it has signed an agreement to sell its transmission business subsidiary, International Transmission Co. (ITC), to affiliates of Kohlberg Kravis Roberts & Co. (KKR) and Trimaran Capital Partners L.L.C. for approximately $610 million in cash.

“The current regulatory environment requires us to give up operational control of our transmission assets,” said Anthony F. Earley Jr., DTE Energy chairman and chief executive officer. “Because we generate the greatest value for our shareholders and customers from assets we own and operate, transmission is no longer strategic to DTE Energy or a driver of future growth. In addition, we believe this transaction further enhances our financial flexibility and solid balance sheet position.”

ITC owns DTE Energy’s system of nearly 3,000 miles of high-voltage electric transmission lines and associated facilities and easements. These transmission assets were formerly owned and operated by Detroit Edison, DTE Energy’s electric utility subsidiary.

“We believe the sale of our transmission assets is consistent with federal regulatory policy and Michigan law, which promotes the independent operation of the electric transmission grid,” Earley said. “When transfer of ownership is completed, Michigan will be the first state to have virtually all electric utility customers served by a completely independent electric transmission system, demonstrating DTE Energy’s continued commitment to electric restructuring.”

Under the terms of the pending agreement, ITC will seek Federal Energy Regulatory Commission (FERC) approval to cap the transmission rates charged to Detroit Edison’s customers at the current levels until Dec. 31, 2005; thereafter, such rates will be subject to adjustment by the FERC. Detroit Edison customers should see no change in service because the electric transmission system will continue to be operated by the Midwest Independent System Operator.

Under FERC regulations, Detroit Edison will continue to have fair and open access to Michigan’s electric transmission network. In addition, KKR and Trimaran intend to invest in ITC, allowing it to capitalize on opportunities to best serve its customers.

“FERC and the Michigan Public Service Commission have shown great foresight in creating a regulatory structure that supports a more competitive and efficient U.S. power industry, which should result in lower electricity bills for consumers over the long term,” said Scott M. Stuart, a KKR partner. “Based on the policies they have established, utilities with forward thinking management, like DTE Energy, are capitalizing on the opportunity to convert their non-core transmission assets into cash. Due to the stability and predictable cash flows typical of transmission systems and the long-term investment potential, KKR finds this to be an attractive sector of the energy market and expects that ITC will be the first of several transmission investments.”

Dean Kehler, a Trimaran founder and managing partner, said, “For the past five years, Trimaran professionals have been pursuing the goal of building a world-class American transmission company. With KKR as our partner, ITC as the first acquisition and substantial additional capital to invest in the sector, we are well on our way to achieving this goal. We look forward to pursuing additional transmission opportunities as other utilities follow DTE Energy’s lead.”

The transaction is under review by the Michigan Public Service Commission and requires the approval of FERC. The sale is expected to close during the first quarter of 2003.

KKR is a private investment firm headquartered in New York; Menlo Park, Calif.; and London. Since its founding in 1976, KKR has completed more than 100 transactions involving more than $100 billion of total financing. For more information, visit www.kkr.com .

Trimaran Capital Partners is a private asset management firm, headquartered in New York. Trimaran has completed 60 investments since 1995 and is investing Trimaran Fund II, which has committed capital in excess of $1 billion. For additional information, visit www.trimarancapital.com .

DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its largest operating units are Detroit Edison, an electric utility serving 2.1 million customers in Southeastern Michigan, and MichCon, a natural gas utility serving 1.2 million customers in Michigan. Information about DTE Energy is available at www.dteenergy.com .

Source: DTE Energy

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Trimaran Fits Into Urban Brands –

Trimaran Capital Partners acquired an undisclosed majority stake in Urban Brands Inc., a retailer of plus-size women’s apparel. The firm invested $20 million of equity in the company to gain the control stake, while existing investor, TSG Capital Group, will retain a significant ownership position.

“We typically won’t make many $20 million investments,” Trimaran Managing Partner and Co-Founder Dean Kehler said. “Our bite size is generally in the $50 million to $100 million range, but we’ll make a smaller investment if we think a company has more growth potential.”

Urban Brands is comprised of the Ashley Stewart and Marianne plus-sized retail brands. Ashley Stewart controls 170 stores located throughout the U.S., while Marianne runs 55 stores, 48 of which are based in Puerto Rico. The company generates roughly $200 million in annual revenue.

“With our investment, Urban Brands will be able to reduce debt and fund new growth,” Kehler said. “We’ve been interested in retail for a long time, but we found it difficult to find a company with a really defined and unique strategy. These brands serve a very specific customer, that’s why this investment, in particular, is so appealing to us.”

The investment will be funded in up to four separate closings. The first close, totaling $13.5 million, occurred on April 19, 2004. Ethan Shapiro, chief executive of Urban Brands, said, “The financing allows us to increase store locations, remodel existing stores and flow fashion on a more timely basis.” Company management also contributed to the $20 million investment.

By focusing on the plus-size market, Urban Brands is targeting a space with a growing demographic, as more than half of adult women now wear size 12 or larger. J.P. Morgan, in a research note to clients, said, “The plus size market (which accounts for about 46% of women 18 years and older or 47 million women) continues to outpace women’s apparel growth.”

However, while those trends are certainly appealing, it is exactly the growth of the market that some fear could attract the mass merchants and other clothing retailers. J.P. Morgan, in the same note, continued, “There is a real threat that the likes of department stores and mass retailers, which have the most clout among designers and vendors, begin to utilize pricing and well known brands as a tool to chip away share of [the plus-size] market.”

Already such names as Wal-Mart, Target and JC Penney, as well as specialty retailers Chico’s, J. Jill, Talbot’s and Coldwater Creek, among others, have started catering to the plus-size consumer.

Urban Brands, to help combat the new entrants in the market, has restocked its management team in the past year. At the end of 2003, the company installed Shapiro as CEO, replacing Bob Bland. Shapiro had previously held senior management positions with Urban Brands rival Lane Bryant, as well as the Limited Stores. The company also brought on board Stephen Feldman as CFO, who has held the same position at Urban Outfitters, One Price Clothing Stores and Bradlees. Additionally, the company hired former Limited Stores and Lerner New York CEO Robert Grayson as a senior advisor, and has since added him to the board of directors.

“For a company that would still be considered relatively small, this is really a very high-powered management team,” Kehler said. “They have significant experience in urban retailing, and each brings to the table specific merchandising and marketing talents.”

Trimaran used its $1.04 billion Trimaran Fund II for the investment, which is now roughly two thirds invested. A source has told Buyouts that the firm will likely begin a new fund-raising effort for Fund III in the fall, although Kehler would not comment on the rumors.

Buyers: Trimaran Capital Partners

Target: Urban Brands

Investment: $20M

Legal Counsel: Trimaran: Cahill Gordon & Reindel LLP; Urban Brands: Foley Hoag & Eliot LLP

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