About Us

 

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Pennant was founded in 1995 as an acquisition vehicle under the name Pennant Industries.  Today Pennant is a closely held network of Operating Partners and investments.  The simplicity of our model provides us considerable agility and the ability to focus on seeking optimal strategies and outcomes.

We seek out and work with good businesses to help them find their larger opportunity. We seek companies that are ready for change, be it a change of ownership, strategy, management, a shifting market, a new sales model, new products or partnerships. We are both operators and investors who have spent most of our careers helping companies find and exploit their greatest opportunities. We have the resources to bring strategic thinking, market expertise, patient capital for a buy-out, a minority investment, a new opportunity or a recapitalization.

We believe that both business owners and private investors are increasingly looking for a new type of financial partner that is not solely structured around the limitations or alignment issues created by the typical “short term” investment focus prevalent today.  We focus on long-term value creation and are able to provide guidance and support through a variety of arrangements. This flexibility allows us to look at opportunities broadly and objectively, helping us improve long-term outcomes in a strategically (often tax) optimized and capital efficient manner.

Our mission is to deeply engage with a limited number of unique small and medium-sized businesses through strategic assessment and advisory, acquisition, growth capital investments, strategic/financial advisory, and direct management involvement.

Our broad industry expertise, management experience, strong network and access to capital make Pennant an ideal partner for many businesses, whether they are considering a transaction (founder retirement/transition, shareholder liquidity, growth capital or outright sale) or the business owner(s) or fiduciary is looking for expert assessment and execution strategies.

 


What We Do

Pennant Equity Partners seeks, develops and grows unique businesses. We do this through acquisition, growth capital investments and a deep engagement with management. Our focus is our strength; bringing together our network of best-of-breed resources, vision and market insight to create value for our investment partners, for our companies management and for our overall enterprise.

  • We are happy to work with intermediaries and will be responsive with prompt and direct communication.
  • On acquisitions we prefer control but do consider minority positions and do co-invest with others.
  • We prefer companies that are cash flow positive but will entertain companies with strong near-term growth or turn-around stories.
  • Unprofitable or special situation opportunities: we often require a consulting engagement before considering investment.
  • Revenues: $5M-$150M
  • EBIDA of $1M+

 

Divestitures, Spin-outs & MBOs

The successful execution of a corporate spin-out requires sensitivity and speed. At Pennant, we know how to pull-off winning corporate transactions.

    • Total Confidentiality
    • Quick decisions – We mobilize and move rapidly
    • We work with existing management teams
  • When needed, we bring in additional outside management
  • When needed, we provide necessary infrastructure and resources
  • Experience = quick successful transactions

 

Acquisitions / Ownership Transitions

We buy businesses in a range of industries. Our choice of investments ultimately comes from a combination of team industry experience and anticipated future growth areas. One of Pennant’s core competencies is to find, acquire, and grow small and medium-sized businesses.

Our approach is win-win. If a business owner(s) is seriously considering a transition, we can provide honest, transparent analysis and flexible solutions to meet their needs. Whether a rapid transition where new management is required or a planned longer term transition, Pennant has the flexibility and experience to craft ideal solutions.

We work closely and in partnership with management to develop and execute winning business strategies for growth.

 

Growth Capital

While we prefer to acquire controlling interests, with the right alignment, Pennant provides capital to growing, profitable business who seek a close supportive financial partner.

Our Criteria for Growth Capital Investment:

  • EBITDA positive
  • History of growth and/or strong growth story

 


Pennant Advisors

 

Pennant Advisors is our consulting practice.   Utilizing the same network of partners that Pennant uses for its acquired companies, Pennant provides strategic and tactical consulting and advisory services to our portfolio companies and to a select set of outside clients.  Our partners broad experience, years of operating and advisory experience include:

 

Financial & Strategic Consulting Services

  • Business & Manufacturing Strategy Review
    • Executive Coaching, Organizational Design & Team Development
    • Ownership Transition & Exit Planning
    • Business Review & Analysis – for Management, Owners, Board, Investors, Fiduciaries
    • LEAN Manufacturing Assessment & Implementation
    • Market Assessments
    • Patent & IP Strategy
  • Corporate Financial Planning & Analysis
    • Corporate Financial Advisory such as finance Strategy, Analysis & Valuations
    • Financial analysis & recommendations
    • Capital needs planning
    • Capital source identification
  • Product Design & Engineering
    • Product Portfolio Review & Assessments
    • Product Design & Engineering
    • Manufacturability & Efficiency
  • Interim CXO Management
    • Transitional oversight and management to help implement and execute specific goals
    • Strategic and Corporate Planning
    • Sale of the business, Management change & transition, new strategy implementation
    • Sales Planning, Business Development and execution
    • Product & Market Analysis & Planning
  • Mergers & Acquisitions / Corporate Development
  • Board & Fiduciary Roles
  • Family Office Advisory, Asset Allocation & the role of direct investments

Our partners believe in “giving back” and provide pro-bono services and time to non-profits and charities through Charitable Board work, fundraising and other pro bono services.

 


Who We Are

Pennant Equity Partners acquires, develops and grows unique product oriented businesses. We focus on long-term value and seek businesses that we believe we can bring value to and grow over time. Our focus and ability to work directly and knowledgeably with founders is our strength; we bring together a unique mix of patient capital, a smart and honest directness that comes from a blend of industry and financial experience and a network of people and resources that know our markets.

Our Team

 

Sam Foster

Founder & Managing Partner

sfoster@pennantep.com

Connect with Sam on LinkedIn

Learn more about Sam’s industry experience here: Career Industry Experience

An experienced transformational CEO and organizational leader, Sam has 25+ years experience managing, advising and investing in industrial, medical and technology companies through strategic change, accelerated growth and management transformation. Sam was most recently the CEO of AliMed, Inc. a leading manufacturer and distributor of medical, healthcare and physician products. He is currently a Managing Director of Pennant Equity Partners a business advisory and investment firm. Prior to founding Pennant, Sam was a Managing Director at Velocity Equity Partners, an early stage venture capital firm and Corning Technology Ventures. In addition to maintaining active leadership and investment involvement in a number of companies in the manufacturing, healthcare, energy and technology industries, Sam also provides executive/Board advisory and consulting services to a variety of select businesses.

 

Marsden headshot

Doug Marsden

Operating Partner – Product Design, Engineering & Market Research

A co-founder of (ELEVEN), Doug is an integral team member. He draws on fifteen years of program management and design engineering experience creating a diverse range of products in the high technology, industrial, and consumer markets. As principal of his own consulting firm before co-founding (ELEVEN), Doug’s services were sought after and respected by Fortune 500 companies and start-ups alike. From initial brainstorming to design for manufacturing, his contributions have helped to generate numerous highly successful products and a collection of patents. Doug draws the energy and enthusiasm required to manage multiple projects from the excitement that comes with working and learning from such a diverse group of clients and colleagues.

Alan McKinnon, Jr.

Operating Partner – Finance, Business Development, Investor Relations

Alan brings extensive experience as a finance veteran, with significant international expertise, who helps companies raise capital, develop financial strategy and manage due diligence.  His background includes positions as CFO, corporate treasurer, and fundraiser for private and public companies. He’s held corporate management positions at Cyrium Technologies, Deerpath Energy, Vietnam Chipscale Advanced Packaging Services (which he co-founded), The Garrett Group of San Francisco, Varian Semiconductor (Nasdaq: VSEA), East Asia Ventures, LLC, and Prodigy International, Inc. He learned the buyout business and manufacturing at Connell Limited Partnership, a Boston based buyout firm, and started his career with the Bank Supervision Division of The Federal Reserve Bank of Boston.  Alan holds an MBA in Entrepreneurship and International Business from Babson College and a BSBA in Finance and Economics from the School of Management at Boston University.

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Michael McCormack

Operating Partner – Aerospace, & Defense, Manufacturing & Business Development

Michael is a results-oriented executive manager with demonstrated expertise in planning, developing and implementing cutting-edge solutions to address the deliberate business needs of a multidisciplinary organization. He is a Senior Executive with over 35 years of experience with 25 years of direct P/L responsibility. His professional experience includes CEO of Critical Solutions International, President of Marshall Communications, Executive Vice President Land Systems at QinetiQ North America (Foster-Miller, Inc.), and EVP of Strategy and M&A at Mission Solutions Group as well as Commander of the entire Massachusetts Army National Guard. He specializes in designing, developing and implementing new products that significantly increase sales, margins and market share. He is known for turning around under-performing divisions and initiating processes that dramatically improve operations. Michael is a visionary leader with passion who drives a culture of excellence organization-wide and trains teams across multiple disciplines to consistently exceed expectations. He has led a private equity owned business as President/CEO for the past 8 years.

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Kevin S. Colcord

Operating Partner – Manufacturing, Process Improvement & Change Management

Kevin Colcord is a Managing partner and Executive Consultant for Lean Enterprise Inc., focused on implementing Lean Thinking and Six Sigma in firms ranging in size from 500 to 100,000 employees. He has wide ranging, hands on experience in many types of processes: high speed assembly, low volume-high complexity assembly, product development, machining, forming, and, special process manufacturing. Industry experience is equally broad – specific work in: battery manufacture, aircraft engine parts manufacture, aircraft engine assembly, paint formulation, specialty heat treatment, tractor trailer manufacture, computer cabinet manufacture & assembly, aluminum coil manufacture, brass rolling, aircraft avionics, automotive injection molded parts, urethane & silicon foam manufacture and specialty injection molding.

Len Morrissey

Len Morrissey

Operating Partner

Bringing a diverse background, Len provides leadership experience with a practical hands-on approach. Len began his career in commercial banking where he was exposed to and helped thousands of companies and entrepreneurs throughout the US and Canada. In 2007, Len was recruited by one of his customers, RAPID Manufacturing, to become their CFO. As CFO Len became a key member of the senior management team that developed a unique growth model. Len later became President of RAPID Manufacturing where he oversaw and managed the company’s unprecedented growth and eventual sale to a leading public company in the space. Building teams is what inspires and drives Len; it is the bedrock of any company’s aspiration. He also works with several businesses primarily on a consultative basis but whose primary mission is to grow. Len earned his business degree from MUN (Memorial University of Newfoundland) as well as his PFP (Personal Financial Planning designation) from the CSI (Canadian Securities Institute).

Alan Frost

Alan S.Frost

Operating Partner – Pharmaceutical and Medical Device Marketing & Manufacturing

Alan is a senior business executive with 25+ years of leadership experience, Alan has a strong track record of achieving corporate objectives and creating shareholder value for biotech and pharmaceutical companies. Alan was most recently Head of Commercial and Head of the TYSABRI Franchise at Elan Pharmaceuticals. Particular areas of expertise include global and US P&L management, product launches, alliance leadership, field force leadership, life cycle management and business development. Alan is currently both an entrepreneur and a biotech strategy consultant. He holds an MBA in Finance from the Wharton School at the University of Pennsylvania and a BS in Accounting from the University of Delaware.