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 the markets we work in.

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

Pennant-Favicon-25Our Team

Sam Foster -Founder & Managing Partner

An entrepreneur and investor, Sam has 20+ years experience in operating and financing industrial & technology companies. Sam is currently the Managing Director of Pennant Equity Partners. Prior to founding Pennant, Sam co-founded Velocity Equity Partners, an early stage venture capital firm in 2001 and Corning Technology Ventures in 1997. In addition to maintaining active board and investor involvement in a number of companies in the manufacturing, healthcare, energy and technology industries, Sam also provides executive advisory and consulting services to a verity of select businesses.  sfoster@pennantep.com

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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. dmarsden@pennantep.com


Alan L. 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. amckinnon@pennantep.com


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 30 years of experience with 20 years of direct P/L responsibility. His professional experience includes CEO and President of Critical Solutions International, Executive Vice Presidnet at QinetiQ North America (Foster-Miller, Inc.), Program Manager for General Dynamics Communications System as well as Commander of the 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 3+ years. mmcormack@pennanep.com

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Harry R. Rozakis – Operating Partner –Semiconductor, Advanced Manufacturing & Offshore Development

Harry has more than 30 years of executive management and technology leadership experience with the semiconductor manufacturing industry and the Cleantech sector. Currently Managing Partner at Multi-technology Ventures Mr. Rozakis was previously Chief Executive Officer and President of Cyrium Technologies (a photovoltaic cell developer and manufacturer) Inc. He also served as Chief Executive Officer of ASAT Holdings Ltd. (NASDAQ:ASTT), V-CAPS (Vietnam Chipscale Advanced Packaging Services), and Executive Vice President of EEMS Italia SpA. Mr. Rozakis has spent a significant part of his career working in the Asia Pacific region as well as Europe and North America. Mr. Rozakis was the Founder of ChipPAC now known as STATS ChipPAC, and has held senior management positions at Tessera Technology, Inc., a provider of intellectual property for chip-scale packaging, Reel Services Group. Having spent a significant part of his career working and living in the Asia Pacific region, particularly China, Mr. Rozakis is considered an extremely knowledgeable adviser regarding business in this region of the world.

Mr. Rozakis has also served in a leadership role in several semiconductor industry associations, including the Former Chairman of the Semiconductor Assembly Council and Chairman of the Micro Electronics Packaging and Test Engineering Council (MEPTEC). Currently Mr. Rozakis sits on the Board of a number of Cleantech companies. He is active in philanthropy and serves on the Board of Trustees of the Pulmonary Hypertension Association. Mr. Rozakis holds a BA and an MA degree from Fairleigh Dickinson University. hrozakis@pennantep.com

Kelly Warner – Operating Partner – Energy, Efficiency, Renewables & Consulting

With over 30 years of experience in the energy services and electric and gas utility industry, and 15 years as chief executive of major energy consulting and service firms, Mr. Warner brings a broad background of business, financial, technical, and industry knowledge to his management and strategy assignments. In his roles as CEO of Deerpath Energy, Inc., XENERGY and KEMA Inc., he lead or participated in numerous policy, strategy, and business development initiatives that span the value chain of the energy services and utility industry. His insights into the workings of the electric utility derive from his direct experience at both the executive and operational levels of various organizations. Mr. Warner has a long-term commitment to sustainable energy solutions. He started his career in the solar industry, and over time became a national expert in the field of energy efficiency and demand-side management (DSM). He has made significant contributions to the field of integrated resource planning and DSM program design and evaluation. Mr. Warner is a recognized expert in utility industry restructuring, having participated in numerous restructuring regulatory proceedings. In addition, he was responsible for the development of one of the first retail energy service companies, providing both supply and demand-side services to commercial and industrial customers, and helped launch a highly successful retail energy syndicated research series. Mr. Warner has held numerous executive and management positions through out his career, and has served on the board of directors of a number of companies. kwarner@pennantep.com


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.

Prior to starting his consulting business, Kevin worked as a Manufacturing Manager and Engineering Development Manager for General Electric’s Aircraft Engine Business both in Lynn, Massachusetts and in Rutland, Vermont.  Other positions held by Kevin include: Process Control Engineer, Design Engineer, Quality Engineer, Automation Engineer, Process Control Manager, Shop Manager and Information Systems Manager. Kevin Graduated from the University of New Hampshire in 1982 with a B.S. in Chemical Engineering.

Kevin’s consulting practice has focused on developing change management strategies for the deployment of Lean Enterprise Principles (and integrating Lean with SixSigma). Major Clients include : AlliedSignal Corp. , LockheedMartin Control Systems, United Technologies Automotive, General Electric Capital Corp., GlaxoWellcome, GalxoSmithKline, Raytheon Company, World Kitchen Inc., Rolls Royce Canada, Partners Healthcare, Shire Pharmaceuticals, Endo Pharmaceuticals, Partners Healthcare and Eaton Cuttler Hammer.

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.

Thomas E. Gebhard – Operating Partner – Energy, Business Development & Finance

Tom has more than 20 years’ experience in the merchant energy business. Tom is the founder and Managing Director of Howland Capital which specializes in the development, funding and operation of energy projects including oil and gas, biomass, energy services, solar and gas fired co-generation. Prior to joining Howland Capital, Mr. Gebhard served as a senior executive and founder Blue Rock Energy a retail energy company in upstate New York. Prior to Blue Rock Energy, Mr. Gebhard held senior positions at American Tractebel, Citizens Lehman Power and Edison Mission Energy. Experienced in acquisitions, project finance and structured transaction origination, Mr. Gebhard has been a team leader responsible for numerous complex energy transactions and has worked closely with major Wall Street investment banks. His expertise is in the identification, valuation, and negotiation of complex energy transactions that bring substantial intrinsic value to project portfolios. He has been a key player in the development and construction of numerous power projects that continue to operate successfully in the power market. These projects were required to be fully hedged and project financed prior to construction.

Greg Fields – Operating Partner – Manufacturing, Process Improvement & Leadership Development

Greg is a Partner with Lean Enterprise Inc. He has been in the Business Transformation, Strategic Improvement and Problem Solving field for over 27 years. He is an experienced and skilled operational excellence architect having personally designed, built and implemented numerous successful operational transformations based on Lean Thinking, Six Sigma and the Theory of Constraints. In his Partnership role with Lean Enterprise Inc. he has been in a leadership position of a successful and innovative management consulting firm of over 20 senior consultants since 1998.