Industry Private Equity Website www.cortecgroup.com Founded 1984 Total assets 2.136 billion USD | Products Leveraged buyouts Type of business Private Ownership | |
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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 $2.6 billion of capital across six investment funds and has completed more than seventy 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 was founded in 1942 by Norman I. Schafler, and became a leading manufacturer of robotics, defense, aerospace, and industrial equipment. Condec operated a diversified portfolio of manufacturing companies.
Cortec was founded by Scott Schafler (Norman's son), Gerald Rosenberg and Neal Kayes. Other than Scott Schafler, who remains a Managing Partner of the firm along with David Schnadig, Jeff Lipsitz and Mike Najjar, the other founders have been retired for a number of years.
After investing private capital since inception, Cortec raised its first institutional fund in 1990. In 2015, Cortec raised its sixth institutional fund, hitting its hard cap of $1.1 billion after only two months on the fund raising trail. Since inception the firm has increased its funds under management approximately every five years. Beginning with Cortec III, a $331 million fund raised in 2000, the firm has been led by Messrs. Schafler, Schnadig and Lipsitz.