Type Private Total assets $1.4 billion | Industry Private equity Founded 1999 | |
Products Leveraged buyout, Growth capital Website www.heartlandpartners.com Headquarters Stamford, Connecticut, United States Founders David Stockman, Timothy D. Leuliette, Daniel P. Tredwell | ||
Heartland Industrial Partners is a private equity firm focused on industry consolidation and growth capital investments in middle-market industrial companies.
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The firm, which is based in Stamford, Connecticut, was founded in 1999 and is no longer actively investing.
History
The firm was founded in 1999 by former Reagan budget director David Stockman, Timothy Leuliette and Daniel Tredwell In 2001, the firm completed fundraising for its first and only private equity fund with approximately $1.4 billion of investor commitments.
Collins & Aikman
In 2005, it was reported that Stockman handed control of the fund, Heartland Industrial Partners, over to his partners following his resignation as chairman of Collins & Aikman, which was a major investment for the fund that ended in bankruptcy.
On March 26, 2007, federal prosecutors in Manhattan indicted Stockman in "a scheme ... to defraud [Collins & Aikman]'s investors, banks and creditors by manipulating C&A's reported revenues and earnings." At the same time, the Securities and Exchange Commission brought civil charges against Stockman related to actions he took while CEO of Collins & Aikman. Stockman suffered a personal financial loss, estimated at $13 million, along with losses suffered by as many as 15,000 Collins & Aikman employees worldwide. Stockman said in a statement posted on his law firm's Web site that the company's collapse was the consequence of an industry melt-down, not fraud. In August 2008, a trial date was set but on January 9, 2009, the U.S. Attorney's Office announced that it did not intend to prosecute Stockman in this case.
Other investments in the Heartland portfolio included auto parts suppliers Metaldyne and TriMas as well as Springs Industries, a manufacturer of home furnishings.