![]() ![]() Shields.Ī spokesman refused comment on the fund’s returns, saying it is designed for a life of seven to 10 years and the results are far from in. Questor turned it around and sold it 18 months later for 100% profit, says Mr. It also purchased non-core units of some big companies, for example, Ryder TRS Inc., the consumer truck-rental business of Ryder System Inc., the transportation company. The fund’s progenitor, Questor Partners Fund LP, was set up in 1994 with $300 million to buy control of companies, ranging from the slightly underperforming to those in bankruptcy. Partners at the firm put up about 5% of the fund’s total, says Robert Shields, a managing director and a firm principal. and the state pension funds of California and Michigan. Much of the money for the new fund came from investors in Questor’s first fund, including Comerica Inc., Chase Manhattan Corp. “If you look at the volume of merger and acquisition activity over the last 10 years, it has certainly grown by leaps and bounds, with hundreds of millions of dollars in transactions,” he explains.”Our subsection of distressed businesses has grown along with that activity.” Part of what he does is to find weak sisters that are takeover targets. economy is coming on like gangbusters, but clearly there are still plenty of struggling companies that are good bets to turn themselves around, he says. “I’ve done hundreds of company evaluations throughout my career and the network of relationships I’ve developed will help me identify those businesses worth pursuing.” Madden, 49, is seeking out struggling companies in the financial services, health care and energy sectors - areas he has covered in his 25-year career on Wall Street. ![]() Madden resigned after two years at Beacon Group Holdings LLC, a New York merchant bank and investment advisory firm, because, he says, Questor “was simply too compelling an idea.” It’s a five-year-old Southfield, Mich., institutional money manager partly founded by Wall Street veteran Dan Lufkin of Donaldson Lufkin & Jenrette Inc. ![]() Madden joined Questor Management Co., as a principal. ![]()
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