Description
New Mountain Capital (NMC) is a New York City-based alternative investment manager with private equity, credit, public equity and net lease strategies. As of January 2021, New Mountain’s aggregate assets under management totaled over $30 billion across all investment strategies.
History
New Mountain Capital was founded in 1999 by Steve Klinsky, formerly a top partner at private equity firm Forstmann Little who in the early 1980s co-founded the first private equity group at investment bank Goldman Sachs.
In August 2010, New Mountain acquired the Mallinckrodt Baker chemical company from health care company Covidien, and renamed the company as Avantor. Also in 2010, New Mountain acquired enterprise software developer Red Prairie. Also in 2010, New Mountain founded a private business development corporation, New Mountain Finance Corporation.
In November 2012, New Mountain merged its software company RedPriarie with JDA Software Group.
In 2014, the company closed its $4.13 billion New Mountain Partners IV fund.
In April 2015, New Mountain acquired cleaning chemicals company Zep, Inc. for $692 million, and took the company private.
In 2017, New Mountain closed its $6.15 billion New Mountain Partners IV fund.
In May 2019, New Mountain's chemical company Avantor went public with a $3.8 billion initial public offering, which gave the company a market capitalization of $7.62 billion. In August, New Mountain acquired workflow automation company Ontario Systems (now Finvi) from Arlington Capital Partners.
In December 2020, New Mountain took a majority ownership stake in Tinuiti, an advertising and digital marketing agency targeting clients doing business with Google, Facebook and Amazon.com.
In January 2021, New Mountain announced it had collected over $10 billion across two new funds, including a $9.6 billion flagship private-equity vehicle, its largest fund to date, and a $640 million pool earmarked for non-controlling stakes in companies. In September, New Mountain's company JDA Software (now known as Blue Yonder) was acquired by Japanese conglomerate Panasonic for $7.1 billion.
