Black Diamond Capital Management, L.L.C. Completes Buyout of Co-Founder James Zenni's Interest
Posted on: Thursday, 12 October 2006, 18:00 CDT
GREENWICH, Conn. and LAKE FOREST, Ill., Oct. 12 /PRNewswire/ -- Black Diamond Capital Management, L.L.C., a leading privately-held alternative asset management firm with approximately $9 billion under management, and James J. Zenni, Jr., a co-founder of the firm, today announced that they have completed a transaction by which Stephen Deckoff and other senior members of Black Diamond management have purchased Mr. Zenni's interest in the firm. Mr. Deckoff and Mr. Zenni were co-owners of Black Diamond, which they founded in 1995.
Black Diamond informed investors of Mr. Zenni's decision to divest his interest in the firm earlier this year. Mr. Zenni is establishing an independent alternative investment management firm, to be called Z Capital Partners, L.L.C., with a group of six associates from Black Diamond. The new firm will initially establish a hedge fund to be seeded with capital provided personally by Mr. Zenni.
Mr. Deckoff said, "Over the past 11 years, Jim and I have built Black Diamond into a multi-faceted asset management firm, with substantial distressed debt-private equity, hedge fund, and structured finance operations. Jim's leadership and involvement have been important factors in the company's success and its growth into a firm with approximately $9 billion of assets and committed capital under management. Black Diamond will always bear the significant mark of Jim's contributions."
Mr. Zenni said, "I am proud of what Steve and I accomplished together and wish the Black Diamond team every success in the future. In a rapidly evolving investment landscape, I am very excited about this opportunity to lead a new firm and the initial hedge fund."
About Black Diamond Capital Management, L.L.C.
Founded in 1995, Black Diamond Capital Management, L.L.C. is an alternative asset management firm with approximately $9 billion under management in a combination of distressed-debt/private equity funds, hedge funds and structured vehicles. Black Diamond has offices in Greenwich, CT, Lake Forest, IL and London, U.K.
Black Diamond Capital Management, L.L.C.; Z Capital Partners, L.L.C.
CONTACT: Steven Goldberg or Jeff Lloyd, both of Sitrick And Company, forBlack Diamond Capital Management, L.L.C., +1-212-573-6100; or Michael Freitagof Kekst and Company, for James Zenni and Z Capital Partners, L.L.C,+1-212-521-4896
Source: PRNewswire
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