Franklin Foster has left a 16-year career behind at Audax Group to launch a buyout shop north of Boston called Essex Bay Capital. One of his first recruits: Yash Singh, former president and head of MRI and robotics at Analogic, who joined this month as managing director.
The launch extends a remarkable run of firm formations over the last several months that is creating jobs at every level. Since March 12 Private Equity Career News has reported on the launches of Dataquest Partners of Fort Lauderdale, Florida; BharCap Partners of New York City; Riveter Capital of New York; and Interlock Equity of Los Angeles.
Essex Bay Capital plans to acquire North American platform companies generating $1 million to $8 million of EBITDA in such fields as industrial technologies, services, medical devices, software and food and consumer products. It’s particularly interested in backing companies that need “capital and resources to help trigger the next phase of growth,” according to its Web site.
A managing director at Boston-based Audax Group until earlier this year, Foster (pictured) helped consummate more than 60 acquisitions during his time there in industrial, business services, healthcare and technology. He served on the boards of Aavid Thermalloy, AAMP Global, Gabriel Performance Products, Northern Digital and Winchester Electronics.
By press time I was unable to reach Foster to discuss any fundraising or hiring plans. With just two bios, the firm’s team page is notably bereft of junior or mid-level investment support, as well as administrative support at all levels.
Yash brings to the firm more than 15 years of experience operating and investing in both private and public healthcare and industrial companies. Along with his position at Analogic, Yash has served as executive vice president at Harvard Biosciences, in charge of its $80 million-revenue cellular, molecular and physiology business.