Doug Korn

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Douglas R. Korn
Alma materUniversity of Pennsylvania
Harvard Business School
OccupationBusinessman
EmployerVictor Capital Partners

Doug Korn is an American businessman and political donor.

Personal life and education[edit]

Doug Korn earned a bachelor's degree with honors from the University of Pennsylvania's Wharton School with honors, and an MBA from Harvard Business School with high distinction as a George F. Baker Scholar.[1]

Korn has been associated with numerous charitable organizations. He received a presidential appointment to the United States Holocaust Memorial Council in 2008[2] and currently serves as regional co-chair of the museum's National Campaign Committee.[3] He is chair of the board of advisors of the University of Pennsylvania's Graduate School of Education, a member of the Harvard Business School Fund Council, a board member of UJA- Federation of NY and chair of its Private Equity Division. He also previously served as a trustee of Greenwich Academy[4]

The Korn Family has funded charitable scholarships, fellowships, or educational support funds at Harvard Business School, The University of Pennsylvania, and Greenwich Academy.

Career[edit]

Korn founded Victor Capital Partners, a private equity firm, in late 2015.[5] Korn was an investment partner at Irving Place Capital (formerly Bear Stearns Merchant Banking) from 1999 through July 2015 and was a senior advisor to Irving Place Capital from July 2015 to July 2017.[1] His former portfolio company boards at Irving Place Capital and Bear Stearns Merchant Banking include Aearo Technologies, Chromalox, CH4 Energy II, Ironshore Insurance, Playcore, Reddy Ice, Victor Technologies, and Vitamin Shoppe.[1][6]

Previously, Korn was a co-founder of Eos Partners, LP, serving as a managing director from 1994 to 1998. He also served as a vice president at Blackstone Group after beginning his career in investment banking at Morgan Stanley & Co.[7]

In October 2019, Victor Capital announced the acquisition[8][9] of businesses which offer commercial real estate owners an array of services related to building code, zoning, and land use compliance and inspection as well as sustainability, energy management, and decarbonization.

In January 2019, Victor Capital announced the acquisition of Tender Corporation, which sells a range of branded consumer products in safety, preparedness, and first aid.[10] Tender Corporation changed its name to Adventure Ready Brands in June, 2020.

In October 2017, Victor Capital announced the acquisition of Primaloft, a materials science company specializing in synthetic insulations and fabrics.[11] In October 2018, PrimaLoft received the Product of the Year top prize at the Outdoor Retailer Innovation Awards in Denver, Colorado for PrimaLoft Bio, the first biodegradable synthetic insulation for outerwear.[12]

Irving Place Capital agreed in February 2014 to sell Victor Technologies to Colfax Corporation for $947.3 million including the assumption of debt. IPC owned Victor since 2010 when it took the company (then known as Thermadyne Holdings) private in a transaction that valued the company at about $417 million. During its holding period, Victor expanded its global manufacturing footprint, consolidated its brand portfolio, and accelerated new product development, among other initiatives. Its sale to Colfax is said to generate a more than 3x return and an IRR above 50% for IPC.[13]

IPC announced its sale of PlayCore to another private equity firm in May 2014 for an undisclosed price. During IPC's ownership, PlayCore completed nine strategic acquisitions which enhanced its product offering and allowed it to reach a broader customer base.[14]

IPC's investment in Vitamin Shoppe was named Middle Market Deal of the Year by Buyouts Magazine in 2011.[15] The investment in Vitamin Shoppe was also recognized by the Private Equity Growth Capital Council for its success in adding over 400 stores (starting with 128) and over 2500 American jobs.[16] Vitamin Shoppe was purchased by IPC's predecessor in 2002 for a value estimated by The Wall Street Journal at about $300 million.[17]

IPC's predecessor sold Aearo Technologies for $765 million in February 2006 after paying a reported $381 million for the company, then called Aearo Safety, two years earlier. The $80 million investment was reported by the Indianapolis Business Journal to have returned an estimated 4.1x on BSMB's investment.[18]

In February 2015, Fosun International Ltd. completed the purchase of a 20% interest in Ironshore for a reported $463.8 million.[19][20] Subsequently, Fosun purchased the remaining 80% of Ironshore for a reported $1.84 billion.[21][22]

On May 25, 2017, UK public company Spirax-Sarco Engineering PLC announced it had entered into an agreement to acquire Chromalox for $415 million.[23] On July 3, 2017 Spirax-Sarco announced the completion of that transaction.[24]

Political activities[edit]

Korn has been involved in national politics for many years and was a major backer of Mitt Romney[25] during the 2012 US presidential election.

References[edit]

  1. ^ a b c "Doug Korn Senior Managing Director". Irving Place Capital. Archived from the original on 19 February 2015. Retrieved 2 March 2015.
  2. ^ "President Bush Appoints Eleven Members to United States Holocaust Memorial Council". United States Holocaust Museum. 29 April 2008. Retrieved 2 March 2015.
  3. ^ "The Campaign for the United States Holocaust Memorial Museum". United States Holocaust Memorial Museum. Retrieved 9 March 2015.
  4. ^ "Greenwich Academy Leadership & Staff". LittleSis. Retrieved 2 March 2015.
  5. ^ "Douglas Korn". LinkedIn. Retrieved 29 January 2016.
  6. ^ "Douglas R. Korn". Bloomberg Businessweek. Retrieved 13 December 2013.
  7. ^ "Board of Directors". Ironshore. Retrieved 19 February 2015.
  8. ^ "Rizzo Group Receives Investment from Victor Capital Partners to Accelerate Growth and Enhance Client Services". www.businesswire.com. 2019-10-08. Retrieved 2020-02-03.
  9. ^ "CodeGreen Solutions Receives Investment From Victor Capital Partners to Accelerate Growth in Its Technology-enabled Sustainability Services". www.businesswire.com. 2019-10-08. Retrieved 2020-02-03.
  10. ^ Partners, Victor Capital. "Tender Corporation Joins with Victor Capital Partners to Accelerate Its Growth". www.prnewswire.com. Retrieved 2020-02-03.
  11. ^ "Victor Capital and Allstate acquire materials science company PrimaLoft". 10 October 2017.
  12. ^ Vilaboy, Martin (2018-11-09). "Inaugural OR Innovation Awards Announced". Inside Outdoor Magazine. Retrieved 2020-09-01.
  13. ^ "Irving Place Capital to Part with Victor". PitchBook. 14 February 2014. Retrieved 2 March 2015.
  14. ^ "Irving Place Capital Announces Sale of PlayCore". Irving Place Capital. 30 May 2014. Retrieved 2 March 2015.
  15. ^ "IPC's Investment in Vitamin Shoppe Wins Buyouts' "Deal of the Year"". Irving Place Capital. 11 June 2011. Retrieved 2 March 2015.
  16. ^ "Private Equity at Work: Vitamin Shoppe". Private Equity at Work. Retrieved 4 March 2015.
  17. ^ Scannell, Kara (2 December 2002). "Bear Stearns Unit Agrees to Acquire Vitamin Shoppe". The Wall Street Journal. Retrieved 2 March 2015.
  18. ^ Andrews, Greg (20 February 2006). "Safety Firm's Sale a Bonanza". Indianapolis Business Journal. Retrieved 2 March 2015.
  19. ^ Lerner, Matthew (18 August 2014). "China-based Fosun Buying 20% Stake in Ironshore". Business Insurance. Retrieved 3 August 2015.
  20. ^ "Chinese Firm Buys 20% Stake in Ironshore". The Royal Gazette. 13 February 2015. Retrieved 3 August 2015.
  21. ^ Tan, Regina (3 May 2015). "Guo's Fosun to Buy Ironshore in $1.84 Billion Insurance Deal". Bloomberg Business. Retrieved 3 August 2015.
  22. ^ Torrance, L. Gaye. "Press Release: Fosun Completes Acquisition of the Remaining Interest in Ironshore" (PDF). Ironshore. Retrieved 29 January 2016.
  23. ^ "Britain's Spirax-Sarco to buy thermal tech firm Chromalox for $415 million". Reuters. 26 May 2017. Retrieved May 26, 2017.
  24. ^ "Spirax-Sarco Engineering PLC, Completion of Acquisition". Financial Times. Retrieved July 4, 2017.
  25. ^ White, Ben (11 December 2013). "Lament of the Plutocrats". Politico. Retrieved 13 December 2013.
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