(Bloomberg) — Private equity firm Madison Dearborn Partners has set a succession plan in motion for its co-founders Paul Finnegan and Sam Mencoff, according to a statement reviewed by Bloomberg News.
Finnegan and Mencoff, both of whom have served as co-chief executive officers since 2007, will be succeeded by managing directors Tim Sullivan and Tom Souleles. Sullivan and Souleles will take over as co-CEOs after the formation of the Chicago-based private equity firm’s ninth fund, Madison Dearborn Capital Partners Fund IX, which is slated to launch in 2023, the company said.
As part of the plan, Finnegan will become chairman of the overall firm while Mencoff will continue contributing in the capacity of a senior advisor.
Until they become the Co-CEOs, Sullivan and Souleles will serve as co-presidents, working closely with Finnegan and Mencoff on firm-wide operations. Sullivan will continue working as head of the firm’s health care unit while Souleles will stay the co-head of the basic industries team.
“Tim and Tom are invaluable members of MDP leadership, who have been critical to the firm’s growth and success for more than 25 years,” Finnegan said in a statement. “With proven track records driving investment value, attracting and building high-performing teams and advancing MDP’s culture and core values, they are the right leaders for MDP’s next chapter.”
Madison Dearborn, which was co-founded by Sullivan and Mencoff, has raised more than $28 billion since its inception in 1992, and has completed more 150 investments in that time. The private equity firm invests across a variety of sectors such as health care, financial services, government and business software, and technology, media and telecommunications.
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