Heartland Industrial Partners

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Heartland Industrial Partners
IndustryPrivate equity
Founded1999; 25 years ago (1999)
FounderDavid Stockman, Timothy D. Leuliette, Daniel P. Tredwell
Defunct2013
Fateclosed
HeadquartersStamford, Connecticut, United States
ProductsLeveraged buyout, Growth capital

Heartland Industrial Partners was a

middle-market
industrial companies.

The firm, which was based in Stamford, Connecticut, terminated its registration with the SEC in 2013.[1]

History

The firm was founded in 1999 by former

Reagan budget director David Stockman, Timothy Leuliette and Daniel Tredwell [2][3] In 2001, the firm completed fundraising for its first and only private equity fund with approximately $1.4 billion of investor commitments.[4]

Collins & Aikman

In 2005, it was reported that Stockman handed control of the fund, Heartland Industrial Partners, over to his partners following his resignation as chairman of Collins & Aikman, which was a major investment for the fund that ended in bankruptcy.[5]

On March 26, 2007, federal prosecutors in

CEO of Collins & Aikman.[6] Stockman suffered a personal financial loss, estimated at $13 million, along with losses suffered by as many as 15,000 Collins & Aikman employees worldwide. Stockman said in a statement posted on his law firm's Web site that the company's collapse was the consequence of an industry melt-down, not fraud.[7] In August 2008, a trial date was set[8]
but on January 9, 2009, the U.S. Attorney's Office announced that it did not intend to prosecute Stockman in this case.

Other investments in the Heartland portfolio included auto parts suppliers

Springs Industries,[10]
a manufacturer of home furnishings.

References

  1. ^ SEC Advisor info
  2. New York Times
    , September 17, 1999
  3. The Advocate
  4. New York Times
    , December 11, 2001
  5. New York Times
    , May 25, 2005
  6. ^ "Stockman Outsmarts Self in Detroit by Doron Levin". Bloomberg, March 29, 2007
  7. ^ Ex-Collins Chief David Stockman Charged With Fraud. Bloomberg, March 26, 2007
  8. New York Times
    , August 31, 2008
  9. ^ Heartland forges Metaldyne.(Heartland Industrial Partners LP, Metaldyne Corp.). Automotive News, January 29, 2001
  10. New York Times
    , April 26, 2001
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