As our sister publication PEHub reported earlier, the private equity job cuts continue. Sun Capital, which specializes in distressed investing — about the only investing there is to do right now – is cutting 23 staff, or roughly 10 percent of its workforce.
It follows similar cuts at firms including Carlyle and Blackstone.
Their statement reads as following: “We expect our organization to continue to grow in the coming years as it has done each year of our existence. After taking into consideration this reduction in force, we have a larger team today than we had at the start of 2008. This staff reduction, totaling approximately 23 employees or roughly 10% of our workforce, leaves our firm with all the resources needed to continue to focus on the things we do best – investing in turnarounds, underperforming businesses, and special situations, and creating value by bringing our operational expertise and experience to bear. We believe this economic environment offers an excellent opportunity to achieve historic returns for our investors.”
One departure is Gary Talarico, for family reasons. Talarico was one of the higher profile members of the Sun team, and told Reuters in October that the best opportunities for distressed investing were ahead.
Sun said the following about Talarico’s depature:
“After many years of loyal service to Sun Capital, we are sad to announce that Gary Talarico will be leaving the firm to pursue other commitments and interests. Gary has advised us that his father is gravely ill and that he wants to spend more time with him. In addition, Gary, who has had a longstanding interest in public affairs, is interested in pursuing several opportunities in the public sector at this historical time of challenge which will likely require a significant time commitment away from his responsibilities at Sun Capital. We wish Gary the best in pursuing these opportunities and wish his father a speedy recovery.
“During Gary’s tenure at Sun Capital, he has built strong teams in New York and oversaw the establishment of our Tokyo office. Rodger Krouse commented, “Both during our years as colleagues at Lehman Brothers in the late 80’s and early 90’s and during his tenure at Sun, Gary has been a great colleague and partner and he will be missed.”
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