Stephen Murray, the immediate former CEO at CCMP Capital Advisors has died at the age of 52. Murray had resigned from the buyout firm just last month citing health reasons. Alexandra LaManna, CCMP spokeswoman, confirmed that Murray died on March 12 in an email but there were no other details availed.
Stephen Murray was CCMP’s founding partner after it spun out from the JPMorgan Chase & Co. back in 2006 in order to avoid latent conflicts with clients from the bank. CCMP specializes in growth-equity investments and middle-market controlled buyouts, managed to raise its fund by $3.6 billion last year.
Greg Brenneman, current CCMP CEO, expressed his sadness following the passing away of the firm’s former partner and friend in an e-mail. Brenneman expressed the firm’s deepest condolences to the late Murray’s wife and sons whom he described they were Murray’s pride and joy.
He praised Murray for being a terrific deal maker and investor. CCMP states on its website that it invests $100 million to about $500 million of equity typically in a transaction. It mainly focuses on the companies involved in the industrial, consumer, energy and health care sectors. Its investments include Quiznos Corporation, Warner Chilcott and Cabela’s incorporated.
About Stephen Murray
Stephen Murray grew up in a suburb within New York City in Westchester County. He graduated from Boston College with a Bachelor of Arts degree and later earned an MBA from the Columbia University, New York. He joined CCMP in the year 1989 and stayed on as the firm underwent various ownership changes before up until 2006 when it finally became a stand-alone firm.
CCMP traces its roots back to the 1980s starting from Chemical Venture Partners, Chemical Bank’s division. Manufacturers Hanover Corporation and Chemical Bank merged to bring MH Capital Partners and Chemical Venture Partners together.
Chemical Bank later on merged with the Chase Manhattan Bank making Chase part of the JPMorgan & Co. and the buyout business was known as J.P. Morgan Partners. Murray assumed the buyout business head position at J.P. Morgan Partners in 2005 and led the company via its 2006 spin out.
Murray then co-founded CCMP Capital, which was a spinout from JP Morgan Chase and contained the growth equity and buyout team of the private equity group in 2006. Murray was named as the CEO of CCMP Capital in 2007. CCMP was successful at raising a further two multibillion-dollar funds with Murray at the helm. The latest of these funds closed in last September gathering $3.6 billion.
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