NEW YORK, November 15, 1995 – Sentinel Capital Partners today announced a closing of its first fund, Sentinel Capital Partners, L.P.
Sentinel was established by two Smith Barney executives, David S. Lobel and John F. McCormack, investment professionals who established their track records at First Century Partners, Smith Barney’s venture capital affiliate. Mr. Lobel joined Smith Barney in 1981 and has been a general partner of funds managed by First Century since 1983, as well as a Managing Director of Smith Barney. Mr. McCormack, who has worked closely together with Mr. Lobel for the past six years, joined First Century in 1990 as a Vice President.
In addition, Frank E. Richardson and Michael J. Myers, two investment professionals who bring substantial value and experience relevant to Sentinel, have become Senior Advisory Partners. Mr. Richardson is the former President of Wesray Capital Corporation, a private investment firm founded by William E. Simon, former Secretary of the Treasury. Mr. Myers is the President of First Century, and has worked closely with Sentinel’s founders for many years. Messrs. Richardson and Myers are also investors in Sentinel.
Major institutional investors in Sentinel include The Travelers Group, parent company of Smith Barney with whom the General Partners have been closely associated for many years; Fleet Equity Partners, the private equity affiliate of Fleet Financial Group, one of the ten largest banks in the U.S.; Mayo Foundation; PNC Venture Management, the private equity affiliate of PNC Bank; Provident Bancorp; and affiliates of Dress Barn Corporation. Sentinel’s investors are sophisticated direct equity and fund investors who can also participate in transactions with Sentinel in various layers of the capital structure. Sentinel believes the association with these investors brings important strategic advantages.