Middle-market deal maker John N. Carr has joined Watermill Group to evaluate new investments and support strategic initiatives for the private equity firm’s portfolio companies.
He joins from Philadelphia-based Lionheart Ventures, a private equity firm focusing on industrial companies. Carr has also worked at Goldman Sachs, Gomez Inc., J.P. Morgan, and Stroud Consulting.
Carr will be a principal at Lexington, Mass.-based Watermill, joining principals Michael Fuller and Julia Karol, as well as a team of six partners.
Watermill’s portfolio includes C&M Corporation, recycled-paper manufacturer FutureMark Paper Group, stainless-steel tubing maker Fine Tubes, Polaroid filmmaker MultiLayer Coating Technologies, component manufacturer Tenere, and Superior Tube Company. The firm targets companies generating annual revenue of $40-500 million, including distressed situations, challenged industries, complex transactions, and companies at turning points.
In February, Watermill invested in The Plastics Group, which manufactures blow-molded plastics, including large items such as bed frames and portable toilets, and plastic products with complex chemical properties such as the fuel tanks in lawn tractors and generators. Cole Taylor Bank and Medley Capital provided financing for the investment. – Abby Latour