Perseus, L.L.C. Announces The Passing Of Chairman Frank H. Pearl
WASHINGTON, May 4, 2012 /PRNewswire/ -- Merchant bank and private equity fund management company Perseus, L.L.C. today announced the death of its Founder, Chairman, and Chief Executive Officer, Frank H. Pearl.
Mr. Pearl died from complications related to lung cancer earlier today. He was 68 years old.
"We are saddened by the loss of our mentor, colleague, and friend," stated Kenneth M. Socha, Perseus' Senior Managing Director. "Our thoughts and condolences are with his wife, friends, and the many people who knew him both personally and professionally. Frank had a positive impact on so many people throughout his lifetime. He will be greatly missed by all of us at Perseus."
Mr. Pearl founded Perseus, L.L.C. in 1995. He has been involved for over 25 years in growth equity and buyout transactions in the United States, Canada, and Western Europe with an investment focus in energy, environmental, and engineering technologies, healthcare and life sciences, and publishing.
Mr. Pearl has prepared a management transition plan for Perseus, L.L.C., the details of which are being communicated to the Perseus fund investors. Mr. Socha will serve as the firm's senior executive and will lead the firm.
Mr. Pearl served on the board of directors of numerous Perseus fund portfolio companies, including Perseus Books, L.L.C. (Chairman) and The Vehicle Production Group LLC (Executive Committee). Perseus Books is the largest independent publisher of non-fiction books, provides third-party distribution services in North America to more than 330 clients, and is the exclusive digital distributor for close to 20,000 books from over 250 independent publishers. VPG is the designer, developer, and marketer of the MV-1®, the first gasoline and compressed natural gas vehicle that has been purpose-built to meet the unique needs of the U.S.'s large and growing mobility-impaired community by accommodating wheelchair access.
Mr. Pearl practiced law in the District of Columbia and New York from 1969 until 1983. In 1983, he joined Wesray Capital Corporation as a principal and managing director. In that capacity, he was involved in negotiating, structuring, and supervising numerous successful corporate acquisitions and divestitures. During this period, Mr. Pearl was a principal with substantial responsibility for over a dozen operating companies including Avis Rent-a-Car, Western Auto Supply, and Wilson Sporting Goods.
Mr. Pearl was a supporter of, and advisor to, many charitable and nonprofit organizations. He was Chairman of the Jennie Zoline Foundation, a private foundation he established in 1987, to be operated for scientific, literary and educational purposes. Mr. Pearl also served as a member of the Board of Trustees of the John F. Kennedy Center for the Performing Arts and the Rockefeller University. He was a member of the Board of Directors of the Peterson Institute for International Economics, a member of the National Advisory Council for the Trust for the National Mall, a member of the Council on Foreign Relations, and served as Trustee Emeritus for the Brookings Institution. Mr. Pearl served as a member of the Visiting Committee of the Freer Gallery of Art, the Board of Directors of the National Book Foundation, and the Board of Directors of the Alliance to Save Energy.
"It was my privilege to have worked closely with Frank for more than 25 years," Mr. Socha stated. "His vision helped establish Perseus as a leader in private equity fund management. The knowledge and experiences he shared with all of us provide a strong foundation, one that positions Perseus for continued growth and success moving forward. We are saddened by his passing, but look forward to carrying on his legacy."
Perseus, L.L.C. is a merchant bank and private equity fund management company headquartered in Washington, D.C., with an office in New York and an associated advisory firm in Munich. Perseus has invested in numerous growth equity, turnaround, and buyout transactions in the United States, Canada, and Western Europe. Perseus manages seven private equity funds. Since its inception in 1995, Perseus has made investments in more than 60 portfolio companies in a wide variety of industries in which Perseus and its principals have expertise, including energy and environmental technologies and highly engineered products, healthcare, and branded consumer products. Perseus has raised more than $1.6 billion in capital commitments. Perseus also co-manages a $449 million fund that invested exclusively in life sciences companies.
Contact: Andy Shea, Jackson Street Partners, LLC
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