• Founded in 1994, Terbell Partners, Ltd. (TPL) makes private equity co-investments and provides advisory and strategic consulting services to under-performing and high-growth potential mid-cap companies in the consumer products, retail, food and beverage, manufacturing/distribution, hospitality, professional services and healthcare sectors. Equity investments typically range from $10 to $50 MM, generally as part of significantly larger transactions.
  • Portfolio companies are often experiencing market, capital structure and operating challenges.
  • TPL’s success does not rely simply on financial engineering; rather it results from superior strategy and flawless execution.
 “Problems cannot be solved at the same level of awareness that created them” … Albert Einstein

Investment Opportunities

  • Later-stage growth companies seeking expansion and/or development/acquisition.
  • Under-performing companies looking to strategically reboot, reposition, transform and grow.
  • Sale by Owner-Founder.
  • Management buy-out/buy-in.
  • Platform companies with potential to become significant market leaders.
  • Companies adjusting to industry consolidation.
  • Companies seeking alliances, partnerships, joint ventures.
  • Going private transactions.
  • Public companies needing private financing.

 

“Skate to where the puck is going, not where it is” … Wayne Gretzky

Investment Criteria

  • Profitable or cash flow positive.
  • At least $100 MM in revenues.
  • Defensible market position in growth industries (at least $5 billion) with understandable dynamics and significant headroom.
  • Competitive advantage from product leadership, low cost structure, service excellence, brand dominance.
  • Footprint for crafting a compelling strategic plan for adding enough value to demand a premium value price at exit.
  • Clear path and time frame to exit with multiple options, e.g., sale, re-cap, IPO.

 

“Innovation is the central necessity” … Jeff Immelt

Operating Expertise

  • Business model redesign, strategic and tactical business planning; sales and marketing analysis; organization restructuring; senior executive talent search; assessment, mentoring/coaching and counseling; executive compensation; external and internal communications.
  • Interim leadership to provide strategic, tactical, technical and functional direction and oversight.
  • Advice, guidance and facilitation on merger, acquisition, divestiture, and corporate governance issues.

 

 “Failure to prepare is preparing to fail” … Steve Spurrier

Six Fundamental Operating Principles

  • We are there for you.
  • We provide the marriage of strategic thinking with the patience and tenacity to work through implementation. We stay connected and, above all, get things done.
  • We are partners, enjoying an iterative process to make sure there are no surprises.
  • We tell it like it is – even if it’s tough.
  • We know that ideas are only great if they work.
  • We are practical problem-solvers who explore alternatives, quickly develop realistic solutions, and manage to targeted outcomes.

 

Keep your feet moving as if you’re a boxer.
As soon as you’re flatfooted, you get clobbered.” … Harry W. Albright Jr.

Illustrative Portfolio Companies

  • Advanced Health Technologies: physicians’ management practices; public.
  • Alpine Lace: low-fat dairy products; acquisition by Land o’ Lakes.
  • American Eagle Outfitters: branded teen apparel; public.
  • Body Central: fast fashion apparel; public.
  • Community Research Associates: cyber/homeland security; management buy-out.
  • Covington Holdings LLC: fabric design and distribution; family office buyout.
  • Danskin: branded athletic/dance apparel; public.
  • FGI Worldwide: specialty finance; family office buyout.
  • hotelworks.com: hotel renovation and consumable supplier; public.
  • OK International: hand tool roll-up integration; acquisition by Dover Corporation.
  • Physicians’ Online: computer-based, pharmacy-sponsored medical reference software;
    acquisition by MediConsult.
  • Primestar Partners: direct satellite broadcasting; acquisition by Echostar.
  • Secor International: environmental engineering consulting; acquisition by Arlington Capital.
  • Slimfast: diet supplement and snack foods; acquisition by Unilever.
  • Darien/Rowayton Bank: acquisition by Alcar, LLC.

 

 “Never look back, something might be gaining on you” …Satchel Paige

Harriette A. Terbell

Ms. Terbell is CEO and Founder of Terbell Partners, Ltd., which co-invests in transactions that require operating improvements, business model redesign, strategic repositioning, executive talent search, etc.  Pre- and post-transaction, TPL provides management expertise and market focus to portfolio companies that need operating direction and support beyond financial engineering.

She has particular expertise in strategic business planning, restructuring organizations, sourcing executive talent, mentoring/coaching CEOs and leadership teams, and designing systems and processes that build high-performance cultures and align shareholder and executive interests.  Prior to founding TPL, she was a Partner for 15 years with The Hay Group, as well as an officer at Fleet Financial.  She is a regular contributor to Directors & Boards magazine.

Ms. Terbell is also a General Partner in Alsacia Venture Investments, a venture capital fund that specializes in pre-seed, seed, early stage and follow-on investments in medical devices, diagnostics, drug delivery systems, and non-traditional pharmaceuticals and informatics.  AVI identifies potentially commercializeable technologies in the laboratories of world class medical institutions and provides technical and management know-how to bring products to market.

Ms. Terbell sits on the Boards of Covington Holdings, Inc., Jumpstart for Children, and Community Research Associates (CRA).  She also serves as an advisor to the buyout fund, Critical Quest, LLC. and is a Founder of the Bank of Darien/Rowayton.

She has chaired for several years the Annual Fund for the Fairfield Country Day School and served on the Steering Committee for its Capital Campaign.  She was a parent fundraiser for the Hotchkiss School and is a Trinity College Parent Director.

She received her Bachelor of Arts degree from Elmira College, and was a PhD. Candidate in Demography and Sociology at Brown University, studying on a National Science Foundation Fellowship.


Spencer M. Rothschild

Mr. Rothschild was named Partner at Terbell Partners, Ltd. in 2016, having been associated with the firm since 2009.  TPL co-invests in transactions requiring operating improvements, business model redesign and strategic repositioning. For more than two decades, He has provided advice, guidance and management direction to companies in the food, beverage and hospitality sectors. He is a technical and operational industry expert. Mr. Rothschild’s experience allows him to be particularly valuable to TPL’s portfolio companies that require management expertise and operational focus.  Although his depth of operational experience has its foundation in the food and hospitality industry, he has recently diversified his portfolio to include numerous other industries.

As Founder and President of Barrio Foods, Mr. Rothschild built a company with a proven track record of creating and consulting to multi-unit hospitality businesses.  From introducing daring new restaurant concepts (Barrio, BLT Prime, Calle Ocho, Suffolk Arms, Copacabana Supper Club, Cabo, Django, Havana Cafe, Rain, Union Pacific) to finding creative and efficient solutions for growing entrepreneurs, he is a seasoned industry leader.

He successfully launched and advised Counter Burger Times Square, AG Kitchen, Suffolk Arms, Rare Bar & Grill @ Shelburne Hotel, Rare Bar & Grill @ Hilton NY, Ramen Burger NY, Rare View, Travertine, Fioro, Pure Lounge, Old Greenwich Social, Cabo, Havana Café, Babalu Restaurant & Nightclub.   In 2011 he launched Barrio Spirits which has brought a successful spirit brand to market and advises other companies in the space.

He received his Bachelor of Arts from Tufts University, studying economics and political science.  He is the Chairman of the Board of The Urban Dove, a non-profit focusing of NYC at risk youth as well as a founding Board Member of The Urban Dove TEAM Charter School in Brooklyn, NY.

 

David B. Lineweaver

David Lineweaver brings to Terbell Partners, Ltd. a deep and broad financial sector expertise in private equity, real estate development and deal making. David has participated in numerous and successful business transactions, both professional and personal. His capital raising background and banking relationships, in addition to his track record in sales and proven negotiating skills, prove essential in mid cap company investment transactions and advisory.

During his 24 years on Wall Street, David worked for Barings Bank, Santander Bank N.A., Itau Unibanco S.A., Raymond James Financial, and Brasil Plural S.A. He has raised capital for domestic and international companies, taking many of them public. He was involved in private equity, mergers and acquisitions, and sales for these firms and two of his own companies.

David has been associated with Terbell Partners, Ltd. as Senior Advisor on an advisory basis for the last decade.

David was born and raised in North Carolina and is a graduate of Southern Methodist University’s Cox School of Business and holds a BA in business with a concentration in accounting and finance.

 

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