- CCMP Capital, spun out of JPMorgan in 2006, built its brand on operational turnarounds led by seasoned executives rather than pure financial engineering.
- Under Steve Murray, CCMP delivered strong returns and focused on mid-market buyouts across consumer, industrial, energy, and healthcare in North America and Europe.
- Rebranded as CCMP Growth Advisors, the firm’s new leadership is targeting lower-middle-market industrial and consumer companies in North America with $15–75M EBITDA and double-digit organic growth.
- Recent deals and Fund IV’s successful 2024 close underscore a continued emphasis on operational scaling, founder partnerships, and disciplined buy-and-build strategies amid tougher fundraising conditions.
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CCMP’s long-standing strategy, rooted in Steve Murray’s leadership through the 2000s, emphasised operational turnarounds, selective acquisitions, and hiring former CEOs or operators to lead verticals—rather than relying mainly on financial engineering [1]. This historical model built credibility and strong private equity performance, as seen in its 2002 fund yielding ~32% IRR up to 2010, and its exit track record in buyouts of niche firms [1].
Today, CCMP Growth Advisors represents a deliberate transition: leadership turnover, funds refocused on smaller middle-market targets, and clear investment criteria emphasizing growth, control, and industrial/consumer verticals [2]. The latest fund, CCMP IV, targeting companies with ~$15-75M EBITDA and organic growth above 10%, suggests risk discipline and avoidance of overpaying in frothy markets [2].
Operational diligence remains central: new deals reflect this, whether through partner-led scaling (Innovative Refrigeration), platform expansion in fragmented consumer markets (Combined Caterers), or technical industrial services with strong addressable markets and regulatory or infrastructure tailwinds. Also, CCMP is leveraging its legacy and its network (founders, legacy investors) to raise funds even amid challenging fundraising conditions [2][4].
Strategic implications: CCMP seems well positioned in current private equity dynamics where investors demand more operational value, ESG and technical capabilities, and resilience against macro uncertainty (inflation, interest rate cycles). But risks include competition for high-growth industrial/consumer platforms, possible mis-execution in buy-and-build strategies, and challenges in scaling service businesses across geographies without diluting quality.
Open questions include:
- How effectively CCMP Growth can maintain its historical discipline and culture under newer leadership and in a more constrained capital-market environment.
- Whether the focused sector approach (consumer/industrial) will deliver sufficient deal flow and diversification in the face of rising regulatory, supply chain, or labor cost pressures.
- How governance, exit timing, and liquidity will evolve given increased LP scrutiny and macroeconomic volatility.
Supporting Notes
• CCMP’s operational focus: hiring former CEOs such as Greg Brenneman in 2008; Richard Zannino in 2009; and Karl Kurz in 2009, to lead turnaround-oriented investment themes [1].
• Size & strategy: by 2010, CCMP had ~$7.4B in private equity assets; invested in companies with enterprise values of $500M-$3B, equity stakes $100M-$500M; sectors: consumer/retail & media, energy, health care, industrials; narrowed geographic scope to North America and Europe [1].
• Fundraising & leadership transition: CCMP Growth Advisors, formed in 2022 by Joe Scharfenberger and Mark McFadden as successor to CCMP Capital; Fund IV (CCMP IV) closed in July 2024 with over $500M in commitments—exceeding target—despite a difficult fundraising environment [2].
• Investment criteria: CCMP IV targets companies with 10%+ organic growth and EBITDA between $15M-$75M; often partner with family or founder owners [2].
• Examples of recent deals: Acquired Combined Caterers (Southeast event-catering platform) with existing leadership retained [4]; Acquired Airo Mechanical (HVAC and plumbing installation services) to expand capabilities, tech and geographic reach in the Southeast [3]; Partnership with Innovative Refrigeration, engineering- and software-capable company engaged in industrial refrigeration, with services and software integration [2][3].
• Operational governance: Appointment of Peter Papagiannis, former COO of BGIS (a large CCMP portfolio company), as Executive Advisor, leveraging board-level operating expertise across portfolio companies [5].
Sources
- [1] www.institutionalinvestor.com (Institutional Investor) — February 14, 2011
- [2] www.businesswire.com (Business Wire) — July 17, 2024
- [3] www.businesswire.com (Business Wire) — August 6, 2025
- [4] www.businesswire.com (Business Wire) — December 4, 2024
- [5] www.businesswire.com (Business Wire) — August 20, 2025