Co-Founded by Randal Quarles, Spencer P. Eccles and Herbert E. “Bud” Scruggs, the Group will Source, Evaluate and Manage Direct Equity Investments
We are pleased to announce the establishment of a direct investment platform – The Cynosure Group – to source, evaluate, and manage direct private equity investments. (Read the announcement on PRWeb.)
The Cynosure Group is a Salt Lake City based company formed to bring together the resources of a number of the country’s most significant family offices, including the Eccles family of Salt Lake City, to make long-term equity investments in private companies across a range of industries. The name of the firm, Cynosure, commemorates the sailing vessel which brought David Eccles and his family to America in 1863 from their home in Scotland. David Eccles went on to become one of the greatest entrepreneurs, industrialists and investors in the history of the Western United States.
Cynosure will be headed by Randal K. Quarles, former Under Secretary in the Treasury for the George W. Bush Administration. Joining him as co-founders and managing directors will be Spencer P. Eccles and Herbert E. “Bud” Scruggs.
Mr. Quarles explained, “Cynosure will invest in small and mid-size firms that have strong management and, typically, good cash flow. The aim is to invite a number of investors to join with us who will bring a variety of resources and feel strongly engaged to give their best support to the portfolio companies. Our approach will be to support management’s growth plans with capital, expertise, and a long-term view to value creation.”
Mr. Scruggs provided additional background: “We have discussed establishing this type of firm for several years. The timing has finally come together with the convergence of Randy’s return to Utah from Washington, D.C.; Spencer’s fulfillment of his term in public service; and, my return from Australia.”
Added Mr. Scruggs, “We have a great team. Spencer possesses an unparalleled understanding of the driving forces in the increasingly strong Utah economy combined with a background in venture capital, technology companies and the expanding capacity of the Intermountain West as a global exporter. Randy is one of the leading experts in the world regarding economic policy and brings global expertise on financial institution mergers and acquisitions. My own career is in corporate turn-arounds, telecom, and natural resources – not to mention government and politics. I believe we have a lot to offer the small and mid-size firms we plan to invest in, as well as the families with whom we will co-invest.”
After his successful tenure in public service, as Executive Director of the Governor’s Office of Economic Development, Mr. Eccles is looking forward to his return to the private sector. “It has been a great honor to work with Governor Herbert and our economic development team as we navigated the difficulties of the Great Recession and brought Utah to the strong position it is in now.”
“Our family has a 150-year history of taking influential minority positions in companies with strong growth prospects and helping those companies become leaders in their industries,” he added. “The philosophy of our investments has been to involve a number of co-investors. And, in the early 1900s, the Eccles were among the first to give managers with little capital substantial equity positions. We look forward to building on that legacy with Cynosure.”
The Cynosure Group will be located in the historic First Security Building at 79 South Main Street in Salt Lake City.