Newton Glassman
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Newton Glassman is the founder and managing partner of
Catalyst Capital Group Catalyst Capital Group was in 2014 esteemed the second largest private equity firm in Canada. It was founded in 2002 by Newton Glassman, who was in 2014 its managing partner, and Gabriel de Alba. History At some point before 2013, Catalyst hired J ...
, the second largest
private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a ty ...
firm in
Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...
. He was also the CEO of Callidus Capital Corp., an alternative lending company that traded publicly before being taken private in 2019, which he led until he stepped down in 2018 citing medical issues.


Early life and education

Glassman is the son of a surgeon. While in college, he successfully sued his father to force child support payments, based on Ontario court records. He received an undergraduate and law degree at the
University of Toronto The University of Toronto (UToronto or U of T) is a public research university in Toronto, Ontario, Canada, located on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution ...
. He then attended business school at
Wharton School of the University of Pennsylvania The Wharton School of the University of Pennsylvania ( ; also known as Wharton Business School, the Wharton School, Penn Wharton, and Wharton) is the business school of the University of Pennsylvania, a Private university, private Ivy League rese ...
, and graduated with an
MBA A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...
in 1990.


Career

After graduating he joined Canadian Corporate Funding Ltd., then one of Canada's leading private equity firms. He later joined
Cerberus Capital Management Cerberus Capital Management, L.P. is an American private equity firm,Leaders Magazine"Providing Economic Opportunity: An Interview with The Honorable Dan Quayle, Chairman, Cerberus Global Investments, LLC". specializing in distressed investing. ...
in 1997, becoming a managing director at the firm and overseeing the fund’s telecommunications portfolio and Canadian investments. While working at Cerberus, he also developed a distinctive approach to lending to financially distressed companies.


Catalyst Capital Group

In 2002 Glassman founded Catalyst Capital Group along with Gabriel de Alba. The firm specializes in purchasing distressed assets and corporate restructurings. Catalyst has been involved in deals involving
Gateway Casinos Gateway Casinos and Entertainment is a Canadian gaming and entertainment operator. It operates 23 casinos in British Columbia, Alberta, and Ontario. The corporate offices of Gateway Casinos and Entertainment are located in Burnaby, British Columbi ...
,
Canwest Canwest Global Communications Corporation, which operated under the corporate name Canwest, was a major Canadian media conglomerate based in Winnipeg, Manitoba, with its head offices at Canwest Place. It held radio, television broadcasting an ...
and
Mobilicity Data and Audio-Visual Enterprises Wireless, d/b/a Mobilicity, was a Canadian mobile virtual network operator (MVNO) owned by Rogers Communications. Its name was a portmanteau of the words "mobility" and "simplicity". Mobilicity was one of several ...
. It earned "a huge return" on the 2009 restructuring of
CanWest Global Communications Canwest Global Communications Corporation, which operated under the corporate name Canwest, was a major Canadian media conglomerate based in Winnipeg, Manitoba, with its head offices at Canwest Place. It held radio, television broadcasting an ...
, and
Stelco Stelco Holdings Inc. (known as U.S. Steel Canada from 2007 to 2016) is a Canadian steel company based in Hamilton, Ontario. Stelco was founded in 1910 from the amalgamation of several smaller firms. It continued on for almost 100 years, until it ...
, which faced bankruptcy in 2007. By 2014, the firm was Canada's second largest private equity firm. In a 2014 puff piece published by the ''
Globe and Mail ''The Globe and Mail'' is a Canadian newspaper printed in five cities in western and central Canada. With a weekly readership of approximately 2 million in 2015, it is Canada's most widely read newspaper on weekdays and Saturdays, although it ...
'', Glassman was quoted thus: "You have to be unaffected by conflict to be decent at distressed because it's a highly adversarial process. You have to have extraordinary commitment to your view, both ethically and professionally, because you are dealing with desperate people and desperate people try desperate things. You have to have a commitment to your sense of what is right and wrong. And you can't waver from it." In 2020, Glassman had a significant win in a deal over the
Hudson's Bay Company The Hudson's Bay Company (HBC; french: Compagnie de la Baie d'Hudson) is a Canadian retail business group. A fur trading business for much of its existence, HBC now owns and operates retail stores in Canada. The company's namesake business div ...
. After accumulating shares in the company and gaining a 17.5 percent stake in the company, Catalyst posted an 8.8 percent return in its investment in Hudson's Bay for its shareholders.


Catalyst buys Callidus

Alternative lender Callidus Capital Corp. was founded by Sam Fleiser in 2004. In 2007, Catalyst bought a controlling share in Callidus; Catalyst owns almost 60% of Callidus and is a main source of funding for Callidus as well. In 2011, Glassman took over Callidus with the goal of making the company public and increasing its loan books. In April 2014, Catalyst took Callidus public at C$14 a share. By 2019, Callidus had posted 10 consecutive quarters of net losses in what was described as a company “meltdown”. Analysts have said legal chill is one likely reason buyers were reluctant to come forward. In October 2019, Braslyn Ltd spent 75 cents a share, 95 per cent below the company’s initial offer price in 2014, and in the transaction bought "the minority shares not owned by Catalyst".


Philanthropy

Glassman donated $2.5 million to the University of Western Ontario's faculty of law as part of a $10 million plan to fund programs on insolvency and restructuring. The neonatal intensive care unit of
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
's
Sunnybrook Health Sciences Centre Sunnybrook Health Sciences Centre (SHSC), commonly known as Sunnybrook Hospital or simply Sunnybrook, is an academic health science centre An academic medical centre (AMC), variously also known as academic health science centre, academic healt ...
has borne Glassman's name since 2014.


Personal life

Glassman works in Toronto, has a Lake House in Muskoka and a retreat in the Bahamas. In 2022, Newton and his wife separated.


References


External links


Catalyst Capital Group
{{DEFAULTSORT:Glassman, Newton Canadian businesspeople Living people University of Toronto Faculty of Law alumni University of Toronto alumni Private equity and venture capital investors Year of birth missing (living people) Canadian Jews Canadian people of Jewish descent