North Street Capital, LP is a privately owned

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 ...

and

hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as sho ...

firm based in

Greenwich, Connecticut Greenwich (, ) is a New England town, town in southwestern Fairfield County, Connecticut, United States. At the 2020 United States Census, 2020 census, the town had a total population of 63,518. The largest town on Connecticut's Gold Coast (Conne ...

. The firm is run by Alex Mascioli, who founded the firm and is named after a street in town. The firm invests in

leveraged buyout A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loan ...

s and public and private equity. Mascioli is the company's Managing Partner and Chief Executive Officer.

History

North Street Capital has been involved in Dutch automaker

Spyker Cars Spyker Cars (, ) is a Dutch sports car marque. The modern Spyker Cars held the legal rights to the brand name. The company's motto is "''Nulla tenaci invia est via''", Latin for "For the tenacious, no road is impassable". The marque's logo dis ...

, Swedish automaker

SAAB Automobile Saab Automobile AB () is a defunct automotive industry, car manufacturer that was founded in Sweden in 1945 when its parent company, Saab AB, began a project to design a small automobile. The first production model, the Saab 92, was launched in ...

and Amsterdam listed Swedish Automobile N.V. (NYSE Euronext 'SWAN.AS') (The parent company to Spyker & SAAB). Alex Mascioli and SAAB Chairman & CEO

Victor Muller Victor Roberto Muller (born September 13, 1959) is a Dutch businessman, founder of Spyker Cars, CEO of Spyker N.V., and former Chairman and CEO of Saab Automobile AB. Education and early career Muller studied law at Leiden University. After gra ...

came to a deal in which North Street would acquire the supercar maker Spyker from Swedish Automobile, which began to struggle financially with SAAB, for $43.5 million in cash, and the proceeds would be used to pay off company debt. Shortly after the Spyker deal was announced SAAB Automobile came into a large liquidity problem when two Chinese automakers hadn't paid their agreed investment into the Swedish company. As a result, Muller and North Street Capital struck another deal in which Alex Mascioli would pay $70 million to buy 2.38 million shares of SAAB and issue a

convertible note In finance, a convertible bond or convertible note or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock i ...

of $60 million collateralized by SAAB's assets. In 2011, there were some press reports that Mascioli might take over 100% of SAAB after a Chinese investment deal fell through, and in an interview with Reuters it was mentioned that he had the capacity to take over the company should he chose to do so. While the above deals were announced, none actually happened. Then SAAB CEO Victor Muller came to the conclusion that the offers were not real. North Street Capital in 2012 made an offer for Winnebago, which was not received as a serious offer. Mascoli's criminal record was stated as a concern by Winnebago.

References

{{reflist Hedge fund firms in Connecticut Companies based in Greenwich, Connecticut