relies on Aurora to help with strategic planning and conduct treasury functions, allowing Buckel
to focus in other aspects of running Newport
. "There is a division of labor," says Buckel, formerly president of Harte-Hanks Inc.'s shopper division.
"We both know what we don't know."
While investors' style vary, many develop enough trust in management during due diligence to give them freedom to run their operations.
For example, Buckel
says a relationship calling for presentation of weekly financials could be "onerous."
Sharing RiskWhile equity investors, like Aurora and WPG, give operators a looser rein, they are no less concerned with keeping operations on track.If results don't meet expectations, none are slow to embark on repairs.
"Critical to the private equity group is the manager having an answer, having a plan and knowing how to execute it," says Aurora's Yort
"We're very pleased with the industry, the company and with Harry
," Yort says."The industry has finally gotten the recognition it deserves because of the value it brings to people."
"We selected Weiss, Peck & Greer because I was looking for people I had personal compatibility with." Weiss
, Peck & Greer, L.L.C.
, an investment management firm with offices in New York, San Francisco and Chicago, manages $18 billion in assets.It is owned by the European-based Robeco Group
, with over $100 billion in assets.