Stellex Capital is a private equity firm that invests in middle‐market companies in North America and Europe.

We have a strong history of catalyzing growth and supporting our companies to become leading enterprises through operational transformations.

What differentiates us is that we:

  • Embrace complexity and what others may perceive as flaws
  • Provide flexible capital solutions
  • Focus on long term value creation and implementation of customized operational transformation plans rather than financial engineering
  • Serve as reliable partners to family businesses and independent sponsors and have significant experience working with corporates on divestitures, joint ventures, and take privates
  • Invest in companies facing a transitional crossroad

Sector Focus

aerospace, defense, & government services

Aerospace, Defense, & Government Services

business & industrial services

Business & Industrial Services

consumer & food products

Consumer & Food Products

Distribution & transport

Transportation, Logistics, Distribution

Manufacturing, Basic Industry, Automotive

Manufacturing, Industrial, Automotive

Investment Criteria

Investment Size

Majority of investments typically range between $75 – $150 million; may support larger investments on select transactions

Company Size

Majority of investments are at enterprise values between $100 – $500 million; may invest behind larger enterprise values on select transactions

Geography

North America and Europe

Types of Transactions

Majority/Minority recapitalizations, carve-outs, turnarounds, structured financings, first-time institutional capital

Investments

Team

Ray Whiteman

Ray Whiteman

Position: Managing Partner
Role: Investment Team
Location: New York

Mr. Whiteman is a Founder and Managing Partner of Stellex Capital Management. Mr. Whiteman is also a member of the Stellex Investment Committee. Prior to establishing Stellex, Mr. Whiteman was a Partner at The Carlyle Group and a Managing Director and Co-Head of Carlyle Strategic Partners. Prior to joining Carlyle in May 1996, Mr. Whiteman was a Vice President and Group Head in the Leveraged Finance Department of Credit Lyonnais. Mr. Whiteman has also held several positions at both Citicorp and The Chase Manhattan Bank, N.A.

Mr. Whiteman is currently a director on the board of Cisco Investment Holding LLC, LFG Data Services, Officine Maccaferi, P3 Services, and Titan Acquisition Holdings L.P. Mr. Whiteman was previously Chairman of the boards of MHI Holdings LLC and Morbark Holdings LLC and was also a director of the boards of Brintons Carpet Limited, Diversified Machine, DPG Aerospace Inc., Metaldyne, LLC, RPK Capital Partners, LLC, Service King, and Stellex Aerostructures, Inc. Mr. Whiteman was also a member of the investment committee of RLJ Equity Partners, an affiliate of The Carlyle Group and Robert L. Johnson. Previously, Mr. Whiteman was also a director of the board of numerous Carlyle portfolio companies such as Breed Technologies, Key Plastics, Norfolk Drydock and Shipping Company, The Aerostructures Corporation, and US Marine Repair.

Mr. Whiteman is currently a director of the board of Tuskegee University. Mr. Whiteman has also been a member of the Executive Committee of the National Symphony Orchestra of The John F. Kennedy Center and the Smithsonian’s National Museum of African Art.

Mr. Whiteman received his B.A. in Political Science from Williams College, where he was a Lehman Scholar, and his M.B.A. from the New York University Stern School of Business.

Ray Whiteman

Managing Partner

Mr. Whiteman is a Founder and Managing Partner of Stellex...

Mike Stewart

Michael Stewart

Position: Managing Partner
Role: Investment Team
Location: New York

Mr. Stewart is a Founder and Managing Partner of Stellex Capital Management. Mr. Stewart is also a member of the Stellex Investment Committee. Prior to establishing Stellex, Mr. Stewart was a Partner at The Carlyle Group and a Managing Director and Co-Head of Carlyle Strategic Partners. Prior to joining Carlyle, Mr. Stewart was one of the original principals of Sunrise Capital Partners, L.P. Prior to Sunrise, Mr. Stewart spent eight years at Houlihan Lokey in the Financial Restructuring Group.

Mr. Stewart is currently a director on the boards of AFG Holdings, Inc., A. Stucki Company, Continental Global Material Handling LLC, Country Fresh, Custom Glass Parent LLC, Custom Made Meals, Dominion Hospitality Topco Limited, Fenix Parent LLC, Go To Logistics, Grammer Investment Holdings LLC, Paragon Metals Holdings LLC, and W&B Service Company. Previously, Mr. Stewart was also a director of the board of Airwalk International LLC, Day Runner Inc., Diversified Machine, Inc., Famous Brands International (Mrs. Fields), Klenk Holz AG, Metaldyne LLC, NEXIQ Technologies, Inc., Permian Tank & Manufacturing, Inc., Riverside Millwork Company, Stellex Aerostructures, Inc., and Sterling LLC.

Mr. Stewart received his B.S. in finance and entrepreneurial studies from the University of Southern California.

Michael Stewart

Managing Partner

Mr. Stewart is a Founder and Managing Partner of Stellex...

Mark Redman

Mark Redman

Position: Managing Partner
Role: Investment Team
Location: London

Mr. Redman is a Managing Partner of Stellex Capital Management with responsibility for Stellex’s European operations. Mr. Redman is also a member of the Stellex Investment Committee. Prior to joining Stellex in 2022, Mr. Redman was Global Head of Private Markets at FTSE-100 company abrdn. Previously, Mr. Redman served for over a decade with Canadian pension plan OMERS, starting up its European private equity operations in London before becoming Global Head of Private Equity where he was responsible for an asset portfolio worth USD 12 billion. Prior to joining OMERS, Mr. Redman served for 13 years with FTSE-100 company 3i, where he was a partner in its buyout business, and he helped to open their Amsterdam office and gained extensive investment experience globally.

Mr. Redman is currently a Trustee of the City of London Sinfonia and previous Chairman of the London Chamber Orchestra.

Mr. Redman is also a member of the investment committee of St Anne’s College, Oxford University, a charitable, sustainable endowment. Currently a non-executive director of SEDCO and WUZO, previously Mr. Redman was also intra alia a non-executive director of the boards of Civica, ERM, Hyva, V.Group and VUE.

Mr. Redman received his M.A. in Modern History from Oxford University. Mr. Redman is also a Chartered Accountant (ACA) having qualified with Grant Thornton in London.

Mark Redman

Managing Partner

Mr. Redman is a Managing Partner of Stellex Capital Management...

Karthik Achar

Karthik Achar

Position: Partner
Role: Investment Team
Location: London

Mr. Achar is a member of Stellex’s investment team. Prior to joining Wayzata in 2008, Mr. Achar was an Executive Director at Morgan Stanley where he headed a team focused on direct lending to middle-market companies. Prior to joining Morgan Stanley, Mr. Achar was a senior analyst and credit fund manager with certain investment funds in London and Paris.

Mr. Achar currently serves as a director on the board of Dominion Hospitality Topco Limited, Mecaer Aviation Group, and Officine Maccaferi.

Mr. Achar received his B.A. in economics from Middlebury College and his M.B.A. from Columbia Business School.

Karthik Achar

Partner

Mr. Achar is a member of Stellex’s investment team. Prior...

Amy Alisdairi

Position: Chief Talent Officer
Role: Business Operations
Location: New York

Ms. Alisdairi is the Chief Talent Officer for Stellex. Prior to joining Stellex in 2021, Ms. Alisdairi was an HR Business Partner at Schroder Investment Management in New York. Previously, Ms. Alisdairi was an HR Generalist at Perella Weinberg Partners. Ms. Alisdairi started her career in HR roles at both WorldQuant and OpHedge Investment Services.

Ms. Alisdairi received her B.A. in Communication from Fairfield University.

Amy Alisdairi

Chief Talent Officer

Ms. Alisdairi is the Chief Talent Officer for Stellex. Prior...

Mark Alter

Mark Alter

Position: Managing Director
Role: Investment Team
Location: New York

Mr. Alter is the head of Secondary Market Sourcing & Execution for Stellex. Prior to joining Stellex in 2014, Mr. Alter was a Partner at The Carlyle Group and a founding member of its Leverage Finance Group, which successfully created and funded one of the first-ever $1 billion Market Value CDOs in 1998. Assets traded in this fund included highyield bonds, leveraged loans, mezzanine debt and private equity.

Prior to Carlyle, Mr. Alter was a founding member, managing director and head of Fixed Income Trading at PPM America, Inc., where he traded or had oversight of trading in investment grade and non-investment grade bonds, mortgage backed securities, U.S. Treasuries and commercial paper. Mr. Alter was also a voting member on various committees, namely – Portfolio Management, Relative Value, and Asset Allocation. Mr. Alter has traded in excess of $20 billion in corporate assets during his career.

Mr. Alter received his B.A. in Economics from Stonehill College and his M.B.A. from Northwestern University.

Mark Alter

Managing Director

Mr. Alter is the head of Secondary Market Sourcing &...

Amanda Bailey

Amanda Appelbaum

Position: CCO & Associate General Counsel
Role: Business Operations
Location: New York

Amanda Appelbaum is Chief Compliance Officer and Associate General Counsel for Stellex. Prior to joining Stellex, Ms. Appelbaum was the Chief Compliance Officer at Jaguar Growth Partners, a private equity firm focused on emerging markets. Previously, Ms. Appelbaum was an Assistant Vice President at Cordium (now acquired by ACA Group), a global compliance consulting firm.

Ms. Appelbaum serves as a member of the diversity committee for Women in Funds.

Ms. Appelbaum received her B.S. from Northern Kentucky University and Juris Doctorate from New England Law, Boston. Ms. Appelbaum is a member in good standing with the Massachusetts State Bar. Ms. Appelbaum is a Certified Anti-Money Laundering Specialist with the Association of Certified Anti-Money Laundering Specialists (ACAMS).

Amanda Appelbaum

CCO & Associate General Counsel

Amanda Appelbaum is Chief Compliance Officer and Associate General Counsel...

Andrew_Arton

Andrew Arton

Position: Director
Role: Business Development
Location: Detroit

Mr. Arton is responsible for business development. Prior to joining Stellex, Mr. Arton was a Senior Vice President, Specialty Lending Group at First Midwest Bank. He also held various positions at Fifth Third Bank, which included Managing Director, Structured Finance Group; Vice President, Special Assets Group; and Vice President of Structured Finance Group. Prior to that, Mr. Arton was associated with GMAC Commercial Finance, LLC, and NBD Bank, N.A.

Mr. Arton received his B.A. in Economics and Russian Literature from the University of Michigan and an M.B.A. from Georgetown University.

Andrew Arton

Director

Mr. Arton is responsible for business development. Prior to joining...