Press release, January 23, 2007
BERKSHIRE PARTNERS ANNOUNCES NEW MANAGING DIRECTOR
Boston, MA - January 23, 2007 - Berkshire Partners LLC ("Berkshire"), a Boston-based private equity firm, announced today that Michael C. Ascione was appointed a Managing Director of Berkshire effective January 1, 2007. He joins the 11 current Managing Directors of Berkshire in managing the firm and its affiliated investment funds. Mr. Ascione was previously a Principal at Berkshire.
Mr. Ascione joined Berkshire Partners in 2001. He has worked closely with a number of Berkshire's consumer products, retailing, manufacturing, and business and energy services companies. Previously, Mr. Ascione worked for an IT services company as well as a private equity firm. He started his career at Goldman, Sachs & Co., working in the firm's Corporate Finance and Principal Investment Area. Mr. Ascione received his undergraduate degree from Boston College and an M.B.A. from Harvard Business School.
Berkshire's investment staff is comprised of 41 people with a broad range of backgrounds and experiences, including consulting, investment banking, commercial finance, and operations. The original team, which came together in the early 1980s, has expanded significantly as the Firm's capital base and investment scope have grown.
About Berkshire Partners
Berkshire Partners has invested in mid-sized private companies for the past twenty years through six investment funds with aggregate capital commitments of approximately $6.5 billion. The firm's investment strategy is to seek companies that have strong growth prospects and to partner with talented management teams who are interested in being owners of the companies they operate. Berkshire has developed specific industry experience in several areas including consumer products, industrial manufacturing, transportation, communications, business services, and retailing and related services. Berkshire has been an investor in over 85 operating companies with more than $19.0 billion of acquisition value and combined revenues in excess of $21 billion. Additional information may be found at www.berkshirepartners.com.