SPG Partners, based in New York, has named Julian “Jay” B. Twombly as an operating partner.
SPG Partners was founded last year by Ian Snow, Ogden Phipps and Guggenheim Partners, to pursue middle-market deals. Snow is a former Ripplewood Holdings managing director. Phipps is part of the Phipps family group.
Twombly is the former president of a division of SPX Corporation, a corporation which provides industrial flow technology and test and measurement products. Twombly’s division, Edwards Systems Technology, was sold to General Electric’s GE Security in 2005. At SPG, Twombly will focus on industrial component businesses, according to a press release.
In February, SPG announced its first deal – the $109 million acquisition of a controlling interest in FiberVisions from publicly traded Hercules Incorporated.
The firm is currently raising a fund, Snow, Phipps & Guggenheim, LP, which has a target of $500 million (€415 million), according to a source.