Turnaround Consultant Launches Buyout Fund
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Former turnaround consultant William Loose is starting a Torrance-based buyout fund that will take controlling stakes in distressed companies.
The investment partnership, 180 Capital Fund I, has raised $3 million from four investors, according to documents filed with the Securities and Exchange Commission. These backers include a trust controlled by T. Gary Rogers, chairman of Dreyer’s Grand Ice Cream Holdings Inc.
Loose, 37, formerly worked in the business-restructuring division of PricewaterhouseCoopers before moving to AlixPartners, a Southfield, Mich., consulting firm that has advised clients such as Kmart Corp. and WorldCom Inc. on how to turn their businesses around.
“My experience ... led to the realization that we are creating significant value for the people who hired us as consultants,” Loose said Tuesday. “It made sense, instead of doing it on a consulting basis, to do it on an investor basis.”
The fund recently reached an agreement for its first acquisition, arranging to buy a Hawaiian meat-processing company and two of its affiliates out of bankruptcy.
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