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Former HIG managing director departs for Highland Capital

16 Jan 2013

peter_cornetta_sqA former managing director at HIG Capital has left the Miami-based buyout house after a decade to join the venture arm of Highland Capital, which counts Staples founder Tom Stemberg among its managing partners.

Peter Cornetta has joined the firm as a managing general partner, and will focus on investing in growth-oriented companies with proven business models and working with existing portfolio companies to best position them for successful exits, Highland said in a statement released today.

Cornetta has spent the last fourteen years in mergers and acquisitions leading investments in consumer sectors, media, healthcare services and manufacturing.

He joined HIG Capital in 2003 as a member of the firm’s leverage buyout group and was a managing director in the Boston office.

He has been involved in all aspects of the investment process from investment origination, transaction negotiation, and execution of post-closing development.

Prior to joining HIG Cornetta was a principal with Boston-based buyout house Advent International.

He has served as a director on the boards of companies such as American Radiology Services, Captivate Networks, Farley Doors & Windows, Pro Pet and Resort Sports Network.

“Peter understands the journey from first investment through rapid growth and ultimately an IPO or acquisition strategy,” Stemberg said in the statement.

“He will be an exceptional addition to the Highland Consumer Fund.”

Launched as an offshoot of Boston-based private equity firm Highland Capital Partners in 2007, the Highland Consumer Fund invests in e-commerce companies and traditional brick and mortar stores operating in attractive markets.

The team is led by managing general partner Tom Stemberg, who founded $19bn stationary retail giant Staples and served as its chief executive for 16 years.

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