Mid-market buyout firm Norwest Equity Partners has hired David Ropp to boost its investments in the industrial sector.
The former Dover Corporation president and CEO has more than 40 years experience leading complex manufacturing operations in the US and internationally.
NEP said Ropp’s new role would see him help evaluate and execute new investment opportunities as well as play an active role in strategic planning, business growth and corporate governance for its portfolio companies.
The firm’s managing general partner Tim DeVries said, “Dave’s vast experience with overall company operations, financial management, and strategic business planning nicely complements our diversified industrials investment strategy.
“As an operating partner, he serves as a valuable industry resource to both our investment staff and group of portfolio companies.
“We are excited to have Dave officially on board and look forward to working together to find strong companies that will help NEP drive strong investment results.”
While at Dover Corp Ropp helped drive growth and corporate expansion at subsidiaries Dover Resources and Dover Industrial Products.
During his time at Dover Resources revenues grew from $800m to $2.3bn, while earnings increased from $115m to $400m.
Ropp had previously worked for OPW Fueling Components, Crosby Valve and Ingersoll-Rand, and served as a commissioned officer with the US Marines.
He said, “I’ve known the NEP team for years and am excited to formalize our relationship with my role as an operating partner.
“The firm has established a terrific 50-year track record, and I am honored to have the opportunity to be a part of its investment process in this capacity.
“I am also confident that our combined resources can be leveraged to find growing and profitable diversified industrial companies to add to the NEP portfolio.
“There are a lot of great opportunities in the market.”
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