Ex-Treasury Under Secretary Randal Quarles launches private equity firm


quarlesFormer Under Secretary in the Treasury Randal Quarles has launched The Cynosure Group, a Salt Lake City-based private equity firm, which will focus on small and medium sized companies.

Other founders include the firm’s managing directors Spencer Eccles and Herbert Scruggs. Eccles’ family office will also be an LP, said the firm.

Quarles, pictured, said, “Cynosure will invest in small and mid-size firms that have strong management and, typically, good cash flow.

“The aim is to invite a number of investors to join with us who will bring a variety of resources and feel strongly engaged to give their best support to the portfolio companies.

“Our approach will be to support management’s growth plans with capital, expertise, and a long-term view to value creation.”

Prior to launching Cynosure, Quarles served as a partner at private equity firm Carlyle.

Copyright © 2014 AltAssets