George W Bush Under Secretary of the Treasury launches private equity firm


Randal QuarlesOne of George W Bush’s under Secretaries of the Treasury has launched a new private equity firm based out of Salt Lake City, Utah.

Randal Quarles, pictured, will lead The Cynosure Group alongside managing partners Spencer Eccles and Herbert Scruggs, with the firm targeting small and medium-sized companies with solid management and “good cash flow”.

The firm is named after the boat which brought renowned entrepreneur and industrialist David Eccles and his family to America in 1863 from their home in Scotland.

Scruggs said, “We have a great team. Spencer possesses an unparalleled understanding of the driving forces in the increasingly strong Utah economy combined with a background in venture capital, technology companies and the expanding capacity of the Intermountain West as a global exporter.

“Randy is one of the leading experts in the world regarding economic policy and brings global expertise on financial institution mergers and acquisitions.

“My own career is in corporate turn-arounds, telecom, and natural resources – not to mention government and politics.

“I believe we have a lot to offer the small and mid-size firms we plan to invest in, as well as the families with whom we will co-invest.”

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