AT OUR CORE, WE’RE A RIGOROUS BLEND OF SCIENCE, TECHNOLOGY AND OPERATIONS.
Ampersand was founded as a spinout from PaineWebber in the late 1980s, and began investing in healthcare in 1994. Today, Ampersand is focused exclusively on growth equity investments in lower middle market healthcare companies. We are typically the first institutional investor in founder-owned businesses, where we work with the entrepreneur to help take the company to the next level.
From inception, we've developed our investment focus purposely.
Ampersand still follows the same set of core values that were established over 20 years ago when the firm was founded. These include:
Pursuit of Excellence
We are driven to improve continually on our individual and our partnership performance. We cannot allow ourselves to accept the complacency of acceptable performance. To meet these aspirations, we must be willing to lead, to create and to innovate, rather than being satisfied to follow and to imitate. Our standards for our investments must be as high as our standards for measuring ourselves.
We pride ourselves on direct, clear communication both inside and outside the firm. In an industry where spin all too frequently overshadows substance, Ampersand has a reputation for "just the facts" objectivity. What we lose in the short run due to our lack of promotional flair, we make up for in the long run through enhanced credibility. Decades of experience teach us that the integrity underpinning this process works and saves time.
Respect for the Entrepreneur
At its root, we are investing in management teams, not just business plans. Without entrepreneurs there would be no private equity investors. Therefore, we build a supportive working relationship with our management teams. While we don’t shrink from making tough decisions and taking firm positions, we never forget that management teams, not investors, manage companies. Our role is to suggest and advise, not to dictate or demand.
We exist to create, not to criticize, and to make things happen, not to obstruct. Therefore, we encourage new ideas and when in doubt, we are biased towards action. We embody this approach to problem solving and organization in our standardized planning process, called the Top Tens, that we use to manage ourselves and that many of our portfolio management teams use to manage our companies.
Teamwork and Consensus Decision-making
A private equity partnership, like an entrepreneurial company, can only succeed on the strength of a balanced, integrated management team. Therefore, we make consensus investment decisions; every investment must be endorsed by the entire Ampersand team. We also take a team approach to portfolio company development, which encourages dialogue, brings different skill sets to bear and builds our shared experience. Our compensation strategy mirrors this teamwork approach.
Ampersand's Investment Team
David Q. Anderson
David joined Ampersand in 2010. Previously David spent six years with Covington Associates, a specialty investment bank, including as Director of their Healthcare group. Prior to Covington, he spent five years as a consultant for Boston Healthcare Associates. He serves on the boards of Accuratus, Blue Sky, IFP and Elite One Source. David holds a B.Sc. from the University of Aberdeen, a Ph.D. from the University of Sheffield and an M.B.A. from Babson.
Jared J. Bartok
Jared, who has ten years of private equity experience, joined Ampersand in 2007. Previously, Jared was at Wellspring Capital Management, where he worked on a number of leveraged acquisitions and recapitalizations of middle market companies, and with JPMorgan. He currently serves on the boards of ETE and Nitinol Devices and Components. Jared holds a B.A. in Economics and Computer Science from Middlebury.
Richard A. Charpie
Founder and Managing Partner
Rick has more than 30 years of private equity experience. He founded the firm in 1988 by leading its spinoff from PaineWebber. Rick has served as a Managing Partner of all of Ampersand’s funds. Having been a director of more than thirty-five companies and Chairman of more than ten, Rick’s board seats have included: CoreLabs, Endeca, Nitinol Devices and Components, Talecris and TriPath. He holds an M.S. in Physics and a Ph.D. in Economics and Finance, both from MIT.
Thomas de Jager
Vice President, Business Development
From 2005 through 2008, Thomas was an Associate at Ampersand evaluating new investment opportunities and supporting the firm’s sourcing efforts. From 2008 through 2010, he was founder of an M&A advisory firm, Savannah Acquisitions, sourcing and supporting buy-side transactions. Thomas rejoined Ampersand during 2011 to coordinate the sourcing program. Thomas holds a B.A. in Economics from the University of Pretoria in South Africa and an M.B.A. from Pace University.
Herbert H. Hooper
Herb, who joined Ampersand in 2002, has more than twenty years of experience working with Healthcare companies – first as an entrepreneur at Ampersand portfolio company ACLARA Biosciences, and later as an Ampersand Managing Partner. His current and past board seats include ACLARA, Bako, Signature Genomics and Viracor-IBT Laboratories. He also serves on the College of Chemistry Advisory Board for the University of California, Berkeley. Herb holds a B.S. in Chemical Engineering from North Carolina State and a Ph.D. in Chemical Engineering from the University of California, Berkeley.
Eric B. Lev
Eric, who joined Ampersand in 2013, has nearly 15 years of middle market healthcare investment experience. Most recently he spent seven years as a member of the investment team at Water Street Healthcare Partners. Prior to Water Street, Eric worked at Beckman Coulter and at One Equity Partners. Eric holds a B.A. in Economics from Northwestern University and a M.B.A. from the University of Chicago.
Dana L. Niles
Chief Financial Officer
Dana joined Ampersand in 2013 with over 15 years of finance experience. Previously, he was the CFO of HighPoint Capital, a specialty finance company. Prior to HighPoint, he served in a number of roles, including Controller for HLM Venture Partners, Controller for YankeeTek Ventures and Senior Auditor for Arthur Andersen. Dana holds a B.S. in Business Administration from the University of Vermont and is a C.P.A.
David J. Parker
Dave, who has more than 15 years of private equity experience, joined Ampersand in 1994. Dave’s board seats have included Bako, NOVEX, Signature Genomics and Roadrunner. Prior to joining Ampersand, Dave spent five years consulting at Bain and Mercer and four years in corporate lending at Bank of Boston. He holds a B.A. in Government and Economics from Dartmouth and an M.B.A. from Wharton.
Marina joined Ampersand in 2013. Most recently she was an Associate Director in Healthcare Investment Banking at UBS where she worked on a number of leveraged buyouts, mergers and acquisitions and debt and equity financings for middle market healthcare companies. Prior to joining UBS, Marina worked at biochemistry laboratories at Harvard Medical School and Wellesley College. Marina holds a B.A. with Honors from Wellesley College where she majored in Biological Chemistry and International Relations.
Trevor L. Wahlbrink
Trevor joined Ampersand in 2012. Most recently he was an Associate at Morgan Keegan where he worked on a number of leveraged acquisitions and recapitalizations of middle market companies. Prior to Morgan Keegan, Trevor was at Covington Associates, a specialty investment bank, where he focused on healthcare M&A transactions. Trevor holds a M.S. and B.S. in Accounting and Finance from Boston College and is a CFA charterholder.
Senior Advisors & Operating Partners
Stuart A. Auerbach
Stuart joined Ampersand in 1991 and served as a General Partner for nearly 20 years. Previously he spent three years consulting at Bain and five years in manufacturing and engineering at Lever Brothers. Stuart currently serves on the board of Agilux. He holds a B.S. in Chemical Engineering from Columbia and an M.B.A. from Harvard Business School.
Thomas W. Burnell
Tom Burnell, who joined Ampersand in 2014, currently serves on the board of EliteOne. Prior to this he served as President and Chief Executive Officer of Ampersand portfolio company Viracor-IBT. Dr. Burnell’s more than 25 years of healthcare experience includes serving as CEO of the Nebraska Heart Institute and the Nebraska Heart Hospital as well as CEO and Vice Chairman of Eurofins Scientific. Tom received a B.S. and M.S. from the University of Nebraska and holds a Ph.D. in nutrition with an emphasis in statistics and biochemistry from the University of Kentucky.
Peter H. Glick
Peter, who joined Ampersand in 2007, serves as Executive Chairman of Magellan and Dynex and on the board of Agilux. Previously, Peter served as President and CEO of Cohesive Technologies, a bioanalytical equipment company that was sold to Thermo-Fisher. Prior to Cohesive, Peter served as President of Primedica, a pharmaceutical services business that was acquired by Charles River Labs. Peter holds an M.S. in Management from MIT and a B.S. in Economics from Wharton.
Cecil joined Ampersand in 2013 with more than 30 years of operating experience in lab products distribution, clinical diagnostics and medical products manufacturing. Most recently he served as President and CEO of Precision Dynamics Corp., the leading global manufacturer of patient identification solutions. Prior experience includes serving as CEO of MedManage Systems, President/COO of Oncor, Inc. as well as SVP of Curtin Matheson Scientific. Cecil holds a B.S. from Tulane University.
Laurence R. McCarthy
Larry joined Ampersand in 2007 as an Operating Partner and serves as Chairman of Bako and as a director of Dynex and Magellan. As the Chairman and Chief Technology Officer of Focus Diagnostics, he built Focus from a $2 million business to a leading esoteric lab with over $80 million in revenues by the time of its acquisition by Quest Diagnostics in 2006. Prior to Focus, Larry served in various positions at Boehringer Mannheim and Becton Dickinson. He holds a Ph.D. in Microbiology from the University of New Hampshire and served on the faculty of Johns Hopkins and at the University of North Carolina.
Peter D. Parker
Peter joined Ampersand in 1988 and served as a General Partner for 18 years. Subsequently, he joined Cequent Pharmaceuticals, an Ampersand portfolio company, as CEO in 2006 before returning to Ampersand as a Senior Advisor in 2011. Peter currently serves on the board ETE Medical. Prior to joining Ampersand, Peter spent 14 years at AMAX. He holds an M.S. in Chemical Engineering from Columbia.
David B. Patteson
David serves as Executive Chairman of Protein Technologies, Inc. He concurrently serves as President and CEO of Advion, Inc. a life science instrument business sold to Bohui Innovation Technology in 2015. David also served as CEO of Advion BioSciences, a bioanalytical CRO business acquired by Quintiles Transnational in 2011, and CEO of Biotage, Inc. acquired by Pyrosequencing AB in 2003. David holds two separate B. S. degrees from The University of Richmond and Virginia Polytechnic Institute, and completed an International Management program through IMD in Lausanne, Switzerland.
Charles D. Yie
Charlie joined Ampersand’s predecessor in 1985 and served as a General Partner for more than 20 years. Charlie currently serves on the boards of IFP and Elite One Source. Formerly a systems engineer and manufacturing specialist at Hewlett-Packard, Charlie holds a B.S. in Electrical Engineering and an M.S. in Management, both from MIT.
Legal, Finance & Administration
Julie F. Giles
Julie joined Ampersand’s accounting and finance team in 2003. Prior to Ampersand, she held accounting positions at PHT Corporation and at Enermetrix. Julie holds a B.S. in Business Administration, with a concentration in Accounting from Lasell College, and an M.B.A. from Bentley College.
Caroline L. Marple
Director of Operations
Caroline joined Ampersand in 1998 to coordinate its deal flow, fundraising and administrative operations. Prior to Ampersand, she was the Assistant Director of the Innovations in American Government Program at Harvard’s Kennedy School of Government. Caroline holds a B.A. from Trinity College in Connecticut.
Loretta M. McClary
Loretta joined Ampersand in 1998 with responsibility for all tax and accounting records. Prior to Ampersand, she was a Senior Tax Manager with Feeley & Driscoll. Loretta holds a B.A. from Regis College, an M.B.A. from Suffolk University, an M.S.T. from Bentley, a J.D. from Suffolk University Law School, an LL.M. in Taxation from Boston University and is a C.P.A.