GTCR Announces Partnership with Joseph Ripp to Form Cannondale Holdings
Chicago, IL, February 10, 2010 – GTCR, a leading private equity firm, today announced it has entered into a partnership with Joseph Ripp to form Cannondale Holdings. The new company, headquartered in Wilton, Connecticut, will focus on acquiring data-enabled information and marketing services firms that deliver timely and actionable data to clients to improve decision making and increase efficiency.
Throughout Ripp’s impressive career, he has developed extensive experience within the media and information services industry. He spent more than 20 years at Time Warner in New York, where he served as CFO of Time Inc., CFO of Time Warner, Inc., and CFO of America Online, Inc. He later became Vice Chairman of America Online, overseeing technology, network operations, marketing, member services, human relations and legal. In his last assignment at Time Warner he served as Senior Vice President of the Media & Communications Group, which comprised AOL, Time Inc., Time Warner Cable, and the Time Warner Book Group. Subsequent to his departure from Time Warner, Ripp was President and COO of Dendrite International, a leading provider of sales, marketing, clinical, and compliance solutions for the global pharmaceutical industry. From 2005-2007, he led a successful turnaround and ultimate sale of Dendrite to Cegedim, a French publicly-traded healthcare technology company.
“Our research shows that the marketing data and related information services industry is an $8 billion industry that is undergoing a rapid transformation from Yellow Page sources and direct mail delivery to dynamic online-integrated communication,” says Joseph Ripp, CEO of Cannondale Holdings. “I look forward to driving transformation, growth and value creation of a platform company.”
GTCR plans to invest up to $300 million of equity capital to support the strategy. Ripp will serve as CEO of Cannondale Holdings. He also has assembled an excellent management team, with Jonathan Flatow serving as COO and Robert Bies as CFO. Jonathan and Robert most recently held the same positions at Greenfield Online, an Internet survey and market research firm, where Ripp worked with both executives as a Director of the company. Jonathan and Robert helped lead the business from a private start-up to an IPO and eventual sale to Microsoft in 2008. They have relevant domain experience, including direct and targeted marketing, Internet marketing, online delivery platforms and monetization of data assets – all of which will help Cannondale build an industry-leading platform.
“GTCR has deep sector expertise in the Information Services & Technology industry, and Joe’s proven success in this industry makes him the ideal person to lead Cannondale Holdings,” says Phil Canfield, a GTCR Principal. “With Joe at the helm, we look to build a leading digitally enabled marketing and information services platform through acquisitions, organic growth and transformational strategies.”
About Cannondale Holdings
Cannondale Holdings, headquartered in Wilton, Connecticut, acquires and invests in data-enabled information and marketing services businesses focusing on collaboration with management in developing and implementing transformational strategies. For more information, please visit www.cannondaleinvestments.com.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered the “Leaders Strategy” – finding and partnering with world-class leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its inception, GTCR has invested more than $8 billion in over 200 companies. For more information, please visit www.gtcr.com.