Profile of the Week

Bill Penkwitz, partner with Promontory Point Capital

Name: Bill Penkwitz     
Title: Partner 
Company: Promontory Point Capital 
City of Residence: Port Washington 
Family: Wife, Joanne (18 years of marriage); and children, Anna and Alex.
How does the market look to you? "Our customers in manufacturing are certainly feeling the economic issues. Most of our service business clients are doing well in their respective niche markets. The M&A market is still very active for us and there is still plenty of money chasing good companies. We have already surpassed our record year of 2007 as a firm and look forward to several more closings yet this year."
What are you working on now? "I am working on two sell-side mandates and a capital raise. Additionally, we are in the process of building out a new office location."
What was the best deal you’ve been involved in? "We have had so many very interesting deals over the years that it is hard to pick a winner. I mostly enjoy the transactions where the management has an opportunity to co-invest with a new team to buy out an owner that no longer has the passion or energy to take the business to the next level. It is very rewarding to hear back from the new owners years later and hear how well they are doing." 
What was the funniest or most interesting moment of your career? "The funniest would be when years ago at a closing dinner, a very happy former business owner gave two of us a kiss on the cheek, telling the group how he thought of us as his new sons. Money and wine will do that to people."

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