Mason Wells, a Milwaukee-based middle-market buyout firm, announced that effective immediately, Thomas Smith will assume the role of executive managing director, succeeding John Byrnes, who has held the position since the inception of the company in 1998.
As executive managing director, Smith will be responsible for day-to-day investment activities of the funds under management by Mason Wells, including the management of new investment activities and the oversight of portfolio development efforts.
Byrnes will continue as executive chairman of the board and president of the firm, where he will focus on long-term strategy and personnel development. He will continue to serve on the investment committee and actively manage several of the portfolio investments now held by the funds, but will no longer be initiating new investments on behalf of the firm.
The changes announced today are part of a comprehensive management succession plan that has been evolving over the past few years and will continue as current portfolio investments are liquidated and new investment funds are formed.
Mason Wells manages more than $800 million of capital through the Mason Wells Buyout Funds. The company focuses its investments in the engineered products and services, packaging and packaged goods and outsourced business services industries.