Beyond Traditional Private Equity: Family Offices as Acquirers
Presented By: Clark Hill / Old National Bank
Family offices and other long-term investors are playing an increasingly important role in the M&A market—but their approach to acquiring and owning businesses can look very different from traditional private equity. This panel demystifies the family office as an acquirer, exploring what these investors look for, how they create value and how longer-term—or even undefined—investment horizons can change the relationship with a business and its management team. Panelists will compare family office and traditional PE models, including hold periods, growth and exit expectations, management continuity, culture and governance, and what owners should understand when deciding who they want as their next capital partner.
Moderator:
Executive, Director – Corporate Banking and Family Office Services
Old National Bank
Rob Schultz is an Executive Director of Old National Bank who leverages a 35+ year career in relationship lending and private business consultation to help corporate clients and family offices achieve their financial and strategic objectives. He assists his clients with a range of services to provide holistic and customized banking solutions for clients and their families.
Panelists:
Chief Legal Officer
Fernandez Holdings, Inc.
In over 15 years of private practice, Francisco (Cisco) Connell established himself as a highly respected practitioner, with vast experience in litigation and transactional matters. Having transitioned to in-house CLO, he applies that experience and skillset to grow and improve the Fernandez Holdings’ multi-billion-dollar portfolio of companies by providing informed advice and measured guidance.
Managing Director
Ashland Capital Partners
Tom Fitzgerald is a Managing Director with Ashland Capital Partners, a buy and hold private investment firm focused on lower middle market industrials and manufacturing companies. Tom leads deal sourcing, investment evaluation, lender and investor relationships, and supports portfolio companies on growth and strategic initiatives.
Member
Clark Hill
James “Jim” Groth brings more than 34 years of experience advising public and private companies on a broad range of corporate, transactional, and strategic matters, with a core focus on securities and capital markets, mergers and acquisitions, and complex financial transactions. Over the course of his career, Jim has devoted his practice to corporate and transactional work, developing deep experience in representing companies and their leadership teams through critical growth, financing, and operational milestones.
A distinguishing aspect of Jim’s practice is his dual perspective as both a lawyer and a business leader. Having operated a business and spent decades engaged in strategic planning and executive-level decision-making, Jim offers clients practical, business-oriented counsel that goes beyond traditional legal advice. This perspective enables him to serve as a trusted advisor to business owners, executives, and boards navigating legal and business challenges and opportunities.
Jim is the leader of the firm’s Capital Markets and Securities team, in addition to regularly serving as outside corporate counsel to public and private companies, advising on corporate governance, securities compliance, capital markets transactions, and day-to-day legal needs. He has significant experience representing public companies in securities offerings and other capital markets activities, as well as guiding private companies through capital raises, restructurings, and liquidity events. His practice also includes leading and negotiating mergers, acquisitions, joint ventures, and other strategic transactions, as well as structuring complex financial arrangements that support business growth.
In addition to his transactional practice, Jim assists clients in resolving shareholder, partner, and intra-enterprise disputes, often achieving successful outcomes while avoiding costly litigation. Earlier in his career, Jim was involved in a wide range of complex corporate initiatives, including equity-based incentive compensation programs, commercial agreements, real estate transactions, and technology-related matters, further contributing to the breadth of his experience.
Jim’s longstanding involvement with Vistage, a global peer advisory and executive coaching organization designed for CEOs and business owners, spans more than 20 years and underscores his dedication to leadership development and strategic insight. Through this experience, he continues to deepen his understanding of the challenges facing today’s business leaders, further enhancing the value he brings to his clients.
Head of Alternative Investments
Levy Family Partners
Michael Wallach serves as Head of Alternative Investments at Levy Family Partners, the family office of Larry Levy, founder and former CEO of Levy Restaurants. In this role, Michael oversees the family’s venture capital and private equity strategies. In this capacity, he is responsible for global deal sourcing, due diligence, and portfolio management. Michael helped the family execute the transaction taking Del Taco (NASDAQ: TACO) public via a SPAC. He currently serves on the Board of Directors for mHub, as a Board Observer for Aura Frames, and on the LP Advisory Board for Impact Engine and Promus Capital. Michael earned an MBA from Northwestern University’s Kellogg School of Management and a B.A. from the University of Wisconsin–Madison.