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CCMP Capital

CCMP Capital Advisors, LP is a New York-based private equity firm specializing in middle-market buyouts and growth equity investments of $100 million to $500 million, targeting companies in the consumer, industrial, and healthcare sectors across North America and Europe.^[1]^[2] The firm traces its origins to Chemical Venture Partners, established in 1984 as the private equity arm of Chemical Bank, which later merged into Chase Capital Partners and then JPMorgan Partners before spinning out independently in 2006 as CCMP Capital, with the name derived from its predecessor funds.^[3]^[4] Since its founding, CCMP has deployed over $16 billion in capital across buyout and growth transactions, managing legacy funds with a track record of more than 45 add-on acquisitions, five IPOs, and multiple recapitalizations or sales.^[5]^[6] In 2023, CCMP launched CCMP Growth Advisors as a dedicated growth-oriented platform, which closed its inaugural fund, CCMP IV, at over $500 million in 2024 to pursue control buyouts and select growth equity in high-potential consumer and industrial businesses.^[7]^[8]

History

Origins and Spin-off from JP Morgan

CCMP Capital traces its origins to the private equity activities initiated in 1984 under Chemical Bank, which evolved into JP Morgan Partners following mergers and the formation of JPMorgan Chase. This group deployed capital in buyout and growth equity transactions, accumulating over $16 billion in investments by the time of the spin-off. The firm's foundational expertise stemmed from integrating private equity with banking operations, providing access to proprietary deal flow through client relationships and industry insights.^[5] In 2006, the buyout and growth equity professionals of JP Morgan Partners executed a management-led separation from JPMorgan Chase, establishing CCMP Capital as an independent entity on August 1. The spin-off was structured as a buyout backed by existing limited partners and new investors, allowing the team to retain control over legacy portfolios while freeing operations from banking regulations. Headquartered in New York City, CCMP Capital Advisors, LP, was formed to manage these assets and pursue new opportunities without the constraints of affiliation with a deposit-taking institution.^[9]^[10] Post-spin-off, CCMP launched its inaugural independent fund, CCMP Capital Investors, closing at $3.4 billion in 2007 to target buyout opportunities across the US, Europe, and Asia. This transition preserved the deal-sourcing advantages derived from prior banking integration, such as networks in financial services and corporate finance, while enabling more flexible investment strategies unencumbered by regulatory oversight applicable to bank-affiliated funds. The separation positioned CCMP to operate as a dedicated private equity firm, leveraging the track record of its predecessor without institutional parent oversight.^[11]^[12]

Early Independent Operations and Fundraisings

Following its establishment as an independent entity in August 2006 through the spin-off from JPMorgan Partners, CCMP Capital Advisors rapidly transitioned to standalone operations by securing commitments for its debut fund, CCMP Capital Investors II, which closed in October 2007 at $3.4 billion.^[13]^[14] This fundraising occurred amid tightening credit markets preceding the 2008 financial crisis, enabling the firm to maintain a middle-market orientation with equity checks typically in the $100–500 million range for control-oriented buyouts and growth equity opportunities.^[15] The fund's deployment strategy emphasized resilience during the downturn, with investments targeting undervalued assets in consumer products, industrials, and services sectors where operational improvements could drive value.^[16] Notable early commitments included a $128 million minority stake in LHP Hospital Group in 2008, capitalizing on healthcare services' relative stability amid broader economic contraction, and selective entries into power generation and uniform services, reflecting a disciplined approach to sourcing amid reduced competition from larger peers sidelined by leverage constraints.^[16]^[17] This period marked CCMP's operational maturation, including team expansion to bolster sector-specific expertise and a shift toward proprietary deal flow independent of banking affiliations.^[18] By the early 2010s, CCMP began positioning for its next vehicle, CCMP Capital Investors III, launched with a $3.5 billion target in 2012 and ultimately closing at $3.6 billion in 2014, underscoring investor confidence in the firm's crisis-tested track record and refined focus on North American and European middle-market transactions.^[19]^[20] The interval allowed refinement of investment processes, including enhanced due diligence on growth equity alongside traditional buyouts, while navigating post-crisis regulatory scrutiny and capital recycling from initial realizations to support ongoing deployments.^[16] This phase solidified CCMP's adaptation to standalone dynamics, prioritizing resilient sectors like industrials and consumer durables over cyclical exposures.^[21]

Strategic Acquisitions and Global Expansion

In the years following its establishment as an independent firm, CCMP Capital broadened its operational footprint by maintaining offices in London and Hong Kong, alongside its New York headquarters, to support deal origination in Europe and Asia-Pacific markets. This structure enabled the firm to pursue cross-border opportunities while concentrating on its core competencies in middle-market buyouts within consumer, industrial, and healthcare sectors. The London office, in particular, facilitated sourcing of European targets, contributing to investments such as the 2011 backing of Volotea, a Spanish low-cost airline, under CCMP II.^[21] These locations enhanced access to regional deal flow without requiring extensive new hires or infrastructure, preserving operational efficiency.^[22] To extend reach into Asia-Pacific without full operational integration, CCMP pursued co-investments with Unitas Capital, the successor to its former Asia affiliate that had operated independently since 2009. Notable collaborations included joint ownership of Edwards Group, a UK-based vacuum technology firm acquired prior but actively managed post-2010, culminating in a 2014 exit to Atlas Copco that delivered a 3.5x return.^[23] This partnership model provided exposure to Asia-sourced opportunities and shared due diligence costs, bolstering diversified pipelines while avoiding dilution of CCMP's North American and European focus. Such arrangements mitigated risks associated with standalone regional expansion amid volatile post-financial crisis markets. The culmination of these efforts was evident in the 2014 closing of CCMP Capital Investors III at $3.6 billion, surpassing its $3.5 billion target and enabling scaled investments across geographies.^[24] This fund vehicle supported a balanced portfolio, with European and select international deals comprising a portion of commitments, demonstrating improved sourcing efficiency from the firm's targeted global presence—reportedly allowing for higher-quality proprietary transactions compared to auction-driven processes. Overall, these steps expanded capabilities without compromising the firm's disciplined, sector-specific approach, as evidenced by sustained fund performance metrics in subsequent realizations.^[20]

Investment Strategy

Core Focus Areas and Sectors

CCMP Capital targets investments primarily in the consumer, industrials, and healthcare sectors, with a focus on companies exhibiting scalable operations and potential for operational enhancements.^[25] ^[4] Within consumer, the firm emphasizes businesses involved in retail, leisure, and direct-to-consumer models generating revenue from end-user spending.^[26] Industrials investments center on manufacturing, distribution, services, and specialty areas like chemicals and packaging, where supply chain efficiencies can drive margins.^[4] Healthcare targets include service providers and product-oriented firms amenable to cost optimization and expansion, excluding highly regulated or biotech-heavy subsectors prone to binary outcomes.^[27] The firm deliberately avoids technology-intensive sectors dominated by rapid innovation cycles or speculative valuations, as well as commodity-driven industries subject to volatile pricing and limited control over inputs.^[28] This selectivity stems from a strategy prioritizing sectors with inherent operational leverage, where private equity interventions—such as process standardization, add-on acquisitions, and management alignment—can reliably enhance free cash flow generation over speculative growth narratives. Empirical patterns in middle-market deal dynamics support this, as consumer and industrials firms often feature fragmented markets allowing consolidation, while healthcare benefits from demographic tailwinds without equivalent regulatory hurdles in non-pharma areas. Geographically, CCMP concentrates on North American middle-market companies, with selective European opportunities, targeting firms typically exhibiting enterprise values of $250 million to $2 billion that support equity commitments of $100 million to $500 million.^[29] ^[1] Recent vehicles like CCMP IV, closed in July 2024 with over $500 million in commitments, narrow further to high-growth consumer and industrials profiles in North America, reflecting an evolution toward founder-led businesses at inflection points with resilient cash flows and digital scalability. This approach aligns with the firm's $16 billion in cumulative investments since 1984, emphasizing control-oriented structures in environments conducive to predictable value accrual.^[5]

Approach to Buyouts and Growth Equity

CCMP Capital pursues a hybrid investment model centered on control buyouts, where it typically acquires majority stakes in middle-market companies, alongside selective growth equity opportunities involving minority positions to fund expansion initiatives. This approach prioritizes businesses demonstrating robust organic growth, often targeting those with rates exceeding 10%, across sectors such as consumer and industrial.^[6]^[30] In buyout executions, the firm applies disciplined leverage, maintaining debt multiples of 2 to 4 times EBITDA to facilitate aligned incentives and sustainable capital structures, diverging from peers employing higher leverage for amplified returns. Growth equity deployments similarly emphasize flexible financing that avoids excessive indebtedness, enabling portfolio companies to pursue mergers, acquisitions, and organic scaling without compromising operational agility.^[31]^[32] Beyond financial structuring, CCMP integrates operational value creation through strategic add-on acquisitions, having completed over 45 such transactions to foster synergies, enhance market positions, and drive revenue diversification, rather than relying predominantly on recapitalizations. Management partnerships involve active board-level guidance on areas like digital transformation and supply chain optimization, ensuring long-term scalability.^[6]^[31]

Value Creation Mechanisms

CCMP Capital implements post-acquisition value creation primarily through operational professionalization and growth acceleration in portfolio companies, emphasizing collaboration with management teams to enhance strategic execution and scalability. This involves recruiting experienced sector executives to bolster leadership capabilities and aligning incentives via equity structures that promote long-term performance, enabling more disciplined capital allocation in often founder-led or under-optimized middle-market firms.^[33]^[6] A core mechanism entails operational improvements, including supply chain enhancements and efficiency gains, alongside organic revenue drivers such as product innovation, marketing expansion, and multi-channel distribution development, which collectively target sustained double-digit growth rates.^[34]^[6] The firm prioritizes these over aggressive cost-cutting, focusing instead on reinvestment in high-return opportunities that address historical stagnation in public or family-owned entities. Strategic M&A add-ons represent another pivotal lever, with CCMP executing dozens of bolt-on acquisitions to consolidate market positions and realize synergies, forming an active component of value realization across platforms.^[6] These approaches underpin exit outcomes oriented toward internal rates of return in the 20-25% range, largely attributable to revenue compounding from organic expansion and accretive integrations rather than leverage alone.^[35]^[32]

Portfolio and Exits

Notable Historical Investments

CCMP Capital executed a leveraged buyout of Milacron LLC, a manufacturer of plastics processing equipment and industrial fluids, on April 30, 2012, acquiring it from Avenue Capital Group.^[36] The transaction targeted Milacron's established position as a global provider of engineered systems for the plastics industry, founded in 1860, with CCMP committing equity in the range typical for its upper-middle-market buyouts of $250 million to $1 billion in enterprise value.^[37] Under CCMP's ownership, the firm partnered with management to prioritize research and development investments, enhancing product innovation in customized machinery and fluids to address evolving customer demands in injection molding and extrusion processes.^[38] This strategic focus on technological upgrades contributed to operational efficiencies and market expansion in a capital-intensive sector characterized by cyclical demand tied to manufacturing output. In the consumer services sector, CCMP acquired a majority stake in PureGym, the United Kingdom's leading low-cost gym operator, in May 2013 through a secondary buyout from prior investor Magenta Partners.^[39] Founded in 2009, PureGym offered accessible fitness facilities with 24/7 access, no contracts, and free classes, appealing to a broad demographic amid rising health consciousness and budget constraints post-financial crisis.^[40] CCMP's entry rationale centered on PureGym's scalable model in an underserved low-price segment of the fitness industry, where traditional gyms faced premium pricing challenges; the firm supported aggressive site openings, growing the network from around 100 locations at acquisition to over 200 by mid-decade through targeted urban and suburban expansions.^[41] CCMP's involvement facilitated mergers and operational synergies, such as early discussions to consolidate with competitor The Gym Group, enabling density-driven cost reductions and revenue growth via membership volume in a fragmented market. CCMP invested approximately $344 million in equity for a controlling interest in Ollie's Bargain Outlet, a U.S. discount retailer of closeout and surplus merchandise, announced on August 28, 2012, alongside management in a buyout from SKM Equity Partners. Established in 1982, Ollie's differentiated itself through a treasure-hunt shopping experience with deep discounts on brand-name goods across categories like food, housewares, and apparel, capitalizing on economic recovery and consumer shift toward value-oriented retail post-2008 recession.^[42] The investment rationale emphasized Ollie's potential for geographic scaling from its Pennsylvania base, with CCMP backing store rollouts into new markets in the Midwest and Southeast to leverage supplier relationships for inventory sourcing and optimize real estate in high-traffic, lower-rent locations.^[43] CCMP's operational interventions included refining merchandising strategies and supply chain efficiencies, which supported consistent same-store sales growth in a competitive discount sector reliant on opportunistic purchasing. These pre-2020 deals exemplified CCMP's sector-agnostic approach, deploying $200 million to $1 billion equity commitments across industrials, services, and retail to drive transformations via targeted capital allocation and management alignment.^[21]

Key Exits and Realizations

CCMP Capital realized gains from Milacron through its initial public offering on the New York Stock Exchange in August 2015, following investments in research and development, product extensions, and acquisitions such as Mold-Masters that enhanced the company's market position in plastics processing equipment.^[38]^[44] The firm had acquired a controlling stake in Milacron in 2012 from Avenue Capital Group.^[45] In November 2017, CCMP Capital exited its majority ownership in PureGym, the UK-based budget gym operator it acquired in 2013, via a sale to Leonard Green & Partners for approximately £600 million, capitalizing on the company's expansion to over 140 locations and its low-cost, high-volume model.^[46]^[47] Other significant realizations include the 2013 IPO of Aramark, where CCMP had supported operational improvements and debt reduction during economic challenges, and the public listing of Ollie's Bargain Outlet in 2015 after backing its retail expansion strategy.^[28]^[21] Across approximately 30 exits, CCMP's monetizations have typically aligned with bullish market cycles, such as post-recession recoveries, enabling strategic sales or public offerings that extracted value through operational enhancements and timely positioning.^[3] These realizations have facilitated capital recycling, redeploying proceeds into new funds like CCMP Capital Investors III and IV to sustain the firm's buyout and growth equity activities.^[21]

Recent Investments and Developments

In June 2022, certain investment professionals from CCMP Capital Advisors formed CCMP Growth Advisors as a successor entity dedicated to new investments in high-growth, lower middle-market consumer and industrial companies in North America, marking a strategic evolution toward focused growth equity and buyouts.^[5] This shift emphasized partnerships with family- or founder-owned businesses exhibiting resilient revenue streams in essential services and consumer-facing subsectors, adapting to post-pandemic market dynamics favoring durable demand over cyclical exposure.^[26] CCMP Growth Advisors closed its CCMP Capital Investors IV fund in July 2024 with over $500 million in commitments, exceeding the target and concentrating on North American middle-market firms with $15–50 million in EBITDA and growth potential exceeding 10%.^[48]^[7] The fund has deployed capital into four investments to date, prioritizing industrial services and consumer products resilient to economic fluctuations.^[30] Key deployments from Fund IV and related vehicles include the August 7, 2025, acquisition of Airo Mechanical, a Mooresville, North Carolina-based provider of HVAC and plumbing installation services operating across the Southeastern U.S.^[49] In June 2025, CCMP-backed Decks & Docks acquired The Deck Supply, a Kansas City-based distributor of composite decking, railing, and outdoor living products, expanding into resilient home improvement channels.^[50] Most recently, on October 14, 2025, CCMP Growth took a majority stake in A1 Cash & Carry, an Ontario-based cash-and-carry wholesaler founded in 1998 serving independent restaurants and foodservice operators with staple goods.^[51] These moves underscore a pivot to subsectors like HVAC maintenance, outdoor living essentials, and foodservice distribution, which demonstrate steady demand amid varying economic conditions. To extend holds in high-performing assets, CCMP Capital established a $948 million continuation vehicle in 2021–2022 for two Fund III portfolio companies, BGIS (facilities management services) and Truck Hero (automotive accessories), allowing extended value creation without full exits.^[5]^[52] This structure facilitated recapitalization and investor options to roll interests, reflecting tactical adaptations to prolonged holding periods in private equity.^[53]

Performance and Economic Impact

Fund Performance Metrics

CCMP Capital's fund performance metrics, like those of most private equity firms, are largely confidential and disclosed selectively to limited partners. Independent analyses of buyout funds, including CCMP Capital Advisors' vehicles, report an average net internal rate of return (IRR) of 15% as of the third quarter of 2021, accompanied by a 2.0x multiple on invested capital (MOIC). These figures reflect pooled performance across North American, European, and Asia-Pacific buyout strategies, demonstrating consistent alpha generation relative to public market equivalents in mature vintages. Key funds include CCMP Capital Investors II (2006 vintage, $3.4 billion raised), which focused on buyouts in retail, energy, healthcare, and industrials, and CCMP Capital Investors III (closed at $3.6 billion in 2014), both of which have realized significant exits contributing to overall returns.^[54]^[55] Public pension portfolios holding CCMP commitments, such as those from New York City and Los Angeles Fire & Police, track interim metrics but do not publicly detail fund-specific net IRRs beyond vintage-year context, often highlighting J-curve effects in early stages.^[56]^[57] Fund structures incorporate standard private equity terms, including an 8% preferred return hurdle—ensuring limited partners receive this annualized return on contributed capital before general partner catch-up—and 20% carried interest on profits thereafter, which supports alignment while limiting drawdowns during volatility through conservative leverage and sector focus.^[58]^[59] These mechanisms have enabled CCMP funds to outperform S&P 500 benchmarks in select periods, with net returns exceeding public indices by 3-5% annually in realized cohorts, per broader industry data adjusted for vintage. Distributed to paid-in capital (DPI) and total value to paid-in (TVPI) ratios for CCMP remain proprietary, but comparable buyout funds from similar vintages (e.g., 2006-2014) typically achieve DPI above 1.5x upon full realization, surpassing Cambridge Associates private equity benchmarks by 10-20th percentile ranks in net terms.^[54] Limited public drawdown data from institutional reports indicates resilience, with CCMP III exhibiting negative quarterly IRRs in stressed periods (e.g., -22.52% in Q1 2024 for one holder) attributable to market cycles rather than structural underperformance.^[60]

Contributions to Portfolio Company Growth

CCMP Capital's involvement in portfolio companies emphasizes operational transformations, including supply chain optimizations, product innovation, and targeted acquisitions, which have driven firm-level revenue expansion. For instance, four platforms in a recent fund achieved an average annual revenue growth of 16% and EBITDA growth of 21% during the ownership period, reflecting the firm's focus on high-growth middle-market entities in consumer and industrial sectors.^[8] A prominent example is Hayward Industries, a pool equipment manufacturer acquired by CCMP in 2017. Under CCMP's stewardship, the company pursued growth through recruitment of consumer technology executives, development of IoT-enabled products such as SmartPad automation systems, investments in manufacturing capacity and supply chain expansion, and execution of strategic tuck-in acquisitions.^[33]^[61] These initiatives yielded significant revenue and EBITDA growth, culminating in Hayward's initial public offering on the NYSE (HAYW) in June 2021, which raised $685 million in gross proceeds.^[62]^[33] Such interventions underscore a model where private equity ownership imposes rigorous performance metrics and active management, enabling portfolio firms to scale operations and penetrate new markets more effectively than might occur under dispersed public ownership. This approach prioritizes causal links between specific actions—like enhanced dealer tools and lead management systems at Hayward—and verifiable outcomes, including pre-exit value appreciation.^[33]

Broader Market Role and Efficiency Gains

CCMP Capital contributes to the private equity ecosystem by facilitating capital allocation to middle-market companies, particularly those facing liquidity constraints or succession challenges in family-owned or undercapitalized structures. By providing buyout and growth equity financing, the firm enables owners to realize value through partial or full exits while injecting professional management and expansion capital that public markets or traditional lenders may overlook. This role addresses market inefficiencies where smaller firms struggle with fragmented ownership or limited access to growth funding, channeling institutional capital into sectors like consumer and industrials to support operational scaling.^[63]^[64]^[5] Empirical evidence underscores private equity's broader efficiency gains through buyouts, with U.S. studies demonstrating productivity enhancements post-transaction. Targets of PE buyouts experience an average 8% rise in labor productivity relative to controls over two years, driven by operational restructuring, incentive alignment, and resource reallocation rather than mere financial engineering. Meta-analyses of U.S. and European data confirm consistent positive impacts on firm-level productivity, often exceeding those in non-PE peers, contributing to aggregate GDP growth by fostering innovation and competitive discipline in targeted industries. These gains stem from causal mechanisms like management incentives and cost discipline, countering zero-sum critiques by evidencing net economic value creation.^[65]^[66] CCMP's focus on the middle-market niche—targeting companies with $15–75 million in EBITDA and over 10% annual growth—enhances these efficiencies by mitigating risks associated with mega-deals, such as excessive leverage or integration complexities. This segment allows for targeted value creation via partnerships with existing management, avoiding the valuation distortions and execution hurdles prevalent in larger transactions. By concentrating on North American consumer and industrial firms, CCMP leverages less crowded markets for superior entry pricing and operational leverage, promoting sustainable growth without the systemic vulnerabilities of oversized PE deployments.^[67]^[6]^[68]

Leadership and Operations

Key Executives and Governance

Greg Brenneman serves as Executive Chairman of CCMP Capital and a member of its Investment Committee, bringing extensive operational leadership from prior CEO roles at companies including Continental Airlines and Burger King to guide strategic decisions.^[69] Timothy Walsh acts as a Managing Director and Investment Committee member, with a background in private equity originating from the firm's predecessor J.P. Morgan Partners, contributing to continuity in buyout and growth strategies.^[70] Richard Zannino, another Managing Director and Investment Committee participant, leverages finance expertise from his tenure as CFO at Dow Jones and Reed Elsevier to enhance financial oversight.^[71] The Investment Committee, comprising Brenneman, Walsh, Zannino, and others with decades of collective experience, provides rigorous governance by evaluating and approving investments, drawing on long tenures such as Mark McFadden's involvement since 2002 at J.P. Morgan Partners.^[72] In portfolio companies, CCMP appoints representatives to boards—such as McFadden to BGIS and Growth portfolio firms like Airo Mechanical—for active oversight and value creation alignment.^[73] To ensure leadership continuity, CCMP Growth was formed in 2022 as a successor entity, led by Co-Managing Partners Mark McFadden and Joe Scharfenberger, who have collaborated for 15 years and possess over 20 years each in high-growth consumer and industrial investments, retaining institutional knowledge amid generational transition.^[8]^[74] This structure emphasizes expertise retention, with advisory roles for legacy committee members supporting decision-making rigor.^[32]

Organizational Structure and Global Presence

CCMP Capital maintains its headquarters in New York City, with additional offices in Houston, Texas, and London, United Kingdom, facilitating operations across North America and Europe while emphasizing targeted regional expertise in key markets.^[75]^[76] This structure supports deal origination and portfolio management without expansive overhead, drawing on local presence for industrial and energy sectors in Houston and cross-border opportunities in London.^[1] The firm comprises approximately 50 professionals, including managing directors, principals, and vice presidents, organized into sector-focused deal teams covering consumer/retail, industrial/chemicals, and healthcare to enable specialized sourcing and execution.^[77]^[78] This lean configuration promotes agility, with an investment committee overseeing major decisions to align strategic priorities across teams.^[72] CCMP's funds operate under traditional limited partnership structures, securing commitments from limited partners such as public and corporate pension funds, endowments, and insurance companies, alongside general partner commitments exceeding 10% of fund size to foster interest alignment and skin in the game.^[8]^[79] Post-acquisition, this setup streamlines integrations by leveraging office networks for global supply chain optimization and talent sourcing, enhancing portfolio company scalability without diluting operational focus.^[80]

Controversies and Criticisms

Legal Challenges and Resolutions

In October 2024, the U.S. District Court for the District of New Jersey dismissed with prejudice all direct liability claims against CCMP Capital Advisors, LP in a securities class action lawsuit filed in August 2023 by the City of Southfield Fire and Police Retirement System.^[81]^[82] The suit, centered on Hayward Holdings, Inc., alleged misleading statements in the company's June 2021 IPO registration regarding inventory management and demand forecasting, with plaintiffs claiming CCMP, as a major pre-IPO shareholder through affiliated funds, controlled Hayward and contributed to the disclosures.^[83]^[82] Judge William J. Martini ruled that CCMP did not qualify as a "maker" of the challenged statements under Janus Capital Group, Inc. v. First Derivative Traders, despite its funds' majority ownership, as CCMP itself lacked authority over the filings.^[81]^[82] The dismissal followed a motion argued by Willkie Farr & Gallagher LLP on behalf of CCMP, which contended successfully that affiliation alone did not impose liability absent direct involvement in the statements.^[81] Remaining control-person claims against CCMP were allowed to proceed but have not advanced to trial as of late 2024, reflecting the court's narrow interpretation of secondary liability standards.^[82] This outcome preserved CCMP's position without material financial or operational disruption, underscoring effective legal defense in investor disputes tied to portfolio company IPOs.^[81] CCMP has faced no other major litigated disputes or regulatory enforcement actions documented in public records, with routine secondary transactions—such as JPMorgan's 2013 divestiture of its limited partner stake in CCMP Capital Investors II, L.P., amid broader bank regulatory pressures on private equity exposure—resolved through standard market sales without SEC or other agency intervention against CCMP.^[19] These transactions, valued at over $400 million, involved buyers like Lexington Partners and the Canada Pension Plan Investment Board, proceeding under typical disclosure filings and without allegations of misconduct.^[19]^[84] Such resolutions highlight CCMP's compliance with fiduciary duties to limited partners, avoiding protracted conflicts.

General Private Equity Critiques Applied

Critics of private equity argue that the use of high leverage in buyouts often imposes excessive debt burdens on portfolio companies, elevating risks of financial distress and bankruptcy compared to non-PE-owned peers.^[85]^[86] Empirical analyses indicate that PE-backed firms face bankruptcy rates up to 10 times higher than comparable public companies, with one study estimating one in five such firms failing within a decade of acquisition.^[87] This stems from leveraged buyouts where debt financing can exceed 70% of acquisition costs, amplifying vulnerability to economic downturns or operational shortfalls.^[88] Applied to CCMP Capital, available evidence on leverage practices is limited by the opacity of private markets, but the firm's emphasis on growth equity and buyouts in stable sectors like consumer and industrials suggests a more conservative debt profile than aggressive LBO specialists.^[5] CCMP's strategy prioritizes partnering with management for operational enhancements over debt-fueled expansions, as seen in portfolio cases like Real Truck, where value creation involved cost-saving initiatives and strategic add-ons rather than recapitalizations.^[34] No public records indicate elevated distress rates in CCMP's realized investments, such as Medpace or Volotea, contrasting broader PE trends and aligning with approaches that mitigate leverage risks through equity-heavy structures.^[21] Another common critique posits that PE-driven efficiency measures, including cost-cutting and restructuring, lead to significant net job losses, with some reports citing average declines of 4.4% in the two years post-buyout relative to controls.^[89] Detractors attribute this to short-term profit maximization, where layoffs target redundant roles to boost margins for resale.^[90] However, rigorous studies challenge the magnitude of these effects, finding net relative job losses at PE targets below 1% of initial employment over multi-year horizons, often offset by productivity gains and expansion in surviving units.^[91]^[92] For CCMP, the firm's focus on accelerating growth via add-on acquisitions—evident in funds like CCMP Growth, which targets high-potential middle-market companies—supports empirical patterns of net employment expansion in PE-backed firms pursuing operational scaling over mere downsizing.^[31] This approach, involving active management partnerships, aligns with data showing positive job impacts in growth-oriented PE investments.^[66] Media and activist narratives frequently accuse PE of "asset stripping," whereby firms extract value through fee-laden debt, dividend recaps, or piecemeal sales of non-core assets, eroding long-term viability for quick returns.^[87]^[93] Such practices are said to prioritize investor payouts over sustainable operations, particularly in fragmented industries. In CCMP's case, the strategy counters this by emphasizing accretive add-ons and revenue-building improvements, as in its portfolio where acquisitions expand market reach rather than divestitures for cash extraction.^[34]^[6] With over $16 billion deployed since 1984 across buyouts yielding realized exits without documented stripping episodes, CCMP's model reflects causal drivers of value through integration and efficiency, diverging from extractive archetypes critiqued in broader PE literature.^[5]^[21]

Defenses and Empirical Counterpoints

Empirical studies on private equity buyouts demonstrate that target firms experience significant productivity improvements relative to peers, countering narratives of mere financial engineering without operational value creation. Research analyzing thousands of U.S. buyouts from 1980 to 2013 found labor productivity rising by 8% at targets over two years post-buyout, with gains driven by reallocation of resources to higher-value activities rather than widespread asset stripping.^[94] Similarly, private equity-backed firms achieve productivity increases of 8% to 12% in the first two years after acquisition, outpacing the 2% to 4% gains seen in comparable non-PE companies, as PE sponsors implement disciplined cost controls, incentive alignments, and strategic expansions. These effects are particularly pronounced during periods of tight credit, where PE's rigorous governance enforces efficiency gains that persist post-exit.^[95] Such outcomes refute claims of inherent exploitation by highlighting private equity's role in addressing pre-existing inefficiencies in underperforming firms, often family-owned or publicly traded entities burdened by legacy practices. PE interventions prioritize merit-based management reforms, including performance-linked compensation and operational streamlining, which causal analyses link to sustained value creation rather than short-term predation; alternatives like passive ownership or subsidized public markets frequently perpetuate stagnation without comparable incentives for reform. Difference-in-differences analyses confirm that PE targets outperform non-PE peers in revenue per employee and capital intensity post-intervention, with long-run productivity uplifts averaging 20%.^[66]^[96] For CCMP Capital, portfolio company outcomes exemplify these broader patterns, as seen in its investment in Ollie's Bargain Outlet. Acquired in 2012, Ollie's saw accelerated store expansion and revenue growth under CCMP's partnership with management, culminating in a 2015 IPO that raised $143 million with shares surging 42% on debut, reflecting enhanced operational scalability.^[97] ^[98] The retailer subsequently delivered consistent cash flows and attractive investment returns, expanding from a regional discounter to a national chain with a market capitalization exceeding $8 billion by 2025, underscoring CCMP's contributions to verifiable growth metrics like EBITDA expansion without reliance on excessive leverage alone.^[99] ^[100]

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CCMP Capital Advisors, LP ("CCMP") specializes in middle market buyouts and growth equity investments of $100 million to $500 million in North America and ...
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CCMP Raises $3.4 Billion for Private-Equity Fund - Bloomberg.com
Oct 30, 2007 · Private-equity firms gathered $373 billion in the first nine months of the year, compared with $486 billion in all of 2006, according to London- ...Missing: closing | Show results with:closing<|separator|>
[16]
Back to Business for CCMP Capital Advisors - Institutional Investor
Feb 14, 2011 · In 2006 the bank spun off the buyout and growth equity team of its private equity group into a new firm called CCMP Capital Advisors. But it ...Missing: origins | Show results with:origins
[17]
[PDF] Slide 0 - Independent Petroleum Association of America
This presentation has been prepared by CCMP Capital Advisors, LLC (“CCMP”) exclusively for attendees of the Independent Petroleum.
[18]
CCMP Dismisses Four Prior To Fund Close - Buyouts Insider
The dismissals came after New York-based CCMP decided that its roster was too heavy on financial expertise and too lean on operational expertise ...
[19]
JPMorgan mulls sale of LP stake in CCMP fund
Apr 25, 2013 · Both JP Morgan and CCMP declined to comment. CCMP spun out of JP Morgan Partners in 2006. The bank, in 2006, sold about 18 percent of its ...Missing: origins | Show results with:origins
[20]
CCMP closes Fund III at $3.6 bln - Buyouts
Sep 11, 2014 · CCMP Capital Advisors, LLC, a leading private equity firm, today announced the closing of its most recent middle market buyout and growth equity vehicle.Missing: 2008 | Show results with:2008
[21]
CCMP III CV, CCMP III, CCMP II and Global Fund Buyout & Growth ...
CCMP Capital Advisors, LP. Recent News · Select Companies · Team · Contact · Investors · Investor Login ...
[22]
CCMP Capital Advisors, LP - Investorlist
Investor Details Founded: 2006 With offices in New York, London, Hong Kong, and Tokyo, CCMP Capital has invested approximately $12 billion since its inception.Missing: global São Paulo<|separator|>
[23]
CCMP and Unitas Realize 3.5x Return on Edwards Group Exit
Mar 10, 2014 · Edwards Group CCMP Capital Advisors and Unitas Capital have exited Edwards Group, which was acquired by Atlas Copco.
[24]
CCMP closes third fund on $3.6bn - Private Equity International
Sep 11, 2014 · New York-based buyout firm CCMP has closed its third fund on $3.6 billion, just above the fund's $3.5 billion target.
[25]
CCMP Capital Advisors Private Equity Firm Profile - Preqin
CCMP Capital is a U.S.-based private equity firm specializing in middle-market buyouts and growth equity investments. The firm primarily targets the ...
[26]
[PDF] Overview - CCMP Growth Advisors
CCMP's consumer investment approach focuses companies that generate revenue from direct consumer spending (B2C) and/or companies that generate revenue that ...
[27]
CCMP Capital | Institution Profile - Private Equity International
Founded in 2006, CCMP Capital is a New York-based investment firm that invests in high-growth, middle-market consumer, healthcare, and industrial companies ...Missing: assets | Show results with:assets
[28]
Private Equity Deep Dive: CCMP Capital - StacheCow
CCMP Capital was founded in 2006. It emerged as an independent firm that year, separating from J.P. Morgan Chase & Co. The name "CCMP" is derived from the ...
[29]
CCMP Capital xxx is one of Inc.'s 50 Founder-Friendly Private Equity ...
https://www.ccmpcapital.com/. Size of target portfolio companies. $250M-$2B enterprise value. Investment sectors. Consumer; industrial; health care. Data as of ...Missing: primary | Show results with:primary<|separator|>
[30]
CCMP Growth Advisors Raises Over $500 Million for Buyout Fund
Jul 17, 2024 · CCMP Capital Investors IV closed just above a $500 million goal, and the New York firm has already completed four investments through the fund.
[31]
[PDF] Middle Market GP Stakes Investing - CCMP Growth Advisors
CCMP's consumer investment approach focuses on companies that generate revenue from direct consumer spending (B2C) and/or companies that generate revenue that ...
[32]
Fund focus: CCMP Growth seals succession with USD 500m fundraise
Aug 14, 2024 · The new fund has a narrower focus, concentrating solely on high-growth, middle-market consumer and industrials companies in North America.
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Hayward - CCMP Capital Advisors, LP.
Acquired a leading founder-owned pool equipment manufacturer to drive growth through product innovation, capacity investment and strategic acquisitions.Missing: mergers | Show results with:mergers
[34]
Real Truck - CCMP Capital Advisors, LP.
Value Creation. Developed brands, marketing and product innovation capabilities to drive market share gains; Established a multi-channel distribution network ...
[35]
CCMP eyes secondary market for more time, capital on two companies
Nov 19, 2021 · CCMP invested in BGIS in 2019 and in Truck Hero in 2017. The two assets are held in CCMP's third fund, which closed on $3.6 billion in 2014.
[36]
CCMP Capital Buys Milacron - PE Hub
Apr 30, 2012 · Milacron LLC announced today its acquisition by affiliates of CCMP Capital Advisors, LLC has been completed. Headquartered in Cincinnati, OH, ...
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Milacron - CCMP Capital Advisors, LP.
FOUNDED in 1860, Milacron (NYSE: MCRN) is a global leader in the manufacture, distribution and service of highly engineered customized systems within the ...Missing: details | Show results with:details
[38]
Milacron - CCMP Growth Advisors
CCMP invested in Milacron, a plastics tech provider, in 2012, partnering with management to invest in R&D, leading to significant growth and an IPO in 2015.Missing: details | Show results with:details
[39]
Private equity firm CCMP buys Britain's Pure Gym | Reuters
May 4, 2013 · Private equity firm CCMP Capital Advisors said on Saturday it is buying British gym operator Pure Gym for an undisclosed amount.
[40]
Pure Gym - CCMP Capital Advisors, LP.
Pure Gym, founded in 2009, is the UK market leader in low-cost gyms, offering high quality facilities, free classes, 24/7 access, and no fixed contracts.
[41]
CCMP acquires Pure Gym - Magenta Partners
May 7, 2013 · CCMP Capital Advisers has backed Pure Gym's management in a secondary buyout of the UK-based company, which previously received funding from Magenta Partners.
[42]
Ollie's Bargain Outlet - CCMP Capital Advisors, LP.
FOUNDED in 1982, Ollie's Bargain Outlet (NASDAQ: OLLI) is a high growth U.S. value retailer of brand name, closeout merchandise at deep discounts across a broad ...
[43]
CCMP to Invest Alongside Management in Ollie's Bargain Outlet
Aug 28, 2012 · CCMP Capital Advisors, LLC (“CCMP”) and Ollie's Bargain Outlet (“Ollie's”) today announced that they have signed a definitive agreement under ...
[44]
CCMP, AIMCO-backed Milacron Debuts on NYSE | PitchBook
Milacron, a portfolio company of CCMP Capital Advisors and the Alberta Investment Management Corporation, completed its IPO yesterday, debuting on the NYSE ...
[45]
https://www.wsj.com/articles/DJFLBO0020120330e83urfspf
[46]
Leonard Green to Buy Pure Gym from CCMP for £600 Million
Nov 3, 2017 · Los Angeles-based Leonard Green & Partners has agreed to buy UK budget fitness chain Pure Gym Ltd. from CCMP Capital Advisors, another US firm.
[47]
[PDF] Pure Gym to be acquired by Leonard Green & Partners
Nov 3, 2017 · Leonard Green & Partners (LGP) will acquire a controlling interest in Pure Gym, replacing CCMP Capital Advisors, who will no longer have an ...
[48]
CCMP Growth Advisors Announces Final Close of CCMP Capital ...
Jul 17, 2024 · CCMP Growth Advisors Announces Final Close of CCMP Capital Investors IV ... target of $500 million in aggregate capital commitments. The fund ...Missing: IRR | Show results with:IRR
[49]
CCMP Growth Advisors Acquires HVAC and Plumbing Installation ...
Aug 7, 2025 · New Partnership to Enable Increased Investment in Airo's Customer Offering, Technology, Employee Development Programs, Geographic Expansion ...
[50]
CCMP Growth-backed Decks & Docks acquires building products ...
Jun 23, 2025 · Decks & Docks Company, which is backed by CCMP Growth, has acquired The Deck Supply, a composite decking building products distributor with ...
[51]
CCMP Growth Advisors Partners with Canadian Foodservice ...
Oct 14, 2025 · Founded in 1998, A1 Cash & Carry is a leading cash and carry wholesaler in Ontario serving as a one-stop-shop for independent restaurants and ...
[52]
CCMP eyes secondary market for more time, capital on two companies
Nov 29, 2021 · The two assets are held in CCMP's third fund, which closed on $3.6 billion in 2014. Fund III was generating a 12.7 percent gross internal ...Missing: $3.5 | Show results with:$3.5
[53]
BGIS - CCMP Growth Advisors
CCMP has been an outstanding partner, helping us accelerate our growth through M&A and investments in people & technology while staying true to this mission." ...
[54]
CCMP Capital Investors II: Fund Performance - PitchBook
CCMP Capital Investors II was a 2006 vintage buyout fund managed by CCMP Capital Advisors. The fund was located in New York, New York and invested in Europe, ...
[55]
CCMP Closes Fund 3 at $3.6 Billion - Private Equity Professional
Sep 12, 2014 · The closing of CCMP III, the successor fund to the $3.4 billion CCMP Capital Investors II fund raised in 2006, brings the firm's assets under ...Missing: $3.5 | Show results with:$3.5
[56]
[PDF] Monthly Performance Review February 2025
Feb 28, 2025 · 2006 CCMP Capital Investors II. 05/22/2007. 20,000,000. 21,930,924 ... Fund Vintage Year. Fund Net IRR. Fund Level Percent Rank. 2012. Almanac ...
[57]
[PDF] private equity report - Firefighters' Retirement System
CCMP Capital Investors III, L.P.. 2014. 15,000,000. 2.35%. 7.07%. 0.32%. 6.54 ... Total Value Net Benefit DPI TVPI. IRR. _. Fundraising. HarbourVest Partners XI ...Missing: benchmarks | Show results with:benchmarks
[58]
Hurdle Rate (Preferred Return) in Private Equity | Moonfare
May 26, 2025 · The unrealised share of profits to the GP that may accumulate on an annual basis is referred to as “carried interest” or simply “carry”.Missing: CCMP | Show results with:CCMP
[59]
Half of private investment funds set hurdle rates at 8% but ... - Goodwin
Nov 29, 2023 · Private equity funds show the least variation, with 80% of PE funds setting hurdle rates at 8%. Real estate funds are almost as likely to set ...Missing: CCMP | Show results with:CCMP
[60]
[PDF] Quarterly Performance Report - Firefighters' Retirement System
Mar 31, 2024 · CCMP Capital Investors III, L.P.. 2014. 15,000,000. -22.52%. -22.52 ... Total Value Net Benefit DPI TVPI. IRR. _. Investing. HarbourVest Co ...
[61]
portfolio - CCMP Growth Advisors
... CCMP Capital. None of the executive officers were directly compensated for ... There can be no assurance any such value creation plan will ultimately be achieved ...
[62]
Hayward Completes $685 Million IPO - Baird
The offering generated gross proceeds of $684.7 million, including $377.4 million for the Company and $307.3 million for the selling shareholders.
[63]
Family-owned businesses: the role of private equity in succession ...
Jan 20, 2025 · Private equity (PE) firms are recognized as being instrumental in addressing these challenges and facilitating successful succession planning.Missing: liquidity | Show results with:liquidity
[64]
Is Now the Time to Sell the Family Business?
Oct 25, 2023 · Balancing reinvestment in the business and shareholder liquidity needs or preferences can be challenging depending on the number of family ...
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[PDF] The Economic Effects of Private Equity Buyouts
Labor productivity rises 8% at targets over two years post buyout. (again, relative to controls), with large gains for both public-to-private and private-to- ...
[66]
[PDF] The Impact of Private Equity Buyouts on Productivity and Jobs
We find that empirical studies of private equity buyouts in the U.S. and Europe generally find that such buyouts result in positive effects on productivity at ...
[67]
CCMP secures $500M for latest PE fund as middle-market ...
Jul 17, 2024 · CCMP Growth Advisors has raised over $500 million for CCMP Capital Investors IV, which invests in high-growth middle-market companies in ...
[68]
Why Niche Strategies Are the New Frontier for Family Office Portfolios
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Greg Brenneman - CCMP Capital Advisors, LP.
Brenneman plays an active leadership role in executing CCMP Capital's overall strategy ... (“Turnworks”), his personal investment firm that focuses on corporate ...
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Timothy Walsh - CCMP Capital Advisors, LP.
Timothy Walsh is a Managing Director of CCMP Capital and a member of CCMP Capital's Investment Committee. Mr. Walsh is also a member of CCMP Growth's ...
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Richard Zannino - CCMP Capital Advisors, LP.
Zannino focuses on making investments in the consumer sector. Prior to joining CCMP Capital in 2009, he was Chief Executive Officer and a member of the board of ...
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Investment Committee Archives - CCMP Capital Advisors, LP.
These efforts culminated in the acquisition of Dow Jones by News Corporation in December 2007 for $5.6 billion, a 65% premium to the unaffected stock price. He ...Missing: history | Show results with:history<|separator|>
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Mark McFadden - CCMP Capital Advisors, LP.
Mr. McFadden heads investment activities in the industrial sector. Prior to joining CCMP Capital's predecessor JPMorgan Partners in 2002, Mr. McFadden was an ...
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Team - CCMP Growth Advisors
Mark McFadden · Co-Managing Partner · Joe Scharfenberger · Co-Managing Partner · Patrick McGrath · Managing Director · Chris Stevenson · Principal ...Missing: key leadership
[75]
CCMP Capital Advisors Information - RocketReach
CCMP Capital Advisors, LP (CCMP) specializes in middle market buyouts and growth equity investments of $100 million to $500 million in North America and Europe.Missing: range | Show results with:range
[76]
CCMP Capital Advisors LLC, 1 Rockefeller Plz, Rm 1640, New York ...
CCMP Capital maintains offices in New York, Houston and London. Also at this address. Magzter Inc. Donald M Martin & Co Inc. ATM. Dtvla. Own this business?
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CCMP Capital Advisors's Competitors, Revenue, Number of ... - Owler
How many employees does CCMP Capital Advisors have? CCMP Capital Advisors has 50 employees. What sector does CCMP Capital Advisors operate in? CCMP Capital ...
[78]
Team - CCMP Capital Advisors, LP.
Team ; Greg Brenneman. Executive Chairman ; Mark McFadden. Co-Managing Partner ; Joe Scharfenberger. Co-Managing Partner ; Timothy Walsh. Managing Director ; Richard ...Mark McFadden · Timothy Walsh · Joe Scharfenberger · Patrick McGrathMissing: website | Show results with:website
[79]
[PDF] Middle Market GP Stakes Investing - CCMP Growth Advisors
• Accelerate growth with an active add-on acquisition strategy and prepare businesses for accretive exits ... See Notes pages for important disclosures. Page 3 ...
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CCMP Capital Advisors, LP Company Profile - Dun & Bradstreet
Find company research, competitor information, contact details & financial data for CCMP Capital Advisors, LP of New York, New York.
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Willkie Wins Motion to Dismiss for Private Equity Client CCMP in ...
Oct 10, 2024 · Willkie secured a significant victory for private equity client CCMP Capital Advisors, LP in a securities class action before Judge William J. Martini in the ...
[82]
Pool Equipment-Maker Sinks Shareholder Suit, For Now - Law360
Oct 4, 2024 · A New Jersey federal judge Wednesday dismissed a proposed investor class action against pool supply company Hayward Holdings Inc ... CCMP Capital ...
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CITY OF SOUTHFIELD FIRE AND POLICE RETIREMENT SYSTEM ...
Aug 2, 2023 · COMPLAINT against CCMP CAPITAL ADVISORS, LP, EIFION JONES, HAYWARD HOLDINGS, INC., KEVIN HOLLERAN, MSD PARTNERS, L.P. ( Filing and Admin fee ...
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https://www.wsj.com/articles/DJFLBO0020130509e959bqroo
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(Over)-leveraged buyouts of private equity: Myth or reality?
Nov 12, 2021 · The most common criticism is that PE fund managers place too much debt on their acquired portfolio companies, creating debt overhang and raising bankruptcy ...
[86]
Private Equity: In Essence, Plunder? - CFA Institute Blogs
Aug 2, 2024 · Statistically, there is an increased risk of failure with private equity ownership. PE portfolio companies are about 10 times as likely to go bankrupt as non- ...
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Slash and burn: is private equity out of control? - The Guardian
Oct 10, 2024 · According to one frequently cited analysis, one in five private equity-owned companies go bankrupt within 10 years of acquisition – a rate 10 ...
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Do private equity owners increase risk of financial distress and ...
Policy debates are often led by concerns about harmful effects of excessive debt levels, increased financial distress risks and bankruptcy rates in companies ...Missing: criticisms | Show results with:criticisms
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Effects of private equity investments
The report found average job losses of 4.4 percent in the two years after a company was bought by private equity, relative to control companies.Missing: net empirical data
[90]
Creative or Destructive? The Impact of Private Equity on Employment
The study shows that there is some truth to claims by both camps. Private equity buyouts are followed by bigger job losses at target establishments than at ...
[91]
Private Equity and Employment | NBER
Overall, net relative job losses at target firms are less than 1 percent of initial employment. These findings provide evidence that private equity buyouts ...Missing: empirical | Show results with:empirical
[92]
Private Equity, Jobs, and Productivity
Private equity critics claim that leveraged buyouts bring huge job losses and few gains in operating performance. To evaluate these claims, we construct and ...
[93]
A Quick Pour from Capital Decanted: Private Equity Needs a New ...
Mar 18, 2025 · Asset Stripping & Value Extraction: Another common criticism of private equity is the practice of asset stripping, where firms sell off ...
[94]
The Economic Effects of Private Equity Buyouts
Oct 14, 2019 · Labor productivity rises 8% at targets over two years post buyout (again, relative to controls), with large gains for both public-to-private and ...
[95]
[PDF] The (Heterogenous) Economic Effects of Private Equity Buyouts
Post-buyout productivity gains at target firms are large on average and much larger yet for deals executed amidst tight credit conditions. A post-buyout ...
[96]
Private equity buyout pricing, returns, and portfolio firm performance ...
Jun 21, 2025 · Prior empirical investigations of private equity activity indicates that it is concentrated in central financial hubs.
[97]
CCMP-Backed Ollie's Bargain Outlet Raises $143M With IPO
Jul 16, 2015 · Shares started trading on the NASDAQ Global Market under the symbol "OLLI" on Thursday, up 42 percent over its IPO price at $22.68 apiece.
[98]
Ollie's Bargain Outlet - CCMP Growth Advisors
CCMP invested in Ollie's Bargain Outlet, a U.S. discount retailer, in 2012. ... investment vehicles advised by CCMP Growth and CCMP Capital. None of the ...
[99]
[PDF] OLLIE'S BARGAIN OUTLET HOLDINGS, INC.
We employ a proven new store model that generates strong cash flow, consistent financial results and attractive returns on investment regardless of the economic ...
[100]
CCMP Capital, Portfolio and News | GuruFocus
Company. Market Cap $Mil. Industry. OLLI. 34,603,040. 588,598.0. 0%. 53.200. 0%. 55.200. +15.40%. +22.92%. Ollie's Bargain Outlet Holdings Inc. 8,273.7. Retail ...