"Stonewood now have what it is calling a strong minority interest on the club's board alongside an existing consortium of local business owners. In return it has pledged an initial seven-figure investment as a springboard to a potentially exciting next chapter. Moritz and his fellow investor John H Tippins, both in their 60s, normally specialise in industrial companies but, if anything, the novelty value has further stoked their enthusiasm for the Pirates of Penzance."
"Somewhere inside him a light flicked on. Without that article I wouldn't have called, says Moritz, the president of the private equity firm Stonewood Capital. It gave me an insight into what was going on in English rugby and piqued my interest. Who needs the Financial Times? Fast forward five months and one of the more improbable sporting marriages has been consummated."
"Rugby is much more interesting than, say, manufacturing fibreglass fabric and engenders more cocktail conversation. I don't really get to watch the factory at work that much. Kenn Moritz: Rugby is much more interesting than, say, manufacturing fibreglass fabric.' Photograph: Cornish Pirates Fate also played a small but crucial part."
Kenn Moritz and John H Tippins, private equity investors based in Pittsburgh, became interested in the Cornish Pirates after reading about the club’s need for fresh investment. They pursued a minority interest on the club’s board alongside a consortium of local business owners. In return, they pledged an initial seven-figure investment intended to act as a springboard for the club’s future. Their background is primarily industrial investing, but the novelty of English rugby increased their enthusiasm. They also cite the appeal of rugby as more engaging than manufacturing work and note that timing and location helped shape their decision.
Read at www.theguardian.com
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