Blackmore Partners Chicago stands as a leading independent private equity firm, renowned for its strategic investments and operational expertise. Since 2005, this Chicago-based firm has been forging powerful partnerships with seasoned executives to acquire and cultivate industry-leading companies. At the heart of Blackmore Partners’ success is its exceptional team of managing directors, operating partners, and deal partners, each bringing a wealth of experience and a proven track record to the table. This article delves into the profiles of these key individuals, highlighting their expertise and contributions to Blackmore Partners Chicago’s impressive portfolio and reputation.
Gerald O’Dwyer: Managing Director/Operating Partner & Leader for Latin America
Gerald O’Dwyer – Managing Director/Operating Partner at Blackmore Partners Chicago
Gerald O’Dwyer is a distinguished figure in the private equity landscape, recognized for his thought leadership and innovative approach to investment. As the founder of Blackmore Partners Chicago, he has established an independent firm that provides both crucial capital and strategic business acumen to promising enterprises. His leadership philosophy centers on creating strong strategic alliances with existing management teams, leveraging Blackmore Partners’ deep expertise and extensive network to stabilize, strengthen, and foster long-term value creation within portfolio companies. Gerald’s investment focus and managerial skills are directed towards building a globally diversified portfolio across various sectors, including media, distribution, healthcare, defense, and financial services.
Beyond Blackmore Partners Chicago, Gerald is also a co-founder of the PECO Fund, a unique investment group composed of proprietary M&A intermediary partners, high-net-worth individuals, family offices, and institutional investors. This fund co-invests alongside Private Equity Sponsors, creating exclusive opportunities for its investors to participate in deals typically unavailable to the broader public. Gerald’s extensive network and partnerships with institutional capital enable him to connect with executives seeking to acquire companies, divisions, or target specific industries. He firmly believes that a strong management team is paramount to the success of any leveraged buyout (LBO), management buyout (MBO), or merger and acquisition.
Rick Grady: Deal Partner Bringing Technology and Financial Acumen to Blackmore Partners Chicago
Rick Grady – Deal Partner with Technology and Banking Expertise at Blackmore Partners Chicago
Rick Grady is a Deal Partner at Blackmore Partners Chicago with significant executive experience spanning over three decades in the technology and banking sectors. He has held senior leadership positions at prominent companies such as Electronic Data Systems (EDS), Affiliated Computer Services (ACS), and Computer Task Group (CTG), primarily within their banking and investment divisions. Rick’s expertise encompasses a wide range of corporate functions, including acquisitions, competitive intelligence, analyst relations, revenue enhancement, strategic planning, and research & development. His experience extends beyond technology to economics, finance, and government relations, having lobbied for community-based financial institutions and their customers at both state and federal levels.
Adding to his diverse background, Rick is also an elected official, serving as a Councilman in the City of Plano, and is a combat veteran of the U.S. Army. This blend of business, civic engagement, and military service underscores his disciplined approach and commitment to leadership, qualities that are invaluable to Blackmore Partners Chicago’s deal-making capabilities.
Yelena Edelstein: Deal Partner Driving Investment Strategy at Blackmore Partners Chicago
Yelena Edelstein – Deal Partner Specializing in Investment Thesis Development at Blackmore Partners Chicago
Yelena Edelstein is a Deal Partner at Blackmore Partners Inc., the Chicago-based private equity independent sponsor firm. Since joining Blackmore Partners Chicago, Yelena has been instrumental in driving the firm’s investment strategy, focusing on investment thesis development, deal origination, due diligence, valuation, and transaction execution. Her deep understanding of the private equity landscape and meticulous approach to deal analysis are critical to Blackmore Partners Chicago’s investment success.
Prior to joining Blackmore Partners Chicago, Yelena was a Principal at Amicus Capital Partners, another Chicago-based private equity firm specializing in the healthcare industry. Her experience in healthcare private equity provides a strong foundation for evaluating investment opportunities within this vital sector. Yelena’s entrepreneurial spirit is evident in her founding of two independent consulting firms: one focused on technology consultancy and the other on management consultancy. Her consulting career involved delivering innovative business and technology solutions for a wide array of clients, including Fortune 500 companies, mid-sized businesses, and startups across various industries such as insurance, financial services, healthcare, and retail. Her client portfolio includes industry giants like Allstate Insurance Company, Discover Financial Services, McDonald’s Corporation, and CVS/Caremark. Yelena is actively involved in initiatives such as the Clinton Global Initiative America and Upwardly Global, and mentors at MATTER, Chicago’s hub for healthcare innovation. She holds an MBA from Northwestern University Kellogg School of Management and has a strong academic background in Mathematics and Informatics.
Angelica Sepulveda: Human Resources and Talent Acquisition Manager
Angelica Sepulveda – Human Resources and Talent Acquisition Manager at Blackmore Partners Chicago
Angelica Sepulveda manages Human Resources and Talent Acquisition for Blackmore Partners Chicago. With a background in Psychology and Business from Cumberland University and an MBA in Human Resources, Angelica brings a strong academic foundation to her role. Since joining Blackmore Partners Chicago in 2018, she has effectively led the HR and Talent Acquisition Team, ensuring the firm attracts and retains top talent. Her expertise in human resources is vital to supporting Blackmore Partners Chicago’s growth and operational efficiency.
Ana Valdez: Human Resources and Talent Acquisition Manager
Ana Valdez – Human Resources and Talent Acquisition Manager overseeing Internship Program at Blackmore Partners Chicago
Ana Valdez, also a Human Resources and Talent Acquisition Manager at Blackmore Partners Chicago, joined the team in 2024. With a bachelor’s degree in Business Administration from Universidad de Monterrey, Ana has a solid background in business operations and HR management. Her experience in various industries, including manufacturing and logistics, enhances her ability to manage diverse HR functions within Blackmore Partners Chicago. Ana oversees the Internship Program and Talent Acquisition, playing a crucial role in developing future talent and strengthening the firm’s human capital.
Grayson Hoberg: Operating Partner with Extensive Executive Leadership
Grayson Hoberg – Operating Partner with Technology and Media Expertise at Blackmore Partners Chicago
Grayson Hoberg is an Operating Partner at Blackmore Partners Inc., leveraging his extensive U.S. and international experience in technology, media, telecommunications, manufacturing, and food industries to benefit Blackmore Partners Chicago’s portfolio companies. His career spans both Fortune 500 companies and startup environments, providing him with a versatile skillset to navigate diverse business challenges. Grayson excels at translating complex ideas and technologies into practical business solutions that yield measurable financial and operational improvements.
Throughout his career, Grayson has served in C-suite roles, including CEO, CFO, COO, and EVP for numerous public and private companies. His financial expertise is underscored by his leadership in successful stock offerings, private equity offerings, and various debt transactions. Grayson holds an MBA in Finance and Management Information Systems from the University of Denver and an Accounting degree from the University of North Dakota, providing him with a strong foundation in both business strategy and financial management.
Jim Carbine: Operating Partner Specializing in Operational Excellence
Jim Carbine – Operating Partner Focused on Revenue Growth and Operational Turnarounds at Blackmore Partners Chicago
Jim Carbine is an Operating Partner at Blackmore Partners Chicago with 35 years of experience, primarily in the packaging, paper, and paperboard industries. His operational expertise includes running a $175M division of a major packaging company and growing a $420M sales organization, expanding into international markets. Jim’s specialties include EBITDA and revenue growth, rapid turnarounds, and improving safety metrics. He is also a passionate advocate for Lean Six Sigma methodologies, driving operational efficiency and continuous improvement within portfolio companies. His entrepreneurial background includes owning and operating restaurants, showcasing his diverse business acumen.
Steven A. Brown: Operating Partner with Digital Transformation Expertise
Steven A. Brown – Operating Partner Specializing in Digital Solutions and Fintech at Blackmore Partners Chicago
Steven A. Brown is an Operating Partner at Blackmore Partners Chicago and also the Senior Partner of SB Digital Professional Advisors, a consultancy focused on accelerating commercial value for digital solutions in Fintech, Payments, and Printing industries. His deep expertise in digital transformation is invaluable in today’s rapidly evolving business environment. Prior to SB Digital, Steve was SVP, US Sales and Marketing for Brinks, Incorporated, where he successfully repositioned the company’s payments strategy and achieved record revenue growth. He has also held senior leadership roles at Fiserv, Mimeo.com, and CDS, consistently championing digital transformation initiatives and implementing lean processes.
Recognized as a “Printing Industry Pro,” Steve is adept at product innovation, marketing, business development, global operations, and M&A. His achievements include developing a patented color control system and securing a major agreement with Apple’s iPhoto®. Steve holds a BS in International Business from Chapman University.
Jeremiah Wanzell: Operating Partner Focused on Consumer Products Growth
Jeremiah Wanzell – Operating Partner with Consumer Products and Brand Growth Expertise at Blackmore Partners Chicago
Jeremiah Wanzell is an Operating Partner at Blackmore Partners Chicago with a proven track record of improving EBITDA, working capital, and competitive positioning, particularly within the consumer-products sector. His career began in retail buying at Bloomingdale’s, providing him with a deep understanding of both retail and wholesale aspects of the consumer ecosystem. For the past 15 years, Jeremiah has served as Chief Growth Officer or Vice President of Sales for major brands, demonstrating his expertise in driving revenue and market share growth.
Jeremiah has a 22+ year track record of developing, marketing, and distributing over $1 billion of consumer products for globally dominant brands like Hugo Boss and Calvin Klein (PVH Corp). His experience includes multi-channel growth strategies across nearly every consumer product category. He has consistently delivered significant results, such as doubling the revenue growth of a European brand in the USA and turning around a major brand category post-acquisition, adding millions in EBITDA.
Rene de Wit: Operating Partner Specializing in Turnarounds and Restructuring
Rene de Wit – Operating Partner Focused on Restructuring and Performance Improvement at Blackmore Partners Chicago
Rene de Wit is an Operating Partner at Blackmore Partners Chicago whose mission is to strengthen companies by improving performance, leading transformations, and supporting management teams. His experience spans all stages of a company’s lifecycle, from early-stage growth to mature and distressed situations. Rene’s key expertise lies in restructuring and M&A, with sector experience including automotive, manufacturing, transport, logistics, banking, and technology. He has served in 12 Interim CEO/CRO roles, consistently achieving significant improvements within 6 to 18 months, including labor cost reductions, sales increases, and a return to profitability. Rene is adept at working with lenders and navigating complex financial situations.
Tony Maranto: Operating Partner with Oil and Gas Industry Leadership
Tony Maranto – Operating Partner with Extensive Oil and Natural Gas Industry Experience at Blackmore Partners Chicago
Tony Maranto is an Operating Partner at Blackmore Partners Chicago with over 40 years of experience in the oil and natural gas industry, including two decades in executive leadership roles at Roan Resources and EOG Resources. As CEO of Roan Resources, Tony led the company through significant growth, more than doubling its size from inception to sale, and guided its conversion to a public company listed on the NYSE. His experience also includes executive positions at Continental Resources and EnerVest Operating Company. Tony’s expertise spans operations, asset development, and deal-making, making him highly effective in identifying, growing, and monetizing assets to create investor value. He holds degrees in Petroleum Engineering and Business Administration.
Joe Raphael: Operating Partner with Healthcare Industry Expertise
Joe Raphael – Operating Partner Specializing in Healthcare and Outpatient Medical Industries at Blackmore Partners Chicago
Joe Raphael is an Operating Partner at Blackmore Partners Chicago with 25 years of experience in the healthcare industry, focusing on outpatient medical, behavioral, population, and public health sectors. His expertise centers on building ideas into measurable financial and operational results. Joe’s diverse background includes roles as a Clinician, Advisor, Board Member, Chief Executive, and Consultant. He has started numerous businesses and has a strong track record of meeting or exceeding growth targets in the healthcare sector. His deep industry knowledge and entrepreneurial drive are invaluable assets to Blackmore Partners Chicago’s healthcare investments.
David Patterson: Operating Partner Driving Technology Innovation
David Patterson – Operating Partner Focused on Disruptive Technologies and Market Expansion at Blackmore Partners Chicago
David Patterson is an Operating Partner at Blackmore Partners Chicago specializing in utilizing advanced technologies to create differentiated product portfolios and disrupt existing markets. His expertise spans Fortune 500, private equity-owned, and venture capital-backed companies. David excels at building global alliances to accelerate market penetration and competitive differentiation. He has a proven track record of scaling product portfolios to #1 global market share, with several exceeding $1 billion in revenue. His industry experience includes automotive, consumer electronics, critical infrastructure, robotics, semiconductors, and telecommunications. David is currently consulting on growth and go-to-market strategies leveraging emerging technologies such as AI and predictive analytics. He holds degrees in Physics and Mathematics, with advanced studies in Signal and Image Processing.
Jim Parker: Operating Partner with Healthcare Financing and Policy Expertise
Jim Parker – Operating Partner Specializing in Healthcare Financing and Regulatory Navigation at Blackmore Partners Chicago
Jim Parker is an Operating Partner at Blackmore Partners Chicago and a respected thought leader in healthcare financing, delivery, and regulation. His senior leadership roles include positions with large national payers like Anthem (Elevance), IU Health, and as a Senior Advisor to the HHS Secretary. Jim excels at diagnosing complex problems, communicating effectively, and guiding organizations through change to improve performance. His expertise includes resolving public policy challenges and transforming underperforming organizations. With an MBA from Ohio State University and 25 years of healthcare management experience, Jim is highly regarded in the healthcare industry and serves on the boards of several healthcare firms.
John Payne: Operating Partner with Technology Turnaround and Growth Expertise
John Payne – Operating Partner Focused on Technology Turnarounds and Market Growth Strategies at Blackmore Partners Chicago
John Payne is an Operating Partner at Blackmore Partners Chicago with a strong background in technology and a proven track record in turnarounds and growth strategies. His early career involved growing a family business significantly, improving revenue and margins. Later, at Vitec Group – RF Systems, John grew the government and foreign military line substantially. He has served as Interim CEO for PE-backed turnarounds, achieving significant IRR for PE firms. John also led growth and turnaround efforts at XG Technologies (VISL), expanding the company globally through organic growth and acquisitions. His expertise includes technology development, turnaround management, M&A, and improving EBITDA margins. John holds degrees in Electrical Engineering and an MBA from Cornell University.
Derek Ellington: Operating Partner with Financial Services and FinTech Expertise
Derek Ellington – Operating Partner Specializing in Financial Services and Business Value Creation at Blackmore Partners Chicago
Derek Ellington is an Operating Partner at Blackmore Partners Chicago with a 30-year career in Financial Services, supporting businesses across Middle Market, Large Corporates, and Small Business segments. He has held senior leadership roles at Wells Fargo and Bank of America and serves as a Strategic Advisor in the FinTech space. Derek’s industry experience includes FinTech, Healthcare, Manufacturing, and Automotive. He has specialized knowledge of AI, Payments, Cash Management, Lending, and Software Solutions. His operational highlights include managing large P&L’s, aiding in successful acquisitions, and leading organizational redesign efforts to enhance business performance. Derek holds degrees in Computer Science and Business Administration, and a master’s degree in International Business.
James Fanning: Operating Partner with Global Executive and M&A Experience
James Fanning – Operating Partner with Global Strategy and M&A Advisory Expertise at Blackmore Partners Chicago
James Fanning is an Operating Partner at Blackmore Partners Chicago, bringing vast expertise in global executive leadership and M&A activities. His career includes senior roles in Fortune 500 and private equity companies like Whirlpool, Overhead Door Corporation, and Daltile. James has successfully defined strategies, developed teams, and driven results across diverse global assignments. He advises Private Equity partners and Business Owners in M&A related activities, focusing on both buy-side and sell-side engagements. His experience includes leading strategic planning, integration processes for acquisitions, and driving synergy value. James holds degrees in Mechanical Engineering and an MBA from the University of Illinois.
Diana Gabino, Yaneli Canul, Yazmin Canul, Carlos Peralta, Raul Correa, and Fernando Pérez: Mexico Operations and Support Team
Microsoft Teams Image – Representing Mexico Operations and Support Team at Blackmore Partners Chicago
Diana Gabino (Director of Mexico Operations), Yaneli Canul (Mexico operations, Bookkeeping, Mexico Compliance), Yazmin Canul (Mexico operations, Bookkeeping, Mexico Compliance), Carlos Peralta (Office operation maintenance), Raul Correa (Marketing), and Fernando Pérez (Nearshoring sales and marketing) form the vital Mexico Operations and Support Team for Blackmore Partners Chicago. This team plays a critical role in supporting the firm’s operations and expanding its reach, particularly in nearshoring and Latin American markets, contributing to Blackmore Partners Chicago’s global capabilities and operational efficiency.
Conclusion
The team at Blackmore Partners Chicago represents a powerhouse of expertise and experience across diverse industries and functional areas. From seasoned managing directors to operationally focused partners and a dedicated support team, each member contributes uniquely to the firm’s success. This depth of talent allows Blackmore Partners Chicago to effectively identify, acquire, and grow companies, delivering significant value to investors and portfolio companies alike. Their Chicago base positions them strategically to engage with businesses across North America and beyond, making Blackmore Partners a formidable force in the private equity world.
