Pinnacle Receives Strategic Investment
February 21, 2012
Pinnacle Holding Company, LLC, a Syracuse, New York based financial services firm announces it has received strategic funding from two individual co-founders of Riverwood Capital, a private equity firm based in Menlo Park, California. "This investment will allow Pinnacle to accelerate its strategy of creating an employee owned financial services powerhouse" said Gregg Kidd, Pinnacle’s CEO. "We continue to attract investment professionals looking to capitalize on their career successes while providing a better environment for their clients," said Kidd.
The investment by Michael Marks and Thomas Smach comes as Pinnacle looks to continue its accelerated growth which, since its inception in 1996, has grown at over 20% a year.
Michael Marks is a founding Partner of Riverwood Capital. Prior to establishing Riverwood, he was a Partner and Senior Advisor at Kohlberg Kravis Roberts & Co. in 2006 and 2007. Before KKR, he spent 13 years as Chairman and CEO of Flextronics International Ltd. (Nasdaq: FLEX), building the company into one of the world’s largest technology companies. Electronic Business Magazine named Marks one of the Top Ten Most Influential Executives in Silicon Valley History and CEO of the Year for 2003. Marks earned an MBA from Harvard Business School and a BA and MA from Oberlin College in Oberlin, Ohio. He is a director of SanDisk Corporation (Nasdaq: SNDK), Schlumberger Limited (NYSE: SLB), The V Foundation for Cancer Research (non-profit), Juilliard School (non-profit), Aptina Imaging, and GoPro.
Thomas Smach is also a founding Partner of Riverwood Capital. Prior to Riverwood, Smach was the Chief Financial Officer of Flextronics International Ltd. He has overseen the acquisition of more than 100 companies for an aggregate purchase price of approximately $15 billion, the sale of companies for an aggregate sales price of over $5 billion and the raising of over $15 billion in the debt and equity capital markets. Smach joined the Pinnacle board in September 2011. As a proven CFO, Smach understands the importance of not only protecting the financial health and assets of a company by implementing strategies to cut costs and reduce risk, but also providing the resources needed to execute a company’s long-term strategy which will be invaluable to Pinnacle as it executes its growth strategy. Smach received B.Sc. in Accounting from State University of New York at Binghamton. He is a director of Crocs, Inc. (Nasdaq: Crocs), ADVA AG Optical Networking, a public company on the Frankfurt, Germany stock exchange (XETRA: ADV.DE) and Sintec Media Ltd., a private company in Israel.
Marks and Smach led Flextronics as it increased annualized revenues from approximately $93 million to approximately $36 billion, while establishing operations in over 35 countries with more than 200,000 employees and integrating over 100 acquisitions. The tandem teamed up with four other co-founding partners and applied their global technology operating and acquisition experience to form Riverwood Capital, a California based private equity fund that invests equity growth capital in global technology companies.
Pinnacle Holding Company, LLC, is a Syracuse, New York based financial services firm and parent company of Pinnacle Investments, Pinnacle Capital Management and Confidential Planning.
Pinnacle Investments has, since it’s founding in 1996, grown to become one of the largest independent broker-dealers in Central New York. The firm provides a full range of services including financial planning, wealth management, traditional securities brokerage and employee sponsored retirement plans.
Pinnacle Capital Management is a money management firm catering to Institutions, Pension Funds and High Net-Worth Individuals.
Confidential Planning provides 403(b) retirement solutions to schools and not-for-profit organizations.
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