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Stellex Capital Management
Stellex Capital Management invests in middle-market industrial and service companies across North America and Europe using an operational turnaround model.
Stellex Capital Management
Founded by Ray Whiteman and Michael Stewart, Stellex Capital Management was built from the partnership the two developed as co-heads of Carlyle Strategic Partners. The firm launched with a mandate to acquire middle-market industrial and business-services companies — often through corporate divestitures, restructurings or family-ownership transitions — and drive performance improvement with dedicated operating resources. Stellex invests across North America and Europe in sectors including industrials, business services, food and consumer, aerospace and defense, transportation and logistics, and manufacturing. The firm executes buyouts, recapitalizations, divestitures, secondaries, and select growth investments. Confirmed positions include David Brown Santasalo, a gearing manufacturer, G2 Risk Solutions, a provider of merchant risk-intelligence software, and Officine Maccaferri, a civil-engineering infrastructure company. Stellex also operates a structured portfolio-operations unit, Stellex Resource Group, that places supply-chain, commercial and talent executives into its companies. In 2022 the firm expanded its European presence by hiring Mark Redman, formerly global head of private markets at abrdn, as a managing partner based in London. Stellex also maintains a Pittsburgh office and has steadily built its operating capability: by early 2025 it had added a head of portfolio operations, a commercial-transformation lead, and a supply-chain-transformation lead — all drawn from firms including Platinum Equity, Heidrick & Struggles and GE. Its investor-relations function is led by a former KKR and Brookfield professional. The team includes at least three managing partners and an investment committee that reviews every transaction. The firm’s structure is notable for its combination of a classic private-equity investment team and a fully staffed operations group — Stellex Resource Group — that embeds functional experts directly into portfolio companies. This hybrid of deal-making and hands-on operational intervention gives the firm a posture closer to an industrial turnaround shop than a conventional buyout fund, with the ability to pursue complex situations that require active management rather than passive ownership.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, United States
Additional offices
Pittsburgh
Principals
Ray Whiteman
Founder and Managing Partner
Michael Stewart
Co-Founder and Managing Partner
Mark Redman
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Stellex?
The Investment Committee oversees all decisions. It includes founders Ray Whiteman and Michael Stewart alongside Managing Partner Mark Redman, who leads European operations. The committee reviews every transaction; no single principal can commit capital unilaterally.
How does Stellex source its deals?
Stellex sources through corporate divestitures, family-business transitions, restructurings and sponsor-to-sponsor transactions. Its business-development team, led by a director and vice president who previously worked at Wynnchurch Capital, Pfingsten Partners and Highview Capital, cultivates relationships with independent sponsors, corporates and intermediaries across North America and Europe.
Does Stellex operate as a traditional buyout fund or a turnaround shop?
Stellex functions as a hybrid. It invests through buyouts, recapitalizations and secondaries, but unlike many generalist buyout firms it maintains a dedicated operations unit — Stellex Resource Group — that deploys supply-chain, commercial and talent executives directly into portfolio companies. This operational intensity makes it closer to an industrial turnaround platform than a standard private equity fund.
What kinds of companies does Stellex avoid?
Stellex concentrates on industrial, manufacturing, business-services, transportation, aerospace and food sectors. It does not invest in technology startups, pure-play software businesses or healthcare services. The firm targets situations where operational transformation — rather than financial engineering — can create value.
How does Stellex approach co-investments and club deals?
The firm regularly co-invests alongside independent sponsors and family offices. Its team has historically worked with entities such as RLJ Equity Partners, an affiliate of The Carlyle Group, and it structures transactions as club deals when additional sector expertise or capital is advantageous. Stellex typically leads the operational transformation even when co-investing.
Is Stellex a single family office or an institutional manager?
Stellex is an institutional private equity firm, not a family office. The firm raises capital from limited partners and invests in middle-market companies across multiple funds. Its founders previously ran Carlyle Strategic Partners, a distressed-investing group within Carlyle, before launching Stellex as an independent manager.
What is the role of the Stellex Resource Group?
Stellex Resource Group is an in-house portfolio-operations team. It embeds functional experts — heads of supply chain, commercial transformation and portfolio talent — directly into Stellex's companies. The group handles acquisition diligence, operational improvement plans and leadership recruitment. It was significantly expanded in early 2025 with hires from Platinum Equity, Heidrick & Struggles and GE.
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