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The
firm, which acquires businesses in sectors including technology,
retail, and healthcare, appointed Martin McNulty Jr. as its
chief operating officer and head of mergers and acquisitions,
Acacia Chief Executive Officer Clifford Press told Reuters.
The appointment comes after global merger and acquisition
activity set new records last year. But the pace of takeovers
may be dampened by rising financing costs, expectations of
greater regulatory scrutiny mount and as geopolitical unrest
unnerves investors.
Acacia also promoted Wesley Golby, its chief of research, to
chief investment officer. Golby previously co-founded investment
firm Seven Canyons Advisors. The appointments are effective
immediately.
McNulty, who goes by MJ, had been CEO of Starboard's
special-purpose acquisition company (SPAC), Starboard Value
Acquisition Corp, which combined with data center Cyxtera
Technologies Inc last year. The deal valued the company at $3.4
billion.
"Adding MJ to our leadership team completes the build out of our
core acquisition platform," Press said, adding that McNulty's
skills in making operational improvements "will now be applied
to current and prospective portfolio companies."
Acacia agreed with Starboard two years ago that the hedge fund
would provide as much as $400 million in capital for strategic
investments and acquisitions.
In late January, Acacia offered to buy Kohl's for $64 a share,
making an offer that would have valued the retailer at roughly
$9 billion. Kohl's rejected this and another initial offer from
private equity firm Sycamore Partners.
Acacia, which declined to comment on Kohl's, remains in active
discussions with the retailer's banker as it runs a sales
process, according to sources familiar with the matter.
(Reporting by Svea Herbst-Bayliss; Editing by Rashmi Aich)
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