The Cynosure Group Launches

the-cynosure-group-logoThe Cynosure Group, a direct investment platform to source, evaluate, and manage direct private equity investments, has been launched.

Based in Salt Lake City, in the historic First Security Building at 79 South Main Street, the Cynosure Group has been formed to bring together the resources of a number of family offices, including the Eccles family of Salt Lake City, to make long-term equity investments in private companies across a range of industries.

The firm will be led by Randal K. Quarles, former Under Secretary in the Treasury for the George W. Bush Administration as well as managing directors Spencer P. Eccles and Herbert E. “Bud” Scruggs.
Cynosure will invest in small and mid-size firms that have strong management and, typically, good cash flow.

The Managing Directors

Randal K. Quarles is the former Under Secretary of the Treasury in the George W. Bush Administration. Before founding Cynosure, Mr. Quarles was a longtime partner of The Carlyle Group, one of the world’s largest private equity firms. In addition to his record as a successful investor, he has long experience at the highest levels of the international financial architecture, having represented the U.S. for many years in the G7, G20, and Financial Stability Forum, and having served the U.S. as Executive Director of the International Monetary Fund, Executive Director of the European Bank for Reconstruction and Development, and as a member of the Board of Directors of the Overseas Private Investment Corporation. Earlier in his career, Mr. Quarles spent many years working as a partner at the Wall Street law firm of Davis Polk & Wardwell, where he was the co-head of the firm’s Financial Institutions Group and advised on transactions that included a number of the largest financial sector mergers ever completed. He has served as a member of the board of directors of numerous public and private companies. Mr. Quarles is a graduate of Columbia University and the Yale Law School.

Spencer P. Eccles recently announced the completion of his five-year commitment as the Executive Director of the Governor’s Office of Economic Development (GOED) for the State of Utah which oversees statewide business, tourism and film development, international trade, rural economic development, and the Utah Health Exchange. During his tenure, GOED facilitated the expansion or relocation of strategic anchor companies in Utah’s urban and rural counties – companies that are projected to create more than 32,500 jobs and $2.1 billion in new state revenue over the next decade. Mr. Eccles will remain an advisor to the Governor on economic development issues and has been involved on numerous public and private boards, including as chair of the Governor’s Economic Council, vice-chair of the Utah Science Technology and Research (USTAR) initiative, vice-chair of the STEM Action Center, and a member of the Utah Capital Investment Board (UCIB), which supports venture capital investment firms to help grow Utah’s innovative companies. Previously, Mr. Eccles provided leadership to web-based software and materials technology companies in the U.S. and abroad. He was formerly affiliated with Wells Capital Management (Wells Fargo Bank). In 1997, the Salt Lake Organizing Committee for the 2002 Olympic Winter Games tapped Mr. Eccles to develop and oversee the premier Olympic downhill events as well as all of the alpine Paralympic competitions. Mr. Eccles received his MBA from BYU’s Marriott School of Management and his BA in history from the University of Utah.

Herbert E. “Bud” Scruggs has over a decade of experience in the senior leadership at Leucadia National Corporation. He has an extensive background advising some of the wealthiest families in the world, including working in Perth, Australia as CEO of The Metal Group, the private holding company of Andrew Forrest, and as President and CEO of Huntsman Financial Corporation. He is a director of Fortescue Metals Group, one of the largest mining companies in Australia, and has extensive experience as a director of both public and private companies, including American Investment Bank, Barbados Light and Power, Poseidon Nickel, Deseret Morning News, Empire Insurance, and MK Gold – including experience on multiple audit and executive committees. Previously, Mr. Scruggs served as Chief of Staff to Governor Norman Bangerter and was a co-founder and partner with Governor Michael Leavitt of the Public Affairs Advisory Group. Mr. Scruggs received his JD from BYU’s J. Reuben Clark Law School and a degree in Political Science from Brigham Young University.



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