Pirate Capital LLC
Encyclopedia
Pirate Capital LLC is a Norwalk, Connecticut
based investment adviser founded in 2002 by Thomas R. Hudson Jr. The firm employs shareholder activism to push for structural changes in target companies.The firm’s assets fell to $375 million as of September, 2007 from $1.8 billion a year earlier.
The fund purchases stakes in underperforming companies and then pushes for managerial action. The company's motto is: "Surrender the Booty!"
Tom Hudson, 41, who founded Pirate in 2002, is known for acquiring stakes in companies and pushing management to make changes to boost their stock prices.
Norwalk, Connecticut
Norwalk is a city in Fairfield County, Connecticut, United States. According to the 2010 U.S. Census, the population of the city is 85,603, making Norwalk sixth in population in Connecticut, and third in Fairfield County...
based investment adviser founded in 2002 by Thomas R. Hudson Jr. The firm employs shareholder activism to push for structural changes in target companies.The firm’s assets fell to $375 million as of September, 2007 from $1.8 billion a year earlier.
Investment Strategy
Pirate Capital LLC is the general partner entity to 4 funds (listed below). All 4 funds employ the same approach to investing, though the activist funds tend to be significantly more concentrated, and primarily consist of equity instruments in companies that are targeted for activism.The fund purchases stakes in underperforming companies and then pushes for managerial action. The company's motto is: "Surrender the Booty!"
Tom Hudson, 41, who founded Pirate in 2002, is known for acquiring stakes in companies and pushing management to make changes to boost their stock prices.
Noted instruments
Pirate is known to be associated with the following entities (with approximate assets under control, pulled from various open sources - September, 2007):- Jolly Roger Offshore Fund LTD - $199m
- Jolly Roger Fund LP - $79m
- Jolly Roger Activist Fund Onshore - $39m
- Jolly Roger Activist Fund Offshore - $58m
- Total Assets Under Management as of August 1, 2008 - $1
Key Personnel
- Thomas R. Hudson, Jr, founder and sole managing partner; formerly managed a portfolio of distressed bank debt at Goldman SachsGoldman SachsThe Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
. Mr Hudson was fired from Goldman Sachs in 1999 and from Amroc Investments in 2001.