IPC Appoints Industrial Executive Carlos M. Cardoso as Senior Advisor

NEW YORK – Irving Place Capital, a middle-market private equity firm, announced today that it has appointed Carlos M. Cardoso as a Senior Advisor. Mr. Cardoso will work closely with the principals of Irving Place Capital to identify and pursue new manufacturing and distribution investments in the industrial sector.

Mr. Cardoso was formerly Chairman and CEO of Kennametal Inc., a global leader in metalworking solutions and engineered components serving a diverse range of industrial and infrastructure markets. Mr. Cardoso spent more than a decade at Kennametal, the last nine years of which he served as CEO. During his tenure as CEO, Mr. Cardoso more than doubled profitability and returns on invested capital while diversifying the business mix, global reach and end-market exposure. Prior to his time at Kennametal, he held executive roles at Flowserve Corporation and Honeywell Inc. (AlliedSignal). Mr. Cardoso was named one of “America’s Best Chief Executive Officers” by Institutional Investor Magazine and currently serves on the Boards of Directors of Stanley Black & Decker, Inc. and Hubbell Incorporated.

“I am excited to join Irving Place Capital and look forward to helping expand the industrial practice,” said Mr. Cardoso. “Joining forces with a firm that is already well positioned in this area will enable me to effectively apply my knowledge and experience serving customers.”

“Carlos is a valuable addition to our team. His relevant experience and focus on operational excellence will be tremendous assets as we evaluate new opportunities and drive value creation strategies at our portfolio companies,” said Devraj Roy, Partner at Irving Place Capital. “Working with executives of his caliber allows us to have the conviction to aggressively pursue opportunities with the confidence that we will realize the full potential of our investments.”