FM Facility Maintenance in Hartford has brought onto its board of directors a merchant banker with experience shepherding a company from private to public hands.
John Kenny, managing director of New Day Capital LLC and formerly chief financial officer for digital information protection and storage firm Iron Mountain Inc., will chair FM’s audit committee, FM Chairman Jim Barnes said.
Kenny’s hiring comes barely a week after FM announced it raised $12 million in a private placement of preferred stock to finance a buying spree.
FM says it generates more than $450 million in annual revenue doing contract maintenance and other services to chains like 7-Eleven and other commercial operators.Â
FM is an affiliate of Barnes’ other private company, Oakleaf Waste Management in East Hartford.
FM will use the money to expand its footprint and pursue “strategic acquisitions in the facility maintenance industry,” company officials said without elaborating.
During Kenny’s term from 1991 to 2009 as executive vice president, CFO and a director, Iron Mountain grew 100 fold from a domestic private firm with $30 million in yearly revenues to a publicly traded global firm, FM said in a news release. Its more than 300 acquisitions and acquisitions were funded with $5 billion raised through 15 public offerings.
“John’s experience will be invaluable to us as we embark on our acquisition strategy” Barnes said.
Before Iron Mountain, Kenny was a merchant banker for CS First Boston. Kenny has previously served on a number of public and private company boards, and currently is a director of Zipcar.
He has an engineering degree from The Massachusetts Institute of Technology and an MBA from Harvard Business School.
