After making its first equity investment of $1 million in Smith McGehee Insurance Solutions Aug. 1, Greenleaf Capital Partners is adding to its management team.
The Town & Country-based merchant banking firm has named Andy Spann as a principal.
Spann has largely been involved with the building maintenance industry throughout his career. Recently, he was in charge of day-to-day management with Hercules Window Cleaning Co., an operation owned by Spann’s family. He was also president of Spann Building Maintenance Co. from 1990 to 2000.
Greenleaf founding Principal Chip Smith said in a statement that Spann’s experience will help the company as it looks “to partner with passionate and proficient owners/management teams who want to invest in and grow their business.”
Greenleaf is also in the process of raising outside capital, targeting $5 million in the next six months. It’s current investment in Smith McGehee Insurance Solutions (SMIS) was completely funded by Smith, a private practice attorney who previously worked at AHM Financial. Smith said Greenleaf has soft commitments from six other investors for about $2 million that he hopes to have completed by the end of the year. In addition, Smith said the firm is planning one or two other investments by the end of the year with a total of up to $2.5 million.
At SMIS, the risk management and employee benefits consulting firm has reorganized their management team and added Bob Butler as a principal. SMIS Founder Smith McGehee, said Butler has more than 20 years of insurance experience.
“(Butler) is joining the senior management team and will be responsible for certain operational matters, as well as assisting with corporate development and strategic growth initiatives,” McGehee said.
Before starting SMIS in September 2011, McGehee sold Huntleigh-McGehee in 2004 to Michael Shanahan Jr., who serves as chairman, president and CEO.