November 18, 2015 / 11:08 PM / 4 years ago

MOVES-Two executives join new investment firm backed by Comcast -sources

Nov 18 (Reuters) - Former Comcast Corp chief financial officer Michael Angelakis hired two executives for his new investment company, according to people familiar with the matter.

The executives, former Sunoco LP Chief Financial Officer Clare McGrory and Davis Polk & Wardwell Partner David Caplan, are the first hires by Angelakis’ firm to come from outside of Comcast, which is the main financial backer of the company.

Representatives from Davis Polk and Sunoco confirmed the departures. Comcast declined to comment.

The firm will invest in and operate growth-oriented companies in the United States and globally. It plans to do deals in various sectors, and not just in technology, media and telecommunications.

McGrory will join the firm, which has not yet been named, as a partner and CFO, said the sources, who asked not to be named because the hires had not yet been announced. McGrory left the master limited partnership Sunoco on Oct. 30. Before she was CFO and treasurer, she has held other positions over the past 13 years at Sunoco in finance and investor relations.

Caplan, an attorney who focuses on mergers and acquisitions at Davis Polk, will become a partner and general counsel in the new company after he leaves the law firm at the end of the year.

Caplan has worked on several of Comcast’s major deals including its acquisition of NBCUniversal and its sale of spectrum to Verizon Wireless. He recently led the M&A group and worked with clients such as Aetna Inc, L Brands, PwC and Sterling Equity.

Angelakis announced earlier this year that he was stepping down as Comcast’s CFO to become the chief executive of the new company.

It has secured $4 billion in capital commitments from Comcast, along with up to $100 million from senior members of the management team, including $40 million from Angelakis personally. Comcast has an exclusive agreement to be the sole outside investor in the firm for 10 years.

Besides Angelakis, Comcast’s former corporate development and strategy chief Alexander Evans has also moved to the new firm as a partner. Both Angelakis and Evans previously worked at private equity firm Providence Equity.

Comcast announced earlier this month that longtime Morgan Stanley investment banker Robert Eatroff was joining the cable and media company to head global corporate development and strategy.

Reporting by Liana B. Baker; Editing by Chris Reese

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