Stephen Murray And The Origins Of CCMP

Founded in 2006, New York based CCMP Capital is a firm which handles private equity investment. Formally a division of JPMorgan Chase, Stephen Murray CCMP Capital actually has a line of descent which leads all the way back to the Manufacturers Hanover Corporation’s MH Equity Corporation. The MH Equity Corporation was a combination of the Manufacturers Corporation’s leveraged financed unit and it private equity group. MH Equity has gone through many iterations and drawn from the many organizations with which Manufacturers Hanover and later Chemical Bank has merged. The last of these was with JP Morgan & Company’s JP Morgan Partners in 2000.

Some of the companies which contributed to the development of CCMP in its present form include The Beacon Group, Hambrecht & Quist, Robert Fleming & Co., Chase Manhattan, Manufacturers, and J.P. Morgan & Company. These have helped to make CCMP as effective an investment firm as it is. It was only when the acquisition of Bank One in 2004 created a redundancy that it made sense to have what was then JP Morgan Partners become the stand-alone company known as CCMP. CCMP’s roots are reflected in its name. Each letter in its name reflects one of the companies that preceded it.

The announcement that JPMorgan Chase’s intention to spinout JP Morgan Partners and create CCMP was made in March 2005 but didn’t become official until 2006. During that time they decided the new name for the company would reflect and pay homage to the companies from which it was descended. So the acronym CCMP was chosen to reflect Chemical, Morgan Partners, and Chase’s role in its creation and development. It was also decided that long-time employee Stephen Murray would be at the helm of the new company. Murray’s growth at the company mirrored CCMP’s birth and growth.

Stephen P. Murray had joined the company immediately after he completed his undergraduate degree in Economics at Boston College in 1984. At that time he was a participant in the credit analyst training program at Manufacturers Hanover. Murray worked on his MBA at Columbia University while he was employed with the company. When he received his MBA in 1989, he was assigned to the company’s leveraged finances and private equity unit. He stayed with the company through its mergers with Chemical Bank, Chase Manhattan, and J.P. Morgan & Company. So he was well versed in JPMorgan Chase’s corporate culture and aims when he was selected to head CCMP.

Once he became president and CEO of CCMP, Murray oversaw the company’s spinout of Panorama Capital, Unitas Capital (formally CCMP Capital Asia), and Linzor Capital, which handled CCMP’s Latin American accounts. Stephen Murray remained CCMP’s CEO until his untimely death in the spring of 2015.

Leave a Reply