Ethan Thurow

Ethan Thurow is a Managing Director and member of the General Partner at Calera Capital, a private equity firm he joined in August 2005. Calera (founded in 1991, formerly known as Fremont Partners) is a private investment partnership that has invested over $5 billion of capital, making substantial equity investments in middle-market operating companies and partnering with founder-led and family-owned businesses to drive operational and strategic transformation. The firm's most recent flagship vehicle, Calera Capital Partners V, closed at $555 million in 2017, and the firm is now investing out of Fund VI.

Before Calera, Thurow built a career across strategy consulting and private equity in Boston. He worked at The Parthenon Group (the strategic advisory firm now part of EY-Parthenon) early in his career, was an investment professional at Audax Group, a Boston-based private equity firm, and spent time at DLJ Merchant Banking. He earned an A.B. in Economics from Harvard University (1999) and an MBA from Harvard Business School (2005). He is a 1994 graduate of Concord Academy.

In his investing role, Thurow leads transactions and serves on portfolio-company boards. He currently sits (or has sat) on the boards of Atrium Home Services, Thayer Power & Communication Line Construction Co., ImageFIRST Healthcare Laundry Specialists, Arnott Industries (Arnott Air Suspension Products), and Carnegie, and was previously a director of United Site Services and IPS Corporation.

Outside of investing, Thurow is active in education governance, serving as a Trustee of Concord Academy and of The Meadowbrook School of Weston. He lives in Weston, Massachusetts with his wife, Ina Daci, and their two children.

• Invests as a control private equity investor in established middle-market companies — this is buyout/growth equity, not angel or seed investing.
• Equity checks generally in the $50M–$250M range, in platforms with enterprise values of roughly $100M–$750M.
• Calera's stated strategy is to partner with "founder-led, family-owned, and management-driven businesses" to "build and grow companies" through operational and strategic transformation.
• Concentrated sector focus: business services (especially tech-enabled and outsourced services), logistics/supply chain, and specialty industrials.
• Hands-on ownership model — Calera partners take active board seats and pursue buy-and-build (add-on acquisition) growth, as seen with portfolio companies like FitzMark in logistics.