41 North Partners began in 1981 with the formation of Trenwith Capital, Inc. by Ron Ainsworth and Andrew Boyd-Jones. Their original focus was in the turn-around / corporate restructure area with a combination of consulting and direct investment activities. Their first investment occurred in 1982 with the acquisition of American Campgrounds, Inc. which they successfully resold in 1984 to a New York Stock Exchange Company.
During the 1980s they concluded a series of both turn-around and traditional corporate assignments and investments. During this time, the Principals of 41 North completed over 60 assignments including 6 investments. As the “Volker Era” ended and the inventory of Special Assets declined, the business was expanded into Investment Banking and in 1991 the name was changed to Trenwith Securities, Inc. which was a FINRA registered broker-dealer.
In the 1990s Trenwith Securities, Inc. concentrated on Mergers and Acquisitions and Corporate Finance by looking at companies between $5 and $100 million in sales although in certain industries the Principals executed transactions with Non-revenue companies or Companies with market caps of more than $200 million. Special Situations (restructures) were still done as well as Direct Investments in certain of our clients. John Stroh was with Trenwith Securities through much of the 1990s and built its Healthcare and Active Sports businesses. By the end of the decade, Trenwith Securities had completed over 170 assignments and made an additional 10 investments.
The new century has brought about immense change in the Investment Banking business. In the years before 2008 the now Trenwith/BDO grew to be an international business with over 100 offices in 35 countries when Ron finally sold his interest. For a brief time, Keith was head of Trenwith’s Investment Banking business in the U.S. John became CEO of a variety of Healthcare companies in Southern California and Andrew was a Principal at a NYC based Family Office. Starting in 2012 things began to align themselves differently and the Principals of 41 North Partners began to come together again.