TORONTO — Toronto-based private equity firm Callisto Capital LP has appointed former Pep Boys CEO Larry Stevenson as managing director.
Most recently Stevenson was the CEO of Pep Boys, a $2 billion automotive services and retail company. During his three-year tenure from 2003 to 2006, he initiated the company’s strategic turnaround. The company’s share price increased by more than 35 percent during his tenure.
Stevenson resigned from Pep Boys in July of 2006, amid pressure from the company’s two largest shareholders to turn around the business and prop up falling stock prices.
Prior to his time at Pep Boys, Stevenson was credited with revolutionizing book retailing in Canada by creating Chapters, Canada’s largest book retailer and the country’s first superstore book chain. Under his leadership, Chapters was recognized as the best retail brand by Canadian consumers for more than four consecutive years and provided an outstanding return on investment to the company’s original investors.
“Larry is a world-class addition to the Callisto Capital team,” said Jim Walker, managing director and co-founder of Callisto Capital. ”His track record makes him the ideal partner to help us build our business. The breadth and scope of his management experience will be a major resource for companies looking to expand.”
A former partner at Bain & Company, Stevenson was chosen to head the establishment of the firm’s Canadian business in 1989. The Canadian business was one of Bain’s fastest growing and most profitable country operations. He also led the firm’s European Mergers and Acquisitions practice in London. Stevenson’s work at Bain focused on manufacturing, technology, consumer goods, airlines and numerous service industries.
“We’re pleased to welcome Larry to Callisto and back to Canada,” said Joe Shlesinger, managing director, Callisto Capital. “I have followed his career since we worked together in launching Bain & Co. Canada and the common factor in all his business ventures has been growth. Larry will be a significant value-add across the full investment spectrum, from proactively sourcing deals to working with our portfolio management teams.”
Commenting on his appointment, Stevenson said “Callisto’s track record of building several profitable and sustainable industry-leading businesses was irresistible. Callisto is ideally positioned to capture tremendous opportunities that exist in the Canadian mid-market where it is important for private equity to do more than simply provide capital. I look forward to contributing to the continued success of the firm.”
Stevenson holds a bachelor’s degree in economics & commerce from the Royal Military College in Canada and a master’s degree in business administration from Harvard University.
For more information about Callisto Capital, go to: http://www.callistocapital.ca.