BRIGHTON, Mich. — Three former Johnson Controls executives have formed Newnorth LLC, a leadership management team with a mission to identify, acquire and implement successful turnaround strategies for troubled manufacturing companies. The company was founded in September.
The Newnorth business philosophy emphasizes the creation of sustainable business enterprises — robust and enduring companies that operate on strong fundamentals of emotionally connected leadership, human capital, product innovation and effective business systems.
"Today, authentic leadership, human capital management and creating a culture of innovation are often overshadowed by a quest for quick-fix gains in operational efficiency," said Jeff Steiner, president, CEO and founding member of Newnorth. "This is not our approach, since sustainability is the ultimate goal."
Steiner previously served as a business unit vice president and general manager for the Automotive Experience group of Johnson Controls, one of the world’s largest automotive suppliers. His partners in the new venture are Rande Somma, former president of the Johnson Controls automotive business, and Nate Young, who served at the company as executive vice president of design and new product strategy.
According to Newnorth’s founders, the firm seeks to invest in — and actively manage — product-based companies that are struggling to thrive with their current leadership teams. Such businesses may include family-owned enterprises, internal corporate start-ups or private-equity firms that haven’t succeeded in hiring and mobilizing effective leadership teams.
"As a cohesive team, Rande, Nate and I created something very special during our 10-year tenure at Johnson Controls," said Jeff Steiner. "We refined and applied our basic business philosophy that focuses in four critical areas — leadership, innovation, human capital and business systems."
Steiner believes that many of today’s companies only focus on business systems or operational improvements to achieve short-term goals, and neglect the other three legs of the platform.
"It’s very much like cutting off your leg to save 20 pounds, rather than dieting and exercising," said Steiner, "One solution is quick and effective — and debilitating — and the other involves hard work, but the outcome is better health and long-term sustainability. In today’s market, there are too many amputee specialists and not enough health and wellness coaches."
Newnorth says it is looking for mid-size U.S. based manufacturing companies in the transportation, institutional and residential interior markets with $25 million to $250 million in annual revenue. The company is interested in second stage or internal-corporate start-ups that need significant management talent for rapid growth; mature, stagnant companies, that need innovation, new skills and modern leadership to sustain health and growth; and non-core, carve-outs, units divested from larger companies.
For more information visit www.newnorthllc.com, or call Jeff Steiner at 734-786-5253 Ext. 702.
