Watermill outlines succession plans

The Watermill Group has promoted Julia Karol to president and chief operating officer and Michael Fuller to chief financial officer.

Massachusetts-based Watermill, which describes itself as a “strategy-driven private investment firm” has made the promotions in preparation for the next stage of the company’s growth, according to a statement from the firm.

“This is all about developing the firm for the next generation and succession planning,” said Watermill managing partner and founder Steven Karol. “We’re making sure the younger talent has their day in the sun.”

Watermill’s current leadership is in their 50s and 60s. The firm’s investor base is made up of high-net worth individuals and invests on a deal by deal basis. Watermill specializes in investments in the manufacturing, value-added distribution and business services sectors in North America.

The newly promoted trio are “hoping to take the legacy forward,” said Juila Karol.

Julia, who is also Steven Karol’s daughter, has worked at Watermill for over seven years. She formerly served as principal for the firm and was responsible for guiding the day-to-day operations of the firm, directed the firm’s investor relations and managed fundraising initiatives for acquisitions, according to the statement.

In her new role, she will oversee firm operations and will help Watermill portfolio companies develop and implement their strategies.

Alongside his new position, Fuller will continue as principal for the firm, a position which he has held for nearly four years. As CFO he will be responsible for the financial quality and strength of the firm and its portfolio companies. Prior to joining Watermill, Fuller served as director at capital advisory firm Phoenix Management Services. He is also a member of the Turnaround Management Association.

In addition, the firm promoted its current director of transactions, Matthias Bergin to principal. In this role Bergin will expand his transaction oversight responsibilities, which includes the evaluation, due diligence and execution of potential transactions as well as providing project-specific assistance to portfolio companies, according to the statement.