(Bloomberg) -- J.W. Childs Associates changed its name, weeks after co-founder John Childs was charged with soliciting prostitution. The private equity firm will now be called Prospect Hill Growth Partners.
In early February, Childs was charged by Florida’s Vero Beach Police Department as part of a six-month-long criminal investigation into massage parlors. Childs, 77, who has a home in Vero Beach, retired from his namesake firm on Feb. 25. “The accusation of solicitation of prostitution is totally false,” he said last month.
While the firm’s name is new, Prospect Hill Growth Partners will continue to operate under the leadership of managing partner Adam Suttin and partners David Fiorentino, Jeff Teschke and William Watts, the firm said in a statement Monday. The firm chose the name to reflect its location at the foot of Prospect Hill in Waltham, Massachusetts.
Prospect Hill will continue to manage two investment funds that were established by J.W. Childs Associates, including majority interests in nine companies that were acquired since 2015. The firm seeks to take controlling equity stakes, of between $25 million and $100 million, in North American consumer and health-care growth companies.
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