OUR TEAM
JIM TUMULTY // Principal and CEO
Mr. Tumulty has over 36 years' experience in the financial sector and has worked across a broad range of services including restructuring, capital markets, corporate finance, and M&A. He has spent the past twelve years at the Seaport Group and Raymond James, where he has led a team of professionals focused on investment banking services for the steel, paper and manufacturing industries. Mr. Tumulty served as CEO of Morgan Joseph’s Broker/Dealer and ran the High Yield, Restructuring, and “Difficult Financing” groups. He also started and ran the steel industry banking practice at Morgan Joseph. Mr. Tumulty was a director and major shareholder at Libra and ran the High Yield Trading Desk and Restructuring effort at Libra Securities. Mr. Tumulty played key roles in the Distressed and Restructuring groups at Paine Webber, Scotia Capital and Nat West Bank. Mr. Tumulty began his career in the International High Yield Bond Department at Drexel Burnham Lambert. From 1998 to 2004, Mr. Tumulty was an active participant as creditor, committee member or advisor in 19 steel industry restructurings. Mr. Tumulty is Chairman of the Board of Directors of Miami Valley Steel Services and is a significant shareholder. In addition, Mr. Tumulty serves on the Board of Directors for Specialty Steel Works, Inc. Mr. Tumulty is a founding shareholder of New Star Metals (now Material Sciences Corporation), a rapidly growing steel processing concern. Mr. Tumulty received his B.A. from Temple University in 1987 and his J.D. from New York Law School in 1995.
412-756-0068 // Email
ED SIEGEL // CFA, Principal and CFO
Mr. Siegel has over 30 years of experience in investment banking and financial analysis. He spent the past twelve years as an executive in Steel and Industrial Banking groups at the Seaport Group and Raymond James & Associates. He also was Manager of High Yield and Corporate Fixed Income desk analysts following three and one‐half years as manager of High Yield Research at TD Securities' New York office where he led TD’s Industrial Research efforts. Prior to TD, Mr. Siegel was a High Yield Research Analyst at Lehman Brothers for two and one‐half years. Mr. Siegel followed the Paper & Forest Products Industry, the Packaging Industry and the Steel Industry for Lehman Brothers High Yield Fixed Income group. Mr. Siegel’s prior experience include a similar role at Scotia Capital Markets and prior to that another two and Lehman Brothers. Mr. Siegel’s areas of expertise include Paper & Forest Products companies, Packaging companies, Steel companies, Cable Television companies, Automotive parts companies and General Industrial companies. Mr. Siegel previously served on the Board of Directors of Miami Valley Steel Services until 2021. His operating financial models have benefited a number of executives and investors in the steel industry. Mr. Siegel achieved an Institutional Investor ranking for his work in the Paper & Forest Products Industry in 1997 and still remains highly regarded by institutional investors. Mr. Siegel has an undergraduate degree from Tufts University (1982) and earned his CFA designation in 1991.
412-756-0069 // Email
JEREMY BREAZZANO // Principal
Mr. Breazzano joined Calibre in 2014 and was promoted to Partner in 2015. He is responsible for all aspects of investment management at Calibre, including sourcing and executing new investments as well as overseeing the existing portfolio. Previously, Mr. Breazzano was an Associate at Citigroup in the Telecom, Media, and Technology Investment Banking group. While there, he worked on numerous capital markets and M&A advisory transactions, primarily focused on the telecom infrastructure and wireless sectors. Prior to Citigroup, he was an Analyst at Raymond James in its Industrials Investment Banking group. While there, he predominantly worked on M&A advisory transactions within the steel sector.
Mr. Breazzano also currently serves as President of Bluehenge, a Columbus-based family office that invests in private equity, structured finance and other alternative asset classes.
Mr. Breazzano currently serves on the Board of Directors of Essintial Enterprise Solutions, a national provider of enterprise infrastructure services and support solutions for distributed technology. He currently serves on the Board of Directors of R&M Manufacturing, a full-service metal sheet stamping and fabrication company. He currently serves on the Board of Directors of CSDP, a service relationship management software developer and consultant. He currently serves on the Board of Directors of Royal Arc, an overhead crane services and rigging solutions provider. He also sits on the LP Advisory Committee for Tail-End Capital Partners, a private equity firm focused on GP-led secondary opportunities. Mr. Breazzano previously served on the Board of Directors of Jet East Aviation, a provider of aircraft maintenance services, until its successful sale to Gama Aviation in 2021.
Mr. Breazzano received his M.B.A. (with Distinction) from the Johnson School at Cornell University and received his B.A. in political science from Union College.
412-756-0066 // Email
JOSH CUNNINGHAM // Principal, Head of Business Development
Mr. Cunningham joined Calibre Group in 2022 as the Head of Business Development. Prior to joining Calibre Group, he was a Managing Director at ArkMalibu, a boutique investment bank in Cincinnati, Ohio, working with clients and leading transactions in the industrials, business services, aerospace and defense, healthcare, energy, and technology sectors. Before joining ArkMalibu, Mr. Cunningham worked at GE Aviation in the Corporate Development group leading acquisition, divestiture, and join venture transactions. Mr. Cunningham also has transaction experience working at Perella Weinberg Partners and Citigroup’s M&A Group. He is a decorated U.S. Army Veteran with multiple deployments in support of the Global War on Terror. Mr. Cunningham holds an M.B.A. from the Johnson School at Cornell University and received his Bachelor of Science from the Kelley School of Business at Indiana University.
707-227-6913 // Email
ERYK STUNDA // Analyst
Mr. Stunda is a member of Calibre Group, currently serving in an analyst role. Prior to joining Calibre in 2022, Mr. Stunda spent over a decade in the metals industry working directly with carbon steel and specialty alloy manufacturers. During this period, he served in multiple senior management roles across various financial, commercial and operational capacities. In addition, Mr. Stunda’s technical expertise and understanding of the steel melting process enabled him to design custom, direct to melt packages, optimizing raw materials costs in the turbulent metals’ commodity markets. Previously Mr. Stunda served on the board for the Pittsburgh Chapter of the ISRI trade association.
Mr. Stunda received his M.B.A., with a certificate in Business Analytics, from Robert Morris University and received his B.S. in Accounting from the Smeal College of Business at The Pennsylvania State University.
412-713-6171 // Email
RICH CARUSO // Operating Partner
Rich serves as an operating partner at the Calibre Group. He also serves in a similar role at North Park Capital and as an independent consultant providing financing and restructuring services and has a history of serving in various interim management (CEO, CFO and COO) assignments. Rich began his career in 1983 as a CPA at the Pittsburgh office of PWC prior to becoming the CFO of Ormet Corporation and Ravenswood Corporation. After approximately 15 years with Ormet, Rich became a Managing Director at Huron Consulting Group, working on numerous corporate restructurings including Winner Steel (interim COO and advisor to equity) and Neenah Foundry (Chief Restructuring Advisor and Interim CEO). Rich left Huron to become the CFO of RG Steel prior to becoming an independent consultant. In Rich’s 30+ years, he has been involved in originating and closing over $2 billion of financing transactions ranging from approximately $10 million to over $500 million. In 2007, Rich received the Turnaround & Workouts magazine Successful Restructurings recognition for his work on the successful restructuring and sale (without a bankruptcy filing) of Winner Steel.
Rich has served on numerous corporate (including Neenah Foundry, Motorcoach Industries, Ameribank) and non-profit boards (including the National Aviary, Baptist Homes) and is currently the President of the Board of Directors of the Foundation for Indiana University of Pennsylvania.
412-298-8675 // Email
Shawn tumulty // PRINCIPAL
Shawn Tumulty brings a unique skill set developed over his 31 year career as a restructuring professional, portfolio manager, and investor spanning the high yield, distressed debt, merger arbitrage, value equity, and private equity asset classes. During his 20 years at Franklin Mutual Advisers, LLC, in his roles as analyst, portfolio manager, head of distressed debt investing, and Vice President of the adviser, he negotiated many of the largest and most complex bankruptcy and out-of-court restructurings as a lead investor or creditor committee member, and often as a member of the steering committee. These restructurings include Finova, Comdisco, Pacific Gas & Electric, Adelphia Communications, CIT, Trump, Caesars, iHeart (also known as Clear Channel Communications), Cumulus, Frontier Communications, and Windstream. While his restructuring experience is broad-based and spans numerous industries, Mr. Tumulty's private equity investments are more focused on the steel and industrial sectors where he worked on names including International Steel Group, a groundbreaking steel industry roll-up initiated through a series of Bankruptcy Code Section 363 asset sales that required significant operational restructuring before eventually being sold to Mittal, and Esmark, a roll-up of the several steel service center businesses that eventually merged with Wheeling Pittsburgh and sold to Severstal. Prior to joining Franklin Mutual Advisors in 2000, Mr. Tumulty was a member of the distressed debt investment sleeve at Hamilton Partners, Ltd, a Bermuda-based hedge fund, from 1998 to 1999. From 1992 to 1998, Mr. Tumulty was an analyst, investor, and ultimately the leader of Proprietary Investment Group at Bankers Trust Company, deploying bank capital in the value equity, merger arbitrage, and distressed debt asset classes seeking asymmetric risk-adjusted returns. Mr. Tumulty began his career in 1989 as a desk analyst in the high yield department at Kidder Peabody & Company. Mr. Tumulty's previous board experience includes Esmark and Motor Coach Industries. Mr. Tumulty received his B.A. in Economics from Wagner College in 1989.
973-349-5275 // Email