Liberty Safe, the company that changed its policy after providing the access code to a January 6 defendant’s safe to the FBI, was acquired by Monomoy Capital Management in 2021. Those close to Monomoy donate almost exclusively to Democrats, including Senator Raphael Warnock (D-GA), while the company was recently honored for its innovations in the field of Environment, Social and Corporate Governance (ESG).
After Liberty Safe was acquired by Monomoy in 2021, its CEO Steve Allred was interviewed for the investment company’s website in 2022. When asked about supply chain disruptions during the COVID-19 pandemic, Allred credited Monomoy’s acquisition for allowing Liberty Safe to streamline its operations, freeing up “additional capital” to continue the company’s growth.
Data aggregated by Open Secrets reveals that Monomoy employees, owners, executives, or their family, donated a combined $96,863 to Democrats, including $8,363 to Warnock, in the 2022 political cycle. Similarly, $101,406 was donated to Democrats in the 2020 cycle, including $8,354 to the campaign of President Joe Biden, $5,910 to Senator Jon Ossoff (D-GA), and $3,100 to Warnock.
Since 2006, the website reports those associated with Monomoy have given only $2,500 to Republicans, in just one donation to former Senator Joe Walsh of Illinois.
Monomoy, which says it holds more than $2.7 billion in capital, was also “honored to be named” an innovator in ESG by industry publication Mergers & Acquisitions in 2022, with Senior Operating Executive Ethan Klemperer explaining Monomoy has “a rigorous ESG benchmarking process that we require by all of our portfolio companies on a quarterly basis, allowing us to continue our oversight and measure ESG initiatives and progress.”
In their announcement honoring Monomoy, Mergers & Acquisitions wrote that the company “engages everyone from the ground up in ESG at both the firm and portfolio companies.”
The Star News contacted Liberty Safe to ask about the quarterly ESG process required by Monomoy but did not receive a response before press time.
However, a disclosure on Monomoy’s website explains the company “does not deploy a dedicated” ESG “strategy” and “instead considers ESG risks” when making decisions. The company also notes that it joined the United Nations-supported Principles of Responsible Investment, an ESG initiative, in November 2020.
The company’s official ESG policy seems to date to October 2020. In it, the company outlines how ESG will be embraced, beginning with “a high-level ESG evaluation” of all companies targeted for acquisition, potentially enlisting “a third party” should “material ESG issues” be discovered.
After the acquisition, the company’s Operating Team will then “work with the management team” of the acquired company “to develop and implement an ESG action plan” unique to the business’s requirements. Once that is complete, the acquired company is required to provide a quarterly “report on the progress of their ESG action plan” to track ESG across all Monomoy investments.
Another Monomoy executive, Operating Team President Helen Ruth, was featured as an authority on ESG during a Mergers & Acquisitions conference last year.
Relating Monomoy’s philosophy on ESG, she explained, “[i]t’s how serious you take it – the follow-up, the execution, making sure you’re managing and measuring what you’re doing.”
Liberty Safe was valued at $147.5 million when it was acquired by Monomoy, according to Private Equity Professional. The outlet added that Liberty Safe was previously purchased by Compass Diversified, a publicly traded company, for $70 million in 2010.
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Tom Pappert is the lead reporter for The Georgia Star News and a reporter for the Arizona Sun Times. Follow Tom on X/Twitter. Email tips to [email protected].
Photo “Liberty Safe” by Liberty Safe.
