Team

Management Team

Keith W. Pennell - Managing Partner

Keith joined DFW in 1998 as a Partner from First Atlantic Capital, a New York based middle-market LBO investment firm.  He was with First Atlantic for six years, four years as a Partner.  While at First Atlantic, Keith was responsible for sourcing, structuring, executing and monitoring portfolio investments in a broad range of industries.  Prior to First Atlantic, Keith spent several years arranging private equity and debt financing with the investment banking group of Dean Witter.  Keith holds a BA in Economics and Art History from Middlebury College.





Brett L. Prager - Partner

Brett joined DFW in 2006 as a Partner from Theo Capital Partners.  Brett founded Theo Capital in 1999, where he led the firm in a variety of service and technology company investments, as well as consulting and merchant banking activities.  Prior to forming Theo, Brett was the founder and Chief Executive Officer for three separate private equity-backed business and healthcare service companies.  Brett began his 15 year investment career with JP Morgan Partners’ private equity group.  Brett received a BAS from the University of Pennsylvania’s Moore School of Engineering and a BA from the Wharton School.  Brett also holds an MBA from Columbia Business School.





Donald F. DeMuth - Partner

Don co-founded DFW in 1983, after a 14 year career with Kidder, Peabody & Co.  At Kidder, Don was a senior investment banker responsible for origination and execution of capital markets and M&A assignments for dozens of industrial and services companies, both middle market and Fortune 500 in size.  Don served as head of the firm's audit committee, a Director and voting shareholder.  During his tenure with Kidder, Don was also actively involved with the investment activities of KP Ventures, the firm's private equity vehicle.  Don began his career with IBM as a systems engineer.  Don graduated from Rutgers University with a BA and BS in Electrical Engineering and received an MBA from Harvard University.





Douglas H. Gilbert - Partner

Doug joined DFW in 2011 as a Partner bringing over 20 years of private equity and debt investing experience.  Most recently, he was a Managing Director with MCG Capital Corporation  where he invested equity and debt in the service and distribution sectors.  Prior to MCG, Doug was a Partner with Winston Partners, a lower-middle market focused private equity firm.  He came to Winston from Thayer Capital Partners, a Washington, DC based private equity firm.  Doug has also worked at Boston Ventures Management, The Bridgeford Group and Lehman Brothers earlier in his career.  Doug holds a BA in Political Economy from Williams College and received an MBA from Harvard University.





Brian C. Tilley - Partner

Brian joined DFW in 2009 as a Partner, and manages DFW's Washington, DC office.  Prior to joining DFW, he was the Founder and Managing Member of Wenzi Capital Partners, LLC.  Brian previously spent ten years at AmeriChoice Corporation, and subsequently with United HealthGroup after United's acquisition of AmeriChoice, in a variety of executive, operating, financial, and corporate development roles.  DFW has worked closely with Brian since 2002 when DFW sold a portfolio company, Great Lakes Health Plan, to AmeriChoice in an all cash transaction.  Brian received a B.S. in Finance from Ohio University and an MBA from Northwestern's Kellogg School of Management.





DeVer F. Warner - Principal

DeVer joined DFW in 2011 as an Associate.  Prior to joining DFW, DeVer was an Analyst at Centripetal Capital Partners, a Connecticut-based growth capital firm investing in lower middle-market service and technology companies.  DeVer’s experience includes an international strategy and business development role with ADC Telecommunications, where he initiated a subsidiary’s distribution efforts in Nigeria, and an Analyst position with Cape Venture Partners, a South Africa-based venture capital firm.  DeVer received a B.A. in Economics from Union College and an MBA from The University of Virginia’s Darden School of Business.





Andrew P. White – Senior Associate

Andrew joined DFW in 2016. Prior to joining DFW, Andrew was a Vice President at Pulse Equity Partners, a private equity firm focused on lower middle market growth equity and buyout investments. Prior to Pulse, Andrew was an associate for two years with the middle market buyout firm CHS Capital, and its affiliates New Harbor Capital and Shorehill Capital. At CHS Andrew gained valuable transaction experience in various business services and healthcare related companies. Andrew began his investment career as an analyst with Credit Suisse in its Diversified Industrials and Services group. Andrew holds a Bachelors in Business Administration from the Stephen M. Ross School of Business at the University of Michigan.‚Äč





Patrick E. Fairfield, Associate

Patrick joined DFW in 2017. Prior to starting with DFW, he was a Senior Associate with PwC's Transaction Services group. During his time at PwC,Patrick worked with private equity and corporate clients, performing financial due diligence on acquisition targets in the healthcare and industrials sectors. Patrick began his career with Deloitte & Touche in the assurance practice, where he focused primarily on financial services. He received a Bachelors in accounting from Fordham University's Gabelli School of Business, and holds a Certified Public Accountant license.





Cheri E. Lieberman - Chief Financial Officer

Cheri joined DFW in 2015 as its Chief Financial Officer from Charterhouse Group, Inc., a middle-market private equity firm. She was with Charterhouse for 31 years, most recently serving as Executive Vice President, Chief Financial Officer and Chief Compliance Officer. Cheri joined Charterhouse in 1984 and was responsible for all of the Firm’s financial and reporting activities. During her tenure, she developed and implemented procedures and controls for the Firm’s internal and external financial, tax, compliance and treasuring activities, including processes which positioned the Firm to be an early adopter of consistent and transparent reporting to the Firm’s investors. She was also involved in structuring the Firm’s investments. Cheri began her career in the finance department of International Service Systems, Inc.





Angela Nobre – Controller

Angela joined DFW in 2010 to manage all administrative and accounting functions at the firm. Angela has over twelve years of relevant experience, most recently with Nippon (USA) where she was responsible for a wide variety of administrative functions including preparation of financial statements, cash management and monitoring of operating budgets.