Tugman’s position as CFO of Marsulex exposed him to private equity for the first time. “I had gone from the big, corporate Suncor to a fairly entrepreneurial Dynatec. Tricil was a bit of a mixture and a smaller organization. Now I was at a private equity-controlled organization.”
Marsulex had been spun out of CIL and had been operating for five years when Tugman arrived. The business started with a “manage the cash and pay down the debt” strategy because it was a leveraged buyout. The original private equity group consisted of Brent Belzberg and David Bookbinder
When I arrived, there was recognition that they wanted to keep and grow the business.” Marsulex hired Tugman as part of a new management team necessary to achieve its goals. They saw great potential in his operating experience and good business judgment.