Keeping in the "wealthy individuals you might not know much about" vein

Unmarried Southern industrialist. Decorated Vietnam war vet. Former venture capitalist. MBA and PhD.

You probably encounter his products on a near-daily basis.

Have you heard of John B. Poindexter?

Imagine, if you will: me, a young Grit early in his career (Y1), working in his IB cube

When an ancient MD asks you to pull a quick deck together for later that day

A meeting you end up soloing alongside him opposite the enigmatic multi-millionaire behind JB Poindexter & Co.

Your normal visit from some PE bros, this was not

His mannerisms were polite, if a little peculiar

A writer of one of the few profiles on him would capture his... stiff, intellectual approach well

I'd later learn his background was a fascinating one

A native of Houston, he was clearly a bright guy - ripped through his education like couldn't be done quickly enough

- University of Arkansas, honors, in <3 years
- NYU MBA in 9 months
- PhD in Econ and Finance while working

Of course, coming from a family with a legacy of military service dating back to 1654, he also joined the Army

After OCS, he'd find a successful start in bases in Germany and Fort Lewis before joining the 11th Armored Cavalry Regiment in Vietnam

At 25, he'd notably lead a great rescue operation of the war, supporting 100 strong Charlie Company when they unwittingly stumbled into a 400+ NVA bunker complex

He'd take RPG shrapnel to his neck and break his hand, but would withdraw all men at dusk sucessfully

The battle was overlooked for decades

In 2002, reading Into Cambodia, he realized his soldiers had been turned down for requested medals

He'd spend 7 years tracking down vets and compiling paperwork

In 2009, Obama would award Alpha Troop the Presidential Unit Citation

Post-war, he'd first join Salomon Brothers as an investment banker while completing his doctorate

He'd soon transition to become a principal in private equity activities, and then a VC partner at Smith Barney Venture Corporation

His most well-known investment (according to him)?

A "middle-stage investment in Apple Computer"

[Because we're sadistic, I wanted to know (approximately) what the 380,952 shares acquired in 1979 ($1.32/share) might be worth if they'd held

... a LOT]

He wasn't long in VC

KD/P Equities formed in NYC in 1983 as a partnership with Kellner, DiLeo & Co. (merger arbitrage firm)

Following a pivot from reselling businesses for capital gains to operating businesses for long-term growth, KD/P would form the eventual basis for JBPCO

Officially founded in 1985, JB Poindexter & Co. would eventually come to focus on specialty vehicles

The focus wasn't born of a fascination with auto

"I'm not highly entranced with the mechanism of locomotion. What interests me is the functions they perform."

The industries might not be the sexiest, but JBPCO is DOMINANT

Rocking nearly $2B in revenue, 50+ locations and 7000 employees, they make:

50% of all medium-duty truck bodies
35% of step vans
35% of tonneau covers/truck caps
25% of custom truck bodies
50% of funeral coaches

What's pretty impressive is that these are pretty tough industries

- Huge customer concentration
- Extremely cyclical
- Capital intensive

Nevertheless, John loves to keep it levered - half JBPCO news is refinancing debt (they even issued 10ks on their bonds for like 20 yrs)

He's grown the empire by adjacent acquisitions

2003: consolidating step vans via Grumman Olson
2005: getting into funeral coaches with Speciality Vehicle Group

His push for his troop's recognition and the '08 recession would slow the roll

A few year post-recession, he'd be ready for more action, actively touring with banks to announce his return

So yeah, this is how, somehow, analyst Grit was making recommendations to this multi-millionaire on shit he should buy

Best part? He actually did acquire one of the companies I highlighted

Had included Reading Truck as a target - very in their wheelhouse, but less concentrated customer base in different end markets

Didn't have anything to do with the transaction, but glad to see he listened ;)

Overall, Poindexter keeps a low profile

Cibolo Creek has drawn as probably the most attention to him

7.5 hours from Austin, he's restored 30k acres of ruined forts and grassland to become an elite resort that counts Mick Jagger, Jerry Hall and Bruce Willis as vistors

Cibolo notably drew controversy in 2006 when Poindexter tried to buy 46k acres from bordering Big Bend National Park

Originally targeted to straighten a crazy boundary between the two, conservationists blew up the deal at the last minute

You might've heard of Cibolo more recently though

Among its famous visitors was Justice Antonin Scalia, who died there in 2016, precipitating the Garland/Gorsuch saga

His free attendance (as a friend, according to Poindexter) drew some questions

At 76, John is still unmarried and fueled by his "monolithic dedication" to his businesses

He continues to refi his debt/do deals and hopes to get that Big Bend land one day

So yeah, interesting guy. I'm sure there's much more to his story - definitely share if you can

If you like further reading, this piece was one of the better ones (focused on his Big Bend fiasco) https://www.texasmonthly.com/articles/the-man-in-the-white-hat

Probably my favorite thing I found was this profile on him in the Poindexter family history

Literally a catalog of famous Poindexters (including Charlemagne?!)

Also rocks a POWERFUL '90's web aesthetic

http://poindexterhistory.com/captjohnb.htm 

If you like this one, catch the original breakdown of another famous, rich dude named J.B. https://twitter.com/gritgrowthcap/status/1330618268269359106