Senior Leadership
James M. “Jim” Lynch
Jim Lynch is a founder of Ashland Capital Partners and serves as chair of the firm’s investment committee. Since Ashland’s inception in 2004, Jim has played a pivotal role in the execution and oversight of every portfolio company investment. As both a debt and equity investor, he is deeply involved in developing and implementing business strategies, building management teams, and currently serves on the boards of many Ashland portfolio companies.
Jim retired as a Partner, member of the Executive Committee, and Chairperson of the Finance Committee at Winston & Strawn, a leading international law firm based in Chicago. Prior to his tenure at Winston & Strawn, he was a Partner at Jenner & Block and Arthur Andersen. Throughout his distinguished career, Jim specialized in tax law, securities law, and M&A transactions for numerous Fortune 500 companies. He was recognized as a Super Lawyer in 2005–2006 and 2008–2018. Jim holds a JD from John Marshall Law School, an LLM from Georgetown University, and a BSBA from Xavier University.
Steven White
Steven White serves as a Strategic Advisor and Executive Committee member at Ashland Capital Partners, channeling his deep operational expertise to elevate portfolio performance since 2017. As Chief Executive Officer of KBK Industries—an Ashland acquisition in 2006—he has driven a dramatic transformation that propelled KBK to the forefront of carbon steel, stainless steel, and fiberglass tank manufacturing.
Under his visionary leadership, KBK has delivered record revenue growth, broadened its national footprint, and become one of Ashland’s highest-returning and fastest-scaling investments. Prior to joining KBK in 2013, Steven amassed over 30 years of executive-level accomplishments across sales, manufacturing, and financial operations, consistently delivering operational excellence and sustainable profit gains. Steven is on the Board of Directors of Stainless Foundry & Engineering and a nonportfolio company Victory Energy. He holds a Bachelor of Science Degree from Texas A&M University.
Direct: 832-405-3742
Bruce Toth
Bruce Toth serves as a Strategic Advisor and Executive Committee member at Ashland Capital Partners. Bruce began his career as an investment banker and subsequently transferred his transactional skills to the legal profession, ultimately becoming a partner at Winston & Strawn, LLP, chairing its transactional practice and serving as a member of its Executive Committee and Compensation Committee. Early in his career he also became an active private investor, principally in the oil and gas exploration business as well as with a number of manufacturing concerns, all of which he remains involved with.
Bruce holds a Bachelor of Science Degree from the Georgia Institute of Technology and a JD/MBA from Stanford University and for much of his career was recognized by Chambers and other ranking services for his work as a mergers & acquisitions and a securities attorney.
Direct: 312-804-5723
Investment Team
James C. Lynch
James Lynch is a Senior Managing Director at Ashland Capital Partners. James began his career with Ashland in 2015 as an Investment Analyst and has steadily advanced through a variety of roles within the firm. Prior to joining Ashland, James gained valuable experience as a Financial Analyst at both Aon Corporation and the Tribune Company, and also managed Precision Pouches, a former Ashland portfolio company.
At Ashland, James is involved in deal sourcing, investment analysis, due diligence and portfolio company support. He also oversees the firm’s finance and accounting functions. He earned his degree in Accounting from DePaul University.
Direct: 312-483-8408
Tom Fitzgerald
Tom Fitzgerald joined Ashland Capital Partners as Managing Director in August 2024. At Ashland, Tom is responsible for deal sourcing, investment analysis, investor communications, banking relationships, and supporting assigned portfolio companies.
Prior to joining Ashland, Tom served as a Premier Sales Account Executive with the Chicago Cubs, where he specialized in sourcing and developing corporate and enterprise-level partnerships. Before his time with the Cubs, Tom spent four years in executive search, focusing on the industrial and manufacturing sectors.
Tom holds a degree in Management from the University of Illinois.
Direct: 630-880-7257
Cole White
Cole White is an Associate joining the team in March of 2024. Cole is responsible for deal sourcing, financial modeling, and supporting assigned portfolio companies. He began his career at Ashland as a Business Development Specialist, focusing on identifying potential acquisition targets and expanding the firm’s investment pipeline.
Cole graduated in December 2024 with a degree in Finance from Baylor University. He is currently pursuing a master’s degree in Entrepreneurship at Texas A&M University. Cole’s blend of academic achievement and hands-on experience supports Ashland’s mission to identify and grow high-quality investments.
Direct: 832-792-7825
Lilly Satterfield
Lilly Satterfield joined Ashland Capital Partners in July of 2025 as a Summer Analyst. Lilly graduated from the University of Michigan Ross School of Business in May 2025 with a Bachelors of Business Administration. Last summer she interned at Rothschild & Co. as an Investment Banking Summer Analyst.