Courtside Conversations to Corner Office: The MAC Legacy of PS Capital’s Pioneers

In the bustling city of Milwaukee, where the chill of Lake Michigan is as familiar as the warmth of its community, the Milwaukee Athletic Club (MAC) stands as a beacon of tradition and a cradle of opportunity. It is within these walls that the saga of PS Capital’s founders, Paul Sweeney and Paul Stewart, began—a narrative not of chance, but of serendipity and strategic relationship-building.

The Genesis of PS Capital

The story starts with Paul Sweeney, a fresh-faced college graduate who arrived in Milwaukee with a job at Arthur Young and a single connection. It was the MAC that provided him with more than just a network, it gave him a community. The club’s integration of social, athletic, and business elements fostered a fertile ground for relationships to flourish. Here, Sweeney found not only camaraderie on the basketball court but also the seeds of what would become a flourishing career in private equity.

As if by design, the paths of two Pauls crossed when Stewart moved to Milwaukee and joined Horizon Partners. The MAC was part of the welcome package, a gesture symbolizing the club's place in Milwaukee’s professional heartbeat. It was the club's ethos—encouraging genuine interactions over transactional networking—that resonated with them and cemented their belief in the power of community.

The Steam Room Strategy

For Stewart, the MAC's steam room became an unexpected crucible for business innovation. In the warmth of the steam room, where guards are down and spirits are high, ideas flow as freely as the conversation. It was in this very steam room that Stewart and Pete Helf, a fellow member, discussed the concept of Pete leading a management buyout of over 30 KFC’s in SE Wisconsin with the support of Ted Kellner, a notable figure in the community. The success of the MBO was a catalyst for Ted becoming a key investor in PS Capital.

Pete shares, “Nothing but the two of us wrapped in towels but of clear minds as we talked of partner merger and business acquisition seeded by the camaraderie of the MAC and passing the ball to an ex-Badger shooting forward…” 

The Art of Relationship-Building

At MAC, the exchange of business cards is secondary to the cultivation of genuine relationships. This philosophy is evident in the story of Jim Papageorge, a Northwestern Mutual Life Insurance agent. His relationship with Sweeney wasn’t built on the immediate solicitation of business but on a shared love for basketball and camaraderie. Years later, when the need for insurance arose, Papageorge was the natural choice—not because he had pitched his services, but because he had built a trustworthy relationship.

Beyond Networking: The MAC Way

The MAC is more than a venue for business dealings. It is an institution that nurtures lasting connections. It's where Sweeney and Stewart's shared experiences on the court and in the steam room translated into a business partnership that would span decades. MAC’s environment—laid-back yet professional—promotes a culture where business dealings are a byproduct of genuine relationships.

The Legacy and Future of MAC

Reflecting on over three decades of membership, Sweeney credits the MAC with not just a thriving career but a fulfilling life. The club has been a constant through the changes in Milwaukee, from the evolution of its skyline to the growth of its business community. The MAC’s role in shaping lives is evident in the stories of its members—stories of personal and professional milestones celebrated within its walls.

A Final Word from the Founders

For Stewart, the value of the MAC is incomparable. He likens the club's membership to a treasured asset, more essential than material possessions, embodying the wealth of relationships formed and nurtured. It is a sentiment echoed by many who have experienced the MAC’s magic—where the simple act of showing up can lead to partnerships that shape industries.

In Conclusion

The MAC is not just a backdrop for the success of PS Capital, it is a character in its story. For Sweeney and Stewart, the club provided a playground for ideas to mature and bonds to strengthen. As the MAC continues to thrive, it remains a testament to the belief that the most enduring deals are sealed not with ink but with trust, respect, and a shared history.