Operators first. Investors by experience.
Alan Warms, Jamie Crouthamel and Gary Leff have spent their careers building, running, investing in and advising businesses.
Collectively, the partners have founded, scaled and exited more than a dozen companies across technology, digital commerce, consumer products, food and beverage, hospitality, gaming and manufacturing. That range of experience gives us a practical perspective on the opportunities — and the inevitable complications — that come with growth.
We formed OVD Capital to bring that operating perspective, along with flexible capital and a strong network of partners, to a small number of established businesses where we believe we can be useful over the long term.
Alan launched OVD Capital in January 2026 after operating through Participate Capital from 2005 to 2025. Over the past two decades he has acquired, invested in, founded and advised businesses across technology and services.
Alan founded BuzzTracker, which Yahoo! acquired in 2007, and subsequently ran Yahoo! News, Technology and Education. Earlier, he founded Participate Systems, a provider of online community software and services to large enterprises, which was sold to OutStart in 2004 and ultimately became part of IBM. He was also an investor in and publisher of RealClearPolitics.
Since 2017, Alan has advised Tensility Venture Partners, a seed-stage venture firm focused on enterprise AI and machine learning. He is a member of the Global Advisory Board of Northwestern University's Kellogg School of Management and serves on the boards of Alliance Advisors and Honest Game.
Alan began his career as a strategy consultant with The Boston Consulting Group and as an engineer working on manufacturing technologies at Kraft General Foods. He holds an MBA from the Kellogg School of Management at Northwestern University and a B.S. in Electrical Engineering from Rensselaer Polytechnic Institute.
Jamie has spent more than twenty-five years building and investing in businesses at the intersection of technology, digital commerce and consumer markets.
In 1998 he founded Performics, which grew into a leading affiliate and search marketing firm, and served as President and CEO through its sale to DoubleClick in 2004. He was a pre-Series A investor and advisor in Bazaarvoice through its 2012 IPO, a pre-Series A investor and director of AdGooroo through its sale to WPP, and a board member of Conversant, formerly ValueClick, through its acquisition by Alliance Data Systems.
Jamie invested alongside Alan in Hydro Flask and EatStreet and serves as a director of Revology Cars, a Ford- and Shelby-licensed manufacturer of new reproduction 1965–68 Mustangs. Since 2005, he has operated through Old Town Capital, his Chicago-based operating investment firm.
Jamie holds an MBA and a Master's in Manufacturing Management from the Kellogg School of Management at Northwestern University and a B.S. in Mechanical Engineering from Drexel University.
Gary has spent more than thirty years founding, scaling, operating and investing in businesses across hospitality, gaming, food and beverage and consumer markets.
He led the creation and growth of Laredo Hospitality Ventures, which scaled to 57 distributed gaming locations in under five years before being acquired. Earlier, he founded Stir Crazy, a private-equity-backed Asian casual dining concept that grew to twelve locations in major U.S. markets before being acquired in 2006. He also co-founded and led development and operations for Hatch, an Illinois cannabis dispensary company.
Gary has been an investor in and advisor to Rivers Casino since 2009 and has advised on additional projects for Rush Street Gaming. He was also an investor and active board member of More Than Gourmet, where he worked with management as the business more than doubled sales and increased profitability before a management-led recapitalization in 2016.
Gary began his career in strategy consulting at Bain & Company and Monitor Group. He holds an MBA from the Kellogg School of Management at Northwestern University and a B.S. in Economics from The Wharton School of the University of Pennsylvania.
How we work as a team
The partners bring different operating backgrounds, but share the same view of the role: ask good questions, make clear decisions, bring in the right people, and stay focused on the few things that can materially improve the business. We intend to remain selective so we can be actively engaged with the companies we back.
Considering the next stage of your business?
We would be glad to learn more about what you have built, what you are trying to accomplish and whether OVD could be a useful partner.