Thomas E. Lynch
Senior Managing Director and Founder

Mr. Lynch founded Mill Road Capital Management in 2004. He is responsible for overall management of the Firm and oversees the investment process and portfolio management for all Mill Road Capital Funds.


Mr. Lynch began his investing career at Blackstone and has since founded and organized two investment funds.


At Blackstone, Mr. Lynch was the first professional hired to work exclusively in the private equity group and was a managing director responsible for investing Blackstone Capital Partners I and Blackstone Capital Partners II.


Mr. Lynch then founded Lazard Capital Partners, the domestic private equity investing arm of Lazard. Lazard Capital Partners was a top 5% vintage 1997 North American private equity fund and generated a net IRR of 42%.

Mr. Lynch has served on the board of over fifteen public, private and not-for-profit organizations, including the Panera Bread Company (“PNRA”), Noodles & Company (“NDLS”) and Physicians Formula (“FACE”). Mr. Lynch has served on not-for-profit boards in education and the performing arts.


Prior to becoming an investment professional, Mr. Lynch taught English and math to children with learning disabilities, worked in advertising and was a consultant and project manager at the Monitor Company, a management consulting firm founded by Michael Porter.


Mr. Lynch earned a B.A. with honors in Political Economy and Philosophy from Williams College, an M.Phil in Politics from Oxford University (graduating first in his class), and an M.B.A. from Stanford University.

Lazard Capital Partners’ results (1997 vintage) compared to Cambridge Associates LLC, U.S. Private Equity Index® and Benchmark Statistics, June 30, 2020 (latest data available), U.S. Private Equity Since Inception IRR by Fund Vintage Year, Net to Limited Partners including median and top quartile information. Lazard Capital Partners had a different strategy and staffed differently from the funds managed by Mill Road. The past performance of Lazard Capital Partners is not indicative of the past or future performance of any of the fund managed by the Firm.

Justin C. Jacobs
Managing Director

Mr. Jacobs joined Mill Road in September 2005, prior to the formation of Fund I. Mr. Jacobs previously worked at LiveWire Capital, an investment and management group focused on operationally-intensive buyouts of small companies. In addition to leading and executing investment opportunities at LiveWire, he held operational positions in numerous portfolio companies including interim Chief Operating Officer.


Prior to LiveWire, Mr. Jacobs was an investment professional at Blackstone, where he worked on transactions in a range of industries including oil refining, utilities, dredging, cable, and telecommunications. At Blackstone, Mr. Jacobs worked on investment teams that deployed approximately $450 million of equity capital. In addition, he had an active role in the raising of Blackstone Capital Partners III, a $4.0 billion private equity fund that was the second largest fund of its kind at the time of close.


Mr. Jacobs is a member of the Board of Directors of Lignetics, Inc. He was formerly a member of the Board of Directors of Ecology & Environment (former ticker “EEI”), Galaxy Nutritional Foods Inc. (former ticker “GXYF”), Mother’s Market & Kitchen, National Technical Systems, Inc. (former ticker “NTSC”), PRT Growing Services Ltd. (former ticker “PRT”), School Specialty Inc. (former ticker “SCOO”) and Rubio’s Restaurants (former ticker “RUBO”).


Mr. Jacobs has volunteered his time to help socialize service dogs for wounded war veterans and first responders, as well as explosive detection canines for law enforcement. Prior to joining Mill Road, he also completed a six month trip circling the globe.


Mr. Jacobs earned a B.S. with dual concentrations in finance and accounting from the McIntire School of Commerce at the University of Virginia where he graduated Beta Gamma Sigma, the highest academic distinction in the undergraduate business program.

Eric T. Yanagi
Managing Director

Mr. Yanagi is the founder and head of Mill Road Capital’s San Francisco office. He originally joined the firm in 2008 as an Associate and returned in 2014 following his graduation from business school.


Mr. Yanagi currently serves on the Board of Directors of Performant Financial (NASDAQ: PFMT), Skullcandy, and Mother’s Market & Kitchen. He previously served on the Board of Directors of School Specialty (OTCPK: SCOO), Vision7 International (formerly known as Cossette), and R.G. Barry. He also served as a special consultant to Physicians Formula (NASDAQ: FACE) and was involved in the firm’s investments in National Technical Systems (NASDAQ: NTSC) and PRT Growing Services.


Prior to joining Mill Road, Mr. Yanagi was an investment professional at Nautic Partners, a middle-market private equity firm focused on healthcare, industrials, and services. Earlier in his career, he was an investment banker in the Mergers & Acquisitions Group at Credit Suisse.


Mr. Yanagi has also served on the Board of Directors of several nonprofit organizations focused on education.


Mr. Yanagi earned an A.B. (cum laude) in Economics from Princeton University and an M.B.A. (with Honors) from the Haas School of Business at the University of California, Berkeley.

James D. White
Managing Director

Mr. White joined Mill Road in December 2020. Mr. White is a transformational leader and former Chairman and CEO at Jamba Juice with 20 years of Board experience on 16 Boards. He has chaired 6 company Boards, and currently serves on the boards of Air Protein, where he is Executive Chair, Adtalem Global Education (NYSE:ATGE), Affirm (NASDAQ:AFRM), Medallia (NYSE:MDLA) and Simply Good Foods (NASDAQ:SMPL).


Mr. White’s non-profit Board experience includes Directors Academy, where he also is a founding member. He previously served on the non-profit Boards of the NASDAQ Entrepreneurial Center, The Organic Center and the Network of Executive Women.


Mr. White holds a bachelor’s degree from the University of Missouri, Columbia and an M.B.A from Fontbonne University.