A Summer Camp’s Second Act: Private Equity’s $120M Bet on Mohawk

WHITE PLAINS, NY – August 07, 2026 – For nearly a century, Mohawk Day Camp has been a summer staple for families in Westchester County, its 40 acres a haven of swimming, sports, and childhood memories. This week, that legacy faced its most significant crossroads, not on a playing field, but in a bankruptcy court. The camp's parent company, SIMAD Holdings Ltd., had spectacularly collapsed, leaving the fate of Mohawk and dozens of other camps hanging in the balance.

Then came the news. A press release announced that FitzWalter Capital, a global private investment firm, was selected as the successful bidder to acquire Mohawk. For a community holding its breath, it was a lifeline. FitzWalter has pledged to be the camp's next steward, promising continuity for families and staff. But as a market analyst who has seen countless such transactions, I know the real story often lies deeper. This isn't just about saving a summer camp; it's about the collision of community tradition and corporate finance, a story that begins with a spectacular corporate implosion.

The Story Behind the Sale: A Corporate Collapse

To understand Mohawk's sale, you have to look at the downfall of its owner, SIMAD Holdings. Run by brothers Michael and David Shabsels, SIMAD operated one of the largest for-profit camp networks in the country. In early June, the entire enterprise came crashing down when SIMAD and its 60 affiliates filed for Chapter 11 bankruptcy protection.

The trigger was a missed interest payment on over $200 million in bonds, but the rot ran deeper. Court filings and subsequent investigations paint a grim picture. A key factor in the liquidity crisis was the alleged transfer of nearly $34 million from SIMAD to other corporations controlled by the Shabsels brothers, reportedly without board approval. When the company’s audit committee demanded the funds be returned, the brothers were unable to comply, setting off a catastrophic chain reaction that led to default and bankruptcy.

With both the U.S. Department of Justice and the Israel Securities Authority launching investigations into the brothers, the camp portfolio became the primary asset to repay creditors. Mohawk Day Camp, with its sterling reputation and projected 2026 revenue of over $22 million, was identified as the crown jewel of the portfolio, its fate to be decided by the highest bidder in a court-supervised auction.

A High-Stakes Auction for a Crown Jewel

The bidding process for Mohawk revealed just how valuable the institution is. The auction began with a $68 million “stalking horse” bid from Grandview Ventures, a company owned by Warner Bros. Discovery CEO David Zaslav, whose own children once attended the camp. This initial offer set a floor for what was to become a heated contest.

When the dust settled, FitzWalter Capital had emerged victorious with a stunning bid of $120.8 million. The final price wasn't just nearly double the initial bid; it soared past the camp's own appraised value of $85.8 million from late 2025. This premium underscores the powerful brand and deep community roots Mohawk has cultivated over generations. For creditors of the failed SIMAD empire, it was a welcome outcome, but for the White Plains community, it raised a new, critical question: who exactly is FitzWalter Capital?

A New Kind of Steward

FitzWalter Capital is not your typical summer camp operator. Founded in 2020 by senior members of Macquarie’s Principal Finance business, the firm manages over $3 billion in assets. A look at their portfolio reveals investments in internet service providers, aircraft leasing companies, and renewable energy infrastructure. A nearly 100-year-old day camp in Westchester is a notable outlier.

Their expertise lies not in camp counseling, but in what they call “control-oriented special situations.” They invest in high-quality businesses facing complex transitions or financial stress, aiming to acquire them at “advantaged entry prices.” The SIMAD bankruptcy was a textbook special situation. FitzWalter saw a premier asset—Mohawk—tangled in the financial wreckage of its parent company and seized the opportunity.

In its public statements, the firm is hitting all the right notes. “FitzWalter is committed to honoring those traditions as the camp's next steward,” the press release stated, adding that families should expect the “same camp, school, team and traditions – with the stability of committed long-term ownership.” This promise of stability is precisely what parents and staff, rattled by months of uncertainty, want to hear. Yet, the community remains watchful. Some former staff members under the previous ownership had noted feelings of being “underpaid and disconnected from management,” suggesting an opportunity for the new owners to improve morale, but also highlighting the challenge of managing a people-centric institution.

Preserving Tradition or Maximizing Returns?

The acquisition, which awaits final approval by the United States Bankruptcy Court at a hearing scheduled for August 10, places Mohawk at an interesting crossroads. Private equity ownership in the education and recreation space is a growing trend, often bringing professional management and capital for growth. However, it also brings an intense focus on financial returns that can sometimes feel at odds with the mission of a community institution.

FitzWalter's investment strategy is to provide “capital and capability to support management teams in unlocking the full potential of a business.” For Mohawk, this could mean new investment in its historic 40-acre campus and a renewed focus on operational excellence. The firm has committed to collaborating with existing leadership to complete the 2026 season and welcome families back for school this fall and camp next summer. For a community that was relieved just to see the camp “saved,” this is a positive start. The story of Mohawk's next chapter is just beginning, a delicate balance between preserving the magic of summer camp and satisfying the demands of a global investment firm.