Cerberus Capital Management doesn't have the profile of other top private equity firms. But its deal for Chrysler has put it in the spotlight. It's known for its turnarounds of course. Which usually means a lot of slashing and pain before the revival. Its successes include Air Canada, which also had union issues, Albertson's, Fruehauf and others. Stephen Feinberg, a trader at Drexel Burnham Lambert in its heyday, runs the firm. Former Treasury secretary John Snow is the chairman. It maintains a staff of in-house executives that runs the portfolio companies. We'll see how well the shrink and thrive strategy works here. In some regards, it is in new waters, as it has never gone up against the UAW. Stay tuned.  

For more:
- here's a Washington Post article
- more private equity news