Carson Biederman

Managing Partner

Carson has an extensive background investing in and building middle market companies. From 1996 to 2003, Carson executed buyouts and venture investments for Bain Capital, the leading private equity firm focused on applying management consulting principles to hands-on investing. Carson was a founding member of two new investment practices at Bain Capital, Bain Capital Ventures and Sankaty Advisors, with assets under management exceeding $2 billion.  He has also served as Chief Financial Officer of two middle market companies.

Prior to Bain Capital, Carson helped companies raise debt and equity financing and advised companies on mergers and acquisitions while in the investment banking group at Donaldson, Lufkin & Jenrette.  Carson graduated from the Wharton School of the University of Pennsylvania. Carson and his wife and daughter live in Boston.

Email: Phone:(617) 274-8400 x10

Ben Coes

Managing Partner

Ben has an extensive background doing leveraged buyouts as well as managing companies. From 1995 to 2000, Ben was a partner at Iron Road Railways Incorporated, a Washington, D.C.-based holding company that consolidated a significant share of the northeastern freight rail network. Ben also founded Beachfire, a venture-backed enterprise class software company that pioneered mediation technology solutions for the financial services sector.

Prior to Mustang, Ben served as campaign manager for Mitt Romney’s successful run for Governor of Massachusetts in 2002 and served as a Fellow at the John F. Kennedy School of Government at Harvard University. Ben began his career in the public sector as a White House Intern under President Ronald Reagan, then as a White House-appointed speechwriter for former U.S. Secretary of Energy James Watkins. A graduate of Columbia College, Ben lives in Wellesley, Massachusetts with his wife, Shannon, and their four children, Charlie, Teddy, Oscar and Esme.


Bob Crowley

Managing Partner

Bob is a veteran business operator and investor.  He’s been fortunate to have been part of companies and transactions that have generated over $2 billion in value to owners and investors.

Bob’s operations career spans cable television, telecommunications and software and then later investing working at American Cablesystems, CableData, Kenan Systems, Arbortext and Bowstreet then Safeguard Scientific’s (NYSE:SFE) before co-founding Mustang in 2003.

Current Board seats: Vermont Teddy Bear, Scribe and Gameface Media. Previous Board seats: Scribe Software, Country Club Enterprises, SOG Knives and Tools, Cascade Lacrosse, Metratech, SOTAS, Mantas, Agari Mediaware, Xf, Bowstreet, Arbortext, Beachfire, CableData International, CSO, Inc, CableData Europe, Ltd and British Satellite Services, Ltd.

Bob was elected president of Swiss-based International Trail Running Association (ITRA) in 2020. He provides mentoring for numerous non-profit and for-profit entities from his base in Northern California.


Stephen Owen


Prior to joining Mustang, Stephen was with Advent International, a large, global private equity firm for nearly six years. While at Advent, he was involved in buyout transactions in a range of industries including industrial, building materials and business services.

Before Advent, Stephen worked in the investment banking department at Credit Suisse First Boston in New York, where he was a member of the CSFB Technology Group and focused on mergers and acquisitions transactions.

Stephen grew up outside of Boston and attended Williams College, where he was a member of the varsity hockey team.

Email: Phone:(617) 274-8400 x11