Everyone has an angle in Steel Beam's caustic comedy 'Dry Powder'

“Dry Powder” - ★ ★ ★

LBO. IPO. LP. PE.

Those familiar with terms such as leveraged buyout, initial public offering, limited partner and private equity will easily comprehend Sarah Burgess' timely “Dry Powder.”

Those less familiar with such jargon shouldn't be put off by the alphabet soup contained in this 2016 off-Broadway play, whose title refers to a private equity fund's investment capital. That's because Burgess' high-finance tale is a wonderfully caustic comedy. And Steel Beam Theatre's Chicago-area premiere - despite a tepid start that felt as if cast members were still trying to find their way - turns out to be a pretty tasty dish.

The production unfolds briskly under director Sean Hargadon, artistic director of Elgin's Janus Theatre. Hargadon knows where to turn up the heat, increasing characters' simmering animosity and unease to boiling rage and full-blown panic.

Set in the private equity world, the action takes place mostly at the New York City headquarters of the fictional KMM Capital Management, founded and presided over by Rick, a master of the financial universe played with low-key ruthlessness by John Westby.

The play opens with Rick facing a public relations disaster resulting from the announcement of massive layoffs at a company KMM purchased around the same time Rick threw himself and his fiancee a lavish engagement party, complete with elephants. (The number of elephants remains a point of contention.)

The bad press and the accompanying protests from 99-percenters have KMM's investors worried. And that worries Rick, whose fears managing director Jenny (Jennifer Reeves-Wilson, razor sharp as the firm's resident ice queen) tries to assuage.

“Of course they're protesting. That's what unemployed people do,” says the number-cruncher dismissively.

Insisting the protests will cease and investors will stay the course, Jenny advises Rick to do nothing and let the bad press blow over.

Offering an alternative solution is fellow managing director and longtime rival Seth, played by Janus veteran Justin Schaller, who nicely evokes Seth's conflicted conscience and kept me guessing as to the character's true intentions.

Seth proposes KMM purchase Landmark, an American luggage manufacturer headed by C.E.O. Jeff Schrader (a guileless yet careful Richard Isemonger). An easygoing sort and aspiring vintner, Jeff wants to expand the company into the online, custom luggage market and needs capital. He also wants to keep his 635 workers employed.

The deal solves all of KMM's problems, argues Seth. Not only does it make the firm money and counter the negative engagement party press, it bolsters U.S. manufacturing and employs American workers. The proposal intrigues Rick until Jenny's analysis reveals the firm can make more money by selling Landmark's assets, outsourcing production to Bangladesh and targeting the luggage to Chinese customers instead of Americans.

“Gutting a functional American business isn't a good idea right now,” Seth tells hard-liner Jenny, for whom profit is the bottom line.

Jenny, however, argues that free enterprise isn't perfect and it often isn't nice, especially to the weak. But it's fair, she says, although some would argue her point.

At times, the characters' ruthlessness borders on parody and the lingo takes getting used to. But Burgess' writing is incisive and the hate-hate relationship between Jenny and Seth provides laughs.

Ultimately, what is most satisfying about Steel Beam's production is how effectively Hargadon and his cast, once they get in the groove, raise the tension.

Every character in “Dry Powder” has an angle. And every angle is rooted in self-preservation and self-enrichment.

You won't find any white knights in “Dry Powder.” In this world of one-percenters, the armor is mostly gray.

<b>Location:</b> Steel Beam Theatre, 111 W. Main St., St. Charles, (630) 587-8521 or steelbeamtheatre.org

<b>Showtimes:</b> 8 p.m. Friday and Saturday and 3 p.m. Sunday through Feb. 4

<b>Tickets:</b> $22-$28

<b>Running time:</b> About 95 minutes, no intermission

<b>Parking:</b> Nearby street and garage parking available

<b>Rating:</b> For adults, contains strong language