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| July 14, 2017 |
Year 10 Volume 7 Issue 7
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Good afternoon all and happy Friday -
The wave of fund closings continues with the announcements today of
Union Capital closing on a hard cap $200 million for its second fund. Union invests from $10 million to $40 million in equity in US-based founder-owned businesses that have $20 million to $200 million in revenue and $5 million to $20 million in EBITDA. The firm is led by Managing Partners
Reis Alfond,
Bill Ogden and
Jay Landauer and has offices in Greenwich (the one in Connecticut) and Chicago. A special shout out to Partner
Kevin Delaplane - long time, no see. Congrats to all.
A second closing today is
Boyne Capital's debut fund which hit an above target $126 million of capital. Boyne makes investments in lower middle market companies that have revenues of less than $100 million and EBITDA of $2 million to $10 million. Two portfolio companies are already in the barn for the new fund. Boyne was founded by
Derek McDowell in 2006 and is headquartered in Miami.
A huge read yesterday was our article on
Snow Phipps
continued build of
Teasdale Latin Foods
with the buy of
Rudy's Tortillas
, a family owned maker of flour and corn tortillas, burritos, wraps, and pre-cut uncooked tortilla chips. The company was founded in 1945 by
Jose Guerra
and was originally named
Texas Tortillas Factory
. In 1949 the company had one tortilla machine and three employees and produced
600 tortillas per hour
. Today the company produces
millions of tortillas a day
.
Have a great day everyone.
Publisher
Private Equity Professional
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Today's News and Transactions
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Union Closes on $200 Million
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Union Capital Associates, a lower middle-market private equity firm, has closed its latest fund, Union Capital Equity Partners II, LP, at its hard cap of $200 million. Limited partners include endowments, foundations, pension funds, financial institutions and family offices. The new fund invests $10 million to $40 million in equity in US-based...Read More
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Boyne Closes First Institutional Fund
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Boyne Capital Partners has closed its debut institutional fund, BCM Fund I, LP, with $126 million of capital commitments, surpassing the original target of $100 million. Limited partners in the new fund include insurance companies, fund of funds, family offices and individuals. "We are pleased with the successful and rapid fund raise, having completed the process in...Read More
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Gen Cap Buys Custom Plastic Specialties
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Gen Cap America has acquired Custom Plastic Specialties (CPS), a maker of a wide range of promotional products. CPS manufactures water bottles, stadium cups and steins, hand fans, tote bags, desk accessories, and other household and personal items that are sold exclusively to promotional products distributors. The company has more than 300 SKUs in its...Read More
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Thoma Bravo has completed its sale of Global Healthcare Exchange, a provider of connected healthcare supply chains, to Temasek. Thoma Bravo has retained a minority position in the company. Global Healthcare Exchange (GHX) is a provider of healthcare focused and cloud-based supply chain management technology and services. GHX offers healthcare providers, suppliers, distributors and group...Read More
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Important News You Might Have Missed
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Saw Mill Beats Target on Fund II
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Saw Mill Capital has held a final closing of Saw Mill Capital Partners II, LP and Saw Mill Capital Partners II-A, LP with a total of $340 million in capital commitments. Saw Mill raised Fund II without the use of a placement agent and exceeded its original target of $300 million. The new fund raised its capital from both existing investors and new institutional...Read More
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Brentwood Raises $1.15 Billion for Fund VI
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Brentwood Associates has held a final close of Brentwood Associates Private Equity VI, LP and parallel funds with total capital commitments of $1.15 billion. Fund VI, the largest fund raised by Brentwood to date, closed at its hard cap and exceeded its target of $750 million. Brentwood's earlier fund closed at its hard cap in November 2014 with total commitments of...Read More
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Muy Bien! Snow Phipps Buys Rudy's
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Teasdale Latin Foods, a provider of private label and branded Hispanic foods and a portfolio company of Snow Phipps Group, has acquired Rudy's Tortillas, a maker of tortillas and chips sold through the foodservice channel. The acquisition of Rudy's Tortillas is the fourth add-on completed by Snow Phipps since it acquired Teasdale in October 2014...Read More
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Inverness Graham Buys SwipeClock
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Inverness Graham has acquired SwipeClock, a provider of cloud-based workforce management software that is used for time and attendance tracking, absence management, workforce performance measurement, and regulatory compliance. SwipeClock's products - which include TimeWorksPlus, TimeSimplicity, and TimeWorksTouch Intelligent Clock - are sold through over...Read More
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Spell Capital Partners has acquired Jet Edge, a manufacturer of ultra-high pressure waterjet systems. Spell acquired Jet Edge as a carve-out from TC/American Monorail. Jet Edge is a manufacturer of waterjet and abrasive waterjet cutting machines, intensifier pumps and accessories for precision water jet cutting, mobile waterjet cutting, surface preparation and coatings removal. The company's...Read More
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Publicly-traded ABM Industries has agreed to acquire GCA Services Group from Thomas H. Lee Partners (THL) and Goldman Sachs Merchant Banking Division (GS) for approximately $1.25 billion in cash and stock. THL and GS acquired GCA Services from Blackstone in November 2015. In turn, Blackstone acquired GCA Services from Nautic Partners in...Read More
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Arcserve, a portfolio company of Marlin Equity Partners, has acquired Zetta, a provider of cloud-based IT backup and disaster recovery services. Arcserve was acquired by Marlin in May 2014. Zetta's IT backup as a service offering allows organizations to protect, access and recover physical and virtual data - optimized for datasets up to 500 terabytes...Read More
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Comvest Adds to Investor Relations
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Comvest Partners has hired Ashley Ciaburri Rainwater as the firm's new Director of Investor Relations. Ms. Rainwater joins Comvest with over 10 years of experience raising private equity funds and will be responsible for marketing and capital raising campaigns, as well as investor relations activities."We are delighted to have Ashley join the Comvest team...Read More
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IOP Hits Fund III Hard Cap
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Industrial Opportunity Partners (IOP) has closed its third fund, Industrial Opportunity Partners III, LP, with $450 million of committed capital. The new fund held a single close on June 30, 2017, and hit its hard cap after a three-month fundraising process. The original target for the fund was $400 million...Read More
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WILsquare Acquires Walcro
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WILsquare Capital has acquired Walcro, a Midwest-based distributor of flooring installation products. Walcro is one of the oldest installation supply distributors in the United States. The company - with more than 5,000 SKUs sourced from more than 100 vendors - distributes tools, supplies, accessories and building products that are used in the installation of carpet...Read More
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Audax Buys EnviroVac from RLJ
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Audax Private Equity has acquired EnviroVac, a provider of industrial cleaning and maintenance services, from RLJ Equity Partners. EnviroVac is a provider of industrial cleaning and maintenance services. The company utilizes high-pressure washing and vacuum equipment to service companies operating in the pulp and paper, chemical, steel, oil and gas, and power industries. EnviroVac often...Read More
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Waking Up to Cybercrime: The Real Risk to Private Equity
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Cybercrime is one of the most serious threats currently facing financial services firms. Yet, while the risk is also present for private equity funds, the level of recognition towards the threat is notably absent in this sector. So why is this? It appears to be due to a prevailing misconception that cybercriminals do not have sufficient understanding of how funds operate and that many are...Read More
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H.I.G. Capital has acquired BIC Graphic North America and its affiliated Asia sourcing operations from Société BIC SA. BIC Graphic, with sales over $300 million, is one of the largest suppliers in the promotional products industry, specializing in customized writing instruments, hard goods and calendars. The company has tens of thousands of distributor customers and...Read More
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Wind Point Buys Ultra Environmental
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Valicor Environmental Services, a provider of non-hazardous wastewater treatment services and a portfolio company of Wind Point Partners, has acquired Ultra Environmental Services. Ultra Environmental collects and processes non-hazardous industrial wastewater in the Midwest area of the US. According to Wind Point, the addition of Ultra's wastewater pretreatment facility in Burlington...Read More
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Pelican Energy Partners has sold Multilift Wellbore Technology, a provider of downhole sand management tools associated with electric submersible pumps and other artificial lift systems, to Johnson Specialty Tools. Pelican invested in Multilift in April 2015 to provide the company with growth capital to expand its market and product offering. Pelican also has an equity...Read More
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Dubin Clark Exceeds Target
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Middle market investor Dubin Clark & Company has closed its second fund, DCCP Fund II, LP. The new fund was oversubscribed and exceeded its $100 million target. Limited partners in the new fund include endowments, pensions, insurance companies, fund-of-funds, family offices, and high-net-worth...Read More
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TPG Acquires Blue Man Group
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Cirque du Soleil, a producer of live artistic entertainment and a portfolio company of TPG since April 2015, has agreed to acquire Blue Man Productions from Chris Wink, Phil Stanton, and the GF Capital Private Equity Fund. Blue Man Group was created in 1991 by three long-time friends from New York City: Chris Wink, Phil Stanton, and the GF Capital Private Equity Fund...Read More
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Swander Pace Capital has sold Lavo, a manufacturer and marketer of laundry detergent, household cleaners, fabric softeners and bleach, to KIK Custom Products, a portfolio company of Centerbridge Partners since July 2015. Swander Pace acquired Lavo in July 2008 and today, according to the firm, Lavo is the leading independent manufacturer and marketer of laundry...Read More
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White Wolf Adds to Staffing Platform
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NSC Technologies, a portfolio company of White Wolf Capital since November 2016, has acquired Superior Resource Group (SRG), a provider of contract engineering services, such as skilled trades staffing and direct placements, to a range of clients in a variety of industries. NSC provides staffing and workforce management services - including both direct hires and...Read More
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Ashland Buys Boccella Precast
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Ashland Capital Partners has acquired Boccella Precast, a manufacturer of structural precast concrete products. Boccella's pre-stressed hollow core concrete plank products are used predominantly in the Northeast and Mid-Atlantic regions of the United States, with a focus on the New York City market. The company's products are used in a variety of applications including the...Read More
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Wind Point Closes Fund VIII
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Wind Point Partners has held a final closing of its eighth fund, Wind Point Partners VIII, with $985 million of capital commitments. The fund exceeded its initial hard cap of $750 million and marks the largest fund closing in Wind Point's history. The strategy for Fund VIII is consistent with the firm's earlier funds and will focus on partnering with...Read More
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Stellex Closes First Fund
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Middle market private equity firm Stellex Capital Management has closed its debut fund, Stellex Capital Partners LP, at $870 million, exceeding its $750 million target. Stellex invests from $25 million to $100 million per transaction in companies experiencing some form of financial, operational or industry-driven distress. Target companies will typically have...Read More
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Emerald Transformer, a division of Versatile Processing Group, an Insight Equity portfolio company, has agreed to acquire the Transformer Services Group of publicly-traded Clean Harbors. Clean Harbors' Transformer Services Group (TSG) provides specialty on-site transformer services such as transformer sampling, retrofitting and retrofilling, recycling, reclaiming and disposing of...Read More
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Yellow Wood Sells PDC to CVC
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Yellow Wood Partners has sold its portfolio company PDC Brands, a collection of beauty, personal care, and wellness brands, for just over $1.4 billion to CVC Capital Partners. PDC Brands maintains a portfolio of many category-leading brands across the wellness, haircare, beauty & cosmetics, fragrance, bath & body, and salon professional markets. Company owned brand...Read More
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Monomoy to Buy West Marine
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West Marine, an omni-channel specialty retailer, has signed an agreement to be acquired by Monomoy Capital Partners for $12.97 per share in cash which represents a total equity value of $338 million. West Marine (NASDAQ:WMAR) is the largest specialty retailer of boating supplies and accessories, with more than 260 stores located in 38 states and...Read More
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Jacuzzi Acquires Hydropool and BathWraps
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Jacuzzi Brands, a portfolio company of Ares Management, Clearlake Capital Group and Apollo Global Management, has completed two acquisitions with the buys of Hydropool Hot Tubs and Swim Spas (Hydropool) and BathWraps. Hydropool is a manufacturer and seller of swim spas and hot tubs and is considered to be the largest hot tub manufacturer outside...Read More
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Platte River Closes at Hard Cap
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Platte River Equity has held a final close of its fourth private equity investment fund, Platte River Equity IV, LP, at its hard cap of $625 million. Fundraising for the new fund began in March 2017 with an initial target of $550 million. The firm's earlier fund, Platte River Equity III, LP, was raised in 2012 and had committed capital of $405 million...Read More
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Baird Beats Target on Newest Fund
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Baird Capital - the direct investment arm of Robert W. Baird & Co. - has held a final close of Baird Capital Global Fund I DE, LP with $310 million in committed capital, exceeding the original target of $300 million. The new fund invests in lower middle-market companies in the technology and services, healthcare, and...Read More
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KLH Invests in Premiere Seals
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KLH Capital has made an investment in Premiere Seals. The founders of the company - Gail and Robin Selby - partnered with KLH in a recapitalization to create a partial liquidity event while also providing the company with a new partner and capital structure to support the company's future growth plans. Premiere Seals is a...Read More
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Wynnchurch Acquires Stampede Meat
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Wynnchurch Capital has acquired Stampede Meat, a provider of portioned, marinated and cooked beef, chicken, and other protein products. The seller was Fairmont Capital which acquired a controlling interest in the company in April 2007 from the company's founders. Customers of Stampede include national restaurant chains, quick service restaurants, foodservice distributors, home delivery networks and...Read More
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Rockbridge Acquires Kings III
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Rockbridge Growth Equity has acquired Kings III Emergency Communications, a provider of emergency monitoring services to building owners and property managers. Kings III provides turnkey emergency monitoring services for building owners and property managers including hardware, installation, monitoring and maintenance services for its on-site emergency phones. The company's services...Read More
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Lynx Equity has acquired G&W Commercial Interiors, a provider of commercial flooring and related services, from its founders James Gravalis and Steve Woodman. Since its founding in 2000, G&W Commercial Interiors has been providing its Pacific Northwest customers - such as assisted living & nursing facilities; health & fitness clubs; hospitals, labs & clinics; manufactures...Read More
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