Archives for July 26, 2012

Resilience Closes Third Fund Above Target

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Resilience Capital Partners has completed the final close of its third fund, The Resilience Fund III, L.P., on May 31, 2012 with $222.5 million of committed capital. Fund III exceeded its target of $200 million. Fund III’s capital comes from a variety of sources including pension funds, insurance companies, foundations and endowments, fund of funds, wealth managers and investment consultants. Approximately 60 percent of the fund’s capital was provided by investors domiciled in the U.S., with the remainder from investors domiciled in Europe and the Caribbean.

“We are very pleased to complete our fundraising for Fund III and receive commitments from some of the world’s most respected private equity investors. The confidence they have placed in us is a testament to the results we have generated since founding the firm in 2001,” said Bassem Mansour, Co-CEO of Resilience. “We believe businesses will survive and thrive if they are properly capitalized with both human and performance-improvement capital.”

Griffin Financial Group served as placement agent to Resilience for Fund III. “We are delighted that Resilience was able to exceed their target in a very challenging fundraising environment”, said Paul Delaney, a Senior Managing Director at Griffin Financial Group. “We appreciate the strong support new institutional limited partners placed in the Resilience team and their focused investment strategy.” Resilience Capital Partners specializes in investing in lower middle market companies within a range of industries. Resilience’s value oriented investment strategy is to acquire companies in a variety of special situations including underperformers, corporate divestitures, turnarounds, and orphan public companies. Since its inception in 2001, Resilience has acquired 24 companies under 17 platforms with over $2 billion in revenue. The firm is based in Cleveland, OH (www.resiliencecapital.com).

Fund III currently has three platforms in place including North Coast Minerals (industrial minerals and silica sands); WT Hardwoods Group (hardwood lumber and flooring); and Thermal Solutions Manufacturing (heavy-duty heat exchange components). Resilience expects to build a portfolio of 10 to 12 platform companies in Fund III that participate in a range of manufacturing, business services and distribution industries.

“Our team generates results through a roll-up-the-sleeves approach that transforms good companies into more profitable and successful enterprises,” said Steve Rosen, Co-CEO of Resilience. “We invest in what we know – the lower middle-market in the heartland of America – and draw on a deep bench of operating expertise to enhance a company’s cash flow, competitive positioning and prospects.”

Livingstone Adds Four Bankers to Chicago Team

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Livingstone has added four new bankers to its team with the hiring of Thomas Geen, Colin O’Callaghan, Adam Lucas and Colin Monasterio. “We are thrilled to welcome these well-qualified individuals to the Livingstone team at a significant time in our history. Livingstone is experiencing record activity since opening our doors in 2007 and our ability to attract and retain top flight individuals such as these is a testament to our continued success,” said Steve Miles, a partner at Livingstone.

Tom Geen and Colin O’Callaghan join Livingstone’s team as Associates, supporting the firm’s M&A and capital raising activities across multiple sectors. Mr. Geen brings over five years of investment banking and capital markets experience to the firm. He most recently worked in the Investment Banking division at J.P. Morgan advising middle market companies and private equity sponsors. He graduated with his BBA from the University of Iowa and will earn his MBA from the University of Chicago in March 2013.

Mr. O’Callaghan brings over five years of capital markets experience to Livingstone. He previously held Associate positions at The Chicago Corporation and Bank of America Merrill Lynch. He earned his MBA from Indiana University, his MSC from University of Southampton and AB from College of the Holy Cross.

Adam Lucas and Colin Monasterio join Livingstone as Research and Financial Analysts. Mr. Lucas graduated with a BBA from Notre Dame and completed finance-focused internships at NetApp and Fluor Corporation. Mr. Monasterio earned his BBA from the University of Wisconsin and completed a corporate finance internship at Nestle.

Livingstone is an independent, international investment banking firm focused on M&A and private capital transactions with values between $30 and $300 million. Across its principal offices in the US and Europe, Livingstone’s corporate finance professionals specialize in five key sectors: business services; consumer; healthcare; industrial; and media & technology. The firm has offices in Chicago, London and Madrid (www.livingstonepartners.com).

GE Antares Backs Latest Leonard Green Acquisition

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GE Antares served as administrative agent on a $405 million senior credit facility to support the acquisition of Tank Holdings, a designer and manufacturer of rotationally-molded polyethylene and steel containers and a portfolio company of Olympus Partners, by Leonard Green & Partners. “GE Antares has a deep understanding of Tank’s business,” said Usama Cortas, principal at Leonard Green & Partners “They have grown with the company, delivering tailored financial solutions that meet the needs of the business today and in the future. Their insight and industry knowledge was vital to the success of this acquisition.”

Olympus and management created Tank in September 2008 through the combination of Snyder Industries and Norwesco. Since 2008, the company has integrated seven tuck-in acquisitions, which have enhanced Tank’s product lines and geographic reach.

Norwesco is a manufacturer of polyethylene tanks primarily for agricultural, water, and below-ground septic applications. Founded in 1939, the company has 17 facilities in North America. Norwesco is based in St. Bonifacius, MN (www.norwesco.com).

Snyder Industries is a polyethylene and steel tank manufacturer serving the agricultural, industrial, oil and gas, and septic markets in North America. The company operates six facilities across the U.S and is based in Lincoln, NE (www.snydernet.com).

“We have developed a strong relationship with Leonard Green over many years and our history with Tank Holdings goes back to the late eighties,” said James Kenefick, senior managing director of GE Antares. “We are pleased to have these long-standing relationships and look forward to continuing to grow with both Tank Holdings and Leonard Green & Partners in the future.”

GE Antares is a unit of GE Capital with offices in Atlanta, Chicago, Los Angeles, New York, and San Francisco. Specializing in the middle market, GE Antares is a “one-stop” source for GE’s lending and other services to middle market private equity sponsors (www.geantares.com).

Leonard Green & Partners’ invests in middle-market companies with market-leading franchises and defensible competitive positions, attractive growth prospects and proven management teams. The firm’s investments are in the form of traditional buyouts, going-private transactions, recapitalizations, growth capital investments, corporate carve-outs and selective public equity and debt positions. Sectors of interest include retail, distribution, healthcare, aerospace/defense and consumer/business services. Leonard Green & Partners was established in 1989 and manages approximately $15 billion of equity capital. The firm is located in Los Angeles, CA (www.leonardgreen.com).

Oppenheimer Names New Investment Banking Co-Heads

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Oppenheimer & Co. has announced that Bruce McCarthy and Marc Thompson have been named as co-heads of the firm’s investment banking group. They replace Marshall Heinberg who is leaving Oppenheimer after 25 years of service. “We are very pleased that Bruce and Marc have accepted this expanded role at Oppenheimer. Investment Banking, which is a core competency at our firm, will greatly benefit from the experience and expertise that they bring,” said Albert Lowenthal, Chairman of Oppenheimer & Co.

“I want to thank Marshall Heinberg, the former head of Investment Banking, for his years of service. He leaves Oppenheimer with our affection and respect. Marshall has decided to step down at the end of the month to pursue other interests. Marshall started his career with Oppenheimer over 25 years ago, and I am profoundly grateful to him for helping build a world-class middle market Investment Banking group,” said Mr. Lowenthal.

“I have been extremely fortunate to be able to have a 25 year career at Oppenheimer and its predecessor companies and I am delighted to pass the baton to two very talented professionals and leaders. I know they will continue to build on the success of our Firm. It has been a pleasure to be associated with so many gifted and dedicated colleagues,” said Mr. Heinberg.

Bruce McCarthy, who has over 20 years of investment banking experience, has worked at Oppenheimer and its predecessor companies since 1998. As Head of Global Mergers & Acquisitions, he has completed over 250 mergers, acquisitions, joint ventures and hostile defenses in a variety of sectors, including Industrial, Telecom, Chemical, Consumer Products and Technology. Mr. McCarthy will continue in his role as Head of Mergers & Acquisitions in addition to his new responsibilities. Before joining Oppenheimer, he worked for nine years in the mergers & acquisition groups at Salomon Smith Barney. He earned a BA in Economics from Boston College and an MBA from the Columbia Business School.

Marc Thompson, who has over 25 years of investment banking, private equity and operational experience and has worked at Oppenheimer and its predecessor companies since 1987, has completed a range of public and private equity and debt financings and mergers & acquisition assignments for clients, primarily in the technology and industrial sectors. In 2000, he formed the Software and Services practice, a team that has executed over 140 transactions worth more than $20 billion. He has also been a Managing Director at CIBC Capital Partners, where he served on the boards of several companies and assisted CIBC portfolio companies in completing acquisitions and debt financings. He holds an AB from Dartmouth College. Mr. Thompson will continue to head Software & Services and oversee the Technology Practice in addition to his new responsibilities.

Oppenheimer & Co. provides wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions. The firm is based in New York (www.opco.com).

Spencer Allen Joins Windjammer as an Associate

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Windjammer Capital Investors has hired Spencer Allen as a new associate. He will be responsible for sourcing and evaluating investment opportunities, performing due diligence, participating in the structuring, negotiating and closing of transactions, and assisting in the management of portfolio companies. Mr. Allen will be based in the firm’s Waltham, MA office.

Mr. Allen comes to Windjammer from Barclays Capital where he was an investment banking analyst focused on executing M&A and debt transactions in the consumer sector. Prior to joining Barclays, he was an investment banking analyst at Lazard Middle Market. Mr. Allen received his BBA from the University of Michigan.

Windjammer Capital Investors makes control and non-control investments in middle market businesses in partnership with management. Windjammer manages institutional funds totaling over $1.8 billion of capital and is currently investing its latest fund, Windjammer Senior Equity Fund IV, which it raised in 2012. The firm was founded in 1990 and is based in Newport Beach, CA and Waltham, MA (www.windjammercapital.com).

Monroe Capital Backs Latest Seaport Capital Acquisition

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Monroe Capital has provided a $16.5 million unitranche facility to support the acquisition of FTJ FundChoice by Seaport Capital Partners.

FTJ FundChoice provides technology enabled mutual fund trading platforms to investment advisors nationwide. The company was founded in 2001 and is based in Hebron, KT (www.ftjfundchoice.com).

“We were extremely pleased to have Monroe Capital as a financing partner in our acquisition of FTJ. Monroe Capital was able to provide a flexible capital structure and close our transaction in a timely manner. We appreciate the relationship we have developed with the Monroe Capital team,” said Bill Luby, a founding Partner of Seaport Capital Partners.

Seaport Capital invests from $5 million to $20 million of mezzanine debt and equity in US based companies with $3 million to $15 million of EBITDA. Industries of interest include online advertising, education services, co-location and managed services, communication towers, business process outsourcing, event & sponsorship marketing, late stage software, and fiber networks. The firm is based in New York (www.seaportcapital.com).

“We were pleased that Seaport Capital Partners had the confidence in Monroe to provide a financing solution to support the acquisition of this unique service business. We look forward to working with the team as they execute on their growth objectives,” said Theodore Koenig, President and Chief Executive Officer of Monroe Capital.

Monroe Capital is a specialty finance company providing senior and junior debt to middle-market companies. Monroe Capital specializes in originating, structuring and providing one-stop financings. Investment types include senior and junior secured debt as well as bridge loans, acquisition facilities, mezzanine or last-out secured loans and equity co-investments. The firm is based in Chicago, IL (www.monroecap.com).