Primus Capital Partners has closed its seventh fund, Primus Capital Fund VII, LP (“Primus VII”), with total commitments of $353 million. Primus VII exceeded its target of $300 million and represents the largest fund raised by Primus. Primus VII received support from its existing investors and attracted several new institutional investors to the fund. Primus did not use a placement agent to raise the fund.
“We are thrilled that we were able to close above our stated target in this competitive fundraising environment,” said Loyal Wilson, a Managing Director and founder. “The success reflects the confidence our investors have in our experienced team and lower middle market investment strategy.”
Primus VII has made two investments, both of which closed last December. The first investment was a growth capital financing for Cardinal Commerce, a provider of credit card payment authentication and e-commerce enabling software. Cardinal Commerce is based in Cleveland (www.cardinalcommerce.com). Primus VII also completed the acquisition of Emmi Solutions, a healthcare services platform company that provides a suite of technology-based patient engagement and empowerment products designed to reduce costs and improve clinical outcomes for providers and payers. Emmi Solutions is based in Chicago (www.emmisolutions.com).
“We are encouraged by the initial investment pacing of Primus VII and the quality of the opportunities we are seeing in our targeted industries,” said Phil Molner, a Managing Director. “The first two investments have the business model attributes we look for, including strong top-line growth, high margins and recurring revenues. We are also pleased to be partnering with two outstanding management teams.”
Primus invests in companies within the healthcare, technology‐enabled services, and education industries. Transaction types include management-led buyouts, control and non-control recapitalizations and growth equity investments. The firm was founded in 1983 and is based in Cleveland (www.primuscapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 3-18-13
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