Trive Capital has held a final closing of Trive Capital Fund I LP (Fund I) with $300 million of capital commitments. Fund I reached its hard-cap in five months and was oversubscribed from its initial $250 million target.
“We are humbled by the strong support and interest we have received from investors globally and are proud to have partnered with world class public and private pension funds, endowments, foundations, fund of funds and family offices,” said Conner Searcy, Managing Partner of Trive. “The success of the fundraise was a testament to our deep value investing approach, quality of the Trive team and prior success deploying an operationally-focused investment strategy.”
Trive Capital invests from $5 million to $40 million in North America headquartered companies with revenues of $30 million to $500 million. Sectors of interest include automotive & transportation; aerospace & defense; building products; construction & infrastructure; consumer goods; energy services; healthcare; manufacturing and industrials; chemicals; distribution; business & professional services; and communications. The firm as founded in 2012 by Conner Searcy, Managing Partner, and Chris Zugaro, Partner. Trive Capital is based in Dallas (www.trivecapital.com).
Trive Capital has already acquired three companies for its first fund. In September 2012 the firm acquired Southern Towing, an inland tank barge operator based in Memphis (www.southerntowing.net). In December 2012, Trive acquired Precise Packaging, a manufacturer of pressurized spray products based in Fall River, MA (www.precisepackaging.com). In February 2013, Trive acquired Huron, a supplier of tubular assemblies and other machined products for the automotive industry based in Lexington, MI (www.huroninc.com).
“Trive’s hands-on operational approach brings a skill set absent in many lower middle market businesses, substantially increasing the velocity of upside achievement and enterprise improvement,” said Mr. Zugaro. “The close of Fund I caps a very busy year for Trive during which we completed three platform investments and significantly grew the team.”
MVision Private Equity Advisers acted as the exclusive fundraising advisor for Trive Capital.
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-19-13