Bison Capital has held a final closing of Bison Capital Partners IV, L.P. (Fund IV ) with $218 million of capital commitments. The final close was above the initial target of $200 million. The limited partners in the new fund include public and private pension funds, insurance companies, fund of funds and family offices.
“We are extremely pleased with the outcome of our fundraising and greatly appreciate the faith our investors have placed in Bison Capital,” said Douglas Trussler, a Partner at Bison Capital. “We believe our reputation in the investment community and seasoned investment team will allow us to identify and make profitable investments.”
Consistent with Bison Capital’s predecessor funds, the new fund will make growth capital investments in lower middle-market companies, public or private, for expansion, acquisitions and balance sheet recapitalizations. The firm’s primary investment focus is partnering with entrepreneurs and management teams seeking capital to grow their businesses.
Bison Capital has already made investments from Fund IV in three businesses: Sentinel Offender Services; Solarsilicon Recycling Services; and WestStar.
- Solarsilicon Recycling Services is a recycler and servicer of silicon for the solar and semiconductor industries. The company obtains unusable and off-spec silicon from both silicon suppliers and solar wafer manufacturers and applies a proprietary reprocessing method to create production-ready silicon. The company is headquartered in Camarillo, CA and recently expanded into a new facility in Ventura, CA (www.solarsilicon.com).
- WestStar is a provider of cable television services to pay-TV subscribers in the Cayman Islands and is a minority owner in Bermuda Cablevision. WestStar is headquartered in George Town, Grand Cayman, Cayman Islands (www.weststartv.com).
- Sentinel Offender Services is a provider of services that aid local and state governments in monitoring and managing offenders on probation or parole. Sentinel’s programs include electronic monitoring and tracking, alcohol and drug testing, and various offender management and compliance services. Sentinel is headquartered in Irvine, CA (www.sentrak.com).
“The Bison Capital team is very excited to have completed its fundraising and looks forward to continuing our strategy of partnering with entrepreneurial management teams in growing their companies,” said Peter Macdonald, a Partner at Bison Capital.
Bison Capital makes equity investments in public and private middle-market companies that have revenues of $20 million to $500 million and EBITDAs greater than $5 million. The firm is industry agnostic. However, sectors where the firm has specific experience include business services, healthcare, industrial, transportation services, financial services, environmental services, energy, distribution and logistics. Bison Capital has closed four private equity funds totaling over $600 million since its inception in 2001 and currently has more than $350 million of capital under management. The firm is based in Santa Monica with an office in New York (www.bisoncapital.com).
CrossBay Capital Partners (an affiliate of Equus Financial Consulting) and Harken Capital acted as placement agents for Fund IV. Kirkland & Ellis LLP served as legal counsel.
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-18-13