Salt Creek Capital has sold a majority equity interest in its portfolio company Ultracor to Gemini Investors. Salt Creek first invested in Ultracor in 2008 and remains a minority investor in the company.
Ultracor is a manufacturer of high-performance composite materials and systems for the space and aerospace industries. The company was founded in 1995 and is headquartered in Livermore, CA (www.ultracorinc.com).
“It has been a pleasure to support Stan and the team at Ultracor for the past five years,” said Dan Mytels, Managing Director at Salt Creek Capital. “We appreciate the opportunity to work with Gemini, who we see as a value-added investor, to support the company’s next phase of growth.”
Salt Creek Capital invests in lower middle market companies located anywhere in the US that have $3 million to $50 million in revenue. Sectors of interest include business services, distribution, energy services, franchising, logistics and specialty finance. The firm is based in Menlo Park, CA (www.saltcreekcap.com).
Gemini Investors makes equity investments of $3 million to $8 million in companies with revenues of $10 million to $100 million and EBITDAs of at least $1 million. The firm is currently investing Gemini Investors V, LP, which has $190 million of committed capital. Gemini Investors was founded in 1993 and is based in Wellesley, MA (www.gemini-investors.com).
“Since acquiring Ultracor in December 2008, we have worked hard to expand our business and provide the industry with innovative products” said Stan Wright, President of Ultracor. “We look forward to working with Gemini to continue to create critical applications and solutions for our industry leading customers.”
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-12-14