Boathouse Capital has held a final close on Boathouse Capital II at $230 million. This is Boathouse Capital’s second SBIC fund.
“We are thankful to our returning investors who have supported us from the outset and to our new investors with whom we look forward to building long-term relationships,” said Ken Jones, Managing Partner at Boathouse Capital.
Boathouse Capital invests mezzanine debt and equity in lower middle market companies in partnership with management teams and private equity funds. Boathouse will consider investments from $5 million to $25 million in either mezzanine debt or equity capital in companies with EBITDAs of $1.5 million or greater.
Boathouse Capital II has already closed on two new platform investments with the acquisitions of KBP Foods and Solomon Edwards. In March 2015, KBP Foods was acquired by Boathouse Capital and Victory Park Capital in partnership with OFS Capital and KBP’s current management team. KBP Foods was a portfolio company of Boyne Capital Partners. KBP Foods owns and operates 220 branded restaurants under franchise agreements with KFC, Taco Bell, and Long John Silver’s. The company is based in Overland Park, KS (www.kbp-foods.com). Solomon Edwards is a professional services firm that assists clients in defining, managing and driving strategic projects. Solomon Edwards was acquired in February 2015 and is based near Philadelphia in Wayne, PA (www.solomonedwards.com).
In conjunction with the new fund, Boathouse has added three new team members. Ben Chang and Shivam Patel have been hired as Associates to support the investment team in executing on new transactions and to help assist in the management of portfolio companies. Steve Dressel has been hired as a Business Development Associate and he will be responsible for sourcing new transactions and assisting in other areas of the investment process including portfolio company exits.
Boathouse Capital manages over $350 million in two separate funds and is based near Philadelphia in Wayne, PA (www.boathousecapital.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 4-21-15
