“We are very pleased to announce that after approximately two months of fundraising-related meetings we completed the Cortec Fund VI raise, hitting our hard cap,” said Dave Schnadig, a Cortec Managing Partner.
Cortec invests in US and Canadian middle-market specialty healthcare, consumer and engineered products, and value-added distribution and service businesses. Cortec’s target companies typically have enterprise values from $40 million to $300 million. As with its prior three funds, Cortec Fund VI will focus on platform investments with revenues of more than $25 million and $5 million to $30 million in trailing EBITDA.
“We believe our success in working with business owners who want a partner that brings a combination of real-world business experience and private equity knowledge is unrivaled in the middle market,” said Jeff Lipsitz, a Managing Partner at Cortec.
Demonstrating this relationship, a number of former and current portfolio company CEOs and senior executives invested a combined $20 million in the new fund.
The senior Cortec team, which includes Partners Jon Stein, Gene Nesbeda and Jeff Shannon, has worked together for many years and remains intact for Cortec Fund VI. The firm was founded in 1984 and is based in New York (www.cortecgroup.com).
“To experience the firm’s evolution from its first institutional capital pool of $27 million in 1990 to our current level is extremely gratifying,” said Scott Schafler, a Cortec founder and Managing Partner.
2015 PEPD • Private Equity’s Leading News Magazine • 5-27-15