Summit Park has held a final and above target close of Summit Park II, LP (SP II) with $118 million of capital commitments. Limited partners include the fund’s two anchor investors – JPMorgan Asset Management and Private Advisors – as well as Adveq, SCS Financial, Texas Children’s Hospital, and others.
“We are pleased to announce the closing of SP II and we are grateful to our existing investors for their continued support and confidence,” said founding partner Bob Calton. “Exceeding our target in a short period of time is a testament to the quality of our team and a record of successful execution.”
Summit Park had a first close of SP II in September 2014 and simultaneously acquired its first portfolio company with the buy of Tennessee Industrial Electronics, a supplier of new and refurbished parts for computer numerical control machine tools (www.fanucworld.com).
Summit Park is actively seeking platform investments in businesses with $20 million to $100 million of revenue, located in the Mid-South, Mid-Atlantic, and Southeastern regions of the United States. Sectors of interest include business services, outsourced services, light manufacturing, and distribution. Summit Park is headquartered in Charlotte (www.summitparkllc.com).
“SP II represents an exciting period of growth for our firm,” said founding partner Jim Johnson. “We are committed to being the partner of choice for lower middle market businesses and look forward to continuing to partner with superior management teams to build great companies.”
2015 PEPD • Private Equity’s Leading News Magazine • 5-5-15