Spanos Barber Jesse & Co. has held a final closing on its debut fund, SBJ Fund, LP, with total capital commitments of $204 million, exceeding its original $150 million target.
Spanos Barber Jesse & Co. (SBJ) was founded by Gus Spanos, Tom Barber and Bill Jesse. SBJ is classified as a Small Business Investment Company having received its license from the US Small Business Administration in February 2015.
“We are extremely pleased by the reception our strategy and experience have received from a blue chip investor base consisting of well-known institutions, family offices and heads of major investment firms,” said Mr. Spanos, Co-Founder and Managing Director of SBJ. “Tom, Bill and I look forward to using our industry expertise and flexible capital to help founders and management teams achieve their business and financial objectives.”
The new fund will invest in lower middle-market consumer, business services and healthcare services companies with up to $100 million in revenue and EBITDA from $2 million to $10 million. The fund can invest in both equity and debt and make control and non-control investments.
Earlier this summer, the firm closed on its first investment by acquiring a controlling interest in Armor Express, a provider of soft body armor and related products to law enforcement, military, correctional and other public safety personnel. Armor Express is headquartered in the northern Michigan city of Central Lake (www.armorexpress.com). SBJ partnered with Generations Management, a family office based in Traverse City, MI, on this transaction (www.generationsmgmt.com).
SBJ maintains office in San Francisco and Dallas (www.sbjcap.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 10-6-15
