Tritium Partners has held a final closing of its inaugural fund – Tritium I, LP – with $309 million of committed capital. The fund was oversubscribed and closed at its hard cap. The new fund’s investors include retirement systems, private pension plans, university endowments, foundations, financial institutions and insurance companies.
“We are excited to have the support of a prestigious group of institutional investors as we launch our inaugural fund,” said Philip Siegel, Managing Partner and Co-Founder of Tritium. “They share our belief in the compelling investment opportunities that exist in the lower middle market and the advantage that Tritium has in realizing those opportunities with our growth-focused investment approach.”
Tritium Partners specializes in buyouts of growth companies in the lower middle market. Typical target companies will have EBITDAs from $2 million to $20 million. Sectors of interest include Internet and information services, supply chain and logistics, and financial and business services. Tritium was founded in 2013 and is based in Austin (www.tritiumpartners.com).
Fund I already has four companies in its portfolio: RoadOne – a provider of intermodal transportation services to domestic and international shippers (acquired in June 2015); Giact Systems – a provider of fraud prevention data services for electronic payments (January 2015); Global Access – a provider of cross-border ecommerce services (August 2014); and Fexy Media – a provider of digital videos in the food, lifestyle, finance, health, and parenting categories (November 2013).
“Our track record and partnership-oriented approach to building growth companies resonates with proven business leaders and talented founders,” said David Lack, Managing Partner and Co-Founder of Tritium. “Our focus on a handful of investment sectors provides the experience and strategic insights which we use to help our teams accelerate organic growth and enhance value through complementary acquisitions. This has proven to be a winning formula for all stakeholders.”
Credit Suisse Securities (USA) (www.credit-suisse.com) was the exclusive placement agent for the fund and Weil, Gotshal & Manges (www.weil.com) provided legal counsel.
© 2015 PEPD • Private Equity’s Leading News Magazine • 11-19-15
