Marlin Equity Partners has held a first and final closing of Marlin Heritage Europe, LP, with €325 million of total capital commitments. The establishment of the Heritage Europe Fund is a natural progression for Marlin since the firm has been investing in European businesses since 2006 and opened a London office in January 2013.
The new fund was exclusively offered to existing investors in Marlin’s lower middle market focused Heritage Fund platform and closed at its hard cap in just over two months and closed above its initial €200 million target.
“The formation of the Heritage Europe Fund is primarily driven by our strong deal flow and the attractive investment opportunities we are seeing throughout Europe,” said David McGovern, Managing Partner of Marlin. “We are thankful for the strong support we received from our existing Heritage Fund limited partners. Our ability to raise the Heritage Europe Fund in just over two months further validates our growing reputation and brand recognition as a leading player in the European private equity market.”
The Heritage Europe Fund will target investments in the lower middle market, generally in companies located across Europe. Sectors of interest include technology, business services, healthcare, consumer and manufacturing.
“The Heritage Europe Fund offers a compelling opportunity to continue investing across the European middle market, which we believe is underserved by private equity. There are significant cross-border consolidation and growth opportunities to capture throughout Europe, and our ability to leverage the Marlin platform and operational resources positions us well to identify and build successful global businesses,” said Peter Spasov, Partner of Marlin.
Marlin invests in businesses that have revenues of $20 million to $1 billion and are in the process of undergoing varying degrees of operational, financial or market-driven change. The firm is headquartered in Los Angeles with an additional office in London (www.marlinequity.com).
The closing of the Heritage Europe Fund follows an active period for Marlin. Since the beginning of 2015, Marlin has acquired 23 businesses, including 11 corporate divestitures. Marlin has closed six private equity funds since its inception in 2005 and has more than $3 billion of capital under management.
Credit Suisse Securities (USA) (www.credit-suisse.com/us) was the placement agent used by Marlin to raise the Heritage Europe Fund. Bruce Ettelson, Karin Orsic and Katie St. Peters of Kirkland & Ellis (www.kirkland.com) served as legal counsel to Marlin.
© 2016 Private Equity Professional • 7-14-16
