CenterOak Partners has held a final close of CenterOak Equity Fund I, LP with total commitments at the hard cap of $420 million. The significantly oversubscribed fund had an initial target of $350 million.
CenterOak was launched in September 2014 by Randall Fojtasek, former co-founder and co-chief executive officer of Brazos Private Equity Partners. He leads the firm alongside former Brazos senior executives Michael Salim, Lucas Cutler, Jason Sutherland and William Henry. These five executives have worked together for nearly 15 years.
“We are very pleased to complete this fundraise,” said Mr. Fojtasek. “We credit our fundraising success to our track record, focused investment strategy, and experienced and stable team.”
CenterOak makes equity investments of $20 million to $90 million in companies with enterprise values of $50 million to $250 million. Sectors of interest include manufacturing, consumer and business services. The firm is headquartered in Dallas (www.centeroakpartners.com).
“We will continue our proven approach of finding companies with attractive characteristics, building strong relationships with management teams and operating executives to create value. We thank our limited partners for their support and commitment to our firm,” added Mr. Fojtasek.
In February 2016, CenterOak completed the acquisition of Cascade Windows, a manufacturer of vinyl windows and doors serving the Western US. Other portfolio investments include BlackHawk Industrial; Cheddar’s Casual Café; Eberle Design; Ennis Paint; Flint Trading; Lone Star Overnight; ORS Nasco; Rennhack Marketing Services; Southern Tide; Strategic Equipment and Supply; and Tri-Northern Security Distribution.
Credit Suisse Private Fund Group, which assists in raising funds with targets of $300 million to $2 billion, was CenterOak’s placement agent for this fundraise.
© 2016 Private Equity Professional • 8-4-16
