Breakaway Beats Target, Closes Fund II at Hard Cap
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Breakaway Beats Target, Closes Fund II at Hard Cap

breakaway nf4Los Angeles-based lender Breakaway Capital Partners has closed Breakaway Capital Partners Fund II, LP with total commitments at the hard cap of $100 million. The fund was oversubscribed and had an initial target of $75 million. All of the limited partners in the new fund are family offices and individuals.

warren woo nf1“We are very pleased to complete this fund raise,” said Warren Woo, Managing Partner of Breakaway. “We are gratified by the level of support we received from our existing investors, who increased their commitments by over 50%, and the overwhelming level of interest from new investors, which allowed us to secure commitments for our fundraising within 60 days.”

Breakaway Capital invests from $5 million to $20 million of debt capital in companies with up to $10 million of EBITDA. Products include senior debt, mezzanine debt, and unitranche structures to companies for leveraged buyouts, acquisitions, recapitalizations, restructurings and growth capital for both sponsored and non-sponsored transactions.

mike connally nf4“Our strong deal flow and the attractive companies we have successfully financed to date validates the investment thesis we had when we formed Breakaway Capital in 2014,” said Mike Connolly, Partner. “We are thrilled that Fund II will expand our ability to finance companies seeking creative and flexible debt solutions.”

Earlier this month, Breakaway – through its first fund – provided a $10.5 million senior secured credit facility to Galaxy Gaming to refinance existing long-term debt which was used by the company to acquire Prime Table Games in 2011.

Breakaway’s current portfolio of investments includes:

  • Art Brand Studios, the owner of the Thomas Kinkade Company, which holds the exclusive license to sub-license and publish artwork created by or inspired by the late Thomas Kinkade, internationally known as the “painter of light”. The company is based south of San Jose in Morgan Hill, CA (www.thomaskinkade.com);
  • Wave Technology Solutions Group, a provider of business process outsourcing consulting services, based in Irvine, CA (www.wave-tsg.com);
  • IC Real Tech, a designer, developer and manufacturer of video surveillance systems, based in Pompano Beach, FL (www.icrealtech.com);
  • SureFire, a designer, manufacturer, and distributor of flashlights, tactical lights, and firearm suppressors, headquartered south of Los Angeles in Fountain Valley, CA (www.surefire.com); and
  • Galaxy Gaming, a designer and manufacturer of proprietary casino table games and associated technology, platforms, and systems for the casino gaming industry. The company is based in Las Vegas (www.galaxygaming.com).

Breakaway Capital was founded by partners Warren Woo and Mike Connolly and is based in Los Angeles (www.breakawaycap.com).

© 2016 Private Equity Professional • 9-21-16

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