May River Closes Fund I
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May River Closes Fund I

May River Capital has closed its inaugural fund, May River Fund I, LP, with total limited partner commitments of $165 million. This fundraise was accomplished in just six months and the fund closed above target.

May River received commitments from a variety of limited partners, including university endowments, insurance companies, charitable foundations, fund-of-funds, family offices and high net worth individuals.  The firm’s founding partners – Chip Grace, Steve Griesemer and Dan Barlow – also made significant commitments to the fund. “We are grateful for the confidence and support of our limited partners and we are excited to continue our strategy of investing in differentiated small market, industrial growth businesses,” said Mr. Grace.

May River invests from $15 million to $40 million of equity in companies with enterprise values of $15 million to $75 million, revenues of at least $10 million, and EBITDA of at least $3 million. Sectors of interest include high-value manufacturing, engineered products, industrial services, and value-added industrial distribution businesses.

Since its founding, May River has completed six investments through four industrial platforms.

  • MECA & Technology Machine, a manufacturer of tight tolerance sleeves, machined components, and rolls used in the packaging, flexographic printing, and web converting sectors, was acquired in August 2016.
  • Hunt Valve, a maker of valves and components used in severe duty applications in the fluid power industry, was acquired in February 2016.
  • Pride Engineering, a designer and manufacturer of multi-piece machine tools and related equipment for the front-end production of two-piece food and beverage cans, was acquired in March 2014.
  • GCM, a manufacturer of low-to-medium volume, precision components and system assemblies used in medtech, aerospace, and industrial applications, was acquired in July 2012 (then known as Hi-Tech Manufacturing).

“We plan to accelerate development of the firm by deepening our team in order to capture the market opportunity before us,” said Partner Dan Barlow.

M2O Private Fund Advisors (www.m2ollc.com) was the placement agent for this fundraise and DLA Piper (www.dlapiper.com) provided legal counsel.

May River was founded in February 2012 and is headquartered in Chicago (www.mayrivercapital.com).

© 2017 Private Equity Professional | March 22, 2017

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