Boyne Capital Partners has closed its debut institutional fund, BCM Fund I, LP, with $126 million of capital commitments, surpassing the original target of $100 million. Limited partners in the new fund include insurance companies, fund of funds, family offices and individuals.
“We are pleased with the successful and rapid fund raise, having completed the process in less than a year. We are grateful to our existing limited partners who supported us in our first institutional capital raise and whose support has been critical to the growth and success of our firm,” said Derek McDowell, Managing Partner. “We remain committed to investing in the lower end of the middle market and believe this fund enhances our ability to execute on our investment strategy in a disciplined and focused manner.”
Boyne makes investments in lower middle market companies that have revenues of less than $100 million and EBITDA of $2 million to $10 million. Sectors of interest include healthcare, water infrastructure and waste-water processing, agriculture, energy efficiency, liquid waste and oil processing, government services and niche manufacturing.
Boyne has already closed on two platform investments for Fund I. The first portfolio company, acquired in March 2017, is AmeriBest Home Care – a provider of personal care and home health services. The company has a focus on Home and Community Based Services Waivers which allow disabled and elderly patients to remain in their homes and avoid higher cost institutional facilities. The company is based in Philadelphia (www.ameribesthomecare.com). The second portfolio company was just acquired and Boyne will release the details soon.
Boyne Capital Partners was founded by Derek McDowell in 2006 and is headquartered in Miami (www.boynecapital.com).
© 2017 Private Equity Professional | July 14, 2017