Middle market private equity firm Stellex Capital Management has closed its debut fund, Stellex Capital Partners LP, at $870 million, exceeding its $750 million target.
Stellex invests from $25 million to $100 million per transaction in companies experiencing some form of financial, operational or industry-driven distress. Target companies will typically have an enterprise value of $50 million to $500 million and will be located in the United States or Europe. Sectors of interest include automotive, aerospace, building products, defense, industrial equipment, metal fabrication and transportation.
Stellex’s founding partners – Ray Whiteman and Michael Stewart – have worked together for over 14 years. Prior to forming Stellex in 2014 they were both partners of The Carlyle Group and co-heads of Carlyle Strategic Partners.
“We are pleased with the support of our limited partners and their underlying constituents and we are focused on creating value for them. Our team has deployed capital into multiple investments and maintains a robust pipeline of interesting middle market opportunities,” said Messrs. Whiteman and Stewart in a released statement.
Stellex is currently invested in three companies: Marine Hydraulics International (November 2015), a provider of major marine repair and conversion services to the US Navy and commercial ship owners and operators; Morbark (March 2016), a maker of equipment for the forestry,
recycling, tree care, sawmill and biomass markets; and Dominion Hospitality (November 2016), an owner and operator of hotels and pubs in the UK.
Stellex has offices in New York and London (www.stellexcapital.com).
© 2017 Private Equity Professional | July 6, 2017