Brynwood Partners has held a final close of its latest fund, Brynwood Partners VIII LP, with $649 million of committed capital.
“We are both pleased and proud to announce the final close of Brynwood VIII with $649 million of committed capital, the largest fund in our 34-year history,” said Hendrik Hartong III, Chairman and Chief Executive Officer. “The high level of interest in our newest fund from the investment community validates our belief that returns in the lower middle market are primarily driven by operational improvements at the portfolio company level. We look forward to continuing to target our investment activities exclusively in the consumer sector where Brynwood Partners’ investment professionals have significant hands-on operating experience and we can leverage these experiences throughout all phases of the investment process to create shareholder value for our limited partners.”
“We are grateful for the support that our existing limited partners continue to give to us and we welcome several new limited partners to the Brynwood Partners’ family,” said Ian MacTaggart, President and Chief Operating Officer. “Our two-month, oversubscribed fundraising process is the fastest in Brynwood Partners’ history and we could not have achieved such success without the strong support from our limited partners. We look forward to investing Brynwood VIII’s capital and executing the same investment strategy that has made Brynwood Partners so successful over the years.”
Brynwood targets non-core brands or companies operating exclusively in the consumer sector and is actively pursuing new platform investments for Brynwood VIII and will, of course, continue to work to maximize investment returns for its remaining investments in prior funds.
The firm’s earlier fund, Brynwood Partners VII, which closed in 2013 with $420 million of capital, has three remaining portfolio companies: Cold Spring Brewing Company, a beverage manufacturer that produces energy drinks, carbonated flavored waters and brews craft beers, was acquired in August 2017 from the Lenore family (www.coldspringbrewery.com); Harvest Hill Beverage Company, a manufacturer and marketer of the Juicy Juice, SunnyD, Veryfine, Fruit2O, and Hug brands of juices, was acquired in June 2014 when Brynwood acquired the Juicy Juice brand from Nestle USA (www.harvesthill.com); and Joseph’s Gourmet Pasta, a manufacturer and marketer of pasta and sauces sold through the food service and retail channels, was acquired in January 2014 from Nestlé USA (www.josephsgourmetpasta.com). Brynwood Partners VI, which closed in 2008 with $306 million of capital, has only one remaining portfolio company, Pearson Candy Company – a manufacturer and marketer of nut rolls, mint patties, and other confections (www.pearsonscandy.com).
“We will continue to evaluate add-on acquisition opportunities for our three portfolio companies in Brynwood VII and will be seeking new platform investment opportunities for Brynwood VIII,” said Mr. MacTaggart.
With the close of the new fund, Brynwood is now managing over $1.1 billion of private equity capital for its limited partners, which include US and international pension funds, fund-of-funds, endowments, high net worth family investment offices and financial institutions.
Brynwood was founded in 1994 and is headquartered in Greenwich, CT (www.brynwoodpartners.com).
© 2018 Private Equity Professional | January 22, 2018