Mill Point Capital has closed its inaugural institutional fund, Mill Point Capital Partners LP, at its hard cap of $450 million. The new fund was significantly oversubscribed.
Mill Point makes control-oriented investments of $15 million to $80 million in middle-market companies that have enterprise values of $50 million to $250 million. Sectors of interest include business services and industrial. Mill Point was founded by Managing Partner Michael Duran and is based in New York (www.millpoint.com).
Limited partners in the new fund include endowments, foundations, corporate and state pension plans, family offices, gatekeepers, sovereign wealth funds, insurance companies, and fund of funds. “We are thrilled with the quality of our investor base and grateful for their overwhelming support for what we’ve built at Mill Point,” said Mr. Duran. “In spite of this frothy market, we continue to find market-leading businesses that are often undervalued or overlooked, and seek complex opportunities where we can bring to bear the full impact of our team and operational resources.”
Mill Point already has five portfolio companies as follows: Dejana Industries, a Port Washington, NY-based provider of municipal and facility maintenance services (acquired in December 2017); KKSP Precision Machining, a Glendale Heights, IL-based manufacturer of machined metal components used in the flow control, HVAC, appliance and automotive sectors (November 2017); Avenu Insights & Analytics, a Herndon, VA-based provider of services to cities and counties that aid in the collection of permits, license fees, and sale and use taxes (January 2017); Metal Powder Products, a Westfield, IN-based maker of powdered metal products used in the automotive, lawn & garden and basic industrial sectors (May 2016); and Huntington Solutions, a Jeanette, PA-based maker of foam packaging products used in the appliance, and automotive sectors (September 2016).
Acalyx Advisors (www.acalyx.com) was the exclusive placement advisor to Mill Point. “The Mill Point team, led by partners Michael Duran and Dustin Smith, are seasoned investors in the middle-market as they have created value in all parts of the market cycle. Mill Point’s ability to build a compelling portfolio amidst fundraising speaks to the team’s exceptional capabilities,” said Jennifer Cho Rinehart, CEO of Acalyx.
John Muno, Justin Redeker and Michael Black of Kirkland & Ellis (www.kirkland.com) served as legal counsel to Mill Point.
© 2018 Private Equity Professional | June 1, 2018