The former management team of Wafra Partners, the direct equity division of Wafra, has spun out to form Granite Bridge Partners.
Forming and joining Granite Bridge are Peter Petrillo, Jeff Gerson, Mike Goodman, Eric Norfleet, Ryan Wierck and Sam Green. Mr. Petrillo leads the firm as Managing Partner.
With backing from Spring Bridge Partners and a syndicate of other limited partners, Granite Bridge has acquired, through a secondary transaction, a majority interest in Wafra’s direct equity portfolio. “We are very excited to have been able to partner with Spring Bridge and the rest of syndicate to complete this transaction and look forward to working with them to generate a successful outcome for all,” said Mr. Petrillo. “In addition, we are grateful to Wafra for more than 20 years of support and partnership and thrilled that they have agreed to remain a participant in our new venture.”
The portfolio of companies acquired by Granite Bridge from Wafra are as follows:
- The Wellness Network, acquired by Wafra in January 2016, is a provider of patient engagement services to hospitals, physicians, payers and employers (www.thewellnessnetwork.net);
- Winning Streak Sports, acquired by Wafra in October 2016, is a supplier of nostalgia-themed sports banners and pennants sold under licensing agreements with professional sports leagues and universities (www.wssdecor.com).
- The InterMed Group, acquired by Wafra in December 2015, is a provider of outsourced medical equipment maintenance, management and other services (www.intermed1.com);
- Integrated Cable Assembly, acquired by Wafra in May 2014, is a manufacturer of wire harnesses, cable assemblies, and electromechanical assemblies (www.icahholdings.com);
- Smiles Services, acquired by Wafra in October 2013, is a provider of dental practice management services to dental offices located in the Pacific Northwest (www.welovesmiles.com);
- Phelps Industries, acquired by Wafra in January 2013, is a manufacturer and marketer of branded and private label dog and cat treats (www.phelpsindustriesllc.com);
- All Island Media (www.allislandmedia.com), acquired by Wafra in November 2010, publishes and distributes Pennysaver News, Town Crier, and other niche shopping publications in Nassau and Suffolk counties in New York;
- Custom Wood Products, acquired by Wafra in July 2006, is a manufacturer of cabinetry for kitchens and bathrooms primarily for the remodeling market (www.cwpcabinetry.com); and
- American Higher Education Development, acquired by Wafra in August 2004, is a for-profit, post-secondary education provider (www.ahed.com).
Granite Bridge invests from $10 million to $30 million per transaction in companies that have enterprise values between $10 million and $100 million. Typical targets will have revenues of at least $10 million and EBITDA of at least $2 million. Sectors of interest include consumer products and services, business services and niche manufacturing. Granite Bridge is headquartered in New York (www.granitebridgepartners.com).
Spring Bridge Partners, founded by Sebastien Burdel and Luca Salvato, is a specialty investor in private equity portfolios and general partnerships. The firm is based in New York (www.springbridgepartners.com).
New York-based Wafra is a privately held investment management firm with more than $20 billion of assets under management (www.wafra.com).
© 2018 Private Equity Professional | July 30, 2018