PPC Partners Closes Fund II

PPC Partners has held a final closing of PPC Fund II LP (Fund II) at its hard cap of $1.8 billion. Fundraising for the new fund was launched in late 2017 and exceeded its original target of $1.5 billion. Investors in Fund II are predominantly families but also include public and private pension plans, insurance companies and endowments.

PPC Partners acquires North America-based middle-market companies that have enterprise values between $100 million and $750 million and EBITDA in excess of $15 million. Sectors of interest include manufactured products, services and healthcare.  The firm is led by Tony Pritzker and the former investment and operating professionals of Pritzker Group Private Capital. PPC has offices in Chicago and Los Angeles (www.PPCPartners.com).

PPC invests on behalf of certain Pritzker and other family and institutional investors and many of the limited partners in Fund II will have the ability to co-invest beyond their committed amounts.

“Our differentiated, long-duration capital base provides us with the flexibility to grow our companies and do what’s right for our businesses over the long term,” said Paul Carbone, President and Managing Partner of PPC Partners. “We have gathered a select group of like-minded families and institutions, and together we can be even more effective in partnering with family- and entrepreneur-owned companies.”

In April 2018, Fund II closed its first investment with the buy of San Antonio-based C.H. Guenther & Son (CHG), a producer of branded and private label food products. The company was founded in 1851 by German immigrant Carl Hilmar Guenther and had been continuously owned by Guenther family members since its founding.

CHG manufactures and markets a wide variety of grain-based and seasoning products, including artisan breads, buns, rolls, biscuits, gravy mixes, frozen appetizers, spices and desserts. Company-owned brand names include Pioneer gravies, seasonings and baking products; Morrison mixes; Tribeca artisan breads; Sun-Bird Asian seasonings; Cuisine Adventure frozen appetizers and snack products; and White Wings tortilla mixes. CHG’s products are sold globally to the foodservice, quick serve restaurant, club and retail sectors. The company employs over 2,500 people in 19 food manufacturing locations in the US, Canada and Western Europe. (www.chg.com).

“We have a long history of building industry-leading businesses,” said Tony Pritzker, Chairman and Chief Executive Officer of PPC Partners. “We are deeply grateful to our new partners who have entrusted us with their capital.  We remain committed to our time-tested strategy and core values of honesty, integrity and loyalty.”

Credit Suisse Securities (USA) was the placement agent for this fundraise and Kirkland & Ellis provided legal services.

© 2018 Private Equity Professional | July 19, 2018

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