Soundcore Hits Hard Cap

Soundcore Capital Partners has held a final hard cap close of Soundcore Capital Partners Fund II LP (Fund II) with $350 million of capital commitments. Fundraising commenced in September 2017 with an original target of $300 million.

Soundcore – a name derived from the firm’s focus on “sound investments” and “core principles” – invests from $2 million to $60 million of control equity in lower middle market companies that are headquartered in the US or Canada. Typical targets will have from $1 million to $10 million of EBITDA, at least a 10% EBITDA margin, and revenues that are recurring in nature. Sectors of interest include fragmented industries with multiple acquisition roll-up opportunities with a specific focus on business services, specialty distribution, and valued added manufacturing. Since its founding in 2015, Soundcore has acquired three platform companies and completed 27 add-on acquisitions.

“We look forward to continuing to effectuate our strategy of investing in niche industries throughout North America and seeking to build to scale within them,” said Jarrett Turner, Managing Partner of Soundcore.

Soundcore has not made any investments yet for Fund II but its earlier activities have been dominated by the three following investments acquired using three separate special purpose funding vehicles.

Alloy Wheel Repair Specialists, acquired in November 2015, is a franchisor and company-owned provider of mobile and shop-based wheel repair, custom coloring, remanufacturing, and OEM wheel replacement services. The company is headquartered in Norcross, GA (www.awrswheelrepair.com).

PumpMan, acquired in September 2016, provides service and repair to commercial, industrial and municipal water pump systems. Services include the repair or replacement of seals, bearings, shafts and impellers; machining of pump parts; motor rewinds; and complete rebuilds or redesigns of pumping systems. The company was founded in 1976 and is headquartered east of Los Angeles in Baldwin Park, CA (www.pumpman.com).

Sweeping Corporation of America, acquired in February 2017, provides street, parking lot and construction site sweeping, catch basin cleaning, pavement maintenance and snow management to state, municipal, commercial, industrial and residential customers. The company has 835 employees in 34 locations throughout the eastern half of the United States and is headquartered in Cleveland (www.sweepingcorp.com).

Assisting the firm in the raising of Fund II, according to Feliks Zarotsky, Managing Partner of Soundcore, is the firm’s culture which is a differentiator that resonates with its base of limited partners. “Soundcore embraces an entrepreneurial, collaborative approach and we believe our commitment to this culture will enable the firm to excel in creating exceptional long-term value for our investors,” said Mr. Zarotsky.

UBS Private Funds Group served as the placement agent for this fundraise and Kirkland & Ellis served as legal counsel.

Soundcore Capital Partners is based in New York (www.soundcorecap.com).

© 2018 Private Equity Professional | July 25, 2018

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