Webster Has Hard Cap Close

Webster Capital has held a final closing of Webster Capital IV LP (Fund IV) at its hard cap of $875 million. The original target for the new fund was $650 million.

Fund IV was oversubscribed and received commitments from both new and returning limited partners, including institutional investors from Europe, North America, Asia and Australia. Webster’s third fund closed in 2015 with $416 million in capital commitments.

“We are enormously appreciative of our investors’ trust and strong support of our new fund. We have an excellent team that is working to continue generating favorable returns for our investors,” said David Malm, a Managing Partner of Webster.

As with its earlier funds, Webster will invest in branded consumer and healthcare services companies with EBITDAs from $3 million to $15 million and transaction values from $15 million to $200 million.

Webster has already made three new platform investments through Fund IV and a fourth platform company is under letter of intent and scheduled to close by the end of September. In August 2018, Fund IV acquired Salt Lake City-based JBR Clinical Research, a clinical research site manager conducting post-operative pain studies for pharmaceutical companies; Behavior Development Group, a Ft. Lauderdale-based provider of applied behavior analysis to children with autism, was acquired in May 2018; and Bristol Hospice, a Salt Lake City-based multi-regional hospice provider with 11 locations across seven states, was acquired in November 2017.

Campbell Lutyens (www.campbell-lutyens.com) was used by Webster Capital as its global placement agent for this fundraise and Ropes & Gray (www.ropesgray.com) provided legal services.

Webster Capital was founded in 2003 and is based in the Boston suburb of Waltham (www.webstercapital.com).

© 2018 Private Equity Professional | September 4, 2018

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