Windjammer Closes at Hard Cap

Windjammer Capital has closed its fifth fund, Windjammer Senior Equity Fund V LP, at the hard cap of $870 million. The firm’s earlier fund closed in March 2013 with $726 million of committed capital.

Windjammer invests equity and subordinated debt as a control investor in middle market businesses located in the US or Canada that have EBITDA from $10 million to $50 million. Sectors of interest include niche manufacturing, business services and value-added distribution. The firm’s investment size will range from $50 million to $200 million per transaction. Windjammer was founded in 1990 and is based in Newport Beach, CA and Waltham, MA (www.windjammercapital.com).

The closing of Fund V marks an important generational milestone for the firm with Jeff Miehe and Greg Bondick joining Costa Littas as managing principals of the firm.

“Fund V will continue the same investment strategy employed by Windjammer in Funds III and IV by making control equity investments in market share leading, niche-oriented, middle market B2B businesses in the industrial, specialty distribution and business services sectors,” said Mr. Littas.

Investors in the new fund include private and public pension programs, insurance companies, endowments and large family offices. “We are extremely pleased with the response to our fifth fund and grateful for the continuing strong support of our longtime investors. We also are pleased to add a number of prominent institutions to our investor base of strong partners,” said Mr. Miehe.

Since its founding, Windjammer has now raised over $3 billion in committed capital, completed over 50 platform acquisitions and over 100 strategic add-ons. “Our focus in Fund V will be the same as it’s always been – using a disciplined strategy to identify and invest in great business platforms and then working closely with management to enhance the strategic value of the company,” said Mr. Bondick.  “We look forward to investing Fund V and partnering with a new group of unique and attractive businesses and their management teams.”

Lazard (www.lazard.com) was the placement agent for this fundraise and Kirkland & Ellis (www.kirkland.com) provided legal services.

© 2018 Private Equity Professional | December 7, 2018

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