Brass Ring Capital has closed its third fund at its target of $50 million. The new fund was raised after just 90 days of marketing.
Brass Ring invests in companies with EBITDA from $1 million to $5 million that are active in the business services and manufacturing sectors. The firm will acquire companies nationwide but prefers to invest in the midwest and southeast portions of the US. Brass Ring is headquartered near Minneapolis in Minnetonka, MN (www.brassringcapital.com).
“We are excited to begin the next chapter in our story. The support we received from existing limited partners was gratifying, and a recognition of the success we have achieved over the last 15 years,” said David Raffel, managing director at Brass Ring.
This new fund now brings Brass Ring’s assets-under-management to $80 million as it continues to oversee the $30 million of capital from its second investment vehicle, RCP Fund II LP, which is presently invested in five portfolio companies as follows: Creative Learning Systems, a Longmont, CO-based provider of turnkey STEM programs for K-12 schools (February 2017); Classic Brands, a Denver, CO-based manufacturer of wild bird feeding products (June 2015); RIE Coatings, an Eden Valley, MN-based applicator of engineered coatings (January 2015); DPIS Builder Services, a Tomball, TX-based provider of engineering and inspection services for residential builders (November 2014); and Portu Sunberg, a Minneapolis, MN-based provider of sales and marketing services to retail vendors (December 2012).
With the closing of its third fund, Brass Ring now intends to hire additional junior investment professionals and expand its Minneapolis office. Additionally, Brass Ring has added Jon Goetze to the firm as an operating partner. Mr. Goetze has over 20 years of experience working with small businesses in the areas of financing, buying/selling companies, business valuations, and strategy development and analysis. He has worked with a wide range of companies – from start-ups to $400 million in revenue – that were active in the manufacturing, distribution, and services sectors. At Brass Ring, Mr. Goetze will be active in due diligence and value creation at the portfolio company level.
© 2019 Private Equity Professional | January 22, 2019