Hidden Harbor Closes Debut Fund

Hidden Harbor Capital Partners has closed its debut fund, Hidden Harbor Capital Partners I LP, at an above-target $265 million.

Boca Raton-based Hidden Harbor was formed in May 2016 by John Caple, a former partner of Comvest Partners; David Block, the former CEO of Swiss Watch International, an e-commerce watch company backed by Clearlake Capital. Earlier in his career, Mr. Block was an operating partner at H.I.G. Capital; and Christopher Paldino, a former managing director at H.I.G. Capital.

Investors in the new fund include endowments, foundations, pensions, family offices and funds of funds. “We are humbled by all of the support from our limited partners, and look forward to building great companies rooted in our core values of integrity, team, high-performance, passion and a commitment to constant improvement,” said Mr. Caple.

Hidden Harbor makes investments in North American-based companies with revenues between $50 million and $500 million and EBITDA up to $25 million. The firm will also consider investing in unprofitable businesses. Sectors of interest include industrials; business services; transportation & logistics; distribution; consumer; chemicals & materials; food & beverage; plastics; paper & packaging; automotive; and infrastructure & building products (www.hh-cp.com).

Since its founding, Hidden Harbor has completed four acquisitions including Houston-based Stella Environmental Services, a waste transfer station manager acquired in August 2017; Fort Smith, AR-based Cloyes Gear & Products, a manufacturer and distributor of timing drive systems and components for the automotive aftermarket acquired in April 2018; Rohnert Park, CA-based Masterwork Electronics, a provider of printed circuit board assembly services and cable and harness assembly services acquired in July 2018; and Anchor Danly, a Windsor, ON-based manufacturer and distributor of industrial tooling acquired in September 2018.

Probitas Partners (www.probitaspartners.com) was the placement agent for this fundraise and Kirkland & Ellis (www.kirland.com) provided legal services.

© 2019 Private Equity Professional | February 5, 2019

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