Shore Closes Two Funds, Expands Into Food

Shore Capital Partners has held a first and final closing of its third institutional healthcare private equity fund, Shore Capital Healthcare Partners Fund III LP (HC Fund III) at $293 million, and its inaugural food and beverage fund, Shore Capital Food & Beverage Partners Fund I LP (F&B Fund I), at $148 million.

Commitments to both HC Fund III and F&B Fund I came from the firm’s existing investors, plus new limited partners, including university endowments, financial institutions, funds of funds and family offices. As usual, the partners of Shore have committed capital alongside both funds. With these closings, Shore now manages a total committed capital base of more than $1 billion.

HC Fund III surpassed its target of $250 million and was oversubscribed. The fund will invest primarily in control buyouts, focusing on microcap healthcare businesses with revenues between $5 million and $100 million. HC Fund III is led by partners Justin Ishbia, Ryan Kelley, Michael Cooper, John Hennegan, Don Pierce and Chris Mioton.

Like its sister fund, F&B Fund I also closed above its target of $125 million and was oversubscribed. This fund will make control investments in food and beverage related manufacturers, distributors, packagers, and business-to-business service companies that have between $5 million and $100 million of revenue. F&B Fund I is led by partners Justin Ishbia and Richard Boos. Mr. Boos joined Shore in October 2018 from Chicago-based food and beverage investor Arbor Investments.

“We are thrilled and humbled by the reception these funds have received from such a highly-respected group of investors,” said Mr. Ishbia. “Having the ability to expand our expertise and knowledge into the food and beverage space while simultaneously continuing our original healthcare-focused strategy is an attractive opportunity for our limited partners and firm as a whole. As we strive to continue achieving a top-tier track record, we sincerely thank our limited partners who have instilled a significant amount of trust and confidence in our experienced and talented team of investment and operating professionals.”

Kirkland & Ellis (www.kirkland.com) served as legal advisor to Shore and the firm did not use a placement agent for either HC Fund III or F&B Fund I.

Shore Capital Partners was founded by Justin Ishbia in 2009 and is based in Chicago (www.shorecp.com).

© 2019 Private Equity Professional | April 17, 2019

Print Friendly, PDF & Email

Related Articles

Variations on the Theme of Investment Banking Greenberg Variations Capital (GVC), a new investment banking firm devoted to clients engaged in one-off or lightly competitive transactions, has opene...
New Biz Development Pro at Aurora Aurora Capital Partners has added Scott Erickson to its team as Principal, Business Development. Mr. Erickson has more than 12 years of business de...
Kroger and Lindsay Goldberg Form PearlRock The Kroger Co. and Lindsay Goldberg have formed PearlRock Partners to invest in consumer product brands. According to the two founders, PearlRock w...
Nobel Laureate Joins General Atlantic General Atlantic has added world-renowned economist and Nobel Laureate Michael Spence to its team as a special advisor. A recognized expert in macr...
Gallant Adds Biz Development Pro Gallant Capital has hired Jamie Kim as the firm’s new head of business development. Ms. Kim is responsible for sourcing and assessing investment oppor...
Mason Joins FTV Capital as Partner FTV Capital has added Alex Mason as a new partner. Mr. Mason will focus on enterprise technology and technology-enabled services investments from the ...