Chicago-based Granite Creek Capital Partners has announced today the closing of Granite Creek FlexCap II LP with $200 million of capital commitments. With the close of this fund, Granite Creek now has a total of over $400 million of assets under management.
The new fund will invest from $10 million to $20 million per transaction in 15 to 20 companies that are active in the manufacturing, business services, healthcare and agribusiness sectors. Typical investments will have EBITDA from $3 million to $15 million, gross profit margins greater than 30% and EBITDA margins greater than 10%.
“The closing of FlexCap II is another milestone in Granite Creek’s 14-year history, demonstrating continued confidence by our investors in our ability to invest in companies with compelling, risk-adjusted returns,” said Mark Radzik, co-founder and managing partner of Granite Creek. “In addition to our capital and financial oversight, we bring strategic, operational and business development resources to our portfolio companies that are often inaccessible to the typical smaller business, helping them scale in multiple ways.”
Granite Creek’s earlier fund, Granite Creek FlexCap I LP, which closed with $85 million of capital commitments was invested in 19 portfolio companies including SMS Assist, a Chicago-based provider of facilities management services; Symphonix Health Insurance, a Glenview, IL-based provider of Medicare Part B insurance; Weld Racing, a Kansas City, MO-based maker of forged racing, street, off-road and ATV/UTV wheels for automotive enthusiasts and the competitive auto racing industry; Cyalume Technologies, a Fort Lauderdale, FL-based designer and producer of chemical and electronic lights for safety and security applications; Bio-Engineered Supplements and Nutrition, a Boca Raton, FL-based developer and marketer of sports supplements; and Big Joe Forklifts, a Lombard, IL-based manufacturer and distributor of Class III forklift trucks.
Granite Creek Capital Partners was founded in 2005 and is headquartered in Chicago (www.granitecreek.com).
© 2019 Private Equity Professional | May 22, 2019