Atlantic Street Closes Fourth Fund

Atlantic Street Capital has held a final closing of Atlantic Street Capital IV LP at its hard cap with $500 million of capital commitments. The firm had originally targeted $450 million for the new fund.

The closing of the fund at its hard cap was the result of high demand from both new and existing investors including US and international public and private pension plans, endowments and foundations, investment advisors, family offices, fund of funds, and financial institutions. Atlantic Street’s earlier fund closed in October 2016 with $210 million of committed capital.

“Over the course of our fundraise, we’ve been able to broaden our investor base and welcome a select group of new global investors,” said Andy Wilkins, a managing partner of Atlantic Street. “We appreciate the support of our limited partner base and excited to continue to deploy capital from our new fund into the robust pipeline of investment opportunities we are currently pursuing.”

Atlantic Street invests from $15 million to $40 million in middle-market companies with EBITDA from $4 million to $15 million. The firm invests across a range of sectors but has a specific interest in healthcare, multi-unit retail, business services, and consumer products and services.

“We are grateful for the support of our investors and look forward to working with them for many years to come as we continue to build our portfolio of companies, and help those companies professionalize and grow,” said Peter Shabecoff, managing partner of Atlantic Street. “This is an exciting new chapter for us, and we are working with a strong and unified team that collaborates with entrepreneurs and management teams to help build their businesses into industry leaders that will thrive well into the future.”

Atlantic Street currently has 14 portfolio companies including Lab Logistics, a West Haven, CT-based provider of asset‐light transportation services to the medical laboratory and hospital industry (acquired in 2018); PLNTF Holdings, an Indianapolis-based franchised operator of Planet Fitness health clubs (acquired in 2017); and GAT Airline Ground Support, an Atlanta-based provider of ramp services, passenger handling, and other services to commercial airlines at airports throughout the United States (acquired in 2017).In  May 2019, Atlantic Street sold Alex Apparel Group, a New York-based designer and distributor of moderately priced branded eveningwear dresses and separates to over 3,400 department stores and specialty boutiques nationwide, to Versa Capital Management.  Atlantic Street acquired Alex Apparel in 2011 through its second fund.

Atlantic Street was founded in September 2006 by Peter Shabecoff and is based in Stamford, CT with an additional office in West Palm Beach, FL.

Morrison Cohen provided legal services to Atlantic Street for this fundraise.

© 2019 Private Equity Professional | September 4, 2019

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