Revelstoke Closes Fund II

Revelstoke Capital Partners has held a final closing of Revelstoke Capital Partners Fund II LP (RCP Fund II) and Revelstoke Single Asset Fund I LP (RSAF I).

RCP Fund II, which had an original target of $500 million, was oversubscribed and closed at its hard cap with $714 million of commitments.

RSAF I is a special purpose vehicle formed to purchase Upstream Rehabilitation from Revelstoke’s first fund which acquired the company in December 2015.  Upstream is a Birmingham, Alabama-based provider of outpatient physical therapy services with a network of 746 clinics across 27 states. At the time of Revelstoke’s original investment, Upstream had 300 clinics across 23 states. RSAF I was also oversubscribed and closed with $660 million of commitments.

Revelstoke’s investment team is led by co-founder and managing partner Simon Bachleda, managing partner Russell Cassella, and partners Eric Shuey and Andrew Welch.

“We appreciate the tremendous support from our existing and new limited partners, and we are pleased that our global investor base has expanded to include a broad group of financial institutions, endowments, sovereign wealth funds, family offices and pension funds,” said Mr. Cassella.

Revelstoke’s earlier funds, Revelstoke Capital Partners Fund I LP and Revelstoke Capital Partners Co-Investment Fund I LP, the first institutional funds raised by the firm, closed in November 2015 with more than $300 million in capital.

Denver-based Revelstoke invests from $10 million to $250 million in companies that have at least $5 million of EBITDA.  Sectors of interest include healthcare and related business services sectors. Since the firm’s inception in mid-2013, it has invested in 17 platform companies and completed 48 add-on acquisitions.

In October 2019, Revelstoke made an investment in The Care Team (TCT), one of the largest home health and hospice agencies in the Great Lakes region. Employees of TCT include physical therapists, skilled nurses, medical social workers, home health aides, and occupational and speech therapists. TCT is led by CEO Jason Laing and is headquartered in Flint with three additional offices in the Michigan cities of Saginaw, Farmington Hills and Riverview.

“We look forward to investing our new capital base in compelling risk-reward opportunities,” said Mr. Bachleda. “With the significant growth in demand for high-quality healthcare procedures, products and services, we will continue our disciplined and systematic approach to thematic investing in attractive sub-sectors and operationally intensive post-investment value creation.”

Houlihan Lokey was the placement agent for RCP Fund II and PJT Park Hill was the financial advisor to RSAF I. Simpson Thacher & Bartlett provided legal services to both RCP Fund II and RSAF I.

© 2019 Private Equity Professional | December 5, 2019

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