Champlain Hits Third Fund Hard Cap

Champlain Capital has held a final hard-cap close of Champlain Capital Partners Fund III LP (Fund III) with $270 million of capital commitments. The initial target for the new fund was $225 million.

Champlain Capital Partners invests from $30 million to $100 million in companies with revenues of $10 million to $100 million and EBITDAs of $3 million to $10 million. Sectors of interest include manufacturing, consumer products, distribution, healthcare, and non-financial services businesses.

Limited partners of Fund III include both new and existing pension funds, insurance companies, banks, fund of funds, family offices and high net worth individuals. In April 2019, the University of Michigan committed $22 million to Fund III. According to Champlain Capital, the high interest in its new fund was driven by the strong performance of its earlier fund which closed in 2014.

“Champlain’s inventive and innovative “One-Stop” capital strategy, where we provide the entire purchase price to acquire companies without the need for third-party lenders, enables us to respond faster, reduce risk and simplify transactions,” said Champlain co-founder Dennis Leary. “This also reduces risk by creating alignment of interests with both our investors and portfolio companies and allows our management teams to focus on what’s in the best long-term interest of our businesses.”

Recent acquisitions by Champlain include Pelton Shepherd Industries, a Stockton, California-based manufacturer of gel ice refrigerants that are used in the cold chain delivery of food and pharmaceutical products (acquired in June 2019); and PUI Audio, a Dayton, Ohio-based supplier of audio devices and components including microphones, speakers, indicators, receivers, sirens and transducers. The company’s products are sold to original equipment manufacturers, contract manufacturers and distributors in the ATM, consumer electronics, drones, medical devices, and home security sectors (acquired in October 2018).

Champlain Capital was founded in 2002 and has offices in San Francisco and Boston.

© 2020 Private Equity Professional | January 29, 2020

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