Stellex Capital Management has closed Stellex Capital Partners II LP with total commitments of more than $1.77 billion and exceeding the fund’s original $1.25 billion target. Stellex closed its debut fund in July 2017 with $870 million of capital.
Stellex’s founding partners – Ray Whiteman and Michael Stewart – have worked together for over 17 years. Prior to forming Stellex in 2014 they were both partners of The Carlyle Group and co-heads of Carlyle Strategic Partners.
“We are very appreciative of the continued support from our existing limited partners as well as our new investors,” said Mr. Whiteman. “We are humbled by the trust our partners have in us which manifested itself in investor interest beyond the hard cap established for the Fund, particularly given the current market uncertainty we are all living through. We continue to build out our team of experienced investment and operating professionals and we are focused on sourcing compelling opportunities that drive value for our partners and their underlying constituents.”
Stellex invests from $50 million to $150 million in United States or Europe-based companies with enterprise values from $50 million to $500 million and revenues greater than $100 million. Sectors of interest include manufacturing and service businesses within the automotive, aerospace, building products, consumer, defense, food, general industrial, and transportation industries.
In August, Stellex announced the opening of a new office in Ann Arbor, Michigan and the hiring of Shankar Kiru as a managing director and Andrew Arton as a director. Mr. Kiru was previously the CEO of Endicott, New York-based George Industries, an aerospace and defense supplier owned by Orangewood Partners. Earlier, he was the president of Cambridge, Ontario-based ATS Automation. Mr. Arton joins Stellex from First Midwest Bank where he was a senior vice president in the bank’s specialty lending group.
“While timing is very important when we look at investment opportunities, the alpha of our strategy has always been to add value to companies by helping them be better businesses,” said Mr. Stewart. “Stellex has deep relationships within numerous industry sectors that can benefit both manufacturing and service businesses and we have been in daily dialogue with companies during this disruptive time in the markets regarding challenges and solutions.”
In addition to the new Ann Arbor location, Stellex has offices in New York City and London.
Berkshire Partners has partnered with food executive Javier Vélez-Bautista to form El Dorado Foods. Mr. Vélez-Bautista now becomes the CEO of El Dorado and the new platform will be active acquiring Latin-inspired food and beverage brands.
“Latin-inspired foods are some of the fastest-growing categories in grocery today, and the landscape is rich with authentic, beloved brands with unique products,” said Mr. Vélez-Bautista. “I look forward to applying my experience in this market to help entrepreneurs and leaders propel their businesses and could not be more excited to start this venture with Berkshire Partners. The firm has a long history of identifying and scaling brands that have a special resonance with consumers. With our collective capabilities, El Dorado Foods will partner with the most distinctive and innovative Latin food and beverage brands on store shelves today.”
“We are thrilled to partner with Javier, who is an accomplished leader with a proven track record for growing companies in this market,” said Josh Lutzker, a managing director of Berkshire. “His passion for food, unique understanding of the Latin-inspired flavors consumers love, and expertise building brands with enduring value make him an ideal partner.”
Benford Capital Partners has held a final closing of its inaugural private equity investment fund, Benford Capital Partners Fund I LP. The new fund closed with total limited partner commitments of $130 million, markedly above its target of $100 million.
“We are extremely grateful to each of our limited partners for their support and confidence in us,” said Mr. Benford. “We’re excited about the next chapter of growth for our firm and continuing our strategy of scaling unique lower middle market businesses in partnership with management.”
BCP Fund I has already acquired its first platform with the November 2019 buy of 
“The lower middle market continues to offer compelling investment opportunities that align with our operational approach to long-term value creation,” said Mr. Riefe. “In Fund I, we look forward to building upon our past success while continuing to grow and develop our team of investment and operating professionals.”
AUA Private Equity has acquired the Rhode Island Textile Company, dba Westminster Pet Products, a developer and marketer of pet treats, chews, and supplies.
Westminster is headquartered near Providence in Cumberland, Rhode Island and operates a 240,000 square foot facility.
“The pet industry has proven to be resilient throughout market cycles and also benefits from positive macro-economic trends including increased pet adoptions and spending by consumers,” said Andy Unanue, managing partner of AUA. “Westminster is well-positioned to continue to benefit from these positive trends and we are tremendously excited about our investment in Westminster and our partnership with its management team.”
“We welcome Westminster and it’s management and employees as the newest addition to our portfolio,” said Mr. Benyaminy. “Westminster’s product offering is well positioned to further capitalize on its growing end markets including the attractive pet treats, chews, and supplies categories. We see numerous opportunities to drive continued growth and our strategic acquisition will support the company’s long-term success and commitment to its customers, consumers, and pets nationwide.”
New York City-based 
The Rhode Island Textile Company, the seller of Westminster Pet Products, was founded in 1913 by the Elliott family and is today led by CEO Glendon Elliott. In November 2018, the company sold its South Carolina Elastics division, a manufacturer of braided, knitted, and woven narrow fabrics used for shoelaces, bungee cords, elastic masks, and military webbings, to South Carolina-based 
