Carousel Capital has held a first, final, and hard cap closing of its sixth buyout fund, Carousel Capital Partners VI LP, with $700 million of capital. Carousel completed the raising of Fund VI in just over two months.
Carousel’s new fund received support from its existing investors and several new institutional investors.
Carousel invests in non-cyclical and growth-oriented companies that are headquartered in the southeastern United States. Typical targets will have enterprise values of up to $200 million and EBITDA of at least $3 million. Sectors of specific interest include business, consumer and healthcare services.
Charlotte-based Carousel was founded in 1996 and is led by managing partners Charles Grigg and Jason Schmidly.
Carousel’s most recent portfolio company, acquired in September, is Landscape Workshop, an Alabama-headquartered route-based provider of commercial landscape design, installation, and maintenance services. The company serves more than 2,800 commercial properties from nine locations covering seven states across the Southeast. Equity for this investment came from Carousel’s fifth fund which closed in December 2016 at its hard cap of $400 million.
In August, Carousel’s sold its equity interest in Apex Analytix, a North Carolina-based provider of supplier management, audit, recovery and compliance software and services, from its fourth fund – which closed in December 2012 with $265 million of capital – to its fifth fund. Carousel originally invested in Apex in July 2014.
The private fund group of Credit Suisse was Carousel’s advisor and placement agent on this fundraise and Latham & Watkins provided legal services.
© 2020 Private Equity Professional | November 12, 2020
