CenterOak Hits Hard Cap

CenterOak Partners has closed its second fund, CenterOak Equity Fund II LP, with capital commitments of $690 million. The new fund was oversubscribed, closed above its $575 million target, and hits its hard cap.

Dallas-headquartered CenterOak makes equity investments of $20 million to $90 million in companies with enterprise values of $50 million to $250 million. Sectors of interest include industrial manufacturing and distribution, business services, and consumer products and services.

Fund II received investments from public and private pension funds, endowments, foundations, funds of funds, family offices and insurance companies.

“We are very pleased and honored to have received such strong support from existing and new investors,” said Randall Fojtasek, the chief executive officer and managing partner of CenterOak. “We are thankful for the confidence and long-term commitment of our limited partners and look forward to working alongside our investors to create value for our stakeholders and management teams.”

Recent transactions for CenterOak include the November 2020 formation of CollisionRight, a Columbus, Ohio-based operator of 20 auto body repair services shops in Ohio, Kentucky and Michigan; the January 2021 sale of Service Champions, a California-based provider of residential HVAC and plumbing services, to Odyssey Investment Partners; and the November 2020 sale of Colorado-based FullSpeed Automotive, the fourth largest quick lube operator in the US, to MidOcean Partners.

Since its founding in 2014, CenterOak has closed more than 100 transactions with a total transaction value greater than $6.4 billion.

Credit Suisse Securities was the placement agent on this fundraise and Gibson, Dunn & Crutcher provided legal services.

© 2021 Private Equity Professional | April 15, 2021

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