Middle-market investor Monomoy Capital Partners has held a final close of its fourth private equity fund (Fund IV) at an oversubscribed $1.1 billion.
Limited partners in Fund IV include endowments, foundations, pension plans, insurance companies and family offices.
New York City-based Monomoy makes control investments of debt and equity in companies with at least $150 million in sales, $15 million of EBITDA, and enterprise values of up to $500 million. Sectors of interest include manufacturing, distribution and consumer products.
“We are humbled by the tremendous support of our existing investor base and energized by a group of new limited partners who have partnered with us in Fund IV,” said Dan Collin, a partner and co-CEO of Monomoy.
Fund IV’s final close was held in November 2021 and is already 30% invested through the buys of four platforms investments and one add-on. The four platforms include Cast-Crete, one of the largest manufacturers and distributors of precast and prestressed concrete lintels and sills in America. Cast-Crete is headquartered near Tampa in Seffner, Florida, and has nine distribution locations across the state of Florida. Monomoy closed on the buy of Cast-Crete earlier this month.
Last year, in November, Fund IV acquired the highway products business of publicly traded Trinity Industries, a Dallas-headquartered manufacturer and lessor of highway safety products, including crash cushions, end terminals, and guardrails; and in December it acquired Thetford, a supplier of sanitation, refrigeration and cooking products that are used in the recreational vehicle and marine industries. Thetford’s global headquarters are in Etten-Leur, Netherlands and its United States headquarters are in Ann Arbor, Michigan. The fourth Fund IV platform will be announced by Monomoy in the coming weeks.
“We believe that our strategy of value investing, and value creation is built precisely to take advantage of all economic environments. We remain committed to providing capital to middle-market businesses that can benefit from our strategic and operational capabilities,” said Justin Hillenbrand, a partner and co-CEO of Monomoy.
Ropes & Gray was the legal advisor to Monomoy on this fundraise.
© 2022 Private Equity Professional | January 21, 2022
Ten Coves Capital has closed its third fund, Ten Coves Capital III LP, with total capital commitments of $293 million. The new fund was oversubscribed and closed at its hard cap.
“The past few years have been incredibly exciting and rewarding for the Ten Coves team; a period during which we completed the transition to a fully independent platform, maintained a very active investment and value-realization pace, and now, closed our third fund,” said Steven Piaker, a managing partner at Ten Coves. “We are particularly grateful for the commitment and continued support from our existing and new investors, which include corporate and public pension plans, endowments, fund-of-funds, insurance companies, family offices, and a number of leading industry executives and advisors.”
“We’ve been investing in FinTech before FinTech was a coined term, and today leverage over two decades of experience and deep industry networks to help build leading, strategically significant companies,” said Dan Kittredge, a managing partner at Ten Coves. “The tremendous support from our investors, including a number of entrepreneurs with whom we’ve partnered, has allowed us to grow our team and re-double our efforts to back the next generation of innovative FinTech companies, all at a time of unprecedented growth in our market.”
Arsenal Capital Partners has acquired Eckhart Holdings, a provider of automation products and services, from LFM Capital.
“We are extremely pleased with the growth and success of Eckhart during the past six and a half years of our ownership,” said Dan Shockley, a managing director at LFM. “We commend the entire Eckhart team for their significant operational accomplishments while also managing the integration of six notable add-on acquisitions. We are confident that Eckhart will continue to thrive in its next chapter.”
“We are thrilled to work closely with Eckhart’s senior leadership team to support a world-class automation platform in its next phase of growth,” said Aaron Wolfe, an investment partner at Arsenal. “Eckhart’s solutions are critical to driving higher productivity, efficiency and precision, which is increasingly more valuable as customers compete on a global scale. Arsenal plans to invest a significant amount of incremental capital to accelerate growth, augment the solution set, and further penetrate attractive end markets.”
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O2 Investment Partners has sold Mantis Innovation Group to Gemspring Capital.
“We are incredibly proud and thankful for all of the Mantis team’s hard work, dedication, and innovation made since 2018,” said Mr. Vallee. “Together, we created an industry leader with a truly differentiated service offering, supported by the company’s collaborative mentality and strong culture. We are grateful to have had the opportunity to partner with the Mantis team and believe they are in good hands with Gemspring to take the business to the next level.”
“Joe, Jimmy and Mike’s expertise in assessing investment opportunities and partnering with our portfolio companies have enhanced O2’s established success in the lower-middle market private equity industry,” said Mr. Plumpton. “The past couple of years with COVID has been tricky at times but we’ve only become more focused and disciplined in our approach. Joe, Jimmy and Mike are excellent examples of O2’s focus on honoring the entrepreneur and embracing the O2 philosophy of partnering with family/founder-owned businesses in a constructive and unique way. We’re incredibly proud of them and look forward to their continued contributions to the firm as we expand our presence in the industry.”
“Now in our eleventh year, we are especially proud of the accomplishments of what has become one of the most experienced investment teams in our industry. As that experience continues to deepen, we are better prepared to meet our goal of always providing our sponsors with the talent and resources that will deliver swift and efficient service and give them peace of mind,” said Tim Clifford, the president and CEO of Abacus. “The strength of our investment team and our ability to move quickly are important aspects of why they can Count on Us™ and the effectiveness of our Total Partnership Approach™.”
In December 2021, Abacus was the administrative agent and lead arranger for the senior secured credit facilities used to refinance RainShadow Labs, an Oregon-based provider of private label manufacturing services to natural and organic personal care brands. RainShadow has been a portfolio company of Westhook Capital Partners since November 2020.
Merit Capital Partners has held a final closing of its seventh fund with $550 million of capital commitments.
Levine Leichtman Capital Partners (LLCP), has sold its portfolio company HomeVestors of America to Bayview Asset Management.
“We could not be more grateful for LLCP’s support over the course of our partnership,” said Mr. Hicks. “LLCP’s experience in franchising was key to our choice of a private equity partner given their quick understanding of our business and ability to offer valuable insight and guidance. We have appreciated LLCP’s support in advancing our strategic initiatives and have benefitted greatly from the collaboration. While we will miss LLCP and their valuable strategic additions to the company, we believe that HomeVestors’ best days are ahead of us, and we look forward to executing on that growth alongside Bayview.”
“David Hicks and his management team have driven significant growth during LLCP’s investment through strong same-store sales and exceptional growth of the franchise base,” said Matthew Frankel, a managing partner of LLCP. “In addition, we are proud that the company’s growth was enhanced by our collaboration on specific value creation initiatives, including technology investments, expanding the vendor network and adding additional revenue streams. We are grateful for the terrific partnership we had with the HomeVestors team during a period of incredible growth for the company. HomeVestors has an exciting future as the leading franchisor of real estate investment services and largest home buyer in the U.S., and we wish the team continued success.”
Eaglestone, a portfolio company of Aterian Investment Partners, has acquired Commonwealth Electrical Technologies (CET), a provider of energy efficiency, solar, and commercial electrical services in New England.
“We are thrilled to have closed our seventh strategic add-on to the Eaglestone platform since partnering with the team in 2019,” said Daniel Phan, a managing director at Aterian. “We believe John Sr. and his team will make a great addition to Eaglestone as we continue to expand our capabilities and footprint.”
“We are excited to partner with John Sr. and the highly-skilled CET team,” said Michael Fieldstone, a co-founder and partner at Aterian. “CET has a long history of being a market leader and providing exceptional, consistent one-stop services including design/build, maintenance, testing and inspection capabilities to its customers. We look forward to supporting management in expanding the company’s solar and EV charging station presence while preserving its family-like culture and serving its customers at the highest level possible.”
Platte River Equity has acquired Turf Care Supply in partnership with the company’s senior management team.
“Platte River’s cultural fit and relevant experience were important to our team as we chose a partner to support the company in its next phase of growth,” said Mr. Milowitz.
“Turf Care has built an excellent reputation as a leader in the turf and ornamental market and will be a strong addition to Platte River’s portfolio of companies,” said Kris Whalen, a managing director at Platte River. “We look forward to helping management capitalize on Turf Care’s organic growth and acquisition opportunities.”
