Align Capital Partners (ACP) has announced the launched of a new independent sponsor-focused private equity strategy, Align Collaborate.
ACP founded Align Collaborate in partnership with independent sponsor investors, Grant Kornman and Michael Kornman.
Prior to forming Align Collaborate, the Kornmans co-founded NCK Capital, a Dallas-based lower-middle market independent sponsor that invests in companies with $2 million to $10 million in annual EBITDA that are active in business and industrial services, specialty distribution, niche manufacturing, for-profit education, food manufacturing, and healthcare. The Kornmans closed five platform acquisitions across a variety of industries during their time at NCK Capital. Joining the Kornmans at Align Collaborate is Associate Scott Weiss who worked with them at NCK Capital.
Align Collaborate’s sweet spot is $5 million to $30 million of equity per transaction in platform companies that have between $2 million to $15 million of EBITDA.
“Based on our prior experience at NCK, we understand the importance of helping independent sponsors answer the inevitable seller question – where does your money come from?” said Grant Kornman. “We are excited to be part of the Align Collaborate strategy, where our goal is to provide speed and certainty to what often is the most important deal of an independent sponsor’s career.”
In November 2022, Dallas and Cleveland-headquartered ACP held an above target close of its third fund, Align Capital Partners Fund III LP, with $620 million of capital commitments. This fund invests from $20 million to $60 million in North American-based companies that have from $3 million to $15 million of EBITDA and enterprise values of up to $150 million. Sectors of interest include software and tech-enabled services, professional business services, industrial services, specialty manufacturing and specialty distribution.
“We recognized the need for value-added equity capital for independent sponsor transactions,” said Michael Kornman. “Under the ACP umbrella, we aim to offer not only greater certainty of funding, but a partnership approach that combines our direct experience leading independent sponsor investments with growth resources from the ACP toolkit.”
“Align Collaborate is a great complement to ACP’s flagship fund strategy and our collective commitment to helping lower-middle market businesses grow. Our new strategy will allow us to have a dedicated team and equity capital focused on serving as a true growth partner to independent sponsors,” said Chris Jones and Rob Langley, the co-founders and managing partners of ACP, in a released statement.
Align Collaborate is headquartered in Dallas.
© 2023 Private Equity Professional | October 3, 2023
KLH Capital has acquired eTech Environmental & Safety Solutions in partnership with the company’s senior management team.
“eTech is a classic example of a crew-based field services business model that KLH excels in growing and working with,” said James Darnell, a managing partner at KLH. “Beyond its core business model, what we love about eTech is the small dollar nature of its day-in, day-out job scope and the vast amount of organic revenue opportunities that exist. The company enjoys working alongside Class A customers and is beautifully positioned to continue to monetize opportunity and broaden its geographic footprint within a heavily regulated industry.”
In June 2023, Tampa, Florida-based 
Middle market investor Kelso & Company has held an above target close of Kelso Investment Associates XI LP with capital commitments of $3.25 billion. Included in Fund XI’s capital is participation by Kelso partners and employees of more than $400 million.
“We appreciate the continued commitment of our existing limited partners, with a re-up rate of 95% from the prior fund and several investing with us for more than 30 years,” said Lynn Alexander, a partner and the head of investor relations and fundraising at Kelso. “We are also pleased to have added a meaningful number of new investors.”
Publicly traded Carlisle Companies has closed the sale of Carlisle Fluid Technologies to Lone Star for $520 million in cash.
“We are excited to begin this new chapter as a standalone enterprise already known as an industry leader in our product set,” said Fred Sutter, the president of CFT. “We are proud of our record as an innovator, and thanks to the hard work, talent, and focus of our employees, we are looking forward to building even stronger momentum as we continue to focus our efforts on growth, profitability, and offering leading products to our customers through our portfolio of brands.”
Dallas-headquartered