Harvest Partners has held a final closing on its latest fund, Harvest Partners VI, L.P., at $1.1 billion. Harvest’s previous fund, Harvest Partners V, L.P., closed in 2007 at $816 million.
HP VI will continue the firm’s 31 year history of partnering with management teams to invest in North American companies in the business and industrial services, manufacturing and distribution, healthcare, midstream energy, and consumer products and retail sectors.
The closing of HP VI increases the amount of invested and committed capital under Harvest’s management to approximately $2 billion. Investors in HP VI include domestic and international public and private pension funds, fund of funds, insurance companies, a sovereign wealth fund, financial institutions and individuals. HP VI included many existing investors from previous Harvest funds and also a number of first-time investors.
“We are pleased and grateful that many of our existing limited partners are continuing to invest with Harvest in our new fund. We thank them for their loyalty and confidence in our ongoing ability to identify and invest in attractive middle market companies,” said Harvest Senior Managing Director Thomas Arenz. “Our goal is to work closely with the management teams of these businesses to build them into well-positioned, leading companies in their industries which in turn generate attractive investment returns for our limited partners. We look forward to deploying the new fund in the same disciplined and focused manner as our prior funds.”
To date, HP VI has invested in DTI, a provider of outsourced litigation support services, and Driven Brands, a franchisor in the automotive aftermarket services industry. Both investments were completed in late 2011.
Credit Suisse Securities (USA) served as an exclusive placement agent for HP VI and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal counsel.
Harvest Partners invests in management buyouts and growth financings. Sectors of interest include business and industrial services, manufacturing and distribution, healthcare, midstream energy, and consumer products and retail sectors. The firm was founded in 1981 and is based in New York (www.harvpart.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-20-12