Lariat Partners has held a final closing of Lariat Partners Fund I, LP at $118 million. Lariat invests in lower middle market companies that have EBITDA of $2 million to $20 million. The firm expects Fund I to have five platform investments instead of, according to Lariat, the typical 10-12 platforms.
“First time funds are difficult to raise, especially during a challenging economy,” said Jay Coughlon, Managing Partner of Lariat Partners. “Our unique hybrid structure allowed us to rapidly raise Fund I in nine months and close our first three platforms very quickly.”
The three platform companies already purchased by Lariat include Northern Seed, a distributor of certified seed and a provider of seed conditioning and treatment services based in Butte, MT (www.northernseedllc.com). Northern Seed has completed two add-on acquisitions with the buys of WestFeeds and Montana Seed and Grain; Subsea Global Solutions, a provider of underwater repair, maintenance and marine construction based in Miami (www.subseasolutions.com); and Newpark Environmental Services (renamed Ecoserv), a provider of energy & environmental services based in Lafayette, LA (www.ecoserv.net).
Lariat invests in lower middle market companies that have EBITDA of $2 million to $20 million. The firm targets companies across a number of industries with a specific interest in specialty agriculture, energy and environmental services, and healthcare services. Lariat was founded in January 2013 by Jay Coughlon and Kevin Mitchell and is based in Denver (www.lariatpartners.net).
Lariat did not engage a placement agent to assist the firm in raising capital for Lariat Partners Fund I, LP.
2014 PEPD • Private Equity’s Leading News Magazine • 7-17-14