Blue Point Capital Partners has held a final close of its third fund, Blue Point Capital Partners III, LP, at the hard cap of $425 million. With this close, Blue Point has now raised more than $1.2 billion in capital across three institutional funds since its founding in 1990.
“We are pleased to have exceeded our target and reached our hard cap for Blue Point III,” said Chip Chaikin, a partner with Blue Point. Blue Point originally targeted $400 million for the fund, consistent with the size of its two previous funds. “Sophisticated investors have numerous options today to access the middle-market private equity asset class. We are gratified that many leading institutional investors, including a significant number of new investors, have confidence in our strategy and team.”
Blue Point Capital Partners invests in manufacturing, distribution and service businesses that have from $20 million to $200 million in revenue and EBITDA greater than $5 million. Sectors of specific interest include energy services, environmental services, engineered components, industrial outsourcing, metals and plastics processing, and specialty distribution. Blue Point has offices in Charlotte, Cleveland, Seattle, and Shanghai (www.bluepointcapital.com).
“Fund III will continue to build on our strategy of regional sourcing and leveraging our excellent operating partners and operating resources in China,” said John LeMay, also a partner with Blue Point. “We are grateful to our management team partners — our success is a reflection of their strong contributions.”
Blue Point has already completed two platform investments for the new fund with the acquisitions of OrthoLite (April 2014), a supplier of insoles and related shoe components to branded footwear companies (www.ortholite.com), and Hilco Vision (May 2014), a designer, manufacturer and distributor of eyewear and eye care accessories, supplies and equipment (www.hilco.com).
The final closing date for Blue Point Capital Partners III, LP was October 30, 2014.
2014 PEPD • Private Equity’s Leading News Magazine • 11-5-14