Lower middle market private equity investor Sverica Capital Management has held a final close of its fourth private equity fund, Sverica Capital Partners Fund IV LP. The new fund exceeded its original target, was oversubscribed and closed at its hard cap of $275 million.
“We appreciate the strong support shown for Fund IV from new and key existing investors. We believe the fundraise validates Sverica’s disciplined investment approach, post-transaction playbook for adding value and the resulting returns these processes have generated,” said Dave Finley, Managing Director of Sverica.
Sverica invests in service oriented businesses and light industrial manufacturers. The firm targets companies with enterprise values under $100 million and EBITDAs greater than $3 million. Sverica was founded in 1993 and has raised over $700 million of capital across four funds. The firm has offices in Boston and San Francisco (www.sverica.com).
“In deploying Fund IV, we will continue to look to partner with talented entrepreneurs of growing companies while we play an active strategic and analytical role to help them build and grow their businesses for the long term,” said Jordan Richards, Managing Director.
In November 2015, Sverica made its first Fund IV investment when it acquired Synoptek, a provider of outsourced IT managed services. Synoptek provides help desk support, cloud hosting, disaster recovery, as well as consulting and project management services. The company is headquartered in Irvine, CA with additional offices in Denver, Sacramento, San Francisco, and Boise (www.synoptek.com).
“We started tracking Synoptek in 2013 and first met CEO Tim Britt early in 2014,” said Frank Young, Managing Director at Sverica. “Synoptek is now emerging as one of the largest managed service providers in the country, and we are very excited to partner with them to continue on their path of innovation and growth.”
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-22-16
