LongWater Opportunities has closed its second fund, LWO Fund II, LP. The new fund, with a target of $50 million, was oversubscribed and was raised in just under nine months.
LongWater Opportunities is an operationally-focused firm that makes control equity investments in lower middle market US based manufacturing companies. A typical transaction will have an enterprise value from $10 million to $50 million and an EBITDA from $2 million to $10 million.
“We are excited to see investors validating our strategy and believe that re-shoring will continue to proliferate in the US. American workers are the most productive in the world and we are passionate about leveraging American ingenuity to build great American businesses” said Jordan Bastable, a founding partner of LongWater.
LongWater has already completed three platform portfolio investments for its second fund: San Benito Shutter Company, a maker of custom hardwood shutters based in Hollister, CA, was acquired in April 2016 (www.sanbenitoshutter.com); Standard Merchandising Co., a maker and seller of branded and private label hosiery products based in Camden, NJ, was acquired in December 2015 (www.standardmerchandisingco.com); and M3 Glass Technologies, a fabricator of architectural glass based in Irving, TX, was acquired in November 2015 (www.m3glass.com).
“Our first three investments in our second fund have been completed in partnership with the founding families, all of whom have reinvested alongside LongWater to pursue profitable growth” said Will Dobbs, a LongWater Partner. “We are encouraged by how our message has resonated with family owners and operators who are looking to build upon their family name and legacy but recognize they can’t do it alone.”
LongWater was founded in 2009 by Jordan Bastable and Brooks Burgum and is based in Dallas with an additional office in Fargo, ND (www.longwateropportunities.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 5-10-16