Greenbriar Closes Its Biggest Fund

Greenbriar Closes Its Biggest Fund

Greenbriar Equity Group has held a final and oversubscribed closing of Greenbriar Equity Fund V LP with total capital commitments of nearly $1.7 billion. The new fund had an original target of $1 billion.

Greenbriar began fundraising in October 2020 and completed the raise using an entirely virtual process. Greenbriar’s fifth fund is the largest it has ever raised and received support from both existing and new investors across the US, Europe and Asia.

“We are grateful for the support we have received from so many well-regarded institutional investors,” said Noah Roy, a managing partner at Greenbriar. “It is a recognition of our team’s long-term success together, our distinct culture and our consistent and focused strategy. Fund V will continue with the same strategy and approach that has driven our success to date, a focus on growing market-leading companies in sectors and situations where we can accelerate growth and add tangible value as we seek to deliver strong returns for our investors.”

Greenbriar invests from $75 million to $150 million of equity per transaction in businesses with enterprise values from $100 million to $1 billion. Sectors of interest include industrial services and advanced manufacturing. Greenbriar was founded in 1999 and is based in Rye, New York.

Earlier this month, Greenbriar acquired Oil Changers, a provider of automotive oil change and lubrication services with 56 locations across California (50) and Hawaii (6), from Trivest Partners. The company was founded in 1984 by automotive entrepreneur Larry Read with a single location in the San Francisco Bay Area. Oil Changers was one of the first operators to develop the drive-through, stay-in-your-car oil change model. The company, led by CEO Eric Frankenberger, is headquartered near San Francisco in Pleasanton, California.

“Oil Changers is one of the few remaining independent providers of scale in the quick lube industry, a segment of the automotive aftermarket that we see benefitting from organic growth and consolidation tailwinds over the coming years,” said Matt Burke, a managing director of Greenbriar. “We were particularly impressed by the company’s track record of consistent growth, which is the product of strong leadership and an unparalleled reputation for service excellence with its loyal customer base. We look forward to partnering with Eric and the entire management team to further expand the platform.”

Evercore was the placement agent on this fundraise and Kirkland & Ellis provided legal services.

© 2021 Private Equity Professional | March 30, 2021

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