Middle-market investor Monomoy Capital Partners has held a final close of its fourth private equity fund (Fund IV) at an oversubscribed $1.1 billion.
Limited partners in Fund IV include endowments, foundations, pension plans, insurance companies and family offices.
New York City-based Monomoy makes control investments of debt and equity in companies with at least $150 million in sales, $15 million of EBITDA, and enterprise values of up to $500 million. Sectors of interest include manufacturing, distribution and consumer products.
“We are humbled by the tremendous support of our existing investor base and energized by a group of new limited partners who have partnered with us in Fund IV,” said Dan Collin, a partner and co-CEO of Monomoy.
Fund IV’s final close was held in November 2021 and is already 30% invested through the buys of four platforms investments and one add-on. The four platforms include Cast-Crete, one of the largest manufacturers and distributors of precast and prestressed concrete lintels and sills in America. Cast-Crete is headquartered near Tampa in Seffner, Florida, and has nine distribution locations across the state of Florida. Monomoy closed on the buy of Cast-Crete earlier this month.
Last year, in November, Fund IV acquired the highway products business of publicly traded Trinity Industries, a Dallas-headquartered manufacturer and lessor of highway safety products, including crash cushions, end terminals, and guardrails; and in December it acquired Thetford, a supplier of sanitation, refrigeration and cooking products that are used in the recreational vehicle and marine industries. Thetford’s global headquarters are in Etten-Leur, Netherlands and its United States headquarters are in Ann Arbor, Michigan. The fourth Fund IV platform will be announced by Monomoy in the coming weeks.
“We believe that our strategy of value investing, and value creation is built precisely to take advantage of all economic environments. We remain committed to providing capital to middle-market businesses that can benefit from our strategic and operational capabilities,” said Justin Hillenbrand, a partner and co-CEO of Monomoy.
Ropes & Gray was the legal advisor to Monomoy on this fundraise.
© 2022 Private Equity Professional | January 21, 2022
