Frontenac has closed its twelfth fund, Frontenac XII Private Capital LP, with $520 million of capital.
Fund XII was oversubscribed and closed above its $425 million target with commitments from existing limited partners and new investors including endowments, foundations, multi-manager funds, consultants, pension funds and family offices.
“We are humbled by the support and confidence that our new and existing investors have placed in our strategy and team,” said Ron Kuehl, a managing director at Frontenac. “We remain focused on our goal of delivering stellar results for our investors through our thesis-led, process-driven approach.”
Frontenac invests in lower middle-market businesses that have EBITDA from $5 million to $20 million and operate in the consumer, industrial, and services industries. The firm was founded in 1971 and is headquartered in Chicago.
A recent transaction for Frontenac was the January 2022 buy of AmeriHerb as an add-on acquisition to Monterey Bay Herb Company, a California-based processor and distributor of botanicals, herbs, teas, essential oils, seasonings, and spices. The company’s products are sold online, in bulk and through co-pack agreements into the nutraceutical, food & beverage, and health & beauty markets. Monterey Bay was acquired by Frontenac in December 2020 in partnership with food industry veteran, Bob Aiken.
Fund XII will be led by the same investment committee as its two most recent funds, including Mr. Kuehl along with managing partners Paul Carbery, Walter Florence, Michael Langdon and Betsy Williamson.
“Frontenac XII will continue the pursuit of what our firm does best – partnering with high potential businesses and pairing them with the support of proven business leaders and strategic value creation playbooks,” said Mr. Langdon.
With the closing of Fund XII, Frontenac has now raised over $2.6 billion of capital and made over 275 investments.
M2O Private Fund Advisors was the placement agent and Kirkland & Ellis provided legal services.
© 2022 Private Equity Professional | March 29, 2022
