Centerfield has held a hard cap close of its fifth fund, Centerfield Capital Partners V LP, and a side-by-side fund, CCP V-SBIC LP (together Fund V), with $400 million of total capital.
Centerfield is an active investor in United States-based companies that have revenue from $15 million to $100 million and EBITDA from $3 million to $15 million. Sectors of interest include business services, consumer products, healthcare services, manufacturing, and value-added distribution. Centerfield typically invests from $7 million to $25 million of subordinated debt and equity in each transaction in partnership with private equity sponsors, independent sponsors, business owners, and management teams.
“Our fund structure maximizes flexibility, as we can operate as a one-stop solution up and down the capital structure alongside our deep bench of commercial bank partners,” said Mark Hollis, a senior partner at Centerfield. “We have also developed a best-in-class business development platform which provides strong and consistent deal flow to the partnership.”
Fund V was supported by both new and existing limited partners including banks, insurers, fund of funds, family offices, and high net worth individuals.
“We are humbled by the support of our loyal investor base and grateful for our sponsor-partners with whom we have collaborated with across multiple funds,” said Faraz Abbasi, the managing partner at Centerfield. “Fund V received significant interest, a testament to our experienced team, discipline, historical returns, and an unwavering commitment to investing responsibly.”
Recent investments closed by Centerfield include Automated Systems Warehouse, a Pittsburgh-based wholesale distributor of automotive paint, body, and equipment products (February 2022).
Last year, Centerfield closed investments in Century Drill & Tool, a Wisconsin-based supplier of branded power tool accessories and hand tools used by contractors and DIY users (December 2021); DuraMark, an Indiana-based provider of decals and labels used in harsh environmental conditions (December 2021); Force Management, a North Carolina-based provider of sales training services (July 2021); BCD International, an Illinois-based provider of video surveillance data storage appliances used by security integrators, OEMs, and distributors (June 2021); and California Cheap Skates, an Oregon-based e-commerce retailer of skateboards and streetwear (January 2021).
“Our team is currently evaluating several new investment opportunities, and we have solid momentum as we turn the corner to the second half of 2022,” said Jill Margetts, a partner at Centerfield. “We couldn’t be more excited for Fund V and beyond.”
Centerfield’s earlier fund closed in January 2018 at its hard cap of $310 million. Since its founding in 2000, Centerfield has now raised $1.1 billion (including SBA leverage) over its last five funds and invested in 80 platform companies, of which 46 have been fully exited.
“Outside of retirement, our team has remained intact year-over-year,” said Michael Miller, a senior partner at Centerfield. “We are also excited to soon be adding professionals to the Centerfield family in conjunction with Fund V.”
Centerfield Capital Partners is headquartered in Indianapolis, Indiana.
© 2022 Private Equity Professional | May 19, 2022
