Benford Capital Partners has held a first, final, above target, and hard cap closing of its second investment fund, Benford Capital Partners II LP (BCP II), with $200 million of limited partner commitments.
Limited partners in BCP II include university endowments, family offices, pension funds, fund-of-funds, and high net worth individuals.
Benford’s first fund, Benford Capital Partners Fund I LP, closed above target in September 2020 with $130 million of limited partner commitments.
“We are extremely pleased that nearly every BCP I investor committed to BCP II,” said Edward Benford, a managing director at Benford Capital. “We are grateful for their support and look forward to executing the same operationally-focused investment strategy to successfully scale lower middle market platforms.”
Benford invests in lower middle-market companies that have revenues from $5 million to $100 million and EBITDA from $1 million to $10 million. Sectors of general interest include niche manufacturers, unique service companies, and specialty distributors with a specific interest in industrial technology, consumer products, and food, B2B e-commerce, and agricultural products and services.
In December 2021, Benford formed Pasture Brands Holdings to acquire Iowa-based Farmers Hen House which sources, processes, packages, and sells branded and private label eggs with a specific focus on premium varieties including organic, free-range, and pasture-raised eggs. Farmers Hen House has closed one add-on acquisition with the buy of Iowa-based Yoder Farms earlier this year.
Since its founding in 2004, Chicago-based Benford has now acquired 36 companies and has 13 investment and operating professionals.
“Over time, we have built an outstanding team of investment and operating professionals enabling the firm to dedicate more resources to our portfolio companies and implement the value creation frameworks which are key to our process and success,” said Benjamin Riefe, a managing director at Benford.
Kirkland & Ellis provided legal services to Benford on this fundraise.
© 2022 Private Equity Professional | May 24, 2022
