LongueVue Capital has held an oversubscribed and hard cap final closing of LongueVue Capital Partners IV LP with $360 million of capital.
Fund IV received increasing participation from its existing limited partners, including The University of Texas Investment Management Company, Serve Capital Partners, Brockenbrough, and several family offices, institutional, and high-net-worth investors.
In addition, Fund IV received commitments from several new institutional limited partners, including, among others, Fire and Police Pension Association of Colorado and Capital Creek Partners. Also investing in Fund IV were ten current and former executives of LongueVue’s portfolio companies.
LongueVue makes equity and debt investments of $10 million to $50 million in companies that have over $3 million of EBITDA and up to $150 million of annual revenue. The firm is typically the first institutional investor in its founder-owned target companies. Sectors of interest include healthcare, transportation and logistics, specialty manufacturing, industrial services, consumer, food and beverage, and specialty packaging. LongueVue’s earlier fund, LongueVue Capital Partners III LP, closed in March 2017 at its hard cap of $252 million.
A recent exit by LongueVue was the sale of Select Express & Logistics (acquired in December 2018), a New York City-based provider of final mile delivery and assembly services for big and bulky consumer and commercial goods, including furniture, fitness equipment, outdoor structures, and accessories.
In December 2021, LongueVue sold the business to AIT Worldwide Logistics, a Chicago-based provider of non-asset-based freight forwarding services and a portfolio company of The Jordan Company (Jordan acquired AIT from Quad-C Management in March 2021 for $1.2 billion). During LongueVue’s three-year hold of Select Express, the company tripled its revenues, diversified its customer base, doubled its employee base, and completed the November 2020 add-on acquisition of Go Configure, a New York-based provider of final mile and assembly services.
LongueVue was founded in 2001 and is based in New Orleans with an additional office in Park City, Utah.
© 2022 Private Equity Professional | October 19, 2022
