American Pacific Group has closed its second fund, American Pacific Group Fund II LP, at an oversubscribed hard cap of $700 million.
San Francisco-headquartered American Pacific is a lower middle market generalist investor with direct experience in the technology, consumer, industrial, healthcare, and business services sectors. The firm was founded in 2019 by Managing Partner Fraser Preston, a former managing director at H.I.G. Capital.
Limited partners in Fund II include United States and Europe-based endowments, foundations, insurance companies, family offices, pension systems, and asset managers.
“We appreciate the confidence that our partners have placed in us, and we are excited to get to work for them,” said Mr. Preston. With the closing of Fund II, American Pacific now has $1.2 billion of capital under management.
In August, American Pacific acquired Concisys, a San Diego-based provider of printed circuit board assembly and electronic manufacturing services including design, assembly, and testing for quick-turn, prototyping, and medium-volume production runs. Many of the company’s customers are active in the semiconductor, medical, aerospace and defense, telecom, and high-tech manufacturing verticals.
Other portfolio companies of American Pacific include Alete Nutrition, a California-based eCommerce and brick-and-mortar seller of sports nutrition brands including SaltStick, an electrolyte supplements brand (April 2020); Fresche, a Montreal-based provider of software and IT services to the financial services, manufacturing, retail, technology, and consulting sectors (December 2020); Wellbeam Consumer Health, a California-based eCommerce seller of wellness brands (December 2020).
In 2021, American Pacific acquired three other portfolio companies including Aesop Auto Parts, a North Carolina-based provider of automotive parts recycling services (March 2021); Fellers, an Oklahoma and Texas-based distributor of vinyl wraps and films used by automotive shops and specialty retailers (November 2021); and Gym Launch, a Texas-based provider of coaching programs and business training materials to gym owners (December 2021).
“We are grateful to our partners for their support, enthusiasm, and trust,” said Nick Wall, a managing director and chief operating officer at American Pacific.
Kirkland & Ellis provided legal services to American Pacific and the firm did not use a placement agent.
© 2022 Private Equity Professional | December 15, 2022
