MidOcean Partners has closed its sixth fund, MidOcean Partners VI LP (Fund VI), above target with more than $1.5 billion of capital.
Fund VI is the largest fund MidOcean has ever raised. MidOcean’s earlier fund closed in September 2018 at its hard cap with $1.2 billion of capital.
“We are grateful for the strong support we received for Fund VI from both new and existing investors, and thank them for putting their trust in MidOcean,” said Ted Virtue, the founder and chief executive officer of MidOcean. “Given our proven investment approach and deep bench of talent – both internally and across our dedicated group of highly engaged operating partners – we are confident we can generate risk-adjusted returns, even amid volatile market conditions.”
Like earlier funds, Fund VI invests from $75 million to $300 million in North America-based companies that have enterprise valuations from $150 million to $750 million. The firm’s industries of interest include a range of subsectors within consumer and business services.
Fund VI has already invested 15 % of its capital in two companies: Pragmatic Institute and Casper’s Ice Cream.
Casper’s Ice Cream is a manufacturer and supplier of branded and co-packed frozen novelty products. The company’s products, sold under the FatBoy, Jolly Llama and ChurnBaby brands through the grocery and mass retail channels, include ice cream sandwiches, cones, bars, sticks, and cups.
Casper’s is headquartered north of Logan in Richmond, Utah, and was acquired by MidOcean in December 2021.
Pragmatic Institute is a Scottsdale, Arizona-based provider of product management training services. The business was founded in 1993 and has trained more than 200,000 professionals in more than 40 countries. MidOcean acquired Pragmatic from Renovus Capital Partners in July 2022.
“Our methodical, theme-driven approach has enabled us to generate a strong pipeline of attractive investment opportunities,” said Erik Oken, MidOcean’s chairman of private equity. “We will continue to prudently deploy capital into our targeted sub-sectors with an eye on delivering transformative results across our portfolio.”
Since its founding in 2003, MidOcean has invested in over 50 platform companies in the consumer and business services sectors and closed 140 add-on acquisitions.
MidOcean Partners is headquartered in New York City.
© 2023 Private Equity Professional | April 11, 2023
