Midwest Growth Partners (MGP) has held an above-target close of its third and largest fund with $170 million in capital. The firm began fundraising in the second quarter of 2022.
Midwest Growth Partners invests from $500,000 to $20 million of both debt and equity in lower middle market companies that have revenues from $4 million to $100 million. MGP will also co-invest in larger opportunities including outright acquisition, majority growth capital, minority growth capital, partial or full management team buyouts or an internal recapitalization.
MGP will also invest in distressed and/or turnaround opportunities. Sectors of interest include manufacturing, food and agriculture, and distribution and logistics.
Fund III has already invested in Manitowoc Tool & Machining, a Wisconsin-based provider of machining services to the agriculture, HVAC, off-road vehicle, and industrial sectors (September 2022), and Mach, a Maryland-based provider of automation hardware and software used in off-highway equipment (December 2022).
For Fund III, MGP intends to invest in 10 to 15 companies over the next 5 years. The firm’s earlier fund invested in 17 companies and its first fund invested in 10 companies.
“Since starting MGP, the achievements we’ve realized here and within our portfolio companies have been remarkable and are the result of working with people who share our values of hard work and integrity,” said John Mickelson, a co-founder and managing partner at MGP. “Closing our third and largest fund is a huge milestone, and we’re looking forward to the next chapter.”
MGP was founded in 2013 by Mr. Mickelson and Mike Taylor and has offices in West Des Moines, Iowa, and Omaha, Nebraska.
© 2023 Private Equity Professional | April 19, 2023
