Limerston Capital – a UK-based mid-market private equity firm – announced the final closing of its second fund, Limerston Capital Partners II, with total commitments of £245 million.
This increase in size from Limerston’s inaugural fund reflects investors’ conviction in the firm’s ability to continue delivering superior returns through its buy-and-build strategy in the UK with opportunistic expansions to the US and continental Europe.
The firm’s investor base includes commitments from existing and new limited partners across the US, Asia and Europe and includes corporate pension plans, university endowments, charitable foundations, family offices, and fund managers. This base of reputed LPs shows how the Limerston strategy is attractive to many investors.
This fund will follow Limerston’s proven strategy of targeting businesses with EBITDA of between £5 million and £15 million that have a solid value proposition but have potential for operational improvements and offers opportunities for buy-and-build led by ambitious management teams to accelerate growth. The increased size of the fund will enable it to maintain a low volume approach to platform investments while increasing capital deployed in buy-and-build across the core sectors of Healthcare, Lifesciences, Business Services, and Testing, Inspection, Certification & Compliance (TICC).
The fund has completed three investments: Scottish holiday parks company Largo Leisure; drug discovery, development, and manufacturing organization Concept Life Sciences; and stability storage business Astoriom.
WHR Capital acted as the placement agent, and Ropes & Gray LLP served as legal adviser for the fund.
KEY QUOTE:
”We are delighted to have closed our second fund and are proud to partner with an extremely high quality group of existing and new investors. This support is testament to the confidence our limited partners have in our team and our investment approach providing strong operational and acquisition support to our portfolio companies through our fully-integrated and dedicated in-house operational and investment teams. The successful fundraising was achieved despite the challenging market conditions, thanks to our strong track record, our differentiated positioning and strong relationships with investors.”
- Joao Rosa, Founding Partner of Limerston Capital
