- Tampa, Florida-based lower middle-market private equity firm Mangrove Equity Partners has raised $175 million for Mangrove Investors III LP.
Mangrove Equity Partners — a Tampa, Florida-based lower middle-market private equity firm — has raised $175 million for Mangrove Investors III LP. The third private equity fund for Mangrove attracted a lot of investor interest.
“The fundraising for MEP III was meaningfully oversubscribed,” said Glenn Oken — VP and managing director of Mangrove — in an interview with The St. Pete Catalyst. “The fund’s loyal LP base consists of university endowments, charitable foundations and family offices in the U.S. and Europe.”
There were 52 investors in the offering according to an SEC filing. Mangrove invests in privately owned companies in the U.S. and Canada and it has completed over 135 deals in more than 60 industries. Typically, Mangrove invests in companies earning between $2 million and $10 million in earnings before interest, taxes, depreciation, and amortization. Mangrove previously raised $60 million for its first fund and then $125 million for its second fund (Palico).
Besides Oken, Mangrove’s executive team includes Hunter Reichert (managing director), Matt Young (managing director), Roger Bates (operating partner), Barry Korthuis (operating partner), Mark Danzi (principal), Kyle Wright (principal), Andrew Winner (VP) and David Fowles (VP).
