ICV Continues Its Value-Oriented Strategy in Smaller Middle Market
Companies
NEW YORK, Sept. 13 /PRNewswire/ -- ICV Capital Partners, LLC (ICV), a
private investment firm focused on investments in smaller middle market
companies, announced today that it has successfully completed fundraising
for its second buyout fund, ICV Partners II, L.P. (ICV II). With total
commitments of $313 million, the fund was more than 1.5 times
oversubscribed and exceeded its initial target of $200 million. Including
its first fund, ICV now manages a total pool of capital of over $440
million.
Willie E. Woods, Jr., President and Managing Director of ICV said, "We
believe that smaller middle market companies have common challenges and
opportunities for operational improvements. As experienced partners in
working with the management teams of smaller companies, our objective is to
assist them in building their companies for the long term by helping to
grow businesses organically and through acquisitions."
Investors in ICV II consist of many returning investors from ICV's
first fund and new investors that include many corporate and public pension
funds and endowments. Returning investors include New York State Common,
CalPERS, Citibank, Fairview Capital Partners, Bank of America, and JP
Morgan Chase; new investors include City of Philadelphia, Illinois
Teachers, CSFB Emerging Opportunities Fund, Lehman Brothers, New York Life,
CalSTRS, State of Connecticut, and CSFB/NJDI Investment Fund.
"We are very pleased that we were able to exceed our expectations for
our second fund and that so many of our original investors agree with and
are committed to our investment strategy," said Tarrus L. Richardson,
Managing Director of ICV. "All of our investors recognize that we have
demonstrated a consistent ability to acquire and enhance the operations of
our portfolio companies and we are actively targeting new opportunities to
build on our previous successes." Over the past eighteen months, the firm
has realized on its investments in Chung's Foods, Inc., a Houston based
provider of premium Asian appetizers and entrees, and the Marshall Retail
Group, LLC, the largest independent specialty retailer in Las Vegas with
stores catering to resorts and casinos.
As in the first fund, ICV II will have the same value-oriented
investment strategy to invest in strong companies with market leading
positions operating in the smaller middle-market. Specifically, ICV II will
pursue buyout, recapitalization, and corporate divestiture opportunities in
companies with annual revenues typically ranging between $25 million to
$100 million, and EBITDA between $5 million and $15 million.
ICV's portfolio investments include four platform companies: Sterling
Foods, Ltd., a leader in shelf-stable bakery products for the military and
commercial markets; AAMP of America, Inc., a leading developer, marketer
and distributor in the 12-volt mobile audio after-market accessory
industry; The Hilsinger Company, a leading provider of eyewear and eye care
accessory products and supplies, and; Innovative Folding Carton Company, a
leading manufacturer of folded carton packaging.
About ICV Capital Partners
ICV Capital Partners is a private investment firm with over $440
million in committed capital from well-known institutional investors. ICV's
investment strategy is to invest in market leading companies in partnership
with proven managers. ICV is managed by four senior investment
professionals who have extensive experience in sponsoring management teams
and building businesses. In addition, ICV has two co-sponsors, the
Initiative for a Competitive Inner City (founded by Harvard Business School
Professor Michael E. Porter) and American Securities Capital Partners, L.P.
(a $2 billion New York-based private equity firm). Additional information
is available at http://www.icvcapital.com.
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