Limerston Capital, a UK mid-market private equity firm, is pleased to announce the final close of its second fund, Limerston Capital Partners II (the “Fund”), with total commitments of £245 million. The increase in size from Limerston’s inaugural fund reflects investors’ conviction in Limerston’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 investor base includes commitments from both 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 well-diversified base of reputed LPs shows how the Limerston strategy is attractive to a wide range of investors.
The 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 provide opportunities for buy-and-build led by ambitious management teams to accelerate growth. The increased size of the fund will allow 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 already completed three investments: Scottish holiday parks company Largo Leisure; drug discovery, development and manufacturing organisation Concept Life Sciences; and stability storage business Astoriom.
”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,” commented Joao Rosa, Founding Partner of Limerston Capital. “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.”
WHR Capital acted as the placement agent and Ropes & Gray LLP served as legal adviser for the Fund.
For more information, please contact:
Martim Avillez, Limerston Capital Founding Partner
martim.avillez@limerstoncap.com +44 (0)203 897 1860
Media:
Caroline Villiers cvilliers@keplercomms.com +44 (0)7808 585184
Charlotte Balbirnie cbalbirnie@keplercomms.com +44 (0)7989 528421
About Limerston Capital
Founded in 2015 by James Paget, João Rosa and Martim Avillez, London based Limerston Capital pursues control investments in UK mid-market companies and seeks to create value through the firm’s buy-and-build and operationally focused model. The firm targets businesses with EBITDA of between £5 million and £15 million that have a solid value proposition, but have potential for operational improvements, have mispriced underlying returns on capital and provide opportunities for strategic repositioning via consolidation.