Cleveland-based Primus Capital Partners has closed its seventh fund, Primus Capital Fund VII, LP, with $353 million in commitments. The firm said it exceeded its initial target of $300 million. The firm invests across the the healthcare, technology-enabled services and education sectors.
Primus Capital Partners (“Primus”) announced today the closing of its seventh fund, Primus Capital Fund VII, LP (“Primus VII”), with total commitments of $353 million. Primus VII exceeded its target of $300 million and represents the largest fund raised by Primus to date. Primus invests in high growth companies operating in the healthcare, technology-enabled services and education industries.
Primus VII received strong support from its existing investors and attracted several new institutional investors to the fund. “We are pleased to announce the final closing of Primus VII and appreciate the support from our returning and new limited partners,” said Bill Mulligan, a Managing Director of Primus.
“We are thrilled that we were able to close above our stated target in this competitive fundraising environment,” added Loyal Wilson, a Managing Director and founder. “The success reflects the confidence our investors have in our experienced team and lower middle market investment strategy.” Primus did not use a placement agent to raise the fund.
Primus VII has made two investments, both of which closed last December. The first investment was a growth capital financing for CardinalCommerce, a provider of credit card payment authentication and e-commerce enabling software solutions. Primus VII also completed the acquisition of Emmi Solutions, a healthcare services platform company that provides a comprehensive suite of technology-based patient engagement and empowerment solutions designed to reduce costs and improve clinical outcomes for providers and payers.
“We are encouraged by the initial investment pacing of Primus VII and the quality of the opportunities we are seeing in our targeted industries,” commented Phil Molner, a Managing Director. “The first two investments have the business model attributes we look for, including strong top-line growth, high margins and recurring revenues. We are also pleased to be partnering with two outstanding management teams.”
About Primus Capital
Primus, located in Cleveland, Ohio, provides equity capital to growth-oriented companies in its targeted industries. Primus invests in a variety of transaction types, including control buyouts, control and non-control recapitalizations and growth capital. The firm was founded in 1983 and has established a 30-year record of successful private equity investing.