Denver-based private equity firm Lariat Partners has raised $118 million in the final close of its first fund. The firm invests in the lower middle market.
DENVER–(BUSINESS WIRE)–Lariat Partners LP, a private equity firm investing in the lower middle market, announced it had the final closing on Lariat Partners Fund I, LP at $118 million on July 1, 2014. The firm has closed three of an anticipated five Fund I platform companies since November 2013, including its most recent deal in March, the $100 million acquisition of Newpark Environmental Services, LLC through a newly formed entity called ecoserv, LLC.
With its uncommon “hybrid” fund approach (only five anticipated platform investments instead of the typical 10-12 platforms), Lariat Partners is able to acquire considerably larger deals than its fund size would indicate. Lariat is targeting platform investments with EBITDA of $2 million to $20 million.
“First time funds are difficult to raise, especially during a challenging economy,” said Jay Coughlon, Managing Partner of Lariat Partners. “Our unique hybrid structure allowed us to rapidly raise Fund I in nine months and close our first three platforms very quickly.”
To date, Lariat Partners has closed three platform companies including Northern Seed, LLC and two add-on acquisitions in Montana; Subsea Global Solutions, LLC based in Miami; and Louisiana-based ecoserv, LLC.
About Lariat Partners
Founded in January 2013 by Jay Coughlon and Kevin Mitchell, Denver-based Lariat Partners is a private equity firm focused on redefining the private equity experience with entrepreneurs in the lower-middle market. With its People First, Strategy Second relationship philosophy and its CORE Investment Strategy targeting COnsolidations, COnsumables and REcurring REvenue businesses, Lariat offers a differentiated approach to partnering with entrepreneurs and growing their businesses. The firm targets companies across a number of industries, including Specialty Agriculture and Energy & Environmental Services. For more information, visit www.lariatpartners.net.