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Kinderhook raises $748.5 mln for its fifth fund

Kinderhook Industries raised $748.5 million for Kinderhook Capital Fund V, L.P., according to a Form D filing with the U.S. Securities and Exchange Commission. The total amount includes investments in parallel fund Kinderhook Capital Fund V-B, L.P.

It’s not clear if Kinderhook officially closed fundraising on Fund V. No one at the firm was available to comment Wednesday.

Kinderhook’s previous fund closed oversubscribed in July 2014 at $500 million. Fund IV, still early in its J-curve period, was generating a negative 15.35 net internal rate of return and a 0.90x multiple as of the end of 2015, according to information from the Montana Board of Investments.

With more than $1.25 billion of committed capital, Kinderhook targets companies with transaction values of $25 million to $200 million in sectors including insurance, healthcare, light manufacturing, automotive aftermarket, data management, food, retail and travel. Recent investments include Flat Top Grill (as an add-on to bd’s Mongolian Grill), Roquemore Holdings (as an add-on to Primeritus Financial Services) and VitreosHealth.

Founded in 2003 by principals with experience in acquiring middle market companies, Kinderhook is led by managing directors Thomas Tuttle, Robert MichalikChristian Michalik, Corwynne Carruthers and Paul Cifelli.

In 2015 the firm won Buyouts‘ Middle Market Deal of the Year award for its investment in Tectum Holdings, a maker of pickup truck bed covers and liners. Kinderhook sold a majority stake in that company to TA Associates for an approximate gain of 23x invested capital.

Photo: Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking