Ampersand Capital Partners has closed its continuation fund at $670 million, beating its $600 million target. AMP-CF is focused on acquiring the equity stakes of three portfolio companies previously held by multiple mature Ampersand funds. StepStone Group is the lead backer in the transaction. Goodwin Procter LLP served as legal counsel to Ampersand while Debevoise & Plimpton LLP served as legal counsel to StepStone.
WELLESLEY, Mass., Nov. 19, 2020 /PRNewswire/ — Ampersand Capital Partners, a leading private equity firm dedicated to growth-oriented investments in the healthcare sector, announced today the oversubscribed, $670 million closing of the Ampersand Continuation Fund together with related investment vehicles (“AMP-CF”). AMP-CF was formed to acquire the equity interests of three portfolio companies previously held by multiple mature Ampersand funds. StepStone Group and affiliated investors (“StepStone”), a leading player in the private equity secondary market, is the lead investor in the transaction.
AMP-CF provided all Ampersand limited partners the option of reinvesting their proceeds or receiving full or partial liquidity, and also admitted new limited partners who wished to invest in the growth prospects of the three portfolio companies. In addition to StepStone, AMP-CF received commitments from a broad group of secondary and primary investors, including many prior Ampersand limited partners that elected to reinvest.
Notably, the closing of the fund was completed less than 45 days after StepStone’s commitment and exceeded the $600 million target necessary to acquire the AMP-CF assets, providing additional capital to support Confluent’s continued growth.
Ampersand Partner Trevor Wahlbrink commented, “We are very pleased that AMP-CF was so well received in the marketplace. The strong response from current and new limited partners confirms our belief that creating AMP-CF was a win-win opportunity for all of Ampersand’s key constituents. All of the AMP-CF portfolio companies are high-quality assets that we know exceptionally well, and the Ampersand team remains excited about their long-term growth prospects.”
Ampersand Founder and Confluent Chairman Rick Charpie noted, “With an initial five-year term, and access to capital for additional acquisitions and secondary purchases, AMP-CF positions Confluent’s management and investors to continue taking a long-term view of the Company’s future growth opportunities. As the majority investor in Confluent, we look forward to working with the Company’s exceptional management team to build on Confluent’s position as a leading designer and manufacturer of complex, finished medical devices to the world’s largest OEM’s.”
Goodwin Procter LLP served as legal counsel to Ampersand. Debevoise & Plimpton LLP served as legal counsel to StepStone.
About Ampersand Capital Partners
Founded in 1988, Ampersand is a middle market private equity firm with more than $2 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston and Amsterdam, Ampersand leverages its unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. Additional information about Ampersand is available at ampersandcapital.com.
About StepStone Group
StepStone is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of September 30, 2020, StepStone oversaw $313 billion of private markets allocations, including $72 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. Additional information about StepStone is available at stepstonegroup.com.
About Confluent Medical Technologies
Confluent is a leader in precision contract manufacturing of specialized medical devices. Its portfolio of services includes complex catheters, stent delivery systems, Nitinol components, biomedical textiles, balloon expandable stents, balloon catheters, and guidewires. With facilities in Fremont and Laguna Niguel, California; Warwick, Rhode Island; Windham, Maine; Austin, Texas; and San Jose, Costa Rica, Confluent has a proven track record of partnering with the medical device community to deliver world-class medical devices through innovative materials science, engineering, and manufacturing. Additional information about Confluent is available at confluentmedical.com.