Angeles Equity Partners nears finish line on $300 mln debut fund

  • Firm: Angeles Equity Partners
  • Fund: Angeles Equity Partners I
  • Target: $300 mln
  • Amount raised: About $300 mln
  • Placement Agents: Moelis & Co, GCA Savvian Advisors, LLC

Angeles Equity Partners is nearing the finish line on its debut buyout pool with $300 million in commitments expected, after a busy year that included fundraising and closing two platform investments, according to a source.

Founded in 2014 by two ex-Gores Group executives, Angeles now owns controlling stakes in Applied Acoustics, an automotive supplier specializing in noise and vibration products, as well as ERP Power, a maker of energy-efficient parts for LED lighting.

The firm filed its first Form D for Angeles Equity Partners I in November 2015 with $90 million in commitments at the time. Angeles expects to finish fundraising in the near future, according to a source.

Among its recently announced moves, Jeffrey Frank, a 30-year veteran of power electronics at GE Power Electronics and other companies, joined ERP Power’s board, Angeles Equity said in June.

Angeles Equity Partners shops for portfolio companies with enterprise values of as much as $200 million, with a focus on control equity investments in underperforming businesses “in need of financial restructuring or operational transformation,” the firm said on its website.

Jordan Katz and Timothy Meyer, both managing partners, co-founded the firm in 2014 after working at Gores Group.

Katz worked at Gores Group for more than 11 years, serving on the boards of United Road Services, Sage Automotive Interiors, Cosmo Specialty Fibers, Proxicom, and others.

Action Item: Contact Angeles Equity Partners:

The sun sets over the 10 Freeway during a heatwave in Los Angeles on Sept. 27, 2016. Photo courtesy Reuters/Lucy Nicholson.