Atlantic Street Capital said Sept. 4 that its latest fund closed at its $500 million hard cap. The target for Atlantic Street Capital IV LP was $450 million. Atlantic Street Capital’s previous Fund III closed in 2016 with $210.5 million of committed capital.
Atlantic Street Capital Announces Completion of Fund IV
Fundraise At $500 Million Hard Cap
STAMFORD, CT, September 4, 2019 – Atlantic Street Capital, a private equity firm targeting entrepreneurial businesses poised for the next level of growth, announced today the closing of Atlantic Street Capital IV, LP (the “Fund”) at its hard cap with $500 million of capital commitments, above its $450 million target.
The firm has built a portfolio of investments across its industry specializations within healthcare services, multi-unit retail, and business services. Select Fund III investments include Lab Logistics, PLNTF Holdings, Inc. (Planet Fitness franchisee), and GAT Airline Ground Support, Inc. To date in 2019, Atlantic Street has completed three platform acquisitions and 10 add-on investments across its active funds, and completed a successful exit of its Fund II investment, Alex Apparel Group Inc.
Peter Shabecoff, Managing Partner of Atlantic Street Capital, said, “We are grateful for the support of our investors and look forward to working with them for many years to come as we continue to build our portfolio of companies, and help those companies professionalize and grow. This is an exciting new chapter for us and we are working with a strong and unified team that collaborates with entrepreneurs and management teams to help build their businesses into industry leaders that will thrive well into the future.”
Andy Wilkins, Managing Partner of Atlantic Street Capital, said, “Over the course of our fundraise, we’ve been able to broaden our investor base and welcome a select group of new global investors. We appreciate the support of our limited partner base and excited to continue to deploy capital from our new fund into the robust pipeline of investment opportunities we are currently pursuing.” He added, “We’re thankful to Debra Draughan of Top Capital for her advice and assistance in our fundraising process.”
The Fund generated high demand from new and existing investors comprised of leading U.S. and international institutional capital, including public and private pension plans, endowments and foundations, investment advisors, family offices, fund of funds, and financial institutions. Atlantic Street Capital’s previous Fund III was completed in 2016 with $210.5 million of committed capital.
Morrison Cohen, LLP provided legal counsel to Atlantic Street Capital in its fundraising process.
About Atlantic Street Capital
Atlantic Street Capital is a private equity firm that invests in lower middle market companies with between $4 million and $15 million in EBITDA. The firm invests in fundamentally sound companies that will benefit from capital investment and value-added strategic and operational initiatives. Atlantic Street Capital’s investment team are hands-on investors who work closely with management to unlock their business’ underlying value and help them succeed. The firm is currently making investments in Atlantic Street Capital IV, LP. For more information, visit www.atlanticstreetcapital.com.