Pine Street Capital more than doubles fund size to $50 mln

Pine Street Capital Partners plans to raise as much as $50 million for its latest fund aimed at subordinated-debt and minority-equity investments in lower-middle-market companies.

The Albany, New York, firm disclosed $20 million in commitments from 19 limited partners for Pine Street Capital Partners III LP, with an Aug. 1 date of first sale, a filing shows.

The pool comes after Pine Street Capital Partners II disclosed $21 million of commitments in 2012.

Founded in 2004, Pine Street focuses on niche manufacturing, business services, healthcare and later-stage IT companies.

The firm typically invests $2 million to $6 million per deal as a sole investor or part of a group of backers.

Pine Street Capital’s investment team consists of Michael Lasch, David Morris and Tim Welles, all managing partners. Lasch co-founded the firm after working as director in FleetBoston’s leveraged-finance group.

Anabelle Desangles Skalleberg is a senior associate at Pine Street, the firm’s website says.

The firm did not return an email.

Among its moves in 2016, Pine Street made an undisclosed mezzanine-debt and preferred-equity investment to support the acquisition of Power Technology Southeast Inc by Fulham & Co.  Pine Street co-invested in the deal with Spring Capital Partners III LP.

The firm also placed mezzanine debt and equity for the acquisition of Artful Home by Digital Fuel Partners. Pine Street invested in the deal with Digital Fuel and Eagle Private Capital.

Action Item: Pine Street: www.pinecap.com/contact/

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