Evergreen Pacific Partners, a Seattle-based private equity firm focused on the middle-markets, has closed its second fund with $425 million in capital commitments. Limited partners include the Washington State Investment Board, the Public School Employee Retirement System of Pennsylvania, Credit Suisse and The Guardian Life Insurance Co. of America.
Evergreen Pacific Partners (“Evergreen”), Washington state's largest private equity fund, announced today it has closed its second fund at $425 million. Evergreen now manages $700 million through its first and second private equity funds.
Evergreen's investors include foundations, endowments, pension funds, and Pacific Northwest-based CEO's with experience in Evergreen's target industries. Investors in the new fund include the Washington State Investment Board, the Public School Employee Retirement System of Pennsylvania, Credit Suisse and The Guardian Life Insurance Company of America. The fund is comprised predominately from returning investors; Evergreen was able to exceed their goal of $400 million, hitting their hard cap of $425 in less than two months.
“The close of this fund reflects our investor's confidence in our investment process. We stayed consistent with our stated strategy and focus and our existing investors appreciated this,” said T. J. McGill, one of three Managing Partners at Evergreen. “We will continue to focus on investing in companies in traditional industries based in the West.”
Evergreen Pacific Partners invests in traditional buyouts, management led buyouts, and growth equity investments involving traditional industry, middle-market companies in the Western U.S. and Canada. To date, the firm has completed six transactions involving companies in Washington, Arizona and California in the manufacturing, distribution, construction, radio, cable television and consumer industries. Three companies in the first fund are headquartered in Washington state: Gene Juarez Salons & Spas, Nuprecon and Haney Truck Line. On a combined basis these three companies employ more than 2,300 people in the state.
“Evergreen has an extensive network of financial partners that allows us to create the right funding structure for just about any type of transaction,” said Michael Nibarger, a Managing Partner at Evergreen. “Our operating experience and capital enable our companies to take advantage of opportunities and accelerate their growth plans.”
“We're pleased with our initial investments,” said Tim Bernardez, a Managing Partner at Evergreen. “We invest in and partner with great people and great companies and help them grow bigger, stronger and be more profitable. We expect to replicate this in the new fund.”
In several cases Evergreen has partnered with the original founders to complete a partial sale and provide human and financial capital to continue to grow the company. In other instances Evergreen acquired 100 percent of the company.
About Evergreen Pacific Partners
Based in Seattle, Wash., Evergreen Pacific Partners (www.eppcapital.com) currently manages two private equity funds totaling of $700 million, with a focus on investing in traditional, middle-market companies in Western North America. Evergreen Pacific was co-founded by Timothy Bernardez, T. J. McGill, and Michael Nibarger. Evergreen Pacific's acquisitions and investments include Western Broadband (Phoenix, Ariz.), Finest City Broadcasting (San Diego, Calif.), Gene Juarez Salons & Spas (Seattle, Wash.), Haney Truck Line (Yakima, Wash.), Nuprecon (Snoqualmie, Wash.) and CST Environmental (Brea, Calif.).