Tim Armstrong, a former managing director in the middle-market business at H.I.G. Capital, has joined Roark Capital Group, according to the firm’s website.
Armstrong joined Roark in February as a managing director, according to his LinkedIn profile. He is responsible for “all key aspects of the private equity process,” Roark’s website states.
Armstrong and Roark Managing Partner Neal Aronson did not return requests for comment.
Armstrong left H.I.G. earlier this year after working at the firm since 2008. Prior to that, he was a partner at Apax Partners from 2005 to 2008.
At H.I.G., Armstrong was head of retail/consumer in the middle-market group, according to Roark’s website. He led investments in HOA Restaurant Group,TLC Vision, Sightpath Medical and VisionSource, the website said.
Armstrong started his private equity career in 1996 at Saunders Karp & Megrue.
H.I.G. closed its Middle Market LBO Fund II on its $1.75 billion hard cap last year. Fund II began investing at the end of the third quarter, according to Brian Schwartz, executive managing director and co-head of H.I.G.’s middle-market fund.
“We dry closed [the fund]. We closed it in April of 2014 … and put it in the drawer until we were ready to open it up,” Schwartz said in a prior interview.
Roark, meanwhile, closed its fourth fund on $2.5 billion in January. The firm has been investing from its third fund, which closed on $1.56 billion in 2012. Fund III was generating a net internal rate of return of 14.94 percent and a 1.21x multiple as of Dec. 31, 2014, according to alternative asset data provider Bison.