Note: A previous version of this story incorrectly noted the firm had lowered its fundraising target, which remains at its original level.
Dominus Capital, the New York firm comprised of former Quad-C professionals, is in the process of holding a first close on its debut fund, according to two sources familiar with the situation.
The firm, launched in February of last year, will finalize its first close in the coming weeks. Meanwhile, it hopes to hold a second close on $300 million later this quarter. This is nearing the fund’s $375 million target and $500 million hard cap. For a first-time fund that went to market in July, the close is relatively impressive.
Probitas Partners, the firm’s placement agent, declined to comment.
Dominus was founded by Gary Binning, alongside Robert D. Haswell and Ashish B. Rughwani of Quad-C. Dan reported that the three had claimed they left the firm to “pursue separate interests” yet in a matter of months, reunited under the Dominus name.
Speaking of the name, I’m pretty sure Dominus is Latin for “Lord,” which would make this firm mildly short on the whole humility thing. Lord Capital? Why not just go for the jugular and call it Dominate Capital? But then again, most of the good Latin words, Greek Gods and star signs have been taken. A play on the “Quad” thing would have been pretty flimsy, too.
Anyways, the firm hasn’t struck a deal yet, but might have some in the works on the tail of its first close. Dominus’ investment criteria includes companies with $10 million or more in Ebitda in industries like building products and services, retail, consumer products and services, distribution, food, specialty chemicals, light manufacturing and restaurants.
Outside of the three senior partners, the Dominus team includes Edward T. Harvey, also a Quad-C alum, as well as Mac Bridger, former EVP of Propex, Roy Schumacher, former CEO of Heartland Automotive, and Maureen Atkinson, a former Quad-C VP of Administration.
Interesting sidenote. Propex and Heartland were the first two LBO-backed bankruptcies of 2008. Heartland Automotive, backed by Quad-C, filed on January 8. The bankruptcy was apparently a “technical bankruptcy” used to reorganize the company. Propex, a building products company, was backed by Genstar Capital and The Sterling Group when it filed on January 18. I’m not implying that Bridger or Schumacher were directly or indirectly related to the Chapter 11s. I don’t even know if they were at the company at the time of filing. I just thought it was a random coincidence worth pointing out.
Previously: Quad-C Pros Form New Firm