H.I.G. Capital has raised $3 billion for H.I.G. Bayside II, a distressed debt fund focused on middle-market and lower middle-market opportunities.
H.I.G. Capital, a leading global private equity firm, announced today that its distressed debt affiliate, Bayside Capital, has held a first and final closing on its H.I.G. Bayside II fund with total commitments of $3 Billion.
The Bayside II fund, like its predecessor fund, will target stressed and distressed middle market and lower middle market investment opportunities. It will have the ability to acquire existing debt on the secondary market, provide debt financing to companies which may not have access to such funding from traditional sources, as well as make equity infusions into companies facing operational and/or capital structure challenges. It typically targets companies with a total enterprise value of up to $400 Million, where it can use H.I.G.'s extensive operating resources to be a value-added partner and help make significant improvements in the performance and profitability of companies in which it invests.
Sami Mnaymneh and Tony Tamer, co-founders and Managing Partners of H.I.G. Capital, commented: “We are very pleased with how quickly we were able to raise the fund, and appreciate the trust and confidence our investors have shown in us. We believe the current environment, characterised by a combination of credit and leverage contraction and a slowing economy, will present numerous investment opportunities for Bayside.“
John Bolduc, Managing Director of Bayside Capital, added: “The new fund will allow us to ramp-up our investment activity and continue to pursue our very flexible and broad investment approach. We will deploy the fund on a global basis and will target distressed opportunities as well as those which may be facing a liquidity crunch. With the ability to provide both debt and/or equity financing, as well as to acquire existing debt and equity securities, we can provide a 'one-stop' solution to our target companies. We have the ability to move very quickly, and can structure creative solutions to meet a wide range of needs.“
With offices in Miami, Boston, San Francisco and Atlanta, as well as affiliate offices in London, Paris and Hamburg, H.I.G. currently manages in excess of $7.5 Billion of equity capital. With over 150 investment professionals worldwide, H.I.G. is one of the largest and most active investors in the U.S. and Europe in small and middle market companies. Since its founding in 1993, H.I.G. has completed more than 200 transactions and currently manages a portfolio of more than 50 companies with combined revenues in excess of $7 Billion.
In addition to its distressed activities, H.I.G. Capital is an active investor in private equity/LBO's, venture capital through its H.I.G. Ventures affiliate, and publicly traded equities through its Brightpoint Capital affiliate.