- Firm: LongWater Opportunities LLC
- Fund: LWO Fund II LP
- Amount Raised: $35 mln
LongWater Opportunities LLC, a Dallas-based buyout firm that hired an executive from Insight Equity earlier this year, drew in $35 million for its second fund, according to a regulatory filing.
LongWater Opportunities, also known as LWO LLC, invests in companies with enterprise values of $15 million to $50 million and EBITDA of $1 million to $10 million, with a speciality in controlling interests, according to the firm’s website.
LongWater Opportunities lists a date of first sale of October 1 for LWO Fund II on a Form D filing, with no placement agent disclosed. The total number of investors in the fund is 17, and the fund’s minimum investment is $250,000, according to the Form D. It’s not clear what the target is.
LongWater lists three partners — Jordan Bastable, Brooks Burgum and Will Dobbs — and and one director, Tim O’Keefe. Dobbs is the newest partner, having joined the firm in February after working as a vice president at Insight Equity since 2013. Dobbs also worked as an associate at Quad-C Management from 2007 until 2011, according to his LinkedIn page.
LongWater bills itself as an operations-focused firm that focuses on 20 industry types, ranging from aerospace and defense to materials, distribution, textiles and water. Besides Dallas, the firm has an office in Fargo, North Dakota.
LongWater’s past portfolio companies include Circuitronics, a family-owned manufacturer of printed circuit boards that grew its top line and bottom line by 4x, according to the firm’s website. LongWater sold Circuitronics to Corridor Capital for an undisclosed sum early this year after buying it in 2009, according to a January statement.
LongWater also said it doubled the size of Asymblix, a manufacturer of prototypes as a bolt-on acquisition of Circuitronics. In addition, NetVia Group, a fabricator of printed circuit boards that struggled in the wake of the dotcom crash in the early 2000s, returned to profitability under LongWater’s ownership, the firm said.
LongWater did not respond to a request for comment.
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