MPE racks up $420m for third fund

MPE Partners has closed its third fund at a hard cap of $420 million.

MPE Partners has closed its third fund at a hard cap of $420 million. MPE Partners III will target B2B manufacturing and services companies No placement agent was used.

PRESS RELEASE

CLEVELAND and BOSTON, Dec. 22, 2020 /PRNewswire/ — MPE Partners (“MPE” or “Morgenthaler Private Equity”), a lower middle market private equity firm based in Cleveland, OH and Boston, MA, is pleased to announce the closing of its oversubscribed third fund, MPE Partners III, L.P. (and its parallel funds, “MPE Partners III”), at the hard cap of $420 million. The firm launched fundraising in July 2020 and did not use a placement agent.

“Similar to our two prior funds, MPE Partners III was oversubscribed at its hard cap. We are honored to partner once again with our outstanding base of returning limited partners. We are also pleased to welcome a select number of new limited partners into the fund,” commented Peter Taft, Partner at MPE.

“Key to our success has been the firm’s ability to develop and strengthen our team, including the promotions of Matt Yohe and Graham Schena to Partner back in 2018. We also added several talented board members, consultants, and advisors to our Executive Council network. Finally, we continue to partner with C-suite executives seeking to embark upon their next career opportunity through the firm’s On Deck Circle program,” noted Joe Machado, Partner at MPE.

“Raising a private equity fund in the middle of a global pandemic is a challenging task. We are grateful for the trust our limited partners have placed in us, the tireless effort of our investment staff, and the outstanding performance of our portfolio company management teams. We also want to recognize our lending partners, third party advisors, and Executive Council members for their substantial contributions throughout 2020. MPE Partners III is the successful culmination of an amazing team effort,” said Karen Tuleta, Partner at MPE.
MPE expects to invest MPE Partners III in business-to-business manufacturing and services companies similar to those in MPE’s prior funds.

The firm’s partners include Peter Taft, Karen Tuleta, Joe Machado, Matt Yohe, and Graham Schena. They are joined by an experienced team of investment and operating professionals and a network of over fifteen executive council members, who provide operational, organizational, and strategic advice to MPE’s portfolio companies.
Jones Day served as fund counsel to MPE.

About MPE Partners
MPE Partners (“MPE” or “Morgenthaler Private Equity”) seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with EBITDA typically between $5 – $20 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit www.mpepartners.com.