Morgenthaler Private Equity has closed its oversubscribed second fund at a hard cap of $250 million. The limited partners of MPE Partners II included global asset management firms, insurance companies, family offices, foundations and high-net worth individuals. The fund is expected to focus on manufacturing and services companies. No placement agent was used.
CLEVELAND and BOSTON, Nov. 10, 2016 /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 second fund, MPE Partners II, at the hard cap of $250 million. The firm launched fundraising in April 2016 and did not use a placement agent.
“We are extremely proud of the quality of our existing and new limited partners and are gratified by their strong support. In addition, we’re very pleased that all of the institutional investors in Fund I committed to Fund II,” commented Peter Taft, Partner at MPE.
“More than 30 investors committed to Fund II, including global asset management firms, insurance companies, family offices, foundations, and high net worth individuals,” noted Joe Machado, Partner at MPE.
MPE has invested in companies such as dlhBOWLES, a designer and manufacturer of engineered plastics and fluid flow solutions for the automotive, consumer, and industrial markets; Trachte, a manufacturer of pre-assembled control buildings; B&E Group, a manufacturer of complex, precision machined aerospace and defense components and provider of overhaul and repair services for commercial aviation; Polytek, a manufacturer of specialty chemicals for industrial and consumer applications; and United Pipe & Steel, an independent master distributor of steel pipe, copper tubing, plastic pipe, electrical conduit, and related products.
MPE expects to invest MPE Partners II in similar industrial manufacturing and services companies. Karen Tuleta, Partner at MPE, commented, “We continue to find great investment opportunities through our extensive network of relationships who value our experienced team, focused investment strategy, and proven approach to post-closing value creation.”
Morgenthaler Private Equity invests in lower middle market leveraged buyouts, recapitalizations, and build-ups in two sectors: high-value manufacturing and industrial services. MPE concentrates on entrepreneur- and family-owned businesses and corporate divestitures with a sustainable competitive advantage, and when combined with strong management, enable a company to achieve substantial improvements in growth rates, profitability, and shareholder value. MPE targets North American companies with transaction values of up to $150 million as platform investments and seeks strategic add-on acquisitions globally.
The firm’s partners include Peter Taft, Karen Tuleta, and Joe Machado. They are joined by an experienced team of investment and operating professionals, including two senior advisors and a network of over fifteen executive council members, who provide operational, strategic and organizational advice to MPE’s portfolio companies.
More information on Morgenthaler Private Equity can be found on the firm’s new website, www.mpepartners.com.