Houston-based Platform Partners LLC has closed its new fund at $129 million, beating its $100 million target. Platform Capital will focus on investing in equity and debt with minority ownership of lower middle-market companies in Texas and the surrounding area.
HOUSTON, Jan. 31, 2018 /PRNewswire/ — Platform Partners LLC (“Platform”) announces the closing of Platform Partners Capital LLC (“Platform Capital”) with total commitments of $129 million, exceeding its initial target of $100 million. Platform Capital will pursue a strategy focused on investing in senior/preferred equity and subordinated debt with minority ownership of lower middle-market companies in Texas and the surrounding region. Consistent with Platform’s investment philosophy, Platform Capital is structured as a perpetual investment company, which allows the firm to support entrepreneurs to achieve their long-term objectives.
Platform recently hired Jeremy Newsom to help lead the development of Platform Capital. Jeremy joined Platform after 17 years at Amegy Bank, where he most recently managed the Corporate Banking division.
Platform Capital is a natural extension of Platform’s experience and capabilities in the lower middle-market and will provide customized and flexible capital solutions to help business owners accomplish a variety of growth and liquidity goals. Importantly, these business owners can maintain a majority ownership position while securing the necessary capital to grow their business.
“We are excited to both close the capital raise for Platform Capital and to welcome Jeremy to our team. With Jeremy’s leadership and the expanded flexibility of Platform Capital, Platform can become a one-stop shop for regional business owners that need growth capital,” said Fred Brazelton, CEO at Platform.
“With the support of our shareholders and the addition of Jeremy, we have added the capital and expertise needed to take advantage of this attractive market opportunity in senior/preferred equity,” said Brad Morgan, President at Platform. “Platform Capital is a complimentary expansion of our capabilities and I believe strengthens Platform’s position as a leader in lower middle-market investing.”
“I am excited about the opportunity to join Platform and to partner with business owners to accomplish their objectives,” said Jeremy Newsom, Executive Vice President at Platform. “We will target initial investments between $10 and $40 million to support internal growth capital needs, strategic acquisitions or recapitalizations to provide owners with a value-add, permanent capital provider.”
About Platform Partners LLC
Platform Partners LLC is a private company based in Houston that makes investments in lower middle-market companies with the intent of growing these businesses into industry leaders through a combination of organic and acquisition growth. Platform invests through a perpetual holding company structure allowing for a long-term, patient approach to partnering with entrepreneurs to build companies. Founded in 2006, the company manages total assets of approximately $450 million. For more information, please visit www.platformllc.com.