PPC Partners said July 19 that its latest fund closed on its $1.8 billion hard cap. The target for PPC Fund II was $1.5 billion. Pritzker Group Private Capital, of Chicago, launched PPC Partners in first quarter. PPC handle’s Pritzker Group’s middle market investing. Kirkland & Ellis LLP served as legal counsel, while Credit Suisse Securities (USA) LLC was placement agent.
PPC Partners Raises $1.8 Billion From Like-Minded Families and Institutions
Continuing its commitment to building family- and entrepreneur-owned
CHICAGO, IL – JULY 19, 2018 – PPC Partners, an established leader in the family direct investment market, announced today that it has completed the fundraise for PPC Fund II at its hard cap of $1.8 billion. PPC Partners launched fundraising for PPC Fund II, its first investment vehicle that includes outside capital, in late 2017 and exceeded its original target of $1.5 billion. PPC Partners will continue its successful strategy of acquiring and operating family- and entrepreneur-owned businesses within the manufactured products, services and healthcare sectors.
“We have a long history of building industry-leading businesses” said Tony Pritzker, Chairman and Chief Executive Officer of PPC Partners. “We are deeply grateful to our new partners who have entrusted us with their capital. We remain committed to our time-tested strategy and core values of honesty, integrity and loyalty.”
Importantly, the new PPC Partners investment vehicle has a significantly longer term versus traditional private equity funds. This will allow the firm to continue to hold investments in its companies for the right duration. In addition, PPC Partners and many of its new partners are eager to deploy capital beyond their committed amounts, allowing the firm to further support its companies’ growth plans.
PPC Partners was formed by Pritzker Group Private Capital in Q1 2018 as its exclusive acquirer of middle-market companies. PPC Partners invests on behalf of certain Pritzker and other long-term focused family and institutional investors and leverages the Pritzkers’ experience, reputation and network, an institutional-quality franchise and a differentiated, long-duration capital base to build leading businesses.
“Our differentiated, long-duration capital base provides us with the flexibility to grow our companies and do what’s right for our businesses over the long term” said Paul Carbone, President and Managing Partner of PPC Partners. “We have gathered a select group of like-minded families and institutions, and together we can be even more effective in partnering with family- and entrepreneur-owned companies.”
PPC Partners recently completed the first investment in the new vehicle with its acquisition of C.H. Guenther & Son, Inc. (CHG), a leading producer of branded and private label food products. CHG was founded in 1851 by German immigrant Carl Hilmar Guenther and had been continuously owned by Guenther family members since its founding. CHG has grown to include 2,500 2
employees across 19 SQF level 3 food manufacturing locations in the U.S., Canada and Western Europe.
Investors in the new vehicle are predominantly families but also include a select group of public and private pension plans, insurance companies and endowments. Kirkland & Ellis LLP served as legal counsel to the vehicle, and Credit Suisse Securities (USA) LLC acted as private placement advisor and exclusive placement agent for the vehicle.
About PPC Partners
PPC Partners acquires and operates North America-based middle-market companies with leading positions in the manufactured products, services and healthcare sectors. Led by Tony Pritzker and the former investment and operating professionals of Pritzker Group Private Capital, the firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. PPC Partners builds businesses for the long-term and is an ideal partner for entrepreneur- and family-owned companies. For more information, visit PPCPartners.com.