Saw Mill Capital LLC has closed its second fund at $340 million, beating its $300 million target. The middle market private equity firm invests in North American manufacturing, industrial and commercial service companies. Kirkland & Ellis LLP served as legal counsel to Saw Mill on the fund.
BRIARCLIFF MANOR, N.Y., July 13, 2017 /PRNewswire/ — Saw Mill Capital LLC (“Saw Mill”), a middle market private equity firm, today announced the final closing of Saw Mill Capital Partners II, LP and Saw Mill Capital Partners II-A, LP (together, “Fund II”) with $340 million in capital commitments. Saw Mill raised Fund II independently, exceeding its original target of $300 million, with capital commitments from existing investors and select new institutional investors. The Fund II General Partner represents nearly 10% of total Fund II commitments.
Howard Unger, Founder and Managing Partner, said, “We are grateful for the confidence our investors have placed in us. We take a differentiated approach to uncovering value in prospective investments, and we will continue to execute this strategy to create value for our Fund II investors.”
Saw Mill makes buyout investments in North American manufacturing, industrial and commercial service, and specialty distribution businesses with $5 million to $25 million of EBITDA. “By leveraging our in-house research resources, Saw Mill will continue to identify nuanced growth opportunities and investments,” said Tim Nelson, Partner. “We are thrilled with our investors’ continued support following Fund I’s top-decile performance, and we look forward to building enduring relationships with our partners,” said Scott Rivard, Partner.
Since its founding in 1997, Saw Mill has sought to acquire companies with revenues between $25 million and $150 million that are benefiting from attractive secular trends, have strong market positions, and deploy unique capabilities to win market share. Saw Mill has made two platform investments from Fund II: Wolf-Gordon, a designer and distributor of wallcovering and related interior products, and iAutomation, a developer and distributor of highly engineered automation solutions for original equipment manufacturers.
Kirkland & Ellis LLP served as legal counsel to Saw Mill.