Sorenson Closes Second Fund

Sorenson Capital has closed its second fund with around $400 million in capital commitments. The Lehi, Utah-based firm's debut fund closed on $250 million in May 2004, and invested in such companies as Omniture, MITY Enterprises, Provo Craft and Kiddie Kandids.  

PRESS RELEASE

Sorenson Capital today announced the closing of its second private equity fund, Sorenson Capital Partners II (SCP II), which has attracted approximately $400 million in capital. It is the largest closing to date for a Utah-based private equity firm.

Sorenson Capital is best known for its high-powered management team that includes founding managing directors Fraser Bullock, who was COO of the highly successful 2002 Salt Lake Winter Olympics; Ron Mika, a former managing director of Bain Capital, one of the world's leading private investment firms; and Tim Layton, former president and CEO of Medeco Security Locks and managing director of Alpine Consolidated. Joining them as managing directors are Matt Lehman and Luke Sorenson. Lehman and Sorenson were principals in Sorenson Capital Partners I and have extensive private equity track records.

“We want to find and help grow enterprises in the western United States that have promising products or services and positive cash flows,“ said Bullock. “We're Westerners ourselves and we believe many of the businesses in this region have plenty of untapped potential.“

SCP II will invest primarily in companies with revenues between $30 and $300 million. “Sorenson Capital's strategy is to join forces with business owners and management teams in situations where Sorenson Capital's knowledge and experience bring significant value to the cooperative venture,“ Mika said.

The first Sorenson Capital fund closed with $250 million in May 2004 and invested in 16 companies, including Omniture, MITY Enterprises, Provo Craft and Kiddie Kandids. Sorenson Capital has 30 employees and is based in Lehi, Utah near Salt Lake City.

About Sorenson Capital

Sorenson Capital (www.sorensoncapital.com) is a private equity firm providing small- to middle-market buyouts and investments with a particular focus on opportunities in selected states in the West and Mountain West. Sorenson Capital is headquartered in Salt Lake City, Utah.