Trivest Partners Seeks A $325 Mln Refill for Fifth Fund

Trivest Partners is out marketing its fifth private equity fund and is again looking to raise $325 million, according to a regulatory filing.

Coral Gables, Fla.-based Trivest also collected $325 million for its fourth fund in 2008. The PE firm raised a similar amount, $320 million, for its third pool in 2001.

Shannon Advisors, of Lake Forest, Ill., is the placement agent for Fund V, the July 13 regulatory filing said.

Trivest is the latest PE firm to join a highly crowded fundraising market. Among others already out, Clearlake Capital Group, a special situations fund, is fundraising for a $600 million pool.  Water Street Healthcare Partners, a Chicago private equity firm, is reportedly seeking $650 million for its third fund, while Catterton Partners is looking to raise $1.2 billion for its seventh fund.

Trivest buys founder and family-owned businesses in the lower middle market. Sectors of interest include business services, niche manufacturing, consumer products and franchisors. Notable deals include its investments in Banana Boat (Sun Pharmaceuticals) and Aero Products.

In December, the PE firm made its 10th platform investment from its fourth fund when it bought Take 5 Oil Change. Trivest a month before recapped Hazmasters, which supplies workplace health and safety products and services. Hazmasters was the ninth platform deal from Fund IV. The PE firm also recapped Group III International, which designs the Wenger brand for travel and work gear, in September. The deal was the eighth platform transaction from Fund IV.

Trivest sold its remaining stake in DEI Holdings to fellow PE shop Charlesbank last July. DEI designs and makes home theater loudspeakers under the Polk Audio and Definitive Technology brand names. Trivest said the sale generated a gross return of 4.2x invested capital and a nearly 30% IRR.

Officials for Trivest and Shannon Advisors couldn’t be reached for comment.