Pfingsten closes Fund V at $382m
Pfingsten Partners, a US-based GP with a presence in China and India that reflects its manufacturing-focused remit, has closed its fifth middle-market fund at $382 million, exceeding the target of $350 million.
The fund will invest in middle-market manufacturing, distribution and business services companies with $20-150 million in annual revenue and EBITDA of $3-12 million.
Pfingsten seeks control or joint control of portfolio companies and provides assistance on operational improvement, the introduction of professional management practices and global expansion. The offices in China and India are used for market entry, product sourcing, and engineering support services.
"The value we bring to middle market companies lies in our ability to take a company through the transition from its entrepreneurial roots to a professionally managed business," James J. Norton, senior managing director, said in a statement. "We use very conservative financial leverage and strive to double or triple the size of our businesses through organic growth and strategic add-on acquisitions."
Pfingsten has deployed approximately $1.3 billion since its incorporation in 1989 and made 110 acquisitions. Kirkland & Ellis served a fund formation counsel on Fund V.
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