Firm: River Capital
Fund: River Capital Partners VI
Target: $75 mln
Hard cap: $100 mln
River Capital Partners VI – which has a target of $75 million and a hard cap of $100 million – will focus investments in the light manufacturing, distribution and service sectors in the Southeastern United States, according to a source. River Capital’s sixth fund will target eight to 10 platform investments with a sweet spot ranging from $4 million to $11 million of equity in each. Annual revenue in these targets is typically about $50 million or less.
The firm announced the close of River Capital Partners V in February 2007, but it did not disclose the total dollar amount. In a regulatory filing in 2006, it disclosed $12 million in commitments and a target of $50 million for Fund V.
Founded in 1983, River Capital bills itself as one of the oldest private equity firms in the Southeast. It weaves its operating skills, expertise and experience into its deal-making, a source said. It specializes in undermanaged, entrepreneur-run, corporate orphan and family businesses.
River Capital lists six people on its current team: Rob Gannaway, Angela Kennedy, Isaiah Knouff, James Moore, Bryan Wethington and Jerry Wethington.
In its most recent deal, River Capital sold Can-Do National Tape, a maker of adhesive tape, film and foam, to an undisclosed private equity buyer, according to the firm’s website.
In 2012, River Capital received senior and subordinated debt from Babson Capital Management for its purchase of Blue Wave Products Inc, a wholesale distributor of pools and related equipment, among other recreational products.
River Capital did not return phone calls seeking comment.