Blue Point Capital Closes $400M Fund

Firm: Blue Point Capital Partners

Fund: Blue Point Capital Partners II LP

Target: $400 million

Amount Raised: $400 million

Placement Agents: Fortress Group and Probitas Partners

Legal Advisor: Kirkland & Ellis

Blue Point Capital Partners, a Cleveland-based mid-market specialist that was early to recognize opportunities for its U.S. portfolio companies in China, has closed its second buyout fund at $400 million.

With offices in Seattle and Charlotte, N.C., the firm focuses mainly on industrial and manufacturing companies, as well as professional services and business-process firms. Equity checks range from $15 million to $50 million for companies generating yearly revenue of $25 million to $250 million and EBITDA of at least $5 million.

The firm is one of a handful of United State mid-market firms to employ a robust Asian strategy for deals and portfolio company development. The LBO shop opened a Shanghai liaison office in 2004, allowing the firm to source materials for U.S.-based portfolio companies and open new markets for sales.

Blue Point Capital was formed in 2000 when Key Equity Capital spun out of parent Key Corp. with the bank’s support. Previous investors include Key Corp., Ohio Police & Fire Pension Fund and the Ohio School Employees’ Retirement System.

Blue Point Capital Partners II LP matches in size the firm’s first vehicle, closed in 2002. The firm closed on $150 million of the second fund last year.—J.H.