LPs

Boathouse holds $180 mln first close on SBIC fund : UPDATED

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  • Wayne, Penn.-based SBIC fund targeting $225 mln
  • Provides mezzanine, equity in lower middle market
  • Acquired MIS Training Institute in April

As a licensed Small Business Investment Company (SBIC), Boathouse Capital II is eligible for U.S. Small Business Administration funding equal to as much as three times what it has raised from private investors, Jones said. On August 25, Boathouse filed a Form D with the US Securities and Exchange Commission indicating that it had raised $55.8 million for the fund.

The Wayne, Pennsylvania-based firm specializes in providing mezzanine and equity capital to lower mid-market companies, according to its website. Boathouse Capital typically puts its money to work in buyouts, strategic acquisitions and growth capital transactions as well as in dividend and leveraged recapitalizations.

The firm considers investments up to $30 million in size, typically in companies with revenues of at least $10 million and EBITDA of at least $2 million.

Jones founded Boathouse Capital alongside fellow American Capital executives William Dyer, Steven Gord and Chong Moua in 2008.

In April the firm partnered with management to acquire MIS Training Institute, which provides education and training for professionals in the internal audit, IT audit and information security management sectors, according to its website.

(Correction: Boathouse has closed on $180 million for the fund. The firm previously indicated that the first close had been on $165 million.)