Bunker Hill Two-Thirds Of Way To Finish Line

Firm: Bunker Hill Capital

Fund: Bunker Hill Capital II

Target: $250 million

Amount Raised So Far: $160 million

Boston-based Bunker Hill Capital, a lower-mid-market shop with an appetite for industrial products companies, will likely close Bunker Hill Capital II by mid-year. The firm has thus far hit the $160 million mark on the way to its $250 million goal. Bunker Hill launched the vehicle in 2008, according to a regulatory filing, and it held a second closing in December 2009, according to a source with knowledge of the situation. Limited partners include Hartford Life Insurance Co., Northwestern Mutual Life Insurance Co. and fund-of-funds manager White Rose. New York State Common Retirement Fund recently pledged $25 million.

The shop makes control investments in lower mid-market companies with enterprise values between $30 million and $150 million. Sectors of interest include industrial products, business services, specialty retail and consumer products. In October, the firm developed an operating partnership with Donald Borden Jr. to assist in the identification and acquisition of companies in the water and wastewater industry, which the firm sees as a fragmented and high-growth market. In August, Bunker Hill Capital acquired Nspro Inc., a Montreal-based provider of functional consulting services focused on SAP software architecture and configuration. No financial terms were disclosed.Bunker Hill Capital was founded in 2003 when Mark DeBlois, Robert Clark, Theresa Nibi, Charles Miller and Jason Hurd left BancBoston Capital to launch the firm. Its debut fund closed in 2005 with $125 million.