Endeavour Capital strives toward $475M

Endeavour Capital, a Portland, Ore.-based middle-market shop that targets West Coast companies, has closed its fifth fund with $475 million in commitments, surpassing its $400 million target.

Endeavour Capital often invests in industries that have a large presence in the Northwestern United States, including services, manufacturing and food companies. Acquisitions typically have enterprise values of $25 million to $250 million, and generate EBITDA of more than $5 million.

Portfolio companies include California-based food processor and distributor Columbus Foods; for-profit postsecondary educator Grand Canyon University, based in Phoenix; Boise, Idaho-based discount grocery store WinCo Foods; and fishing equipment maker Umpqua Feather Merchants, based in Glide, Ore.

The 16-year-old LBO shop, which has strived to keep itself out of the limelight and declined comment for this article, has done well enough to produce great loyalty among its limited partners, said a person familiar with the firm.

Among its LPs are Altius Associates, M.J. Murdock Charitable Trust, Massachusetts Institute of Technology, Meyer Memorial Trust, Oregon Public Employees Retirement Fund, University of Oregon Foundation, University of Washington, Washington State Investment Board and Wilshire Private Markets Group.

Washington State investment Board committed $50 million to Endeavour Capital’s fourth fund in 2004 and has since seen about $30 million of that drawn down. On its website, the state pension fund reports that Endeavor’s fourth fund has achieved a “total value multiple”—estimated market value plus total distributions divided by amount contributed—of 1.26x.

The fund founders are Rocky Dixon, who was previously with Chicago-based investment company Earl Kinship Capital Corp.; and John Von Schlegell, previously a general partner with Chicago-based private equity firm GTCR Golder Rauner.

Endeavour Capital has offices in Portland, Seattle, Los Angeles and Lake Oswego, Ore. —Mark Cecil