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First Atlantic draws $160 mln to support existing portfolio

Firm: First Atlantic Capital

Fund: Atlantic Equity Partners IV-A

Amount raised: $160 mln

Advisor: Evercore

First Atlantic said in a recent SEC filing it closed on $160 million in capital commitments for Atlantic Equity Partners IV-A. The last filing for Fund IV came nine years ago, when the firm disclosed it raised $117 million for Fund IV. It’s not clear how much Fund IV raised overall; alternative assets data provider Bison said the fund raised $200 million.

Roberto Buaron, chairman and chief executive officer of First Atlantic, said additional capital was raised from new and existing investors for Fund IV-A to, “support the growth and add-on acquisition needs of the existing portfolio companies” of Fund IV, according to an email to Buyouts. Some existing limited partners sold out of their interests in the fund, according to a person with knowledge of the transaction.

Buaron declined to comment on whether the firm would raise a Fund V. He also didn’t provide any more details on which investors took part in Fund IV-A. Evercore acted as advisor and investment banker in the Fund IV transaction.

First Atlantic Capital lists four companies in its portfolio on its website: Resource Label Group, a manufacturer of pressure-sensitive labels; C-P Flexible Packaging, which makes bags and pouches for snacks and confections; Test Equity, a maker of oscilloscopes and other testing gear; and Sprint Industrial, a provider of portable bulk and liquid storage tanks for temporary use during maintenance projects.

In a 2006 Form D filing, First Atlantic Capital said it was targeting $650 million for Fund IV and it sold $117 million in commitments for the fund. Buaron declined to comment on any final fundraising figures for Fund IV.

Fund IV logged an IRR of negative 8 percent as of Sept 30, 2014 for the New York City Police Pension Fund, according to Bison.

Along with Buaron, First Atlantic’s website lists seven other members on its investment team: Thomas Berglund, Brinda Cherian, Joshua Ciampa, Andrew Cohen, James Grover, Peter Patricola and Emilio Pedroni; also operating partners John Dezio, John Myers, Steven Torok and James Long.

The firm’s most recent deal announcement on its website is its acquisition of C-P Flexible Packaging, back in 2012.

Founded in 1989, First Atlantic describes itself as a middle-market private equity firm that has invested more than $830 million, resulting in more than 55 transactions across four funds.

The firm focuses on total transaction values of $100 million to $500 million in the plastics and packaging, food and beverage, industrial products, business services, and consumer products industries.

Chris Witkowsky contributed to this report