Firm: Gleacher Partners
Fund: Gleacher Mezzanine Partners II
Target: $350 million
Amount raised: $480 million – $500 million
The New York-based firm began its fundraising effort in February and should close within a week or two. The firm declined to comment on its fundraising.
Limited partners in Gleacher Mezzanine Partners II include
Gleacher provides subordinated debt, preferred stock and non-control equity to mid-market companies in need of growth capital, or undergoing LBOs or other acquisitions and balance sheet restructuring. The firm invests in companies in the healthcare, manufacturing, distribution and service and retail industries. It avoids turnarounds, start-ups and technology companies.
Portfolio companies include San Francisco-based cosmetics and skin care marketing firm Bare Escentuals; Edwin Watts Golf, a Fort Walton Beach, Fla.-based golf equipment retailer; Westwood, N.J.-based commercial lighting designer Kurt Versen; Charlotte, N.C.-based auto service provider Meineke Car Care Centers and Berwyn, Pa.-based chemical manufacturer PQ Corp.
Gleacher Partners is also in the advisory business, which it started in 2002. It recently served as an advisor to buyout firm NGP Energy Capital Management when Barclays Capital bought a 40% stake in the firm. Gleacher also served as an advisor to Gold Kist (Nasdaq: GKIS) in its rejection of an acquisition offer by Pilgrim’s Pride (NYSE: PPC).
As of the close of the third quarter, more than $24.8 billion in mezzanine capital had been closed on by fundraisers, roughly triple the $7.9 billion raised in the same period last year, according to Buyouts.
Gleacher closed its first mezzanine vehicle,