Huron Closes Fund IV At $500M Cap

Firm: Huron Capital Partners LLC

Fund: Huron Fund IV

Target: $400 million

Amount Raised: $500 million

Placement Agent: None

Huron Capital Partners LLC said it has closed its fourth buyout fund with $500 million in commitments. Huron said it had strong demand for the vehicle, The Huron Fund IV LP, from current and new investors.

The firm said it hit its hard cap soon after launching the fundraising process in September. The pool exceeding the firm’s original target of $400 million. Huron Capital did not use a placement agent to raise the new fund, a regulatory filing showed. The vehicle attracted commitments from 57 investors, the filing showed.

Huron Capital, founded in 1999, is an operationally focused buyout firm with a focus on lower mid-market companies. The firm typically invests $10 million to $70 million in companies with revenues up to $200 million. Target industries include education and training, health care, specialty chemicals, specialty packaging, consumer products, home decor, business services, industrial manufacturing, food and beverage, and marketing services. The firm has offices in Detroit and Toronto.

The firm has been active on the acquisition trail in recent months. In October, it announced it added on to its LeadingResponse platform company, a marketing services business, with the acquisition of IM Solutions LLC of Dallas, a provider of online lead generation services to lawyers. That deal followed the acquisition in September of Ronnoco Coffee, a St. Louis-based beverage distributor serving convenience stores, food service outlets, and offices in the central United States. And in August, Huron Capital said it had added on to its food transportation platform company, Cardinal Agri-Logistics Inc., with acquisition of Charles G. Lawson Trucking Inc., a Montgomery, Ala.-based food transportation specialist serving the Southeast.

Huron Capital also said it scored a 6x exit in July, with the sale of Labstat International ULC of Kitchener, Ontario, which provides testing for chemical emissions and the biological impact of tobacco smoke. The firm did not identify the buyer of the independent lab or the sale price.