Firm: Industrial Opportunity Partners
Fund: Industrial Opportunity Partners II LP
Target: $250 million
Amount Raised: $275 million
Placement Agent: Park Hill Group
Legal Counsel: Sidley Austin
Industrial Opportunity Partners has closed its second buyout fund with $275 million of committed capital, the Evanston, Ill., firm announced this month. The firm said it held a first close for the vehicle, Industrial Opportunity Partners II LP, in mid-February. The fund originally targeted $250 million.
Industrial Opportunity Partners is an operations-focused private equity firm that focuses on mid-market companies, typically with revenues of $30 million to $350 million, in the manufacturing and value-added distribution industries, according to its Web site. It was founded in 2005 by founding principals, Kenneth Tallering, Adam Gottlieb and Robert Vedra. Tallering had previously been a managing director and Gottlieb a director at TMB Industries, a Chicago-based buyout shop specializing in mid-market manufacturing companies. Vedra was a managing director of a Chicago firm also focused on mid-market companies. Vedra’s LinkedIn profile identified the firm as Wynnchurch Capital. He previously worked within the merchant banking group of GE Capital
Industrial Opportunity Partners’ Web site lists six members of its investment team and five operating principals.
The firm said its Fund I raised $185 million and closed in 2007. Fund I has completed 18 deals, including 11 platforms and seven add-ons. In December, 2011, Industrial Opportunity Partners completed its first complete exit in its Fund I portfolio with the sale of FAS Controls Inc., a manufacturer of electromechanical devices, pneumatic control valves and lighting products.
Park Hill Group LLC served as placement agent and Sidley Austin LLP was legal counsel for the new fund.