Lincolnshire Closes Fourth Fund At $835M

Firm: Lincolnshire Management

Fund: Lincolnshire Equity Fund IV LP

Amount Raised: $835 million

Target: $600 million

Placement Agent: UBS

Lincolnshire Management, a New York-based generalist firm, soared past the fundraising target for its fourth fund, closing on $835 million in commitments for Lincolnshire Equity Fund IV LP, according to a regulatory filing.

The initial target listed in the filing is $600 million. However, when news of the fund’s pre-marketing was flagged by Buyouts in March, the estimated target was $700 million. Whatever the official target, the amount raised represented nearly double the amount Lincolnshire Management raised for its prior fund, a $433 million pool that closed in 2005. The firm has made six investments to date from that fund.

Based in New York, Lincolnshire Management acquires U.S.-based companies generating free operating cash flow of between $5 million and $50 million, in a variety of industries. It engages in a number of different types of transactions, including corporate divestitures and recapitalizations. The firm typically looks to structure significant management ownership in the companies it purchases, and it prefers that the majority of the target’s business is conducted in the United States.

Portfolio companies include Paddock Pools Patios & Spas, a pool builder with operations in Arizona and Nevada; Cutters Wireline Services, provider of electric wireline services headquartered in Vernal, Utah; Nursery Supplies Inc., a manufacturer of plastic containers for agricultural purposes; Visual Products Corp., a maker of electronic signs and billboards; and The Alaska Club, an operator of health and fitness facilities in Alaska.

Founded in 1986, Lincolnshire Management raised its first official fund in 1994, closing with $120 million in commitments. President T.J. Maloney runs the firm, which has $1.7 billion capital under management.