After what was a very busy 2004, Linsalata Capital Partners has seen its deal activity slow down to start this year, however that does not mean the firm has been taking it easy, as it has ostensibly been engaged in raising a new fund. According to Form D filings submitted with the Securities and Exchange Commission, Linsalata has already closed on $124.75 million for its latest fund, Linsalata Capital Partners Fund V, LP (LinCap V).
The new vehicle, according to the filing, has a target of $410 million and will accept a minimum of $1 million per investment, although that is subject to the discretion of the GP. There was no placement agent listed on the filing, and Linsalata specified there will be a 2% management fee totaling roughly $8.2 million. The firm has already received commitments from 27 accredited investors.
The fundraising follows a very busy stretch from the Cleveland-based firm. Linsalata’s acquisitions from last year include purchases of apparel maker The Augusta Sportswear Group, Patton Picture Framing Associates, and StyleCraft Holdings, a maker of home decor products among others. Meanwhile, the firm also notched a couple of exits, including the sales of Fasteners for Retail to Cortec Group and window and door maker PGT Industries to JLL Partners.
Linsalata is a middle market firm and targets companies with revenues ranging from $50 million to $450 million. The firm’s sector focus encompasses building product, plastics, distribution, auto parts, business services and direct marketing companies.
LinCap V, if the new fund reaches its target, will represent Linsalata’s largest fund to date. The firm has raised five previous funds, starting with the 1983-vintage, $3 million Edgecliff fund and ending with its $331.5 million LinCap IV vehicle, which was raised in 2000.
Prior to launching this latest fund, Linsalata also bolstered its staff, adding a senior associate, Michael Faremouth, and a principal, Thomas Ley. Ley most recently served as a managing director at HIG Capital, and for Linsalata will serve as its West Coast representative.