Firm: Longroad Asset Management
Fund: Longroad Capital Partners III LP
Target: $400 million
Amount Raised So Far: more than $200 million
The firm invests in distressed situations where it can achieve effective control over the governance of lower-mid-market companies in the United States and Canada, where it also has an office. The shop launched fundraising for the vehicle in the summer of 2008.
Fund III is earmarked to acquire debt securities, obligations and assets of distressed companies. According to the August minutes of the
The firm seeks controlling stakes in companies generating revenues of $50 million to $500 million and that are distressed due to overleveraged balance sheets, a lack of liquidity, poor cost controls or external shocks. Late last year, Longroad Asset Management acquired Medford, Wis.-based Hurd Windows & Doors Inc. out of bankruptcy. The firm paid $11.25 million and bought $14 million in bank debt held by the residential window and door maker.
Paul Coughlin III founded Longroad Asset Management in 2001. Previously he was a co-founder and general partner of
Longroad Asset Management did not return emails seeking comment for this story.