Tuckerman Capital, partner to fundless sponsors, raises $25 mln

Tuckerman Capital said it raised $25 million toward a target of $60 million for its fifth private equity fund that focuses on niche manufacturing and industrial services companies, according to a filing and a source.

Tuckerman Capital V comes roughly four years after the firm raised $56 million for Tuckerman Capital IV, a source said. It drew about $114 million in commitments for Fund III in 2007. Performance information for past funds could not be found.

Tuckerman Capital seeks established businesses with enterprise values of $8 million to $30 million, according to its website. It sources acquisitions by working with independent sponsors, also called fundless sponsors, who act as “deal partners” to help line up prospective target companies.

“We allow deal partners to concentrate their efforts on working with a seller to complete a transaction rather than focusing on the complexities and uncertainties of financing an acquisition,” the firm said on its website.

In one exit last May, Tuckerman Capital and Hanover Partners sold packaging equipment company Hamer LLC to Durvant, a portfolio company of Odyssey Investment Partners. The firms didn’t disclose a deal price for Hamer, but they said the exit generated a 7.2x cash-on-cash return and 39 percent IRR over a 14-year holding period.

Also last year, Hanover Partners and Tuckerman Capital paid an undisclosed sum to carve out communication test equipment units from General Dynamics.

All told, managing partners of Tuckerman Capital have completed more than 30 manufacturing company acquisitions with an aggregate enterprise value north of $400 million.

Based in Hanover, New Hampshire, Tuckerman Capital traces its roots to 2001 when it was founded by Timothy Briglin and Peter Milliken, partners at the firm who formerly worked at Green Mountain Partners. Nicholas Russell, the third partner at the firm, worked as a principal at North Star Advisers.

A spokesman for the firm declined to comment.

Action item: For more info on Tuckerman Capital see: http://bit.ly/1KDKvZ7

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