Firm: J.H. Whitney & Co.
Fund: J.H. Whitney VII LP
Target: $700 million to $800 million
In mid-May, the
Although a regulatory filing from March lists an offering amount of $800 million, Michigan State’s board document notes a target of $700 million. The firm did not respond to a request for clarification of the fund’s target size. Its prior fund, raised in 2005, totaled $750 million.
The new vehicle is earmarked for investments in U.S.-based small and mid-market companies with strong growth prospects. Deals will include recapitalizations, as well as investments in underperforming companies with revenues of $50 million to $500 million, according to the Michigan document. Areas of interest include consumer products, specialty retail, health care services, specialty manufacturing and business services.
According to data from the
John Hay Whitney founded J.H. Whitney & Co. in 1946 to provide “capital and professional assistance to entrepreneurs creating new companies and industries,” according to the firm’s Web site. Its earliest deals involved transforming a WWII-era munitions factory into a fertilizer plant, and backing a company that created Minute Maid Orange Juice. Current portfolio companies include FNF Construction Inc., a highway infrastructure firm; Igloo Products Corp., a maker of ice chests, beverage coolers and thermoelectric coolers; and Joe’s Crab Shack, a chain of casual dining restaurants.