New Water Capital debut fund raises $406 mln, ahead of target

LP interest in the lower-middle market special situations space, along with the role of long-time Sun Capital executives at the firm, stoked investor participation in the fundraise, according to market sources.

The Boca Raton, Fla, firm plans to target buyouts in the retail, manufacturing and services and consumer products sectors with revenue of $30 million to $300 million in revenue, according to its website.

The firm did not respond to an email.

New Water Capital doesn’t list any portfolio companies on its website, but it said it seeks to close deals quickly, tap its hands-on operating experience, and search for non-core corporate businesses at larger companies; underperformers and companies in transition. 

Officially launched as a new firm in late 2014, New Water Capital features a leadership team of six executives on its website. Four of of them listed experience at Sun Capital, including Jason Neimark, managing partner, who formerly worked there as managing director. He’s got more than 20 years of buyout, capital market and operational experience, including at least 40 transactions in several industries, according to the firm’s website.

Mark Becker, partner at New Water Capital who joined in December, worked as partner at Hammond, Kennedy, Whitney & Co as well as vice president of operations at Sun Capital.

Brian McGee, partner at New Water Capital, was a principal at Sun Capital. Brian Pawlowski, controller at New Water, formerly worked at Khronos LLC, Comvest Investment Partners and Sun Capital.

Susan Chester, manager of compliance and administration, worked at JM Family Enterprises Inc as chief corporate counsel; as well as an associate at Hutchins, Wheeler & Dittmar. John Disa, partner, worked as president of global retail at Ashley Furniture, and CEO of Wickes Furniture, as well as COO of Lady & Kids Footlocker.