Firm: Milestone Partners
Fund: Milestone Partners III LP
Target: $200 million
Placement Agent: None
The St. Davids, Pa.-based lower mid-market buyout shop has raised $223 million so far, well past its target of $200 million. The firm expects the fund to close near its hard-cap of $240 million, our source said. Milestone Partners last summer held a third closing at $174 million. The firm had expected the fund to close in September or October, as previously reported in Buyouts, but is still waiting on a couple potential investors, our source said.
The size of
The firm invests between $5 million and $25 million in deals valued between $15 million and $100 million. It prefers companies with a three-year track record of profitability, with enterprise values between $10 million and $100 million, revenues of between $10 million and $100 million, and EBITDA of between $3 million and $15 million. The firm typically holds companies between four and seven years.
The firm had a busy first half of the year, making five investments, including three out of Fund III in June: Café Enterprises Inc., a Taylors, S.C.-based owner of a restaurant chain in the Carolinas, Tennessee, Georgia and Virginia; Global Connection Inc., an Atlanta, Ga.-based company that provides pre-paid telephone services; and Safemark Systems LP, an Orlando-based company that provides in-room safes and locking systems to hotels.
Robert Levine, a former investment banker at Lehman Brothers, and Scott Warren, a former managing director at Philadelphia First Group and Beacon Capital, founded the firm in 1995.