Primus Capital’s Latest Fund Raises $353M, Beats Target

Firm: Primus Capital Partners

Fund: Primus Capital Fund VII

Target: $300M

Amount Closed: $353M

William Mulligan, managing director of Primus, said the firm will bring to bear its nearly 30-year track record in the private equity arena as it sifts for deals in the health care, technology-enabled services and education sectors.

“We’ve got a stable and experienced team,” Mulligan told Buyouts. “Few funds can count the number seven next to their name. We have a sharp industry focus with a flexibility on transactions we’ll consider.”

Primus VII drew support from its existing investors and attracted several new institutional investors, despite a challenging fundraising environment.

The firm has made two investments with the fund, both of which closed last December. The first investment was a growth capital financing for CardinalCommerce, a provider of credit card payment authentication and e-commerce enabling software solutions. Primus VII also completed the acquisition of Emmi Solutions, a health care services platform company that provides a comprehensive suite of technology-based patient engagement and empowerment solutions designed to reduce costs and improve clinical outcomes for providers and payers.

“We are encouraged by the initial investment pacing of Primus VII and the quality of the opportunities we are seeing in our targeted industries,” commented Phil Molner, a managing director. “The first two investments have the business model attributes we look for, including strong top-line growth, high margins and recurring revenues. We are also pleased to be partnering with two outstanding management teams.”