Resilience Capital Halfway To Fund III Target

Resilience Capital Partners LLC, a Cleveland-based buyout shop, has raised at least $132.25 million for its third fund, according to a recent regulatory filing. The firm expected to close on another $30 million by June 25, a source close to the fundraising effort told Buyouts.

The target for the fund, Resilience Fund III LP, is $200 million, with a hard cap of $250 million. Griffin Financial Group LLC, a boutique investment bank based in King of Prussia, Pa., is helping Resilience raise the fund.

Resilience Capital started raising the fund in October 2010 and its executives are hoping to close the fund by the end of September. Fund III will be a sizeable jump in size for the firm, which raised $55 million for its previous fund in 2006.

Managing Partners Bassem Mansour, a former investment banker at McDonald Investments, and Steven Rosen, a former investment banker at Merrill Lynch & Co., founded Resilience Capital in 2001. The firm has a total of eight investment professionals as well as four operating partners.

Resilience targets struggling companies, corporate divestitures and what it calls “orphan public companies,” according to the firm’s Web site. It prefers to buy companies based in North America that generate $25 million to $250 million in revenue and EBITDA of less than $20 million.

Resilience Capital’s portfolio includes Indiana Limestone Co., a Bedford, Ind.-based company that quarries limestone for use in institutional, commercial and residential applications; Penda Corp., a Portage, Wisc.-based company that supplies pickup truck bedliners, water management products, and other products to the automotive, consumer and industrial markets; and Taylor Lumber, a McDermott, Ohio-based producer of lumber and wood flooring .

The firm’s most recent deal came in April, when it and co-investor Linsalata Capital Partners sold Lund International, a Suwanee, Ga.-based manufacturer of branded automotive accessories such as hood shields, floor coverings and visors for trucks, sport utility vehicles and cars to Highlander Partners LP.