River Associates Raises $222 Million For Fund VI

Firm: River Associates Investments

Fund: River VI LP

Amount Raised: $222 Million

Fund Target: $200 Million

Legal Counsel: Proskauer Rose

Placement Agent: LB Group

The firm makes control investments in the United States and Canada across a variety of sectors, including manufacturing, distribution, business services and specialty retail. It specializes in buy-and-build strategies that aim to grow platform companies with strategic acquisitions.

River Associates has so far invested about $50 million of Fund VI. The firm owns a diverse line-up of companies, including National Deli, a Miami-based producer of deli meats, and KK Precision, a Toronto-based maker of gas turbine components for the aerospace and defense industries.

Last year the firm exited from Coining Holding Company, a maker of custom soldering platforms used in the packaging and assembly of microelectronics. Coining was sold to Ametek for $148 million, earning River Associates six-times what it originally invested in the firm in 2007.

In a prepared statement, River Associates said that “almost all” of the investors from its previous fund, the 2005 vintage River V LP, had re-upped for the new fund, which was in the market about a year and a half.  River V closed with $110 in commitments.

River Associates was founded in 1989.  Proskauer Rose served as counsel for River VI while LB Group served as a placement agent for some of the fund’s new limited partners.