Target: Seroyal Holdings LP
Multiple: 2.6x, with 77 percent gross IRR
Buyer: Atrium Innovations Inc.
Seller: Bruckmann, Rosser, Sherrill & Co.
Hal Rosser has left New York-based private equity firm
In a statement released by Bruckmann Rosser, the departing partner said that founding his own shop represents “a long-time dream and this is the right time to pursue it.” Rosser also indicated he will continue to be an investor with his former firm following his departure. Within days, Rosser announced the launch of
Because Bruckmann Rosser’s key man provision would require two, and not one, of its four most senior members to depart in order to constitute a breach, the defection of Rosser for his father-and-son endeavor does not get the remaining team in hot water with LPs, Stephen Sherrill, one of the remaining founders, told peHub, a sister Web site to Buyouts. Sherrill and Thomas Baldwin, another of Bruckmann’s most senior members, that the move has no impact on the firm’s third fund, which is only about 25 percent deployed and has about 36 months remaining on its initial investment period. At this time, they said, there are no plans established to begin engaging LPs on a
Bruckmann, Rosser, Sherrill & Co., which will continue to operate under its same identity, was launched by Rosser, Bruce Bruckmann and Sherrill in 1995 after leaving Citicorp Venture Capital. In 2000, the PE firm’s leadership was expanded to include Baldwin.
Luke Rosser joined the private equity firm in 2009 as a senior associate; Organek joined Bruckmann Rosser Sherrill & Co. in 2003 as an analyst after working at Lehman Bros.
The news of Rosser’s departure came as Bruckmann Rosser that it made its first exit from its third fund,