Trivest Hits $260M Mark With Latest Fund

Firm: Trivest Partners LP
Fund: Trivest Fund IV LP
Target: $300 million
Amount Raised: $260 million

Trivest Partners LP is nearing a final close on its latest vehicle, having secured $260 million of the $300 million it targeted when it launched Trivest Fund IV LP in the middle of last year.

Known for taking time between fundraisings, Trivest usually allows six to seven years between hitting the pavement to raise capital. The general partner’s previous effort was the $316 million Trivest Fund III LP, which closed in 2001. In addition to the rocky economic climate in the early years of the decade, Trivest weathered the departure of three of the firm’s principals in 2006, who left to form their own LBO firms. Managing Director Robert Koehn and Director Jeff Settembrino left to form Pine Tree Equity Management LP while Derek McDowell, a Trivest Partner, created Boyne Capital Partners LLC.

In raising Fund IV the firm saw an enthusiastic reception from existing limited partners, while adding a smattering of corporate pension funds and family offices to its investor base, a source familiar with the fund told Buyouts. Investors in Trivest’s earlier offerings include Alpinvest Partners NV, Auda Advisor Associates, CIBC Capital Partners, Citicorp Private Equity, GE Antares Capital, Harbourvest Partners LLC, Illinois State Teachers’ Retirement System, PNC Equity Management Corp., Southern Co., Strategic Investment Solutions Inc. and Wachovia Investors Inc.

Fund IV could be used in part to finance a roll-up of companies in the security industry. In February, Trivest completed its acquisition of Allegiance Security Group, which employs roughly 1,000 security guards working in the commercial, residential and government sectors. Over the next three to five years, the firm plans to grow Allegiance through add-ons, Trivest Partner Jamie Elias told Buyouts at the time.

In mid-December Trivest announced the acquisition of Directbuy Inc., a Merrillville, Ind.-based franchise company that allows customers to buy a broad selection of products directly from manufacturers at wholesale prices.

The Miami-based firm specializes in business services outfits, consumer product companies and niche manufacturers. Trivest acquires companies generating annual revenue of $30 million or more and at least $5 million in EBITDA.—J.P.