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