Firm: Tuckerman Capital
Fund: Tuckerman Capital III LP
Target: $110 million to $115 million
Amount Raised: $100 million
Friend to the fundless
Tuckerman Capital helps finance the buyouts of small manufacturing companies valued at $5 million to $25 million. The firm’s partners are a breed of roving sponsors that lack a dedicated pool of capital. These dealmakers are often eager to do a few one-off transactions to build their track record and eventually raise an institutional fund. Tuckerman Capital provides both equity and debt, and also gives them access to its own Rolodex of management contacts.
The Hanover, N.H.-based firm expects to close on the remainder of the fund within the next 30 days, said Tim Briglin, one of two partners. Limited partners, which will have the option to co-invest through the fund, include institutional investors and family offices. All LPs from its second fund have re-upped, said Briglin. Tuckerman Capital’s second fund, the $50 million, 2003-vintage
Tuckerman Capital has completed two transactions with the third fund, both with
“There are plenty of guys in the fundless sponsor community ultimately looking to raise a fund,” said Briglin. Others, like Hanover Partners, continue to rove. These dealmakers are often not independently wealthy and sometimes will put down zero equity in a deal, said Briglin. For its part, Tuckerman Capital gets access to small market deals across the country without having to scour for them or deal with bankers.
Both Briglin and fellow partner Peter Milliken began their careers lending to manufacturing companies. Prior to co-founding the firm, Briglin was a partner at the buyout fund
Milliken is also a Green Mountain veteran, and while there participated in 13 deals valued at $142 million. Prior to that he was an investment manager for
Hanover, N.H., perhaps best known for being the site of Dartmouth College, is a little out of the way for most private equity shops. Milliken got his M.B.A. at Dartmouth’s Tuck School of Business. The firm gets its name from hiking destination Tuckerman Ravine, a landmark on the south side of New Hampshire’s Mount Washington.
“It’s better than living in a big city,” Briglin said of Hanover. “There’s no advantage for us to be located in a major city. It’s not as if our companies are located in one particular area.”—E.B.