LPs

Webster Capital holds $255 mln first close

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  • Firm is targeting $350 million for Fund III
  • 2007 vintage Fund II closed on $200 million 
  • Recent deals include OneStopPlus Group

Webster Capital is targeting $350 million for Fund III, Steiner wrote, well above the $200 million raised through Webster Capital II, a 2007 vintage pool. That fund had generated a 13.7 percent internal rate of return through March 31, 2013, according to an investment memo from fund-of-funds manager Valley Forge Financial Group.

Webster Capital invests in small and mid-market branded companies in the consumer, business-to-business and healthcare services sectors. Typical transactions are valued at less than $100 million. Portfolio companies generally generate $3 million to $15 million of EBITDA.

Last year, Webster Capital acquired Best Friends Pet Care from Brynwood Partners for an undisclosed amount. The firm also invested alongside Charlesbank Capital Partners to acquire OneStopPlus Group, an online and catalog apparel retailer for plus-size consumers.

Webster Capital, which was named for Steiner’s “trustworthy, intelligent and friendly” Labrador retriever, was founded in 2003.