Firm: WestView Capital Partners
Fund: WestView Capital III LP
Target: $430 million
Amount Raised: $430 million
Citing wide participation by limited partners, a person familiar with the firm told Buyouts that WestView Capital’s fundraising effort has been “way oversubscribed.” Another person familiar with the firm said the fund hit its hard cap of $430 million “a while ago” and turned away some prospective investors.
A third source said the firm has managed to raise fresh capital quickly just four years after WestView Capital II drew in $325 million, beating its $300 million target. LPs in that vintage 2009 fund include The Massachusetts Pension Reserves Investment Management Board and fund-of-funds manager Twin Bridge Capital Partners.
Officials at Boston-based WestView Capital, co-founded in 2004 by Carlo A. von Schroeter after he worked at Weston Presidio as a general partner, did not return emails or phone calls seeking comment. The firm filed a Form D for WestView Capital Partners III on May 1 with a fundraising objective of $430 million and no money yet recorded as being raised.
Among the firm’s recent flurry of deals, it completed a growth investment in DavexLabs LLC, a hair care products company for professional salons under its L’Anza brand, in July. In May, it exited its investment in RuffaloCODY, a fundraising services firm for nonprofit organizations, in a deal with Summit Partners, according to its website.
In 2012, WestView Capital led the recapitalization of Park Place Technologies, a provider of third-party hardware maintenance services for information technology firms. It exited video conferencing firm Providea Conferencing in a deal with Strategic Products and Services. It also sold its mobile device software making portfolio company, Wavelink Corp, to LANDesk Software, for an undisclosed sum.
In a summary of its 2011 activities published on its website, WestView Capital said it made three new portfolio investments totaling $74 million in Resource Interactive, LDiscovery, and eSolutions, while exiting Body Central and OneNeck IT Services from Fund I. It also made a Fund II distribution through a dividend recap of Peerless Industrial Group and completed five portfolio company add-on acquisitions.
WestView Capital seeks minority and majority recapitalizations, acquisition financings, growth financings and consolidations of $10 million to $30 million per investment. Larger investments are made through co-investments with its LPs and other co-investments.
The firm seeks out consistency in growth and financial performance, as well as operating profits between $3 million and $20 million in eight industries including business services, information technology, manufacturing, and media.