Thompson Street Capital Partners, a middle-market private equity group based in St. Louis, Missouri, announced today that it has completed fundraising on its $145 million private equity fund. It simultaneously announced the completion of its first four transactions in the fund.
The four transactions have been completed since fundraising began over a year ago, and together represent sales of approximately $400 million. The companies include the Alan White Company, a leading manufacturer of fabric upholstered couches, loveseats and chairs acquired last week; Packaging Logistics, Inc., the leading provider of proprietary packaging, procurement, logistics and warehousing to warehouse clubs and big-box retailers acquired in January 2002; Waddington, NA, a leading manufacturer of high-end plastic disposable tableware for the catering and banquet markets, acquired in 2000 in partnership with Code Hennessy and Simmons, a Chicago-based private equity group; and Avon Plastics, an add-on acquisition for Waddington.
Thompson Street Capital Partners was founded by James Cooper and Peter Finley, who worked previously at various private equity firms. These four acquisitions bring the pair’s lifetime number of completed acquisitions to 53, and sales of acquired businesses to over $2 billion.
The fund is sponsored by Capital Z Investments, a Fund of Funds based in New York, which made a sizeable commitment to the fund. “We’re very pleased to have been successful in raising our first independent private equity fund in what must have been the most challenging market in recent history”, said Cooper.
Thompson Street Capital Partners focuses on acquiring middle-market companies, defined as businesses with sales ranging from $30 mm to $200 mm. The firm focuses on control transactions with companies in manufacturing, service, and distribution industries. “We’re looking for companies with well-defined, defensible market niches to which we can add value through management expertise”, said Finley. Many of the firm’s transaction opportunities come from individual operating partners who have successfully run businesses in a given industry and who team up with Thompson Street.
The firm’s new fund is structured as a limited partnership. Limited partners weren’t disclosed, but include both institutional and private investors. The company’s website can be found at www.tscp.com.