Prospect Partners Closes $165
Million Private Equity Fund
Firm Remains Committed to Investing in Lower Middle Market Niche
21, 2004: Prospect Partners, LLC today announced that it has closed
Prospect Partners II at its cap of $165 million. Prospect Partners
II is a private equity fund focused on management-led acquisitions
of lower middle market companies with niche strategies. It follows
the successful $105 million Prospect Partners Fund I raised in 1998.
Investors in Prospect
Partners II include Goldman Sachs & Co., General Motors Investment
Management Corporation, JP Morgan Fleming Asset Management, the
University of Notre Dame, Wilshire Associates, Inc., Private Advisors,
LLC and the Northern Trust Corporation.
"We our very pleased
with the reception Prospect Partners II received," said Richard
C. Tuttle, a Prospect Partners co-founder and principal. "We
are grateful for the terrific support from such a high-quality group
of investors. We believe that the market environment continues to
be quite favorable for identifying and investing in the small niche
leaders that have been our historical focus."
Prospect Partners was formed in 1998 by William V. Glastris, Jr.,
Louis W. Kenter and Tuttle, who have worked together in multiple
settings since 1984. They joined together to form a private equity
firm that would leverage their investment expertise and interest
in the lower middle market. Prospect Partners has since grown to
10 professionals and operates out of a single office in Chicago,
Like its predecessor,
Prospect Partners II will focus on investing in leading companies
within a variety of niche consumer, commercial, specialty distribution
and service markets throughout the continental United States. Its
acquisitions will focus exclusively on leveraged buyouts and recapitalizations
of companies whose revenues are typically between $10 and $30 million
at the time of Prospect Partners' investment; add-on acquisitions
with as little as $2 million will also be pursued.
Prospect Partners is among
the most active private equity buyers of lower middle market companies.
According to Tuttle, Prospect Partners II will pursue investments
as diverse as those in Fund I, which has invested in 38 companies,
including a visitor bureau custom publisher, a marine accessories
producer, an operator of secondary schools and a bingo market producer.