A Greenwich-based private equity firm focused on smaller founder- and family-owned businesses has closed its fourth fund at $450 million. Union Capital Associates said its fund — called Union Capital Equity Partners IV L.P. — was “significantly oversubscribed,” reaching its hard cap after just four months in the market. Founded in 1968, Union Capital invests […]
A Greenwich-based private equity firm focused on smaller founder- and family-owned businesses has closed its fourth fund at $450 million.
Union Capital Associates said its fund — called Union Capital Equity Partners IV L.P. — was “significantly oversubscribed,” reaching its hard cap after just four months in the market.
Founded in 1968, Union Capital invests in U.S. founder-owned companies in the food manufacturing, niche manufacturing and business services sectors, typically providing first-time institutional capital.
Union Capital typically targets founder- and family-owned companies with approximately $20 million to $200 million in revenue and $3 million to $20 million in EBITDA, investing between $10 million and $60 million or more of equity per deal, according to the firm’s website.
The firm’s prior investments have spanned specialty manufacturers, food brands and service businesses, including companies in the confectionery, snack foods, staffing and restaurant industries.
Fund IV drew support from existing investors, including endowments and foundations, consultants, financial institutions, pension funds and family offices, along with commitments from new institutional investors, the firm said.
