Growth-oriented private equity firm Sverica International has closed its third private equity fund, Sverica International III. The lower-middle market focused investment firm initially targeted $250m and the final closing of SI III brings Sverica’s total assets under management to over $425m.
Sverica’s third fund will target companies with enterprise values under $100m and EBITDA greater than $3m, in areas including for-profit post-secondary education, enterprise software, healthcare services, pet care services, wind energy services and security and alarm monitoring.
SI III investors include foundations, university endowments, fund-of-funds, and high net worth individuals, the firm said.
K Gunnar Bjorklund, managing director and co-founder of Sverica, said, ‘We are pleased by the strong support from our existing investors and are excited to add new high quality investors to our third fund. The successful fundraising in a difficult environment further validates Sverica’s strategy of partnering with entrepreneurs at the lower end of the middle market and providing the operational and strategic tools to accelerate growth and increase profitability. We will continue to harness the expertise and entrepreneurial drive of Sverica’s professionals by taking an active advisory role in the future of acquired companies.’
Sandro Mina, managing director and co-founder of Sverica, added, ‘In deploying Fund III, Sverica will remain true to the investment strategy it has employed since inception which has driven strong results for our investors over the years. We believe we are well positioned in the market as Sverica relies on growing businesses rather than financial leverage to drive returns.’
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