Weinberg Capital Partners (WCP) has held the final close of its WCP#3 buyout fund on 295 million euros only 10 months after going to market with an initial target of EUR250 million.
WCP#3 has received the support of its existing investors and new investors to almost double the size of the previous WCP#2 vintage.
In line with previous funds, WCP#3 aims to finance the growth of successful French SMEs, taking majority stakes, alongside management in LBO transactions on companies valued between EUR50 million and EUR200 million.
The fund focuses primarily on B2B and B2C distribution, business and health service sectors, building on the past experience of partners, which is now widely shared within the team.
A first acquisition has just been made with the takeover of Besson Chaussures. The team is also in exclusive negotiations on another transaction that could be announced in early September.
Serge Weinberg, Chairman, says: “This record fundraise in terms of duration and amount confirms the good results achieved over the past 10 years in this business and reinforces the equity platform strategy which is already active across three areas.”
Philippe Klocanas, Partner at WCP, says: “We are particularly pleased with the confidence that many existing and new institutional investors and family offices have placed in us. After closing the Besson Chaussures deal, we are in a very good position to complete a second transaction that would allow us to deploy 15 per cent of the funds by the end of September 2018, which is nine months after WCP#3’s first close.”
