Behrman Capital, a private equity investment firm based in New York, has closed Behrman Capital Micross CF LP, a new single asset continuation fund of approximately USD500 million in connection with the sale of its portfolio company Micross Components (Micross or the Company), by Behrman Capital VI LP (Fund VI) and other investors.
The continuation fund, managed by Behrman Capital, will be supported by new and returning limited partners, anchored by funds managed by Apollo Global Management, Inc and its affiliates (collectively Apollo) and funds managed by BlackRock’s private equity secondaries team. Behrman Capital and existing Fund VI limited partners rolled significant proceeds into the continuation fund as part of the transaction, and Micross management also rolled the majority of its equity proceeds.
Micross has grown revenue organically and through M&A by more than tenfold since being acquired by Fund VI in 2018. Behrman first acquired the Company as Corfin Industries before merging it with Micross in 2020 to form a differentiated service provider in the high-reliability electronics market with industry-leading service and product capabilities.
The continuation fund transaction will provide incremental capital to drive organic growth initiatives, support the continued execution of the Company’s M&A pipeline and enables Micross to fully capitalize on the strategic initiatives undertaken over the past four years.
For Behrman Capital, Jefferies LLC served as financial advisor, and Goodwin Procter LLP and Ropes & Gray LLP served as legal counsel. Blackstone Credit led the debt financing as part of the transaction.
