PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Odyssey Investment Partners raises USD1.5bn for fourth mid-market fund

Odyssey Investment Partners, a middle-market private equity firm, has closed its fourth fund with USD1.5bn to pursue investments and management buyouts of established middle-market comp

Odyssey Investment Partners, a middle-market private equity firm, has closed its fourth fund with USD1.5bn to pursue investments and management buyouts of established middle-market companies with operations predominantly in the US.
 
Investor interest in Fund IV significantly exceeded its initial target of USD1bn; Odyssey agreed to limit investor commitments to USD1.5bn. Fund IV’s limited partners include substantially all of the limited partners from the firm’s third fund, as well as several well-established institutional investors new to Odyssey.
 
Fund IV will be led by the managing principals of Odyssey, chairman Stephen Berger (pictured), co-presidents Brian Kwait and Bill Hopkins, as well as Doug Hitchner, Doug Rotatori, Randy Paulson, Jeff McKibben and Craig Staub.

The lead managing principals have led Odyssey since the early 1990s and will build on the firm’s experience acquiring businesses in the industrial manufacturing and business services sectors.

Odyssey typically invests in companies with ebitda in the range of USD20m to USD80m. Within the firm’s target sectors, particular areas of focus include aerospace, equipment rental, localised services, distribution, insurance services, healthcare services, general industrial, energy, packaging, safety products and supply chain management.

Says Berger: ‘My partners and I are gratified by the overwhelmingly favorable response to our fourth fund, particularly given the challenging fundraising environment for the private equity industry.

‘We believe that the considerable interest shown in Fund IV by a diverse group of highly reputable institutional investors is a strong validation of our investment strategy and track record. Our investment professionals have worked hard to build this confidence in our firm, and we intend to deploy Fund IV using the same disciplined approach that has accounted for our success to date.’
 
Odyssey’s previous fund closed in 2005 with capital commitments of USD750m. Realised Fund III investments include Norcross Safety Products, a designer, manufacturer and marketer of branded products in the fragmented personal protection equipment industry; and Neff Corp., a construction and industrial equipment rental company.

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured