The former Banc of America Capital Investors private equity team has spun off from Bank of America to form Ridgemont Equity Partners.
The principals of Ridgemont, who have invested over USD3bn in 140 companies, will seek to raise a new private equity fund in the near future.
During Ridgemont’s fundraising process, the group will have capital available to continue to pursue new investment opportunities.
In addition, the principals will continue to manage the legacy Banc of America Capital Investors portfolio on behalf of Bank of America.
Ridgemont Equity Partners will focus on middle market buyout and growth equity investments of USD25m to USD100m. The group will target companies in industries in which the team has expertise, including basic industries, consumer and retail, energy, healthcare, telecommunications/media/technology, and financial services.
Ridgemont will be comprised of 19 investment professionals, many of whom have been working together for 18 years. The firm will be headquartered in Charlotte, North Carolina.
“Over the last 18 years, we have developed a highly experienced and cohesive group of investment professionals. The decision to launch Ridgemont Equity Partners was a collaborative one, as we agreed that a new independent platform is well suited to the composition of our group and our strategy going forward. We are very excited about the future of Ridgemont,” says Travis Hain, partner. “We would like to thank Bank of America for its years of support and contribution to a successful partnership.”
“Ridgemont Equity Partners is comprised of an investment team that has worked together for a considerable time and who delivered attractive returns for Bank of America,” adds Jim Forbes, global principal investments executive at Bank of America. “We wish the Ridgemont team much success as they transition to an independent private equity firm.”
Ridgemont Equity Partners will manage a portfolio currently valued at approximately USD1.5bn, representing approximately 23 per cent of Bank of America’s private equity portfolio as of 30 June 2010.