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Sorenson Capital Partners II Fund raises USD400m

Salt Lake City-based Sorenson Capital has announced the closing of its second private equity fund, Sorenson Capital Partners II, which has attracted approximately USD400m in capital – the

Salt Lake City-based Sorenson Capital has announced the closing of its second private equity fund, Sorenson Capital Partners II, which has attracted approximately USD400m in capital – the largest closing to date for a Utah-based private equity firm.

With 30 employees, Sorenson Capital specialises in small- to mid-market buyouts and investments with a particular focus on opportunities in the US West and Rockies regions. The first Sorenson Capital fund closed with USD250 million in May 2004 and invested in 16 companies, including Omniture, MITY Enterprises, Provo Craft and Kiddie Kandids.

Sorenson Capital’s management team includes founding managing director Fraser Bullock, who was chief operating officer of the 2002 Salt Lake City Winter Olympics, Ron Mika, a former managing director of Bain Capital, and Tim Layton, former president of Medeco Security Locks and managing director of Alpine Consolidated.

The firm’s managing directors also include Matt Lehman and Luke Sorenson, who were principals in Sorenson Capital Partners I and have extensive private equity track records.

‘We want to find and help grow enterprises in the western US that have promising products or services and positive cash flows,’ Bullock says. ‘We’re Westerners ourselves and we believe many of the businesses in this region have plenty of untapped potential.’

Sorenson Capital Partners II will invest primarily in companies with revenues of between USD30 and USD300m. ‘Sorenson Capital’s strategy is to join forces with business owners and management teams in situations where the firm’s knowledge and experience bring significant value to the venture,’ Mika says.

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