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 ICV CLOSES 2ND FUND AT $313M, TWICE SIZE OF PREDECESSOR By Paul Ziobro DOWJONES LBO Wire September 14, 2006 — ICV Capital Partners LLC has closed its second buyout fund with $313 million - more than twice as big as its debut fund -- in order to pursue more deals. ICV Capital, New York, finished raising ICV Partners II LP in July. It had been in the market since the beginning of 2005, said Willie E. Woods Jr., ICV's president and managing director. The fund, which initially had a target of $200 million, sought and received permission from limited partners to top off the fund a bit above its $300 million hard cap. The fund saw a fairly even mix of returning and new investors, with returning investors including New York State Common Retirement Fund, California Public Employees' Retirement System, Citibank, Fairview Capital Partners, Bank of America and JPMorgan Chase & Co. New investors included the City of Philadelphia Board of Pensions and Retirement, Illinois Teachers Retirement System, CSFB Emerging Opportunities Fund, Lehman Brothers, New York Life, California State Teachers' Retirement System, State of Connecticut Retirement & Trust Funds and CSFB/NJDI Investment Fund. ICV's general partners, including co-sponsors American Securities Capital Partners LP and the Initiative for a Competitive Inner City, contributed $8.6 million toward the fund, Woods said. Fund II is more than twice as large as ICV's debut fund, which closed with $130 million in 2001. However, the firm intends to stick to its strategy of investing in companies with annual revenue between $25 million and $100 million and earnings before interest, taxes, depreciation and amortization of between $5 million and $15 million. ICV Capital will be able to do between 10 and 12 deals out of Fund II, compared to six from the first fund, Woods said. ICV Capital has realized two investments out of its first fund in the past 18 months, selling Chung's Foods Inc., which sells Asian appetizers and entrees, and the Marshall Retail Group LLC, a specialty retailer. The first fund still has four active investments: Sterling Foods Ltd., which makes bakery products; AAMP of America Inc., a distributor of audio aftermarket accessories; the Hilsinger Co., a provider of eyewear and eye care accessories; and Innovative Folding Carton Co., which makes folded carton packaging. ICV Capital has already tapped its second fund for its dinner cruise platform Entertainment Cruises Inc., a company formed with the purchases of Premier Yachts Inc., of Chicago, and Spirit Cruises, of Norfolk, Va. The firm is headed by four investment professionals, including Woods, Tarrus L. Richardson, Lloyd M. Metz, and Cory D. Mims. O'Melveny & Myers LLP provided legal counsel during the fund-raising process. ICV Capital did not use a placement agent. Reach ICV Capital at 212-455-9600. |
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