Stamford private equity firm raises $500M for fund, passing its goal
STAMFORD — Private equity firm Atlantic Street Capital announced this week it had raised $500 million for its latest fund, with those capital commitments surpassing its $450 million target for the venture.
The new Fund IV’s investors include public and private pension plans, endowments and foundations, investment advisers, family offices, fund of funds and “financial institutions,” according to Atlantic Street officials. The firm’s preceding investment vehicle, Fund III, was completed in 2016 with $211 million of committed capital.
“Over the course of our fundraise, we've been able to broaden our investor base and welcome a select group of new global investors,” Atlantic Street Managing Partner Andy Wilkins said in a statement. “We appreciate the support of our limited partner base and are excited to continue to deploy capital from our new fund into the robust pipeline of investment
opportunities we are currently pursuing.”
Based in downtown Stamford, at 281 Tresser Blvd., Atlantic Street invests in middle market companies with adjusted earnings between $4 million and $15 million.
Its 14 portfolio companies
include franchisees of the Jimmy John’s and Planet Fitness chains and healthcare, education, software, retail and transportation-focused firms.
Among those businesses is West Havenbased Lab Logistics, which provides transportation services focused on medical laboratories and hospitals.
So far in 2019, Atlantic Street has made acquisitions and 10 “addon” investments across its
active funds.
In May, the firm announced the sale of Alex Apparel Group, a designer of economically priced social dresses and separates sold under the Alex Evenings and SL Fashions brand names.
Financial terms of the sale, to Philadelphiabased private equity firm Versa Capital Management, were not disclosed.
After acquiring Alex Evenings in 2011, Atlantic Street oversaw
the firm’s recruitment of a new CEO and the acquisition of SL Fashions Group, a designer of moderately priced social dresses and separates.
Today, the Alex Evenings and the SL Fashions brands are distributed in more than 3,400 department stores and specialty boutiques nationwide.