
Patriot Capital made a landmark 150th portfolio investment in 2023, and received approval for its sixth SBIC Fund, the Baltimore-headquartered private equity firm said in an annual review.
In an email to investors and others, the firm said it also held closings for Patriot Capital V, LP with total capital commitments exceeding $305 million. It has invested a fifth of the fund. In 2023, Patriot made eight new investments, and its portfolio firms in turn acquired eight companies.
Some of Patriot’s prominent deals in 2023:
- New debt and equity co-investment in Magnum Systems, of Lenexa, Kan., in partnership with 3 Rivers Capital, SharpVue Capital
- Growth equity investment in Turnwell Mental Health Network, of Dallas, Tex.
- Growth equity investment in Race Technologies, of Irvine, Calif.
- Debt and equity co-investment in partnership with Breck Partners to support the acquisition of Alloy Wheel Repair Specialists, of Norcross, Ga.
- New debt and equity co-investment in partnership with Granite Creek Capital Partners to support the acquisition of Salem One, of Winston-Salem, N.C.
- New investment in newly formed Gautier Steel Holdings ESOP, of Johnstown, Pa.,. Patriot in partnership with Mosaic Capital Partners, Tecum Capital and Salem Investment Partners
In 2023, Patriot also added Rose Hunt as senior accountant, and welcomed back Samantha Lee, who returned as the firm’s marketing director.
In 2022, the firm founded by Charles Bryan and Charles P. McCusker, hit a landmark $1 billion in cumulative investments across five funds, since its inception in 2000. It also made four portfolio investments, and three exits.
Patriot Capital runs a family of private equity funds focused on debt capital and minority equity investment opportunities, and serves as a mezzanine financing firm for Baltimore investment bank Bengur Bryan.
Typically, Patriot invests between $5 million and $25 million in companies with at least $10 million in annual revenue and EBITDA of $3 million. Use cases range from business expansion, recapitalization, acquisition Financing, leverage and management buyouts, and major capital expenditures.
Cofounder McCusker serves as one of two managing partners. He was previously a general partner at private equity firm ServiceMaster Venture Fund. McCusker also held several operating executive positions at a joint venture between The ServiceMaster Company (SVM) and venture firm Kleiner Perkins.
A third key member of the firm’s investing team is Charles Bryan, a co-founder and president of the middle market investment banking firm of Bengur Bryan & Co. He was a co-founder of Patriot Capital’s first three funds. He now serves as a senior principal and adviser to Patriot Capital. Before forming Bengur Bryan, he was an industry group head and a vice president in the investment banking division of Alex. Brown & Sons.
Besides its office in Baltimore, Patriot Capital runs three new offices in Chicago, Dallas, Texas and Charlotte, N.C.