BBH Capital Partners, the private equity arm of Brown Brothers Harriman & Co. today announced the final close of BBH Capital Partners VI, L.P. with capital commitments totaling $1.215 billion. CP VI was oversubscribed, exceeding its initial capital commitment target of $1.0 billion.
CP VI is led by its Co-Managers – Jeffrey Meskin, Bradley Langer, Michael Boylan, Patrick Kruczek, and Richard Yeh – as well as two additional Principals, Matthew Salsbury and Matthew Pemberton. On average, the Co-Managers have spent nearly 14 years together managing funds with total capital commitments in excess of $3.6 billion. CP VI is the successor fund to BBH Capital Partners V, L.P. (CP V), a $802 million fund raised in 2016.
BBH Capital Partners primarily targets investments in growing middle market U.S. family owned and entrepreneurial companies across a broad range of sectors within industries in which the team has specific expertise: (i) Healthcare; (ii) Technology, Media & Telecommunications; and (iii) Business Products & Services. BBH Capital Partners employs a differentiated, flexible investment approach to make majority and significant minority investments in high quality, growth-oriented businesses, operated by strong and proven management teams who are economically aligned with the Fund. CP VI plans to make investments ranging from $40 million to $150 million.
“This was an unprecedented fundraise in a virtual environment, so we are especially grateful for the continued support from our existing investors, many of whom have partnered with us for several funds,” said Mike Boylan, Co-Manager. “We were also fortunate to have attracted a number of new, high quality investors to CP VI, validating our differentiated investment approach and historical performance,” added Co-Manager Patrick Kruczek.
“BBH Capital Partners is unique among middle market private equity funds because of our affiliation with BBH and our flexible investment approach,” said Jeff Meskin, Co-Manager. “Owners and operators of businesses look to us as a true partner. We invest significant resources in post-investment value-added stewardship through our Operational Resources Group, led by Rich Yeh, and the relationship and intellectual capital of the broader BBH ecosystem to help our portfolio companies.”
CP VI has already completed its first two investments. On November 13, 2020, CP VI completed a strategic growth investment in American Spraytech, a leading turnkey innovator, formulator and contract manufacturer of aerosol products specializing in the personal care, cosmetic and over-the-counter medical segments. On December 18, 2020, CP VI completed a strategic growth investment in DynaGrid Holdings, LLC, one of the largest independent providers of subgrade and sitework services for electric utility transmission infrastructure.
“We are pleased with the investment pace of CP VI thus far and we have a pipeline of opportunities that we are excited about,” said Co-Manager Brad Langer. “We have been able to quickly adapt to the rapidly changing investment landscape by continuing to adhere to our strict investment criteria to ensure that we maximize returns for our Limited Partners while controlling risk.”
Evercore’s Private Funds Group acted as the exclusive third-party placement agent for CP VI. Katten Muchin Rosenman LLP provided legal counsel.
About BBH Capital Partners
BBH Capital Partners (BBHCP), a private equity strategy of Brown Brothers Harriman & Co., provides friendly capital solutions to growth-oriented middle-market companies. Our flexible investment mandate gives us the ability to act as a control or non-control investor and to structure our investments as a combination of equity and subordinated debt securities as needed. BBHCP is currently investing through two funds, BBH Capital Partners VI, L.P. (CP VI) and CP Opportunities Fund, L.P. (CP Opportunities). CP VI, a $1.215 billion fund, targets platform investments between $40 million and $150 million and CP Opportunities, a $250 million fund, targets platform investments up to $30 million. Our capital is used to support a variety of transactions, including management or leveraged buyouts, growth financings, recapitalizations, buy-and-build strategies and acquisitions.
About Evercore Private Funds Group
Evercore is a leading investment bank providing advisory services to prominent multinational corporations and financial sponsors on significant mergers, acquisitions, divestitures, restructurings, and other strategic corporate transactions. Evercore’s Private Funds Group (PFG) provides comprehensive, global advisory services on capital raising for select private fund sponsors. PFG’s clients include general partners pursuing a spectrum of alternative investment strategies including private equity, private debt, infrastructure, and real assets. PFG advises and executes on all aspects of the fundraising process, including competitive positioning and market assessment, preparation of marketing materials, investor introductions, and capital closings.
About Katten Muchin Rosenman LLP
Katten is a full-service law firm with attorneys in locations across the United States and in London and Shanghai. Clients seeking sophisticated, high-value legal services turn to Katten for counsel locally, nationally, and internationally. The firm has key areas of emphasis in corporate, financial services, insolvency and restructuring, real estate, commercial finance and structured finance, and securitization. Katten represents public and private companies in numerous industries, including nearly half of the Fortune 100, as well as a number of financial institutions, government, and non-profit organizations and individuals.
