Longshore Capital Partners (“Longshore” or the “Firm”) announced that it has successfully closed its debut private equity fund, Longshore Capital Fund I, L.P. (the “Fund”) with total capital commitments in excess of $200 million, and acquired a portfolio of business service companies previously managed by Longshore’s co-founders, Nick Christopher and Ryan Anthony. The $200+ million fund includes additional capital to grow the existing portfolio and support new portfolio company investments. The Fund was oversubscribed relative to its target.
Longshore acquired a controlling interest in five portfolio companies at the time of close and will immediately seek to add to its portfolio with additional platform acquisitions. The Firm will target control buyouts in the lower middle-market and will focus on founder owned businesses in the business services sector. Specific areas of interest include BPO, revenue cycle management, managed services, and payments. The co-founders of Longshore were previously partners at LaSalle Capital.
Longshore’s investor base is comprised of premier institutions, including asset management firms, insurance companies, funds-of-funds, family offices, and high net worth individuals.
“We are thrilled with the reception we received during the fundraising process,” commented Nick Christopher, partner and co-founder of the Firm. “The portfolio has performed well during the Covid-19 pandemic and we are highly optimistic about its prospects.”
Ryan Anthony, partner and co-founder, added, “We are excited to launch our firm and drive attractive returns for our investor base by focusing on identifying asymmetric risk/return investment opportunities in the services sector.”
Spring Bridge Partners (“Spring Bridge”) served as the lead investor in the transaction. Led by co-founders and partners Luca Salvato and Sebastien Burdel, Spring Bridge is an investment firm focused on partnering with high performing private equity managers looking to deliver bespoke liquidity solutions to their existing stakeholders. Luca Salvato commented, “We are excited to partner with the Longshore team and look forward to seeing the portfolio further mature and deliver top-tier returns to Spring Bridge and its co-investors.”
Sebastien Burdel added, “Spring Bridge is uniquely positioned to help GPs in the middle-market that have reached a transition point and are seeking a creative, value-added capital partner to invest in their future. We very much look forward to the partnership with Longshore as Nick and Ryan build out their franchise.”
Shannon Advisors acted as placement agent for the fund and Winston & Strawn LLP served as fund counsel.
About Longshore Capital Partners
Longshore Capital Partners is a middle-market private equity manager investing out of its inaugural $210 million fund. Longshore focuses on control positions in services businesses in North America with between $5 million and $15 million of EBITDA. The team has extensive experience partnering with founders and management of businesses in the lower middle-market and brings a systematic approach to creating shareholder value by helping to execute on a shared strategic plan.
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