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Norwest Equity and Norwest Mezzanine Raise $1.7 Billion for New Funds
MINNEAPOLIS--Sept
2 2008 -Leading private equity and mezzanine investors
Norwest Equity Partners (“NEP”) and Norwest Mezzanine Partners
(“NMP”) today announced that they have launched their most recent
funds with combined capital totaling $1.7 billion. Norwest Equity
Partners IX, LP (“NEP IX”) raised $1.2 billion in commitments, and
Norwest Mezzanine Partners III, LP (“NMP III”) raised $500 million
in commitments.
With $4.6 billion of combined capital
under management, NEP and NMP are affiliated investment vehicles
with strategies focused on providing capital to middle market
businesses. Both funds possess flexibility and breadth in their
investment charters, giving them a unique advantage over similar
entities.
About Norwest Equity Partners
NEP’s investment philosophy is focused
on partnering with business owners and management teams to grow
companies into industry leaders. NEP invests in manufacturing,
distribution, and services companies within a variety of industry
sectors. Management buyouts, recapitalizations, and growth
financings are the fund’s preferred transaction structures.
Timothy DeVries, NEP Managing General
Partner, stated, “Our 45-year history of quality investments and
exceptional financial returns is a direct result of having a
motivated and strong investment team, and a commitment to
investments for the long-haul. We’ve proven our ability to ride the
economic tide and make prudent investment decisions. NEP IX is a
tremendous opportunity for us to continue our strategy of developing
valuable partnerships with prospering companies.”
Notable liquidity events for NEP in
recent years include Jacobson Companies, Imperial Supplies, Paladin
Brands Holding, Michaels of Oregon, and Life Time Fitness.
NEP IX partners in addition to DeVries
include John Lindahl, Managing General Partner; John Whaley,
Managing Administrative Partner; and Timothy Kuehl, Todd Solow, and
John Thomson, General Partners. The core group of senior investment
professionals has been together since 1989 when NEP IV was launched.
About Norwest Mezzanine Partners
Partnering with private equity firms to
invest junior capital in middle market companies has been NMP’s
focus since its inception in 2000. NMP invests $10-$50 million per
transaction in a variety of industry sectors; the firm’s current
portfolio has investments within the industrial products, consumer
products, business services, healthcare, and restaurant sectors.
“NMP III is well-poised for continued
success. We are seeing increased momentum in the mezzanine market,”
stated DeVries, also a NMP Managing General Partner. “We take a
relationship-oriented approach and are able to offer flexible
transaction structures. Both of these traits enable us to generate
terrific deal flow with leading middle market private equity firms.”
The first transaction funded by NMP III
is a $40 million investment supporting Wind Point Partners’ recent
acquisition of Ryt-way Industries, a Minnesota-based contract
packager of branded food products. The Ryt-way transaction marks the
third time NMP has partnered with Wind Point in an acquisition, a
testament to the strength of the firms’ relationship. Carter Balfour
and John Hogan are General Partners of NMP III. DeVries and Whaley
are also involved with NMP fund activities in addition to their
roles with NEP.
For more information on the funds, please visit www.nep.com and www.nmp.com .
For more information contact :
Norwest Equity Partners / Norwest Mezzanine Partners
Heather Goodwin, 612-215-1676
Director of Marketing
hgoodwin@nep.com
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