Strong interest from a diversified group of institutional investors led firm to close its inaugural fund at $580M, well above its target.
CHICAGO, IL and BLOOMFIELD HILLS, MI — September 5, 2018 — Center Rock Capital Partners, LP (“Center Rock”), a Midwest-based private equity firm focused on investments in industrial businesses headquartered in North America, today announced the final closing of its inaugural investment vehicle, Center Rock Capital Partners Fund I, LP (together with its parallel fund, the “Fund”).
The Fund will invest principally in the lower middle market. The oversubscribed Fund closed with limited partner capital commitments totaling $580 million. The firm began marketing the Fund in late 2017 with a target of $450 million. Strong interest from a broad base of institutional investors drove Center Rock to increase its initial hard cap.
With an emphasis on flexible investing in industrial leaders, Center Rock concentrates on industrial manufacturing, distribution and services companies that are headquartered in North America and have revenues up to $500 million. The firm is led by Partners Ian Kirson and Terry Theodore who, collectively, have more than 50 years of private equity, transactional and finance experience, and are responsible for all major aspects of the firm’s management and investment process.
Moelis & Company acted as advisor and placement agent for Center Rock, and Kirkland & Ellis LLP served as legal counsel to Center Rock.
About Center Rock Capital Partners
Center Rock is a Midwest-based private equity firm focused on building leading industrial companies in the lower middle market. Center Rock seeks industrial manufacturing, industrial services and industrial distribution companies headquartered in North America, often with multi-national operations and locations that serve both domestic and global markets. With substantial expertise working constructively with management teams to drive both operational and strategic improvement, Center Rock’s investment professionals have the flexibility and tools to invest in a broad array of transactions and build value in lower middle market industrial companies.