SOURCE: Renovo Capital

Renovo Capital

September 24, 2014 09:00 ET

Renovo Capital Holds Final Close on $132 Million Fund II

DALLAS, TX--(Marketwired - Sep 24, 2014) -  Renovo Capital, LLC, a Dallas-based special situations private equity firm, is pleased to announce the final closing of Renovo Capital Fund II LP with $132 million of capital commitments. The firm's previous fund, Renwood Opportunities Fund I LP, in partnership with The Rosewood Corporation, was raised in 2010 with $50 million in capital commitments. "The performance of our first fund and the success of Renovo's team in executing a consistent strategy enabled us to complete the capital raise ahead of schedule and in excess of our initial target," commented Don Jungerman, Managing Partner with Renovo.

Highlights:

  • Closed second fund with $132 million of capital commitments

  • Michael Manos joins as a Managing Partner

  • Awarded 2014 TMA Turnaround of the Year for Renwood Mills, LLC

  • Matt Farrell, Vice President, awarded 2014 TMA Transaction of the Year for Tully's Coffee

Fund II's investor base represents a diverse group of foundations, corporate pensions, family offices and other institutional investors. "The completion of Fund II serves as a key milestone in the strategic growth of our firm, and we are grateful to have the opportunity to partner with these leading institutional investors. For a smaller fund, the Renovo team differentiates itself with its tremendous depth in complex restructurings, CRO-led operational turnarounds and long-term value creation strategies that are essential to special situations investing in the lower middle market," commented David Hull, Managing Partner with Renovo.

Fund II's close caps a recent period of growth and achievement for the firm with the addition of Michael Manos as a Managing Partner and receipt of a number of awards for Renovo's 2013 acquisition and subsequent turnaround of Renwood Mills, LLC, including the TMA's Turnaround of the Year 2014 and the M&A Advisor's Transaction of the Year 2014. In addition, Matthew Farrell, a Vice President with Renovo, was awarded TMA's 2014 Transaction of the Year for his work on Tully's Coffee.

Since formation in 2009, Renovo has grown from three founding members to seven investment professionals, executing twelve transactions across a broad range of industries.

Hunton & Williams LLP served as legal counsel in respect of Fund II.

About Renovo Capital

Renovo Capital, LLC (www.renovocapital.com) makes control equity investments in lower middle market businesses facing degrees of operational underperformance and financial distress. Renovo seeks fundamentally sound, defensible businesses in need of capital and operational expertise, across a broad range of industries from traditional and specialty manufacturing to service industries and technology. Renovo typically invests in businesses with annual revenues between $20 million and $200 million and generally invests between $5 million and $25 million of equity capital.