July 13, 2022: L Catterton Debuts Private Credit Platform
Plus, Crossplane surpasses target for Fund II, and Argosy Capital’s healthcare arm announces merger
Read the top headlines from Wednesday, July 13, 2022 below:
L Catterton Debuts Private Credit Platform for the Middle Market
L Catterton, the globe’s largest consumer-focused private equity firm, announced in a press release that it has launched its debut private credit platform to finance private equity-backed middle-market companies with direct financing. In a statement, L Catterton global co-CEO Scott Cahnke said the platform is “a natural extension of L Catterton’s proven model and will strengthen our position as the partner of choice for companies seeking flexible capital solutions.” Heading the new platform is Shahab Rashid, who has been named managing partner and co-head of Private Credit to the firm. He is tasked with establishing the firm’s direct lending strategy and implementing it via the credit platform, the firm noted.
Argosy Capital’s Healthcare Arm Recapitalizes and Merges Two Healthcare Businesses
Argosy Healthcare Partners, the healthcare arm of lower-middle market private equity firm Argosy Capital, announced that it has completed the recapitalization and merger of two healthcare businesses, Hudson Robotics and Art Robbins Instruments. Together, the combined entity now operates as a life sciences tools business with a focus on the design, assembly and integration of automated liquid handling instruments. The solutions are used by pharmaceuticals, academic, OEM and other healthcare related end-markets. In a statement, Andrew Witschi, who recently served as COO of Hudson Robotics and will now act as CEO of the new company, described the business as “a world class life sciences tools platform.”
Related content: Finding Value in Healthcare
Crossplane Capital Surpasses Target for Fund II
Dallas-based private equity firm Crossplane Capital, which focuses on lower-middle market businesses in the manufacturing, distribution and industrial business services space, announced the closing of its second investment fund, Crossplane Capital Fund II. The fund was oversubscribed, surpassing its $325 million target. While Crossplane did not reveal exactly how much it raised for the fund, the firm noted it has now raised a combined $730 million since its 2018 founding. The new fund will focus on lower-middle market industrial businesses in line with the firm’s existing investment strategy.
“Given our focus on the lower-middle market, we limited the size of Fund II, which is made up of our existing investors and a select number of new investors that have been close to our firm since our founding,” stated Crossplne managing partner Brian Hegi.
