Castanea Partners Closes Third Fund with $575 Million in Commitments.Firm Continues to Invest in Small to Mid-Market Companies in Publishing, Education, Consumer Brands, Specialty Retail, and Marketing Services NEWTON, Mass. -- Castanea Partners announced today the close of Castanea Partners Fund III, L.P., a $575 million investment fund consisting of a $475 million core fund and a $100 million overflow fund to be used to support larger investments. Castanea's prior investment vehicle, a $200 million fund raised in 2004, was funded by a small group of prominent endowments and foundations, all of whom increased their commitments. Several new investors joined the fund as well. As was the case with the prior funds, Castanea's general partners contributed significant capital to the new fund. "We are very pleased that we have the opportunity to continue our partnership with our existing investors and feel privileged to have been able to attract several other prominent endowments and foundations. It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have important to have partners who appreciate our investing with involvement strategy, who are supportive of our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. views, and who serve as advisors in the firm's ongoing development," said Brian Knez, co-managing partner of Castanea. Castanea Partners Fund III seeks to make equity investments of approximately $10 million to $75 million in leveraged buyouts leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. , growth and acquisition investments, and operationally challenging situations. Consistent with the team's operating experience and the firm's overall investment strategy, the new fund will continue to focus its efforts on small to mid market companies in publishing and information services See Information Systems. , education, consumer brands, specialty retail, and marketing services. The fundraising
"We were fortunate to partner with motivated mo·ti·vate tr.v. mo·ti·vat·ed, mo·ti·vat·ing, mo·ti·vates To provide with an incentive; move to action; impel. mo and experienced managers with whom we worked closely to build significant value through operating experience," said Rob Smith, co-managing partner of Castanea. In March this year, Castanea sold Fuze fuze n. & v. Variant of fuse1. Noun 1. fuze - any igniter that is used to initiate the burning of a propellant fuse, primer, priming, fuzee, fusee Beverage to The Coca-Cola Company. Fuze develops and markets vitamin infused juice drinks and teas for health-conscious consumers. Castanea invested in Fuze in early 2004 and assisted management as they pursued rapid growth through continuous innovation, expanded distribution, and improved marketing. During Castanea's investment in Fuze, the company's revenues quadrupled. In July, Castanea sold Decision Resources to Providence Equity Partners Providence Equity Partners is a private equity firm headquartered in Providence, Rhode Island that focuses on investments in media and telecommunications. It is one of the largest private investment firms specializing in equity investments in media and communications companies. . Decision Resources is a leading research and advisory firm focused on pharmaceutical and healthcare issues. In late 2003, Castanea acquired Decision Resources, in partnership with Boston Ventures. Castanea worked alongside management to expand into additional industry verticals and provided strategic advice in identifying potential targets, resulting in the acquisition of two complementary businesses. During Castanea's investment, Decision Resources doubled sales and tripled profitability. Most recently, Castanea sold Hanna Andersson to Kellwood Company (NYSE NYSE See: New York Stock Exchange :KWD KWD In currencies, this is the abbreviation for the Kuwaiti Dinar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), a large branded apparel marketer. Hanna Andersson is a premium brand of children's apparel sold through the company's own catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. , web site, and mall-based stores. In late 2004, Castanea invested alongside Dorset Capital, and began working with management to improve operational execution, expand the store base, and accelerate catalog and internet sales growth. From 2004 through 2006 revenue increased twenty percent and the company's profitability tripled. More information about Castanea Partners is available at www.castaneapartners.com. All company, brand, or product names contained in this document may be trademarks or registered trademarks of their respective holders. |
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