Veronis Suhler Stevenson launches new investment fund.

Veronis Suhler Stevenson (VSS; New York) has established VSS Mezzanine Partners, L.P., a new investment fund that will target a wide range of media, communications and information companies. The new fund is being managed by George Cole and Errol Antzis.

Cole and Antzis told TBP that the fund will be taking a minority interest in targeted companies and that "we won't be takin control" of their investment properties. "The fund was created to give small companies who can't get additional capital opportunities for acquisitions and growth. We are looking for properties that are cash flow positive but, for one reason or another, are tapped out" with their traditional lenders.

In a statement, VSS said it will strive to partner with "proven owners and managers through the financing of acquisitions, management buyouts, going-private transactions, growth equity investments, and recapitalizations." It will target companies that: have a "sustainable free cash flow; positive historical and projected financial trends; and a strong underlying equity base." Typical transaction sizes are expected to range from $10-$75 million.

The target market for fund investment includes companies in advertising, radio, newspapers, b2b media, cable and broadcast television, consumer magazines and Internet portals, business information services and professional, educational and training media.