BB&T Capital Partners, a Winston-Salem, NC-based lower middle market-focused private equity and mezzanine provider, has held the final close of its second fund at $227m.
Structured as a Small Business Investment Company (SBIC), BB&T Capital Partners Mezzanine Fund II invests $5m to $20m per transaction in subordinated debt and equity in privately held middle market companies across the United States. It supports both sponsored and non-sponsored buyouts, acquisitions and recapitalizations.
The fund provides flexible junior capital and will target companies with at least $15m in revenue and $4m of cash flow considering investments in business services, government services, industrial services, education, healthcare, logistics, niche manufacturing and value-added distribution companies.
To date, the new fund has completed three transactions.
The team is led by Tom Westbrook and David Townsend.