Resilience Capital Partners, a Cleveland-based private equity firm focused on investing in lower mid-market companies in a broad range of industries, completed the final close of its third fund, at $222.5m.
The Resilience Fund III, L.P., which exceeded its target of $200m, was supported by global institutional investors including pension funds, insurance companies, foundations and endowments, fund of funds, wealth managers and investment consultants. Approximately 60% of the capital was provided by investors domiciled in the U.S., with the remainder from investors domiciled in Europe and the Caribbean.
Led by Co-CEOs Steve Rosen and Bassem Mansour, Resilience specializes in helping businesses emerge from fatigued ownership or lending relationships, over-leveraged balance sheets and a variety of special situations such as turnarounds, restructurings or corporate divestitures. The firm invests in niche-oriented manufacturing companies and business services companies located in the Midwestern and Mid-Atlantic United States with sustainable market positions and a clear path to cash flow improvement to guide them through a cyclical downturn, an adverse credit situation or ownership transition.
With Fund III, Resilience expects to build a portfolio of 10 to 12 platform companies in a range of manufacturing, business services and distribution industries. It currently has three platforms in place, including:
– North Coast Minerals (industrial minerals and silica sands);
– WT Hardwoods Group (hardwood lumber and flooring); and
– Thermal Solutions Manufacturing (heavy-duty heat exchange components).