Summit Park, a Charlotte, North Carolina-based private equity firm focused on lower-middle market, held the final closing of Summit Park III, L.P., at $245m.
Limited partners include all of the predecessor fund’s investors, as well as several new institutional investors, including pension funds, foundations and asset managers.
SP III will continue the strategy of the firm’s predecessor fund, Summit Park II, L.P., which closed in April 2015. Investment interests will be oriented towards lower middle market companies with $4 to $15m in EBITDA located in the Eastern half of the United States.
Co-founded by Bob Calton and Jim Johnson in 2006, Summit Park invests across a range of industries, including business and consumer services, light manufacturing and value-added distribution in the Eastern half of the United States. The firm’s capital can be used to facilitate a change in ownership, to support expansion and growth, to provide partial liquidity to existing owners, or to support an industry consolidation plan.