Midwest Growth Partners, a West Des Moines, Iowa-based private equity fund, raised $113.5m for its second fund.
Midwest Growth Partners II LP was raised by 26 investors — both returning from the first fund and new ones. It will bring total private capital managed by the firm to more than $154m.
Led by John Mickelson, Managing Partner, Midwest Growth Partners specializes in the rural marketplace and invests in or acquires established, profitable companies.
This second fund will follow a similar strategy to the previous fund, which is focused on succession-planning buyouts and/or growth capital investments in established companies with annual revenue of more than $4MM focusing on food & agriculture, manufacturing, distribution and business service segments.
The new vehicle has received a license from the United States Department of Agriculture (USDA) to operate as a Rural Business Investment Company (RBIC).