Crossplane Capital, a Dallas, TX-based private equity firm, closed its inaugural fund, Crossplane Capital Fund, L.P., at $275m.
Founded in October 2018 by partners Brian Hegi and Ben Eakes, managing director Mike Sullivan and operating partner Ingrid West, Crossplane Capital will target control investments in niche manufacturing, value-added distribution and industrial business services companies. It will invest control equity into companies with up to $15 million of EBITDA that are either family owned and seeking a partner or involved in a complex situation.
Since its founding, Crossplane has completed three platform acquisitions, including The Accent Family of Companies in September 2019, TransAxle in December 2019 and Griffin Dewatering in November 2020.
From its initial 4-person team, Crossplane has grown to an 11-person team with deep experience as senior executives, operational improvement consultants, strategy consultants, restructuring advisors and private equity investors.
In conjunction with this final closing, Crossplane also announced the hiring of Greg Balliro as principal and Patrick Lynch as associate to bolster the team’s transaction execution and value creation implementation capabilities.
Prior to joining Crossplane, Balliro was a principal at Prophet Equity where he executed new acquisitions and worked closely with management teams to improve operations and implement growth initiatives. He began his career with Credit Suisse and Energy Capital Partners after graduating from Harvard College.
Patrick Lynch joins Crossplane from Atlanta-based investment bank, Bowstring Advisors, and is responsible for performing transaction due diligence and working with management teams to support strategic and operational improvement projects.
Eaton Partners acted as the exclusive placement agent and Akin Gump Strauss Hauer & Feld acted as fund counsel for Crossplane.