Bertram Pushes Back Fundraising
Bertram Capital has pushed back marketing for its second fund until this summer, as first reported by VentureWire. I spoke this morning with Bertram’s Jeff Drazen, who said the move was caused by smaller deal sizes: “Everything we’re buying right now is substantially under 5x EBITDA, but we originally forecasted paying 8x EBITDA or more. Trafford is a good example. It’s a $10 million business we’re buying for a couple hundred thousand… I just don’t feel we can go out until Fund I is 75% committed, and we’re just not there yet.”
9 April 2009•1 min read
