New York-based Bregal Partners has announced a $100 million initial commitment behind Michael Magerman, founder of Odyssey Golf, to invest in consumer companies.
Through the commitment, Bregal will target future investments in product companies in sectors like hunting, gourmet foods, and others that attract an involved consumer base in North America. The commitment comes from the GP, Bregal Partners, and will entrust Magerman with pursuing either a single, or group of companies in this area that will then become a portfolio company of Bregal's flagship fund.
Magerman, who has acted as a senior advisor to the firm for the past six months, will be tasked with acting as CEO of this new portfolio company. He was previously he was CEO at several companies in addition to Odyssey, including Bravo Sports and Quickie Manufacturing. In his role with those companies he has overseen and facilitated private equity investments.
“We've had a long term relationship with Michael, and he has experience working with private equity companies, we also think he can evaluate consumer brands and find opportunities people will get behind,” Robert Bergmann, Bregal Partners co-founder and managing partner told Private equity International. “This is something we are looking at doing with other sectors we are interested in around our other relationships.”
Bregal Investments was set up in 2002 to invest in private equity on behalf of COFRA Holdings, a Swiss-based holding company for a privately-owned group of companies. Bregal invests in private equity as both a general partner and a limited partner. The company invests through five separate platforms: Bregal Capital, which targets European mid-market investments, Bregal Partners, which targets North American mid-market investments, Bregal Energy, an energy-focused fund, Bregal Sagemount, which targets growth companies, and Bregal Private Equity Partners, which invests via funds, co-investments and secondaries.
Bregal Partners closed its debut fund on $500 million in 2012.