Brynwood Partners has closed its sixth fund on $305 million, a record amount for the Greenwich, CT-based firm.
The latest fund received commitments from 10 new limited partners, senior managing partner and co-founder Hendrik Hartong said in a statement.
“We are also working on several divestitures from our Brynwood Partners V fund and hope to return a significant amount of capital to our limited partners in the coming months,” Ian MacTaggart, managing partner with Brynwood, said in a statement.
Fund V closed on its target of $250 million in July 2005. The fund achieved an IRR of 15.1 percent and a 1.7x multiple as of 31 March 2010, according to performance data from CalPERS.
Brynwood is an “operationally-focused” firm that makes control investments in lower mid-market companies. The firm has made one investment from Fund VI so far, acquiring Balance Bar Company for an undisclosed sum. Balance Bar was founded in 1992 and makes nutritional energy bars in the US and Canada.
Brynwood has been an active player in the food industry, having managed investments in Lincoln Snacks, Signature Snacks, DeMet’s Candy Company and Richelieu foods. Since its founding in 1984, Brynwood has invested in 22 portfolio companies.
Brynwood Partners makes control investments in lower middle market companies in the consumer products, light manufacturing, service businesses and specialty retailing sectors. The firm acquires companies with enterprise values between $25 and $125 million, and manages more than $640 million of private equity capital.